NewzIntel.com

Category: Technology

  • MIL-OSI USA: MATSUI AND COLLEAGUES SLAM REVISED GUIDANCE FOR BROADBAND, EQUITY, ACCESS, AND DEPLOYMENT PROGRAM

    Source: United States House of Representatives – Congresswoman Doris Matsui (D-CA)

    WASHINGTON D.C. – Today, Congresswoman Doris Matsui (CA-07), Ranking Member of the House Energy and Commerce Subcommittee on Communications and Technology, led a group of 22 lawmakers in a letter to U.S. Department of Commerce (DOC) Secretary Howard Lutnick, expressing deep concerns regarding the recent restructuring of the Broadband Equity, Access, and Deployment (BEAD) Program. 

    The BEAD Program provides $42.45 billion to expand high-speed internet access by funding planning, infrastructure deployment, and adoption programs in all 50 states. Over 40 states and territories, including California, had partially or fully completed the process of selecting projects for deployment. But last month, DOC released new guidelines through their BEAD Restructuring Policy Notice (BPRN) that threatens to derail progress. The notice would force states to reopen the application process and rescind preliminary and provisional awards—substantially delaying efforts to get shovels in the ground and broadband to the communities that need it most.

      

    “Despite your stated goals of removing burdensome requirements from the BEAD Program and ensuring American taxpayers receive the ‘benefit of the bargain,’ the BRPN actually further complicates and delays the program for all stakeholders, violating congressional intent” wrote the lawmakers. “Worst of all, American families and businesses will be left with inferior connectivity.”

    The new guidelines impose burdensome scoring requirements that would hamstring states’ flexibility to choose the most effective mix of technologies to deliver reliable, scalable, and future-proof internet service.  On top of that, the Trump administration’s changes would gut key safeguards—slashing protections for affordability, good-paying jobs, climate-resilient infrastructure, and a free and open internet. These changes will drive up costs for consumers while driving down the quality of service.

    “The BEAD Program you inherited on January 20, 2025, was on track to get shovels in the ground months ago to deliver reliable, high-speed internet to communities on the wrong side of the digital divide. Nothing about the BRPN simplifies the BEAD Program for state broadband offices or providers, and the changes you insist upon will only lead to indefinite delays and worse internet service for Americans,” the lawmakers continued. 

    The full letter is available HERE. 

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    MIL OSI USA News –

  • MIL-OSI USA: Congressman Crow Secures Key Wins in Annual Defense Bill for Colorado

    Source: United States House of Representatives – Congressman Jason Crow (CO-06)

    WASHINGTON — Congressman Jason Crow (CO-06), a former Army Ranger who serves on the House Armed Services Committee, announced today that more than 15 provisions he championed have been successfully included in the annual National Defense Authorization Act. Congressman Crow’s provisions focused on improving the lives of servicemembers and their families, modernizing our military to make America more safe, and investing in Colorado’s space industry to make us more competitive.

    “I served in combat and know the critical role Congress plays in improving the quality of life for servicemembers, strengthening our military readiness, and keeping Americans safe,” said Congressman Crow. “As a Member of the Armed Services Committee, I’ve worked in a bipartisan fashion to secure key wins for Colorado and support our men and women in uniform.”

    Congressman Crow’s provisions included in this year’s Pentagon budget include:

    Improving the Lives of our Servicemembers:

    • Upgrading Digital Health Technologies for Traumatic Brain Injury: Improves care for active-duty servicemembers suffering from a traumatic brain injury (TBI) by identifying ways that digital technology can be used to better deliver care.
    • Preventing Traumatic Brain Injuries in Fighter Pilots: Directs the Department of Defense to create a strategy to better identify, document, and treat TBIs in active duty pilots.
    • Providing Dental for Our Troops: Ensures no-cost dental care for all reservists, which will help recruiting, retention, and readiness.
    • Securing affordable health care for servicemembers: Ensures children’s hospitals that serve a large population of active duty families can continue providing high quality, affordable healthcare for servicemembers and their children.

    Investing in Colorado’s Space Industry & Making America More Competitive:

    • Bolstering Crucial Space Programs: Provides U.S. Space Systems Command with the resources needed to compete tactically and technologically with our adversaries in outer space.
    • Modernizing Rocket Launches: Requires the Space Force to report to Congress on how it will modernize standards and processes around rocket launches so they are safer and more efficient.
    • Supporting Space Domain Awareness: Improves our ability to track objects, like satellites, and activities happening outside of our atmosphere.
    • Increasing competition when the government buys space technology: Ensures that all companies have a fair shot when the U.S. government is looking to purchase technology that we use in space.

    Modernizing our Military:

    • Updating Air Force’s Flying Communications System: Authorizes support for mobile communications platforms to ensure continuity of government and national military command and control during a crisis
    • Protecting Assets Against Climate Change: Ensures climate shocks don’t negatively impact military installations, training, operations, and readiness.
    • Ensuring the Military Protects Civilians in Combat: Compels the Department of Defense to produce a report on how civilian harm could impact the success of military operations.
    • Improving the Defense Supply Chain: Encourages changes to the way DoD buys equipment so the supply chain that supports our defense is stronger and more efficient.
    • Strengthening the Afghanistan War Commission: Gives them more tools to complete their bipartisan assessment of key decisions made over twenty years of war in Afghanistan and to produce their final report.
    • Maintaining a global security footprint: Prevents the elimination or consolidation of US Southern Command.
    • Bolstering our strategy in Eastern Europe: Requires DoD to provide Congress an updated strategy related to NATO, and provide a detailed update on Russia’s actions. 

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    MIL OSI USA News –

  • MIL-OSI USA: Pappas Helps Introduce Bipartisan Bill to Increase Veterans’ Access to Non-Opioid Medications

    Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

    Today Congressman Chris Pappas (NH-01), Ranking Member of the Economic Opportunity (EO) Subcommittee of the House Veterans’ Affairs Committee (HVAC), joined Congressman Greg Landsman (OH-01), Congressman Derrick Van Orden (WI-03), Congresswoman Terri Sewell (AL-07), Congressman Jack Bergman (MI-01), and Congressman Abraham Hamadeh (AZ-08) in introducing the NOPAIN for Veterans Act, bipartisan legislation to increase veterans’ access to non-opioid pain medications.

    “Veterans served and sacrificed for our country, and they shouldn’t face barriers to accessing the medications and treatments they need and prefer. Making non-opioid pain management more affordable and accessible to veterans is common sense for their health and for preventing addiction,” said Congressman Pappas. “This bipartisan legislation will close the gap on VA’s non-opioid drug coverage to help our veterans stay safe and healthy.”

    The opioid epidemic has impacted nearly every demographic in the United States. In response, Congress passed the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act in 2022 so seniors on Medicare have access to and never pay more for non-opioid pain management medications.

    To ensure veterans have the same access, the NOPAIN for Veterans Act would reform the way the Department of Veterans Affairs (VA) offers and covers non-opioid pain management drugs. The legislation would require VA to furnish and cover non-opioid pain management drugs under VA pharmacy benefits if those drugs are covered by Medicare.

    “Our veterans deserve the very best care, which includes access to safer options for managing pain,” said Congressman Landsman. “Our bipartisan bill is a commonsense step to make non-opioid treatments more affordable and available to those who’ve served our country, and a way to prevent addiction before it starts. We can protect our veteran’s health and keep pushing forward in the fight to end the opioid epidemic.”

    “I thank the VA for taking the issue of opioid administration mismanagement seriously and the great strides they have made over the years to improve care for our vets,” said Congressman Van Orden. “Veterans must have access to comprehensive medical treatment plans, and the NOPAIN for Veterans Act will provide pain management alternatives that are safer, more effective, and promote long-term recovery.” 

    “As a police chief in Southwestern Ohio, we are on the front lines of the opioid addiction epidemic. As a veteran myself, I know that veterans face additional risks for developing a substance use disorder and prevention is critical for these individuals. This bill will go a long way towards preventing addiction in our veteran community,” said Tom Synan, Board Member of Voices for Non-Opioid Choices:

    The full text of the NOPAIN for Veterans Act can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Amo Calls Out Trump’s Cuts to Vital Weather Services After Tragic Texas Floods

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    Trump’s Cuts to the NOAA and the NWS Undercut American Disaster Readiness in the Midst of Atlantic Hurricane Season

    Washington, D.C. – TODAY, Ranking Member Gabe Amo (D-RI) of the House Science, Space, and Technology Subcommittee on the Environment highlighted the devastating impact of  President Trump ’s cuts to the National Oceanographic and Atmospheric Administration and National Weather Service.

    “Dedicated public servants work around the clock, ensuring our communities are warned and protected in real time. These experts are the backbone of America’s weather enterprise. But this Administration is taking a sledgehammer to that backbone,” said Ranking Member Gabe Amo (D-RI). “We need a fully staffed and well-resourced National Weather Service and continued funding for the critical research capacities at NOAA. Not just to help predict storms, but to help communities prepare, coordinate emergency response, and warn Americans when minutes matter.”

     

    Watch Congressman Amo’s Opening Remarks Here

     

    Background

    Congressman Amo, serves as the Ranking Member for the Subcommittee on Environment on the House Committee on Science, Space, and Technology. This subcommittee has jurisdiction over the National Oceanic and Atmospheric Administration (NOAA), which administers the National Weather Service.

    Ranking Member Amo, Science, Space, and Technology Ranking Member Zoe Lofgren (D-CA), Transportation and Infrastructure Ranking Member Rick Larsen (D-WA), and Transportation and Infrastructure Committee Economic Development, Public Buildings and Emergency Management Subcommittee Ranking Member Greg Stanton (D-AZ) sent a letter to the Federal Emergency Management Administration (FEMA) and NOAA seeking answers on federal activity in preparation for and in response to the tragic floods in Texas.

    Amo and Ranking Member Lofgren alsosent a letter calling on Secretary of Commerce Howard Lutnick to testify before the Committee about the staffing shortages at the National Weather Service and their potential impact on the Texas flash floods.

    Amo and CongresswomanEmilia Sykes (D-OH) led 64 Democratic colleagues in calling on the Acting NOAA Administrator Laura Grimm to reinstate the Billion Dollar Weather and Climate Disasters Report to ensure America has a record of the increasing number of storms that cause catastrophic financial damage to communities.

    On Earth Day, April 22nd 2025, Amo led colleagues on the House Science, Space, and Technology Committee to express alarm over Commerce Secretary Howard Lutnick and NOAA Acting Administrator Laura Grimm’s proposal to slash NOAA’s budget and cripple the agency.

     

    Ranking Member Amo’s Remarks as Delivered

    Thank you, Chair Franklin, for convening today’s hearing on how innovative technologies can strengthen weather forecasting and protect communities across the country. I also want to thank our witnesses for joining us, especially given the rescheduling of this hearing.

    As we all know, this hearing comes at a devastating time. Just last week, catastrophic flooding struck Texas, New Mexico, and North Carolina. Texas lost at least 134 lives, 37 of whom were children, and at least 101 people remain missing. In New Mexico, a man and two children, ages 7 and 4, were killed. Tropical Storm Chantal, and at least 2 tornadoes, hit North Carolina with one woman confirmed dead.

    Entire families were lost. Livelihoods destroyed. Communities shattered. To the families grieving unimaginable loss, and to the first responders still working through the wreckage, our hearts are with you.

    Unfortunately, this won’t be the last disaster we face. Climate change is accelerating extreme weather, and we must do more to prepare our communities.

    We need to confront a hard truth: the United States cannot lead in weather prediction, cannot harness innovation, and cannot protect lives and property — without people.

    Meteorologists who issue forecasts and warnings.

    Hydrologists who model flood risks.

    Climate scientists who analyze long-term trends.

    Data analysts and modelers who improve forecast accuracy.

    Emergency managers who translate forecasts into action.

    Dedicated public servants, many represented here today, who work around the clock, ensuring our communities are warned and protected in real time. These experts are the backbone of America’s weather enterprise. But this Administration is taking a sledgehammer to that backbone.

    On May 2nd, five former directors of the National Weather Service wrote to President Trump with a warning: “Our worst nightmare is that forecast offices will be so understaffed that there will be needless loss of life.”

    This Administration has already haphazardly gutted 15% of the National Weather Service’s workforce. These were career public servants. Scientists and forecasters. People who devoted their lives to keeping Americans safe.

    Now the remaining staff are being asked to do the impossible: operate at full capacity, with reduced numbers, during an above-average Atlantic hurricane season. It’s unacceptable. We are flying blind into the eye of the storm, quite literally.

    We’re already seeing the consequences. While it’s too early to draw final conclusions about the tragic flooding in Texas, early reporting suggests that staff shortages in local weather forecasting offices may have impaired coordination with local officials.

    In the San Angelo forecasting office, critical positions were vacant, including the meteorologist-in-charge, senior hydrologist, and staff forecaster. Nearby, San Antonio’s forecasting office lacked a warning coordination meteorologist and science officer. These aren’t optional roles. These are lifesaving roles.

    We need a fully staffed and well-resourced National Weather Service, full stop. Not just to help predict storms, but to help communities prepare, coordinate emergency response, and warn Americans when minutes matter.

    And yet, even in the face of growing disasters, Trump’s proposed 2026 budget would:

    Eliminate funding for NOAA’s Office of Oceanic and Atmospheric Research, including climate, weather, and ocean labs and cooperative institutes, such as those serving on our witness panel today, lash NOAA’s workforce by an additional 17%, and extract over $1.8 billion from its current budget, weakening the core services Americans rely on.

    Thankfully, it seems like Congressional appropriators care more about protecting Americans from extreme weather than we’ve seen from the Trump administration.

    This is playing out in real time back in Rhode Island. Last year, we celebrated the groundbreaking of the new Marine Operations Center, a nearly $150 million investment in NOAA’s research fleet and Rhode Island’s blue economy. But with the hiring freeze still in place, there’s no guarantee it will be staffed when it opens. That’s not efficiency – its waste, fraud, and abuse of taxpayer dollars.

    That’s why last week, Ranking Member Lofgren and I demanded Secretary Lutnick testify before this Committee. Come and give answers. The staffing crisis at the National Weather Service is a public safety threat. We need answers, and more importantly, we need a plan, not concepts of a plan.

    Today, let’s not talk about innovation in the abstract. Let’s talk about what it takes to make that innovation real: investment in data, commitment to people, and trust in science.

    Let’s protect lives and property, not just in name. Let’s protect in practice.

    Thank you. I yield back.

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    MIL OSI USA News –

  • MIL-OSI USA: Amo, Huffman Lead 62 Members in New Bill Blocking Trump’s Assault on NOAA Facilities

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    The Stop NOAA Closures Act prevents Trump from arbitrarily closing National Oceanic and Atmospheric Administration (NOAA) facilities, keeping communities safe from natural disasters.

    WASHINGTON, DC–  Today, House Science, Space, and Technology Environment Subcommittee Ranking Member Gabe Amo (D-RI) and House Committee on Natural Resources Ranking Member Jared Huffman (D-CA) led 62 representatives in introducing the Stop NOAA Closures Act, which would block President Trump’s dangerous plans to close NOAA facilities across the country. NOAA facilities predict extreme weather, protect New England fisheries, and help communities understand and adapt to climate change. 

    “From fishermen to farmers, Rhode Islanders rely on NOAA to respond to severe weather and predict and prepare for climate change,” said Ranking Member Gabe Amo (D-RI). “I introduced the Stop NOAA Closures Act, alongside Ranking Member Huffman,  to prevent Trump from shuttering the NOAA facilities that track developing disasters, protect our natural resources, and help communities get ready for the next storm. As Ranking Member of the Science, Space, and Technology Environment Subcommittee, I will keep fighting to make sure NOAA and the National Weather Service can continue their vital work protecting the lives, livelihoods, and property of the American people.”

    “Let’s call this what it is: a full-blown assault on science and public safety. President Trump’s reckless plans to shutter NOAA facilities are dangerously irresponsible — especially as climate-fueled disasters grow more extreme, more frequent, and more costly,” said Ranking Member Jared Huffman (D-CA). “NOAA is on the frontlines of forecasting hurricanes, tracking wildfires and floods, and issuing life-saving warnings before the next storm hits. Slashing NOAA’s capacity would mean slower warnings, less reliable forecasts, and more American families put in danger. I’m proud to co-lead the Stop NOAA Closures Act to stop this madness in its tracks and protect the science and services millions of Americans rely on every single day.”

    This bill is co-sponsored by Representatives Zoe Lofgren (D-CA), Danny K. Davis (D-IL), Rashida Tlaib (D-MI), Sarah Elfreth (D-MD), Adriano Espaillat (D-NY), Nydia Velazquez (D-NY), Kevin Mullin (D-CA), Julia Brownley (D-CA), Frank Pallone, Jr. (D-NJ), Yassamin Ansari (D-AZ), Adam Smith (D-WA), Haley Stevens (D-MI), Seth Magaziner (D-RI), Raja Krishnamoorthi (D-IL), Sylvia Garcia (D-TX), Lateefah Simon (D-CA), Bonnie Watson Coleman (D-NJ), Sheila Cherfilus-McCormick (D-FL), Eleanor Holmes Norton (D-DC), Stacey Plaskett (D-VI), Debbie Dingell (D-MI), Joe Neguse (D-CO), Stephen Lynch (D-MA), Jill Tokuda (D-HI), Emilia Strong Sykes (D-OH), Jimmy Panetta (D-CA), Timothy Kennedy (D-NY), Marilyn Strickland (D-WA), Marcy Kaptur (D-OH), Sara Jacobs (D-CA), Nanette Barragán (D-CA), Bill Keating (D-MA), Debbie Wasserman Schultz (D-FL), Emanuel Cleaver, II (D-MO), John Garamendi (D-CA), Kathy Castor (D-FL), Deborah Ross (D-NC), Hank Johnson (D-GA), Greg Stanton (D-AZ), Cleo Fields (D-LA), Andrea Salinas (D-OR), Lou Correa (D-CA), Mary Gay Scanlon (D-PA), Don Beyer (D-VA), Salud Carbajal (D-CA), Suhas Subramanyam (D-VA), Suzanne Bonamici (D-OR), Valerie Foushee (D-NC), Glenn Ivey (D-MD), George Latimer (D-NY), Paul Tonko (D-NY), Lizzie Fletcher (D-TX), Dina Titus (D-NV), Mark Takano (D-CA), Ed Case (D-HI), Lois Frankel (D-FL), Maxine Dexter, MD (D-OR), Kim Schrier, MD (D-WA), Maxwell Frost (D-FL), Sarah McBride (D-DE), Greg Landsman (D-OH), and Steve Cohen (D-TN). 

    This legislation is endorsed by the Sierra Club, Oceana, the Environmental Defense Fund, the Union of Concerned Scientists, the League of Conservation Voters, Azul, Save the Bay, Climate Action Rhode Island, the Conservation Law Foundation Rhode Island, Clean Water Action Rhode Island, the Eastern Rhode Island Conservation District, the Woonasquatucket River Watershed Council, the Turtle Island Restoration Network, Chesapeake Climate Action Network (CCAN) Action Fund, ISciences, L.L.C., and the Woodwell Climate Research Center. 

    For additional quotes, click HERE.

    Background

    Congressman Amo, serves as the Ranking Member for the Subcommittee on Environment on the House Committee on Science, Space, and Technology with jurisdiction over the National Oceanic and Atmospheric Administration (NOAA).

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    MIL OSI USA News –

  • MIL-OSI USA: Amo, Pocan, Krishnamoorthi, 49 Colleagues Slam Rubio’s Decision to Incinerate Food Aid

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    WASHINGTON, DC – Friday, Congressman Gabe Amo (D-RI), Congressman Mark Pocan (D-WI), Congressman Raja Krishnamoorthi (D-IL) led a letter with 49 of their colleagues to Secretary of State Marco Rubio opposing his decision to withhold nearly 500 metric tons of emergency food aid and instead incinerate those supplies once they expire.

    “As you know, these rations were designed to nourish vulnerable children in conflict-affected regions such as Afghanistan and Pakistan,” the Members wrote. “This action is not only morally indefensible, but also wasteful, strategically shortsighted, and completely counter to the entirety of your work while in the Senate.”

    “We understand that instead of delivering this emergency assistance to malnourished children as originally intended, the State Department will destroy the biscuits at an additional cost to the taxpayer of $130,000,” the Members continued. “According to reporting in the Atlantic, USAID employees and inventory data say this food could have fed 1.5 million children for a week. Given the alarming rates of food insecurity and famine in regions like Gaza and Sudan, the decision to burn lifesaving aid produced by American farmers and paid for by American tax dollars amounts to a tragic abdication of our global humanitarian responsibilities and hurts our own global interests.”

    “The United States has long led the world in humanitarian assistance, not only as a matter of compassion but also as a cornerstone of global stability and diplomacy,” the Members concluded. “Destroying aid that could save lives undermines that legacy and damages our standing in the international community. We urge you to immediately prioritize the distribution of all remaining and viable food assistance stockpiles. American leadership demands nothing less.”

    A full copy of the letter can be found here.

    The list of signers includes Representatives Gabe Amo (D-RI), Mark Pocan (D-WI), Raja Krishnamoorthi (D-IL), Nannete Barragán (D-CA), Donald Beyer (D-VA), Suzanne Bonamici (D-WA), Julia Brownley (D-CA), Shontel Brown (D-OH), André Carson (D-IN), Greg Casar (D-TX), Ed Case (D-HI), Joaquin Castro (D-TX), Steve Cohen (D-TN), Jason Crow (D-CO), Danny Davis (D-IL), Diana DeGette (D-CO), Lloyd Doggett (D-TX), Dwight Evans (D-PA), Valerie Foushee (D-NC), Laura Friedman (D-CA), John Garamendi (D-CA), Jonathan Jackson (D-IL), Pramila Jayapal (D-WA), Julie Johnson (D-TX), Marcy Kaptur (D-OH), Ro Khanna (D-CA), George Latimer (D-NY), Seth Magaziner (D-RI), Lucy McBath (D-GA), Sarah McBride (D-DE), Betty McCollum (D-MN), Gwen Moore (D-WI), Seth Moulton (D-MA), Jerrold Nadler (D-NY), Eleanor Holmes Norton (D-DC), Ilhan Omar (D-MN), Scott Peters (D-CA), Brittany Pettersen (D-CO), Delia Ramirez (D-IL), Jamie Raskin (D-MD), Mary Gay Scanlon (D-PA), Janice Schakowsky (D-IL), Lateefah Simon (D-CA), Eric Sorensen (D-IL), Suhas Subramanyam (D-VA), Mark Takano (D-CA), Mike Thompson (D-CA), Rashida Tlaib (D-MI), Nydia Velázquez (D-NY), Eugene Vindman (D-VA), and Nikema Williams (D-GA). 

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    MIL OSI USA News –

  • MIL-OSI USA: House Passes Four Amo Amendments to Strengthen Rhode Island’s Defense Workforce and Blue Economy

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    Amo amendments bolstering Rhode Island’s cutting-edge defense innovation and our nation’s readiness included in the Department of Defense Appropriations Act passed through the House.

    WASHINGTON, DC – TODAY, House Foreign Affairs Committee Vice Ranking Member Gabe Amo (D-RI) authored four amendments that passed the House as part of the Fiscal Year 2026 Department of Defense Appropriations Act. The amendments support and encourage Rhode Island’s premier defense manufacturers like VATN Systems in Portsmouth, Composite Energy Technologies in Bristol, Textron Inc. in Providence, and G-Form in North Smithfield — national leaders in developing underwater drones for the United States Navy.

    “Rhode Island is leading our nation in developing cutting-edge technology that should be utilized to strengthen and modernize the U.S. military,” said Congressman Gabe Amo (D-RI). “The amendments I pushed for that were included in this year’s Defense Department appropriations bill will support good paying jobs at home in Rhode Island while advancing our national security.”

     

    Background

    Ranking Member Amo’s first amendment provides $10 million in funding for testing and adoption across the U.S. Navy fleet of underwater drone battery technology developed in RI.

    Amo’s second amendment provides $8 million in funding to develop underwater drones utilizing cutting edge composite materials technology developed by companies like Composite Energy Technologies in Bristol, RI.   

    The third amendment authored by Amo provides $10 million to upgrade the fuel tanks of military helicopters to increase servicemember safety and maintenance affordability while providing good-paying jobs in Rhode Island. 

    Amo’s fourth amendment provides $5 million in improvements to the safety and functionality of servicemembers helmets in extremely cold conditions using state of the art materials like those developed by G-Form in North Smithfield, RI.

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    MIL OSI USA News –

  • MIL-OSI USA: Stauber Votes to Send Rescissions Package to President Trump’s Desk

    Source: United States House of Representatives – Congressman Pete Stauber (MN-08)

    WASHINGTON, D.C. – Today, Congressman Pete Stauber (MN-08) voted to pass the Recissions Act of 2025, legislation that will claw back $9 billion in wasteful federal spending. This first rescissions package includes necessary cuts to USAID, National Public Radio (NPR), and Public Broadcasting Service (PBS).

    Of his vote, Congressman Stauber stated, “Today, I was proud to take an essential step to rein in federal spending and save taxpayer dollars. The bulk of this $9 billion package targets wasteful foreign spending identified by the Department of Government Efficiency. The American people should not be paying $1 million for voter ID in Haiti, $6 million for Net Zero Cities in Mexico, $3 million for Iraqi Sesame Street, $4 million for sedentary migrants in Columbia, or $135 million to the World Health Organization- which lied about the origins of COVID. And there are so many other egregious examples.

    “Regarding the public broadcasting cuts included in this package, I also do not believe Americans should be forced to fund opinion journalism masquerading as unbiased news coverage. A recent survey found that 100% of NPR’s 87-person editorial board in DC are registered Democrats with zero Republicans. This has led to many concerning headlines, including one claiming there is no evidence that biological men have an unfair advantage over biological women in sports. And even worse, PBS has pushed gender-affirming care for children on its airwaves. 

    “While many on the left will falsely claim that these cuts will restrict access to information, remember that 96% of Americans report using the internet regularly, providing far more access to the news than ever before. 

    “The passage of this package through Congress is a win for commonsense and it wouldn’t have been possible without the leadership of President Trump. Our nation is currently $36 trillion in debt, so I am excited to keep the momentum going by voting for more rescission packages down the road.”

    BACKGROUND: 

    Under the Impoundment Control Act (ICA), the Administration may transmit a request to Congress to rescind previously appropriated funds through a rescissions package. 

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    MIL OSI USA News –

  • MIL-OSI Submissions: Could the latest ‘interstellar comet’ be an alien probe? Why spotting cosmic visitors is harder than you think

    Source: The Conversation – Global Perspectives – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology

    Comet 3I/ATLAS International Gemini Observatory/NOIRLab/NSF/AURA/K. Meech/Jen Miller/Mahdi Zamani, CC BY

    On July 1, astronomers spotted an unusual high-speed object zooming towards the Sun. Dubbed 3I/ATLAS, the surprising space traveller had one very special quality: its orbit showed it had come from outside our Solar System.

    For only the third time ever, we had discovered a true interstellar visitor. And it was weird.

    3I/ATLAS breaking records

    3I/ATLAS appeared to be travelling at 245,000 kilometres per hour, making it the fastest object ever detected in our Solar System.

    It was also huge. Early estimates suggest the object could be up to 20km in size. Finally, scientists believe it may even be older than our Sun.

    Davide Farnocchia, navigation engineer at NASA’s JPL, explains the discovery of 3I/ATLAS.

    Could it be alien?

    Our first assumption when we see something in space is that it’s a lump of rock or ice. But the strange properties of 3I/ATLAS have suggested to some that it may be something else entirely.

    Harvard astrophysics professor Avi Loeb and colleagues last week uploaded a paper titled Is the Interstellar Object 3I/ATLAS Alien Technology? to the arXiv preprint server. (The paper has not yet been peer reviewed.)

    Loeb is a controversial figure among astronomers and astrophysicists. He has previously suggested that the first known interstellar object, 1I/ʻOumuamua, discovered in 2017, may also have been an alien craft.

    Among other oddities Loeb suggests may be signs of deliberate alien origin, he notes the orbit of 3I/ATLAS takes it improbably close to Venus, Mars and Jupiter.

    The trajectory of comet 3I/ATLAS as it passes through the Solar System, with its closest approach to the Sun in October.
    NASA/JPL-Caltech

    We’ve sent out our own alien probes

    The idea of alien probes wandering the cosmos may sound strange, but humans sent out a few ourselves in the 1970s. Both Voyager 1 and 2 have officially left our Solar System, and Pioneer 10 and 11 are not far behind.

    So it’s not a stretch to think that alien civilisations – if they exist – would have launched their own galactic explorers.

    However, this brings us to a crucial question: short of little green men popping out to say hello, how would we actually know if 3I/ATLAS, or any other interstellar object, was an alien probe?

    Detecting alien probes 101

    The first step to determining whether something is a natural object or an alien probe is of course to spot it.

    Most things we see in our Solar System don’t emit light of their own. Instead, we only see them by the light they reflect from the Sun.

    Larger objects generally reflect more sunlight, so they are easier for us to see. So what we see tends to be larger comets and asteroid, especially farther from Earth.

    It can be very difficult to spot smaller objects. At present, we can track objects down to a size of ten or 20 metres out as far from the Sun as Jupiter.

    Our own Voyager probes are about ten metres in size (if we include their radio antennas). If an alien probe was similar, we probably wouldn’t spot it until it was somewhere in the asteroid belt between Jupiter and Mars.

    If we did spot something suspicious, to figure out if it really were a probe or not we would look for a few telltales.

    Viewing 3I/ATLAS through coloured filters reveals the colours that make up its tail.
    International Gemini Observatory/NOIRLab/NSF/AURA/K. Meech (IfA/U. Hawaii) / Jen Miller & Mahdi Zamani (NSF NOIRLab), CC BY

    First off, because a natural origin is most likely, we would look for evidence that no aliens were involved. One clue in this direction might be if the object were emitting a “tail” of gas in the way that comets do.

    However, we might also want to look for hints of alien origin. One very strong piece of evidence would be any kind of radio waves coming from the probe as a form of communication. This is assuming the probe was still in working order, and not completely defunct.

    We might also look for signs of electrostatic discharge caused by sunlight hitting the probe.

    Another dead giveaway would be signs of manoeuvring or propulsion. An active probe might try to correct its course or reposition its antennas to send and receive signals to and from its origin.

    And a genuine smoking gun would be an approach to Earth in a stable orbit. Not to brag, but Earth is genuinely the most interesting place in the Solar System – we have water, a healthy atmosphere, a strong magnetic field and life. A probe with any decision-making capacity would likely want to investigate and collect data about our interesting little planet.

    We may never know

    Without clear signs one way or the other, however, it may be impossible to know if some interstellar objects are natural or alien-made.

    Objects like 3I/ATLAS remind us that space is vast, strange, and full of surprises. Most of them have natural explanations. But the strangest objects are worth a second look.

    For now, 3I/ATLAS is likely just an unusually fast, old and icy visitor from a distant system. But it also serves as a test case: a chance to refine the way we search, observe and ask questions about the universe.

    Sara Webb 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. Could the latest ‘interstellar comet’ be an alien probe? Why spotting cosmic visitors is harder than you think – https://theconversation.com/could-the-latest-interstellar-comet-be-an-alien-probe-why-spotting-cosmic-visitors-is-harder-than-you-think-261656

    MIL OSI –

  • MIL-OSI USA: McCaul Votes to Pass Defense Appropriations Bill in Support of U.S. Servicemembers, Strengthen National Security

    Source: United States House of Representatives – Congressman Michael McCaul (10th District of Texas)

    WASHINGTON – U.S. Congressman Michael McCaul (R-Texas) — chairman emeritus of the House Foreign Affairs Committee — voted for the fiscal year 2026 Defense appropriations bill. 

    “After four years of President Biden’s weak leadership that fueled global chaos, the Trump administration has worked swiftly to reassert U.S. military superiority and restore peace through strength,” said Rep. McCaul. “Today, I was proud to help advance their work at this crucial moment in history by voting to fully fund our Department of Defense. This bill not only honors the brave service men and women who defend our freedoms each day, but it also readies our military with best-in-class defense technology, infrastructure, and training to ensure the U.S. will continue to lead on the world stage and deter our adversaries’ aggression.”

    The FY26 Department of Defense Appropriations Act will support our servicemembers and strengthen U.S. national security by: 

    • Raising all military personnel pay by 3.8 percent;
    • Funding border security and measures to counter drug trafficking;
    • Prioritizing fiscal sanity by eliminating waste, fraud, and abuse at the Pentagon;
    • Drives a major shift to embed AI and advanced tech into defense by rapidly scaling innovation programs, streamlining procurement, and leveraging commercial breakthroughs to outpace future threats;
    • Investing in critical ships, aircraft, and next-generation military assets, including unmanned aerial systems, hypersonics, and missile warning systems; and
    • Bolstering medical and health programs and improving quality of life for servicemembers and families.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Biggs Urges Senate Leadership to Preserve Spending Cuts in the House Rescission Package

    Source: United States House of Representatives – Congressman Andy Biggs (AZ-05)

    Today, Congressman Andy Biggs (R-AZ) led a letter to Senate Majority Leader John Thune urging the Senate to preserve the entire $9.4 billion in spending cuts contained in the House rescission package. The Senate has a chance to prove its commitment to President Trump’s America First mandate by passing the long-overdue cuts targeting wasteful bloat. Provisions in the House rescission package include:

    • $1.07 billion in cuts to National Public Radio (NPR) and Public Broadcasting Service (PBS);
    • $900 million in cuts to Global Health Programs promoting abortion pills, LGBTQ+ activism, and DEI dogma abroad;
    • $125 million in cuts to the Clean Technology Fund (CTF), a vehicle for funneling billions into Green New Deal-style projects in foreign nations.

    “At $37+ trillion in debt, our nation is careening toward a financial cliff,” said Congressman Biggs. 

    “$9.4 billion is a small drop in the bucket of wasteful spending that must be reined in, but cutting taxpayer dollars to mouthpieces for the Left and radical, woke programs abroad is a commonsense start. If Congress refuses to support modest cuts like those included in the House’s rescission package, fiscal doom is inevitable.

    “I urge the Senate to stand firm and reject the D.C. status quo. Preserve the cuts passed by the House.”

    Cosigners of the letter include: Rep. Ralph Norman (R-SC), Rep. Mark Harris (R-NC), Rep. Clay Higgins (R-LA), Rep. Tom Tiffany (R-WI), Rep. Scott Perry (R-PA), Rep. Keith Self (R-TX), Rep. Michael Cloud (R-TX), Rep. Barry Moore (R-AL), Rep. Andy Ogles (R-TN), Rep. Josh Brecheen (R-OK), Rep. Andrew Clyde (R-GA), Rep. Sheri Biggs (R-SC), Rep. Eli Crane (R-AZ), and Rep. Andy Harris (R-MD).

    Fox News covered the letter here.

    The letter may be read here.

    MIL OSI USA News –

  • MIL-OSI: Diversified Royalty Corp. Announces Filing of Final Short Form Base Shelf Prospectus

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) announced today that it has filed, and received receipt for, a final short form base shelf prospectus (the “Prospectus”). The Prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. DIV’s prior short form base shelf prospectus dated June 19, 2023, expired on July 19, 2025. Accordingly, DIV filed the Prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the Prospectus is available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    The Prospectus is valid for a 25-month period during which time DIV may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities or rights or any combination thereof, including in the form of units (collectively, the “Securities”). The specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities. There is no certainty any Securities will be offered or sold under the Prospectus within the 25-month effective period.  

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations in the United States.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Information

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the Prospectus being filed to provide DIV with financial flexibility

    and efficient access to Canadian capital markets to pursue strategic initiatives; the specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information.

    DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will complete any offerings of Securities under the Prospectus; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    In formulating the forward-looking information contained herein, management has assumed that, among other things: DIV will complete one or more offerings of Securities under the Prospectus and one or more shelf prospectus supplements and DIV will successfully deploy the proceeds therefrom; DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

    Contact:
    Sean Morrison, Chief Executive Officer and Director
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, President and Chief Financial Officer
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI China: China’s large scientific facility attracts global scientists for cutting-edge research

    Source: People’s Republic of China – State Council News

    China’s large scientific facility attracts global scientists for cutting-edge research

    BEIJING, July 22 — The Synergetic Extreme Condition User Facility (SECUF), a major scientific infrastructure in Beijing’s suburban district Huairou, has attracted scientists from multiple countries to conduct cutting-edge research with its exceptional experimental conditions.

    A recent conference based on SECUF was held in Huairou, bringing together over 50 foreign scientists from 13 countries and more than 100 Chinese scientists.

    SECUF, led and operated by the Institute of Physics (IOP) of the Chinese Academy of Sciences (CAS), is a comprehensive research infrastructure that integrates extreme experimental conditions such as ultralow temperatures, ultrahigh magnetic fields, ultrahigh pressures, and ultrafast optics.

    The facility has provided over 350,000 hours of experimental services to domestic and international research teams since its full trial operation began in early 2023, according to IOP.

    Chen Xianhui, an academician of CAS and a professor at the University of Science and Technology of China, said: “SECUF is like an ‘all-rounder’ in scientific research. Its integrated capabilities across multiple extreme conditions are rare globally. This ‘one-stop’ research platform offers unique support for fundamental studies.”

    Cheng Jinguang, deputy director of IOP, said that the essence of SECUF lies in its “openness and sharing,” which is completely consistent with the concept of international large-scale scientific facilities. Operating under international standards, SECUF opens global user applications twice a year. Proposals are reviewed and selected by a user committee, and all approved experiments are offered free of charge to global researchers.

    “SECUF allows us to conduct experiments that cannot be done in Europe,” said Igor Vinograd, a young scientist from the Grenoble High Magnetic Field Laboratory in France’s National Centre for Scientific Research (CNRS), adding that SECUF enables far more complex and time-intensive precision experiments.

    Yoshiya Uwatoko, a professor from University of Tokyo, affirmed SECUF’s global standing. He said that SECUF is a world-class research facility vital to the international condensed matter physics community.

    Its stable high magnetic fields, combined with low-temperature capabilities and high-precision measurement systems, allow scientists to probe subtle quantum states under pressure. Its ability to maintain experimental conditions over extended periods is invaluable for pressure studies which have extremely high requirements for precise control and stability, Uwatoko said.

    “China has become a global leader in materials research and experimental infrastructure. Collaborating with Chinese institutions grants access to cutting-edge facilities like SECUF. Such partnerships accelerate discovery and foster long-term scientific exchange,” he added.

    In 2024, IOP and the Max Planck Institute for Chemical Physics of Solids in Germany established the Joint Research Center for Quantum Materials and Physics under Extreme Conditions, leveraging SECUF’s capabilities. Collaborative results have since been published in academic journals.

    “SECUF’s hardware is outstanding and fully capable of supporting frontier research. What impressed me most was the team’s execution efficiency — from agreement signing to project implementation. This reflects exceptional scientific management professionalism,” said Sergey Medvedev, a senior researcher at the Max Planck Institute for Chemical Physics of Solids.

    Ariando Ariando, a professor from the National University of Singapore, highlighted that China’s advancements in physics over the past two decades — both in research caliber and experimental facilities — have been astounding.

    “SECUF’s high-pressure and high-magnetic-field capabilities are precisely what our quantum research requires. We look forward to fruitful collaboration,” he said.

    In February this year, SECUF passed national acceptance inspection and is now fully operational. To create a seamless “barrier-free” soft environment, it is making efforts to enhance its global accessibility include optimizing its English website, preparing comprehensive English manuals, and ensuring all facility signage includes English descriptions, according to IOP.

    As a new facility, the experimental hours of international users at SECUF currently account for 3 percent to 4 percent of the total hours. This proportion is planned to increase to 20 percent by 2030, transforming the facility into a broader global “scientific stage,” said IOP.

    “We warmly welcome experts and scholars worldwide to conduct research here and share their valuable insights,” said Fang Zhong, a CAS academician and director of IOP.

    MIL OSI China News –

  • MIL-OSI USA: Cornyn, Coons, Colleagues Introduce Bill to Protect State and Local Judges

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senators John Cornyn (R-TX), Chris Coons (D-DE), Jerry Moran (R-KS), Sheldon Whitehouse (D-RI), Jeanne Shaheen (D-NH), and Josh Hawley (R-MO) today introduced the Countering Threats and Attacks on Our Judges Act, which would establish a State Judicial Threat Intelligence and Resource Center to provide technical assistance, training, and threat monitoring for state and local judges and court personnel:

    “With threats against judges and their families increasing at an alarming rate, more must be done to protect them,” said Sen. Cornyn. “This legislation would establish a much-needed resource center to identify and respond to bad actors, ensuring our nation’s courts and the Americans who work in them every day are safe.”

    “Public servants should be able to do their jobs free from threats to themselves or their families – and that includes our state and local judges,” said Sen. Coons. “Our nation has seen increasing political violence that has too often ended in tragedy – threatening those just trying to serve their country and threatening our democratic system built on respect for the rule of law. I’m proud this bipartisan bill unanimously passed the Senate last year and I look forward to working with my colleagues to get this bill to the president’s desk.”

    “Judges perform a critical community service at every level of our justice system,” said Sen. Moran. “Regardless of how a judge rules on a case, any form of harassment or intimidation is unacceptable. In response to growing threats and attacks against members of the judiciary, this legislation would provide needed resources and support to local law enforcement tasked with protecting judges and courthouses.”

    “Online mobs have increasingly lobbed violent threats against judges, including in Rhode Island, for ruling against the Trump administration.  Judges and court officials must be able to conduct their work without fearing for their lives or their family’s safety,” said Sen. Whitehouse. “This timely bipartisan bill would bolster security at courthouses and judges’ homes to help protect the integrity of our judicial system.  We also need to make sure that orchestration of threats is properly investigated.”

    “We’re seeing an alarming surge of dangerous threats and actions targeting judges across this nation – stoking the flames of violence towards public servants and their families,” said Sen. Shaheen. “Our bipartisan legislation offers a commonsense solution to this troubling trend by establishing a State Judicial Threat Intelligence and Resource Center to implement enhanced security measures to keep judges, their families and their staff out of harm’s way.”

    U.S. Representatives Michael McCaul (TX-10) and Lucy McBath (GA-06) introduced companion legislation in the House.

    Background:

    The Countering Threats and Attacks on Our Judges Act would create a State Judicial Threat Intelligence and Resource Center to:

    • Provide technical assistance to state and local judges and court personnel around judicial security;
    • Provide physical security assessments for courts, homes, and other facilities where judicial officers and staff conduct court-related business;
    • Conduct research to identify, examine, and advance best practices around judicial security;
    • And be housed within the existing State Justice Institute, a private nonprofit and nonpartisan corporation established by Congress in 1984.

    The legislation is supported by the Conference of Chief Justices (CCJ), Conference of State Court Administrators (COSCA), Council of Chief Judges of the State Courts of Appeal (CCJSCA), National Association for Presiding Judges and Court Executive Officers (NAPCO), National District Attorneys Association (NDAA), National Council of Juvenile and Family Court Judges (NCJFCJ), National Center for State Courts (NCSC), American Judges Association (AJA), National Council of Juvenile and Family Court Judges (NCJFCJ), and National Center for State Courts (NCSC).

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Kim Introduce Bill to Combat AI-Generated Child Sexual Abuse Material

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX) and Andy Kim (D-NJ) today introduced the Preventing Recurring Online Abuse of Children Through Intentional Vetting of Artificial Intelligence (PROACTIV AI) Data Act, which would encourage artificial intelligence (AI) developers to identify, remove, and report known child sexual abuse material (CSAM) from the datasets they compile or obtain for use in training AI models to help proactively stop AI image generators from creating child pornography:
    “Modern predators are exploiting advances in AI to develop new AI-generated child sexual abuse material, and technology companies are often unwittingly giving them the tools to do so,” said Sen. Cornyn. “By encouraging tech companies to proactively screen their datasets to remove and report explicit images of children, this legislation would mitigate the risk of AI platforms unintentionally enabling the creation of new content depicting child sexual abuse and better safeguard children online.”
    “As we develop AI models, it is important that we establish critical protections to look out for the most vulnerable in digital spaces,” said Sen. Kim. “This bill is an opportunity for Congress and AI developers to take an important step forward together and implement the necessary safeguards to keep our children safe from future misuse or exploitation.”
    Background:
    Foundational AI models require large amounts of data for training purposes. Given the size of these datasets and the amount of compute needed to work through them during training, many companies do not screen content for harmful materials. Recognizing the potential for child sexual abuse material (CSAM) to unintentionally work its way into these datasets given the methods of collection, researchers at Stanford University screened multiple data sets, including the LAION-5B data set used to train many of the leading image-generating models. Their work identified more than 3,000 data entries of likely CSAM in the dataset. This is troubling, not just because of the accessibility of known CSAM, but because many products and tools now have content from which to draw if asked to generate new CSAM by users. Left unaddressed, foundation models can be corrupted by CSAM data and make it possible for them to be coopted by predators.
    According to the National Center for Missing & Exploited Children, AI-generated material has proliferated at an alarming rate in the past year with nearly half a million incidents of AI-related CSAM reported in the first half of the year, compared to fewer than 70,000 reported for all of 2024.
    The PROACTIV AI Data Act would:
    Direct the National Institute of Standards and Technology (NIST) to issue voluntary best practices for AI developers to screen their datasets used for training AI models for known CSAM;
    Direct the National Science Foundation to support research into innovative methods and technologies for identifying, removing, and reporting CSAM from datasets;
    And provide limited liability protection to AI companies that follow the new best practices so those acting in good faith aren’t legally punished for accidentally handling CSAM via automated data crawlers on the internet.
    This legislation builds on First Lady Melania Trump’s efforts to combat the rise of AI deepfake pornography and keep children safe online.

    MIL OSI USA News –

  • MIL-OSI: reAlpha Tech Corp. Announces Closing of $5 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ohio, July 22, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (the “Company” or “reAlpha”), an AI-powered real estate technology company, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 14,285,718 shares of its common stock at a purchase price of $0.35 per share. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 14,285,718 shares of common stock at an exercise price of $0.35 per share that are exercisable upon issuance and will expire five years from the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered warrants.

    H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

    The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, were approximately $5 million. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which could include repayment of debt, future acquisitions, capital expenditures and the purchase of cryptocurrencies in accordance with the Company’s cryptocurrency investment policy.

    The common stock (but not the unregistered warrants and the shares of common stock underlying the unregistered warrants) described above were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-283284) that was declared effective by the Securities and Exchange Commission (the “SEC”) on November 26, 2024. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

    The unregistered warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the unregistered warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About reAlpha Tech Corp.

    reAlpha Tech Corp. (Nasdaq: AIRE) is an AI-powered real estate technology company transforming the multi-trillion-dollar U.S. real estate services market. reAlpha is developing an end-to-end platform that streamlines real estate transactions through integrated brokerage, mortgage, and title services. With a strategic, acquisition-driven growth model and proprietary AI infrastructure, reAlpha is building a vertically integrated ecosystem designed to deliver a simpler, smarter, and more affordable path to homeownership. For more information, visit www.realpha.com.

    Forward-Looking Statements

    The information in this press release includes “forward-looking statements.” Any statements other than statements of historical fact contained herein, including statements as to the intended use of net proceeds from the offering, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s ability to regain and sustain compliance with the Nasdaq Capital Market’s continued listing standards and remain listed on the Nasdaq Capital Market; reAlpha’s ability to pay contractual obligations; reAlpha’s liquidity, operating performance, cash flow and ability to secure adequate financing; reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to commercialize its developing AI-based technologies; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets and nationally; the potential loss of key employees of reAlpha and of its subsidiaries; the outcome of certain outstanding legal proceedings against reAlpha; reAlpha’s ability to obtain, and maintain, the required licenses to operate in the U.S. states in which it, or its subsidiaries, operate in, or intend to operate in; reAlpha’s ability to successfully identify and acquire companies that are complementary to its business model; the inability to maintain and strengthen reAlpha’s brand and reputation; any accidents or incidents involving cybersecurity breaches and incidents; the inability to accurately forecast demand for AI-based real estate-focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; the inability of reAlpha to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against reAlpha; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Media Contact:
    Cristol Rippe, Chief Marketing Officer
    cristol@realpha.com

    Investor Relations Contact:
    Adele Carey, VP of Investor Relations
    investorrelations@realpha.com

    The MIL Network –

  • MIL-Evening Report: Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision

    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau

    Getty Images

    The recent report comparing Auckland to nine international peer cities delivered an uncomfortable truth: our largest city is falling behind, hampered by car dependency, low-density housing and “weak economic performance”.

    The Deloitte State of the City analysis was no surprise to anyone who has watched successive governments treat the city as a problem to manage, rather than an engine to fuel.

    The report’s findings were stark: Auckland rates 82nd out of 84 cities globally for pedestrian friendliness, and its car-dependent transport system is more carbon-intensive and slower to decarbonise than peer cities.

    This is the direct result of decades of planning failures, including what urban researchers call the 1970s “great down-zoning” which halved central Auckland’s housing capacity.

    This isn’t just Auckland’s problem. When we mismanage what geographers call a “primate city,” it reveals our fundamental misunderstanding of how modern economies work.

    The concept of the primate city was formalised by geographer Mark Jefferson in 1939. Such cities are defined as being “at least twice as large as the next largest city and more than twice as significant”.

    Auckland fits this definition perfectly. With more than 1.7 million people, it is over four times larger than Christchurch or the greater Wellington region. The city accounts for 34% of New Zealand’s population and is projected to hit 40% of the working-age population by 2048.

    Auckland contributes 38% of New Zealand’s gross domestic product and its per-capita GDP is 15% higher than the rest of the country’s. Its most productive area, the central business district, enjoys a 40% productivity premium over the national average.

    To economists, these numbers represent the “agglomeration benefits” research shows primate cities generate. It is the economic effect of combining businesses, talent and infrastructure.

    Yet New Zealand systematically underinvests in the very place generating this outsized economic contribution.

    A pattern of infrastructure failure

    Auckland’s infrastructure deficit follows a predictable pattern. The City Rail Link, while progressing, has grown from an initial budget of NZ$2-3 billion to $5.5 billion, with opening delayed until 2026.

    Light rail was cancelled entirely after years of planning. A second harbour crossing has been studied for decades without a shovel hitting dirt. Each represents billions in opportunity costs while congestion worsens.

    This goes well beyond project mismanagement. It is a deep structural problem.

    The Infrastructure Commission-Te Waihanga identifies a $210 billion national infrastructure shortfall, with Auckland bearing a disproportionate burden despite generating a disproportionately high level of revenue.

    International research by the OECD shows successful countries treat metropolitan regions as engines of national growth, not a burden.

    The ‘Wellington problem’

    Public policy expert Ian Shirley called it the “Wellington Problem”: the way Auckland’s governance became an obsession for politicians and bureaucrats based in Wellington.

    The tension dates to 1865 when the capital was moved from Auckland to Wellington, establishing a pattern where political power was deliberately separated from economic power.

    Auckland loses an estimated $415.35 million annually in GST collected on rates. This goes to Wellington and into government revenue rather than being reinvested locally. Central government properties in Auckland, worth $36.3 million in rates, are exempt from payment while still using Auckland’s infrastructure.

    When Auckland speaks with “one voice” through its unified council, Wellington responds with legislative overrides.

    The recent National Land Transport Programme, for example, cut Auckland’s transport funding by $564 million. Mayor Wayne Brown said the government’s transport policy “makes zero sense for Auckland”.

    Learning from others

    The contrast with international approaches reveals just how counterproductive New Zealand’s approach has been.

    London has an integrated Transport for London authority with congestion charging powers, generating £136 million annually for reinvestment. Paris is investing more than €35 billion in the Grand Paris Express transit project.

    Japan’s “Quality Infrastructure Investment” principles include ¥13.2 trillion in regional infrastructure investment. Australia’s A$120 billion infrastructure programme explicitly recognises its largest cities contribute over 50% of GDP and require proportional investment.

    Research has shown excessive urban concentration in one country can create problems. But denying the primate city resources only leads to a “deterioration in the quality of life” that drags down the entire national economy.

    The solution lies in making strategic investments that maximise the benefits of agglomeration while managing any negative costs to the national economy.

    Growing pains

    Auckland isn’t a problem to be managed, it is an asset to be leveraged. Every successful developed economy has learned this lesson. Paris generates 31% of France’s GDP and gets treated accordingly.

    Seoul produces 23% of South Korea’s output and receives massive infrastructure investment. Tokyo drives Japan’s economy.

    The international evidence is unambiguous: countries that strategically invest in their primate cities achieve higher productivity growth and maintain competitive advantages.

    Auckland doesn’t need sympathy or special treatment. It needs what every primate city in every successful economy gets: infrastructure investment proportional to its economic contribution, governance structures that reflect its scale, and political leadership that understands agglomeration economics.

    The question isn’t whether Auckland is too big. The question is whether New Zealand is big enough to nurture its primate city.

    Timothy Welch 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. Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision – https://theconversation.com/auckland-is-nzs-primate-city-but-its-potential-remains-caged-in-by-poor-planning-and-vision-261176

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Ministers Burke and Dillon Initiate Public Consultation on Review of Employment Permit Occupations lists

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    23rd July 2025

    Peter Burke, Minister for Enterprise, Tourism and Employment, and Alan Dillon, Minister of State for Small Business, Retail and Employment, have today announced the opening of the consultation period inviting submissions from stakeholders on the status of occupations on the employment permits Occupations Lists. The Lists are used to administer Ireland’s employment permits policy. They consist of the Ineligible Occupations List – occupations for which there is an adequate supply of labour and skills with Ireland and the EEA, and for which an employment permit will not be issued, and the Critical Skills Occupations List – occupations in short supply in Ireland and across the EEA.

    The last review of the occupations lists took place in 2023, and resulted in 11 additional roles being placed on the Critical Skills Occupations List, and 32 roles being made eligible for a General Employment Permit. 

    Minister Burke said:

    “I am delighted to launch this next review of the eligible occupations for employment permits. At a time of full employment, with over 2.81 million people at work, and with 90,000 new jobs created in the last year, it is vital that we continue to have a strong and flexible employment permits system to allow non-EEA nationals to fill the skill and labour gaps we cannot access in Ireland or Europe and to ensure our economy remains competitive. 

    “As demonstrated by the changes made to the employment permit system over the last year, the system is responsive to the needs of the sectors and industries it serves. This full review will allow us to ensure the system remains up-to-date in a way that serves both workers and employers.”

    Minister Dillon added:

    “Our economic migration policy accommodates the arrival of non-EEA nationals to fill skills and labour gaps in the domestic economy in the short to medium term. These workers are a vital part of the Irish economy. My Department’s reviews of the system promote an integrated approach to address these labour market deficiencies in the longer term and ensure we can continue to meet our labour needs.

    “Where employers or stakeholders are facing challenges in recruiting a specific occupation and believe it should be eligible for an employment permit, or believe a certain occupation should move onto the critical skills list, now is their opportunity to share this feedback.

    “With the consultation running over the summer period, there is plenty of time for interested employers and sectors who use the employment permits system to provide their feedback. Employer’s observations are vital in helping inform the department on how the list system is operating and where it can be improved.”

    The submission process is an opportunity for stakeholders to provide additional information and potentially different perspectives on the nature and extent of skill shortages.  

    Submissions will be accepted through the online consultation form made available on the Department’s website and will be open from 23 July to 19 September.

    Notes for Editor

    Background

    The Employment Permits System

    The Irish State’s general policy is to promote the sourcing of labour and skills needs from within the workforce of Ireland, the European Union and other EEA states. Policy in relation to applications for employment permits remains focused on facilitating the recruitment from outside the EEA of highly skilled personnel, where the requisite skills cannot be met by normal recruitment or by training.  Employment permit policy is part of the response to addressing skills deficits which exist and are likely to continue into the medium term, but it is not intended over the longer term to act as a substitute for meeting the challenge of up-skilling the State’s resident workforce, with an emphasis on the process of lifelong learning, and on maximising the potential of EEA nationals to fill our skills deficits.

    The Occupations Lists

    The Employment Permits system is designed to attract highly skilled workers from outside the EEA to Ireland, to meet skills demand in the economy where those skills can’t be accessed through the resident labour force.  For the purposes of the employment permits system, occupations fall into three categories:

    • Occupations listed on the Critical Skills Occupations List are highly skilled professional roles that are in high demand and are not always available in the resident labour force.  Occupations on this list are eligible for a Critical Skills Employment Permit (CSEP) and include roles such as medicine, ICT, sciences, finance and business.  Special “fast-track” conditions attach to this permit type including the eligibility to apply to the Department of Justice for family members to accompany the permit holder immediately; and after two years may apply to the Department of Justice for permission to work without the requirement for an employment permit. 
    • Ineligible occupations are those with evidence suggesting there are sufficient Irish/EEA workers to fill such vacancies. Employment permits are not granted for these occupations.
    • Every other job in the labour market, where an employer cannot find a worker, is eligible for an employment permit.  For General Employment Permits, Seasonal Employment Permits and Contract for Services Employment Permits the employer is required to undertake a Labour Market Needs Test. If no-one suitable applies for the job, the employer is free to apply for an employment permit. Occupations such as these may be skills of a more general nature and are typically eligible for a General Employment Permit (GEP).  This permit type is renewable and after five years the applicant may apply to the Department of Justice for long term residency permission.  

    The Critical Skills and Ineligible Occupations Lists Review

    It is vital that the employment permits scheme is responsive to changes in economic circumstances and labour market conditions. Therefore, it is necessary to review the Critical Skills and Ineligible Occupations Lists periodically, in accordance with the changing needs of the labour market. 

    The review process utilises research undertaken by the Expert Group on Future Skills Needs (EGFSN) and other experts in the labour market, including the Skills and Labour Market Research Unit (SLMRU) at SOLAS. The Department also invites submissions from industry representatives, other Government Departments and any other stakeholders who might have a case to make, via a periodic open consultation on the Department’s website. The Department also seeks the observations of the Inter-Departmental Group which oversees the review process.

    An occupation may be considered for inclusion on the critical skills occupation list or removal from the ineligible lists provided that:

    • shortage exists across the occupation, despite attempts by industry to train and there are no suitable Irish/EEA nationals available to undertake the work;
    • development opportunities for Irish/EEA nationals are not undermined;
    • genuine skills shortage exists and that it is not a recruitment or retention problem; and
    • the Government education, training, employment and economic development policies are supported.

    Submission process

    As part of this review process, submissions are sought from employers, representative bodies, Government Departments, Agencies, and other interested parties relating to occupations currently included on or absent from the lists.

    The submission process is an opportunity for stakeholders to provide additional information and potentially different perspectives on the nature and extent of skill shortages.  Stakeholder submissions are a vital source of information, helping inform the Department’s final assessment of the status of occupations. 

    ENDS

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI: Altucher Releases Urgent Presentation Potentially Linking August 13 to Starlink’s Global Pivot

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX, July 22, 2025 (GLOBE NEWSWIRE) — A newly released presentation by bestselling author and tech entrepreneur James Altucher is drawing attention for spotlighting a potential turning point in the rollout of Elon Musk’s satellite network, Starlink.

    Altucher outlines a series of developments—some public, some behind closed doors—that appear to be converging around a single date: August 13, 2025.

    At the center of the story is what Altucher describes as “a multi-decade plan” to create a satellite-based communications grid that could replace traditional systems and establish a new digital foundation for the modern world.

    The Architecture of a Quiet Revolution

    The presentation suggests this quiet build-up may soon enter a public phase, marking a moment Altucher believes many will miss—because they weren’t paying attention.

    A Meeting That Sparked Everything

    Altucher first began connecting the dots after learning about a private meeting involving Elon Musk and industry insiders.

    Though the contents of that meeting remain undisclosed, the timing aligns with a series of recent media statements from Musk and his team—signals Altucher says have been overlooked by the public and press alike.

    Altucher’s Warning

    As the presentation nears its conclusion, Altucher issues a clear message: the window may be closing.

    “After this date, the window could slam shut—and you may never have this same chance again,” he writes, referring to August 13.

    He adds, “This is about recognizing the moments when everything changes. Not years later—right now”

    About James Altucher

    James Altucher is a serial entrepreneur, bestselling author, and podcast host. He’s launched more than 20 companies across software, media, and finance. Altucher has authored 25+ books including Choose Yourself, Reinvent Yourself, and Skip the Line. His writing has appeared in The Wall Street Journal, Forbes, and TechCrunch, and he has been featured on CNBC, Fox Business, and major global platforms. His daily insights reach millions seeking clarity at the intersection of technology, power, and personal freedom.

    The MIL Network –

  • MIL-OSI USA: Rutherford Statement on President Trump’s Rescissions Package House Passage

    Source: United States House of Representatives – Congressman John Rutherford (4th District of Florida)

    WASHINGTON, D.C. – On Friday, U.S. Congressman John H. Rutherford (FL-05) released the following statement on the House passage of President Trump’s rescissions package:

    “The House just passed legislation to slash over $9 BILLION in waste, fraud, and abuse AND end taxpayer funding for NPR, PBS, and USAID. Americans’ hard-earned money shouldn’t be used to bankroll leftist propaganda and organizations that act contrary to U.S. interests at home and abroad. That’s why I was proud to vote YES on President Trump’s rescissions package today to cut overseas and domestic spending to help get our country back on track.”

    MIL OSI USA News –

  • MIL-OSI Australia: Changes to personal transfer balance caps

    Source: New places to play in Gungahlin

    On 1 July 2025, the general transfer balance cap (TBC) was indexed, increasing from $1.9 million to $2 million. This increase impacts members with a personal TBC. Members who started a pension before 1 July 2025 and haven’t previously reached or exceeded their personal cap are eligible for a proportional increase, based on their highest ever transfer balance and the amount of unused cap space.

    Members starting a pension for the first time on or after 1 July 2025 are entitled to a personal TBC of $2 million.

    Display of updated transfer balance caps

    Updated personal transfer balance caps are now available and members can view their updated personal TBC in ATO online services.

    Agents can view their client’s details in Online services for agents.

    Members’ personal TBC are calculated based on the information reported to and processed by us.

    To ensure members have a clear understanding of their cap entitlements, we encourage funds and advisers to report all TBC events as they occur.

    For more information see Transfer balance cap.

    Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News –

  • MIL-OSI United Nations: Sudan: UN scales up response plan as humanitarian needs spiral in Tawila

    Source: United Nations 2

    Over 380,000 people are currently displaced there, and the plan aims at increasing assistance for communities over the next three months.

    It focuses on food, healthcare, water, sanitation, shelter and protection, and requires $120 million for implementation, according to the UN Office for Humanitarian Coordination (OCHA). 

    Spread of diseases

    The health situation in North Darfur has also been deteriorating, with humanitarian partners on the ground warning that cholera, measles, malaria and trauma cases are surging in El Fasher and other displacement camps in the region.

    As insecurity has forced the over 32 health facilities in the region to close, the lack of rapid diagnostic tests and the widespread Internet outage in the El Fasher area are also severely hindering disease surveillance.

    Critical shortages of surgical supplies, essential medicines and vaccines are “pushing the health system to the brink, leaving thousands without access to the care that they need to stay alive,” UN Spokesperson Stéphane Dujarric said during his daily press briefing from New York.

    Deadly civilian toll

    Displacement continues to take a deadly toll on civilians seeking safety, with markets in South Darfur reeling from sharp price increases due to flooding and seasonal rivers cutting off supply routes from Chad and Northern State.  

    Meanwhile, the UN remains “deeply concerned over escalating violence in the Kordofan region,” Mr. Dujarric said, after five civilians were reportedly killed and several others injured in drone strikes on fuel markets in Al Fula and Abu Zabad towns in West Kordofan state.

    The UN called for an immediate cessation of hostilities, the protection of civilians and humanitarian personnel, unimpeded access across conflict lines and borders, and increased international support to address the spiraling humanitarian needs across Sudan.

    MIL OSI United Nations News –

  • MIL-OSI: Pulse Seismic Inc. Reports Strong Q2 2025 Financial Results and Declares Special and Regular Quarterly Dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share and also declared a special dividend of $0.20 per common share. The total dividend declared will be approximately $11.0 million based on Pulse’s 50,755,057 common shares outstanding as of July 22, 2025, to be paid on August 20, 2025, to shareholders of record on August 13, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “In the first half of 2025 the Company has benefited from increases in traditional data sales as well as energy sector M&A, generating revenue of $41.1 million, an EBITDA margin of 86% and $27.2 million of shareholder free cashflow,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry leading seismic data library contains vital subsurface information used by E&P companies for risk mitigation and maximization of drilling results,” he continued. “The Company continues to rely on shareholder free cashflow as the basis for its capital allocation strategy and remains focused on returns to shareholders, as evidenced by distributing 84% of 2025 free cash flow in the form of dividends. Pulse’s Board of Directors today declared the second special dividend of 2025,” Coleman continued. “In the last 24 months, special dividends of $0.80 have been declared, in addition to the regular dividend which has increased annually and is currently set at $0.07 per year,” he concluded.

    HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

    • The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;
    • The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
    • Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;
    • Shareholder free cash flow(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;
    • EBITDA(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;
    • Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and
    • At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION    		          
               
               
    (Thousands of dollars except per share data, Three months ended June 30, Six months ended June 30, Year ended,
    numbers of shares and kilometres of seismic data) 2025 2024   2025 2024 December 31,
      (Unaudited) (Unaudited) 2024
    Revenue 18,316 6,300   41,075 15,077 23,379
               
    Amortization of seismic data library 2,224 2,279   4,449 4,549 9,090
    Net earnings 9,565 1,341   22,940 4,022 3,391
    Per share basic and diluted 0.19 0.03   0.45 0.08 0.07
    Cash provided by (used in) operating activities 12,543 (1,269 ) 29,158 9,195 14,195
    Per share basic and diluted 0.25 (0.02 ) 0.57 0.18 0.28
    EBITDA (a) 15,238 4,418   35,286 10,647 15,496
    Per share basic and diluted (a) 0.30 0.09   0.69 0.21 0.30
    Shareholder free cash flow (a) 11,733 3,869   27,152 8,907 12,408
    Per share basic and diluted (a) 0.23 0.07   0.53 0.17 0.24
               
    Capital expenditures          
    Seismic data – –   – 225 225
    Property and equipment – –   – – 45
    Total capital expenditures – –   – 225 270
               
    Dividends          
    Regular dividends declared 885 775   1,648 1,490 3,018
    Special dividends declared – –   10,167 – 2,548
    Total dividends declared 885 775   11,815 1,490 5,566
               
    Normal course issuer bid          
    Number of shares purchased and cancelled 37,300 539,500   80,600 1,166,800 1,784,000
    Cost of shares purchased and cancelled 91 1,222   197 2,407 3,880
               
    Weighted average shares outstanding          
    Basic and diluted 50,761,321 51,734,590   50,795,174 51,928,298 51,448,985
    Shares outstanding at period-end     50,755,057 51,455,063 50,837,863
               
    Seismic library          
    2D in kilometres     829,207 829,207 829,207
    3D in square kilometres     65,310 65,310 65,310
    FINANCIAL POSITION
    AND RATIO    		          
          June 30, June 30, December 31,
    (Thousands of dollars except ratio)     2025 2024 2024
    Working capital     24,202 10,996 9,222
    Working capital ratio     4.8:1 4.0:1 5.1:1
    Cash and cash equivalents     25,876 9,392 8,722
    Total assets     36,479 29,184 21,516
    Trailing 12 -month (TTM) EBITDA(b)     40,135 27,528 15,496
    Shareholders’ equity     29,177 25,177 18,295
               

    (a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK
    Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.

    Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.

    Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    > The outlook of the Company for the year ahead, including future operating costs and expected revenues;

    > Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

    > The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

    > Pulse’s capital allocation strategy;

    > Pulse’s dividend policy;

    > Oil and natural gas prices and forecast trends;

    > Oil and natural gas drilling activity and land sales activity;

    > Oil and natural gas company capital budgets;

    > Future demand for seismic data;

    > Future seismic data sales;

    > Pulse’s business and growth strategy; and

    > Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    > Uncertainty of the timing and volume of data sales;

    > Volatility of oil and natural gas prices;

    > Risks associated with the oil and natural gas industry in general;

    > The Company’s ability to access external sources of debt and equity capital;

    > Credit, liquidity and commodity price risks;

    > The demand for seismic data;

    > The pricing of data library licence sales;

    > Cybersecurity;

    > Relicensing (change-of-control) fees and partner copy sales;

    > Environmental, health and safety risks;

    > Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

    > Competition;

    > Dependence on key management, operations and marketing personnel;

    > The loss of seismic data;

    > Protection of intellectual property rights;

    > The introduction of new products; and

    > Climate change.

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/8df92694-2a01-45f3-b5b4-ecc0f5bd6edb

    The MIL Network –

  • MIL-OSI: iDox.ai Announces Launch of iDox.ai Privacy Scout: AI-Powered Solution That Goes Beyond DLP to Protect Sensitive Data in Real Time

    Source: GlobeNewswire (MIL-OSI)

    Fremont, California , July 22, 2025 (GLOBE NEWSWIRE) — iDox.ai, a U.S.-based provider of AI-powered document compliance tools, announces the launch of iDox.ai Privacy Scout, an advanced Data Loss Prevention (DLP) solution engineered to detect and protect sensitive information in real time, particularly in environments deploying Generative AI.

    iDox.ai

    As organizations adopt artificial intelligence across industries, new challenges emerge in safeguarding Personally Identifiable Information (PII), Protected Health Information (PHI), and other confidential data. Privacy Scout responds to these challenges by offering an automated solution that monitors and intercepts sensitive information before it can be exposed or misused.

    Importantly, iDox.ai Privacy Scout promotes the secure sharing of documents with AI tools while protecting the PII within them. Unlike traditional DLP tools, iDox.ai Privacy Scout doesn’t treat next-generation AI as a threat—it enables its safe use. This is a key differentiator that empowers organizations to embrace AI innovation without compromising on privacy.

    Key capabilities of iDox.ai Privacy Scout include:

    • Real-Time Detection and Redaction: The system applies intelligent AI models to scan documents and files for sensitive content. It instantly redacts or restricts access to flagged data, preventing unauthorized disclosure.
    • Industry-Wide Compatibility:  Built for seamless deployment across healthcare, finance, legal, corporate IT, and government sectors, iDox.ai Privacy Scout integrates effortlessly into existing workflows while strengthening your organization’s data protection framework. The application installs directly on employees’ devices, ensuring immediate protection at the endpoint. For enterprise environments, it includes a centralized management console for streamlined oversight, policy enforcement, and user activity monitoring.
    • Compliance Support: iDox.ai Privacy Scout helps organizations meet global data protection regulations such as HIPAA and GDPR, making it a strategic asset for businesses aiming to maintain data security and regulatory compliance.

    “With the rise of Generative AI, businesses face new risks related to data privacy and unintentional information leaks,” said Jeremy Wei, CEO of iDox.ai. “iDox.ai Privacy Scout offers a reliable DLP solution that allows organizations to stay compliant while leveraging the advantages of AI.”

    iDox.ai Privacy Scout joins iDox.ai’s suite of AI-driven compliance products, which includes tools for redaction, document comparison, and regulatory reporting. Together, these solutions help clients maintain secure information practices and implement effective Data Loss Prevention strategies.

    The launch of iDox.ai Privacy Scout reinforces iDox.ai’s mission to develop technology that addresses evolving compliance challenges and strengthens trust in digital operations.

    Organizations seeking early access or additional product details can visit: https://www.idox.ai/products/privacy-scout

    About iDox.ai

    Headquartered in Fremont, California, iDox.ai specializes in artificial intelligence tools for document management, redaction, and regulatory compliance. The company supports public and private sector organizations in securing data, reducing manual risk, and maintaining compliance in dynamic digital environments.

    The MIL Network –

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces African Diaspora Investment and Development Act (AIDA)

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    Unlocking the development potential of diaspora communities and helping reduce reliance on foreign aid

    WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment. 

    Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on. 

    As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity. 

    The African Diaspora Investment and Development Act: 

    • Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
    • Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
    • Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
    • Supports diaspora-led investments with U.S. financial backing.
    • Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad. 

    “The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.” 

    “This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.” 

    “Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.” 

    “The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.” 

    “Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.” 

    During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.” 

    The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates. 

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Senate Intelligence Authorization Bill Advances with Key Provisions Authored by Senator Collins

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, a member of the Senate Select Committee on Intelligence, announced that the Committee advanced the Intelligence Authorization Act (IAA) for Fiscal Year 2026 by a 15-2 vote. The bill authorizes funding, provides legal authorities, and enhances congressional oversight for the U.S. Intelligence Community, and includes multiple provisions authored by Senator Collins. The bill now awaits consideration by the full Senate.

    “The Intelligence Authorization Act for Fiscal Year 2026 is critical for the Intelligence Community to defend U.S. interests and to arm policy and decision makers with critical information,” said Senator Collins. “This bipartisan bill would also build upon the effectiveness of the security clearance process, strengthen cybersecurity, and increase congressional oversight of the Intelligence Community.”

    The provisions co-authored by Senator Collins address the following issues:

    • Requiring improvement to the security of our voting and election systems through cybersecurity penetration testing and accreditation, by amending the Help America Vote Act of 2002. This provision was co-authored with Chairman Warner, and was originally introduced as the SECURE IT Act (“Strengthening and Enhancing Cybersecurity by Using Research, Education, Information, and Technology” Act) in the FY24 and FY25 IAA.
    • Ensuring continued support for victims of Anomalous Health Incidents (AHIs) by mandating that the Intelligence Community support Department of Defense AHI medical research, along with a requirement for the ODNI to issue standard AHI reporting guidelines. This provision was co-sponsored with Senators Cotton, Warner and Gillibrand.
    • Extension of the Cybersecurity Information Sharing Act of 2015, to 2035. This provision was co-sponsored with Senators Warner, King, and Rounds.

    Additional subjects of critical importance to Senator Collins which were included in this IAA were: AHI budget increase to military intelligence centers and health agencies for medical and mechanical research; new policy requirements to support biomedical and biotechnological research to defend against various threats; and multiple security clearance reform initiatives.

    MIL OSI USA News –

  • MIL-OSI: Timberland Bancorp Third Fiscal Quarter Net Income Increases to $7.10 Million

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly EPS Increases 22% to $0.90 from $0.74 One Year Ago
    • Quarterly Net Interest Margin Increases to 3.80%
    • Quarterly Return on Average Assets Increases to 1.47%
    • Quarterly Return on Average Equity Increases to 11.23%
    • Announces New Stock Repurchase Program

    HOQUIAM, Wash., July 22, 2025 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.10 million, or $0.90 per diluted common share for the quarter ended June 30, 2025. This compares to net income of $6.76 million, or $0.85 per diluted common share for the preceding quarter and $5.92 million, or $0.74 per diluted common share, for the comparable quarter one year ago.

    For the first nine months of fiscal 2025, Timberland’s net income increased 16% to $20.72 million, or $2.60 per diluted common share, from $17.93 million, or $2.21 per diluted common share for the first nine months of fiscal 2024.

    “Timberland delivered solid third fiscal quarter results, driven by continued net interest margin expansion and steady balance sheet growth,” stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share increased 20% and 22%, respectively, compared to the third fiscal quarter a year ago. Compared to the prior quarter, net income and earnings per share increased 5% and 6%, respectively, primarily due to higher net interest income and non-interest income. We also posted year-over-year improvements across all key profitability metrics, and our tangible book value per share (non-GAAP) continued its upward trend. Looking ahead we believe our strong capital position, solid earnings, and continued focus on disciplined growth position us well to navigate the current environment and drive long-term shareholder value.”

    “As a result of Timberland’s strong earnings and sound capital position, our Board of Directors announced a quarterly cash dividend to shareholders of $0.26 per share, payable on August 22, 2025, to shareholders of record on August 8, 2025,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 51st consecutive quarter Timberland will have paid a cash dividend. In addition, the Company also announced the adoption of a new stock repurchase program. We believe Timberland stock presents a strong investment opportunity, and buying back shares is a strategy to enhance long-term value for shareholders. Under the new repurchase program, the Company may repurchase up to 5% of the outstanding shares, or 393,842 shares. The new stock repurchase program replaces our existing stock repurchase program, which had 31,762 shares available to be repurchased.”

    “Our net interest margin continued to show positive momentum in the third fiscal quarter, expanding to 3.80%,” said Marci Basich, Chief Financial Officer. “This represents a one basis point increase from the prior quarter and a 27 basis point improvement compared to the same period last year, reflecting our disciplined asset-liability management and favorable shift in earning asset yields. Total deposits grew by $19 million, or 1%, during the quarter, driven primarily by higher balances in certificates of deposit. This growth highlights the continued strength of our customer relationships and the effectiveness of our deposit-gathering strategies. We remain focused on maintaining a well-balanced funding mix while sustaining stable margin performance going forward.”

    “The loan portfolio continues to expand at a steady pace, with growth of 2% over the prior quarter and 3% year-over year,” Brydon continued. “Credit quality remains an area we are monitoring closely, as we are seeing a mix of stable-to-positive trends alongside a few metrics that have shown modest deterioration. Net charge-offs continue to be minimal, with net recoveries of $1,000 during the third quarter. Our non-performing assets (“NPA”) ratio increased to 0.21% at June 30, 2025, compared to 0.13% at the end of the prior quarter. However, it remains a slight improvement from the 0.22% reported a year ago. Although non-accrual loans increased this quarter primarily due to a single matured loan, total non-accrual balances remain modestly below year-ago levels.”

    Earnings and Balance Sheet Highlights (at or for the periods ended June 30, 2025, compared to June 30, 2024, or March 31, 2025):
      
        Earnings Highlights:

    • Earnings per diluted common share (“EPS”) increased 6% to $0.90 for the current quarter from $0.85 for the preceding quarter and increased 22% from $0.74 for the comparable quarter one year ago; EPS increased 18% to $2.60 for the first nine months of fiscal 2025 from $2.21 for the first nine months of fiscal 2024;
    • Net income increased 5% to $7.10 million for the current quarter from $6.76 million for the preceding quarter and increased 20% from $5.92 million for the comparable quarter one year ago; Net income increased 16% to $20.72 million for the first nine months of fiscal 2025 from $17.93 million for the first nine months of fiscal 2024;
    • Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.23% and 1.47%, respectively;
    • Net interest margin (“NIM”) for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago; and
    • The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago.

       Balance Sheet Highlights:

    • Total assets increased 1% from the prior quarter and increased 3% year-over-year;
    • Net loans receivable increased 2% from the prior quarter and increased 3% year-over-year;
    • Total deposits increased 1% from the prior quarter and increased 3% year-over-year;
    • Total shareholders’ equity increased 2% from the prior quarter and increased 6% year-over-year; 34,236 shares of common stock were repurchased during the current quarter for $1.02 million;
    • Non-performing assets to total assets ratio was 0.21% at June 30, 2025 compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024;
    • Book and tangible book (non-GAAP) values per common share increased to $32.58 and $30.62 respectively, at June 30, 2025; and
    • Liquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2025 with only $20 million in borrowings and additional secured borrowing line capacity of $674 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

    Operating Results

    Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 3% to $20.50 million from $19.90 million for the preceding quarter and increased 9% from $18.77 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to increases in total interest and dividend income and non-interest income, which were partially offset by an increase in total funding costs. Operating revenue increased 8% to $60.06 million for the first nine months of fiscal 2025 from $55.82 million for the first nine months of fiscal 2024, primarily due to an increase in total interest and dividend income, which was partially offset by an increase in funding costs.

    Net interest income increased $409,000, or 2%, to $17.62 million for the current quarter from $17.21 million for the preceding quarter and increased $1.64 million, or 10%, from $15.98 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a $20.80 million increase in the average balance of total interest-earning assets and, to a lesser extent, a two-basis point increase in the weighted average yield on total interest-earning assets to 5.50% from 5.48%. These increases were partially offset by a $20.21 million increase in the average balance of interest-bearing liabilities and a two-basis point increase in the weighted average cost of interest-bearing liabilities. Timberland’s NIM for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago.   The NIM for the current quarter was increased by approximately four basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $68,000 of the fair value discount on acquired loans.   The NIM for the preceding quarter was increased by approximately five basis points due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $17,000 of the fair value discount on acquired loans.   The NIM for the comparable quarter one year ago was increased by approximately three basis points due to the collection of $124,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $9,000 of the fair value discount on acquired loans. Net interest income for the first nine months of fiscal 2025 increased $4.19 million, or 9%, to $51.81 million from $47.62 million for the first nine months of fiscal 2024, primarily due to a 32 basis point increase in the weighted average yield of total interest-earning assets to 5.49% from 5.17% and a $49.96 million increase in the average balance of total interest-earning assets. These increases to net interest income were partially offset by a seven basis point increase in the weighted average cost of interest-bearing liabilities to 2.53% from 2.46% and a $58.86 million increase in the average balance of total interest-bearing liabilities. Timberland’s NIM expanded to 3.74% for the first nine months of fiscal 2025 from 3.53% for the first nine months of fiscal 2024.

    A $351,000 provision for credit losses on loans was recorded for the quarter ended June 30, 2025. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $237,000 provision for credit losses on loans for the preceding quarter and a $264,000 provision for credit losses on loans for the comparable quarter one year ago. In addition, a $93,000 provision for credit losses on unfunded commitments and a $4,000 recapture of credit losses on investment securities were recorded for the current quarter.  

    Non-interest income increased $188,000, or 7%, to $2.88 million for the current quarter from $2.69 million for the preceding quarter and increased $84,000, or 3%, from $2.79 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to an increase in ATM and debit card interchange transaction fees and smaller changes in several other categories. Fiscal year-to-date non-interest income increased by 1%, to $8.26 million from $8.20 million for the first nine months of fiscal 2024.

    Total operating (non-interest) expenses for the current quarter decreased $27,000 (less than 1%), to $11.17 million from $11.19 million for the preceding quarter and increased $98,000, or 1%, from $11.07 million for the comparable quarter one year ago.   The decrease in operating expenses compared to the preceding quarter was primarily due to decreases in salaries and employee benefits, premises and equipment, technology and communications, professional fees, and smaller decreases in several other expense categories. These decreases were partially offset by increases in state and local taxes and smaller increases in several other expense categories. The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 2% to $33.43 million from $32.68 million for the first nine months of fiscal 2024. The efficiency ratio for the first nine months of fiscal 2025 improved to 55.65% from 58.55% for the first nine months of fiscal 2024.

    The provision for income taxes for the current quarter increased $85,000, or 5%, to $1.79 million from $1.71 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to 20.2% for the quarter ended March 31, 2025 and 20.6% for the quarter ended June 30, 2024. Timberland’s effective income tax rate was 20.1% for the first nine months of fiscal 2025 compared to 20.2% for the first nine months of fiscal 2024.  

    Balance Sheet Management

    Total assets increased $24.46 million, or 1%, during the quarter to $1.96 billion at June 30, 2025 from $1.93 billion at March 31, 2025 and increased $56.56 million, or 3%, from $1.90 billion one year ago. The increase during the current quarter was primarily due to a $21.42 million increase in net loans receivable and smaller increases in several other categories.

    Liquidity

    Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 17.0% of total liabilities at June 30, 2025, compared to 16.9% at March 31, 2025, and 14.7% one year ago. Timberland also had secured borrowing line capacity of $674 million available through the FHLB and the Federal Reserve at June 30, 2025. With a strong and diversified deposit base, only 17% of Timberland’s deposits were uninsured or uncollateralized at June 30, 2025. (Note: This calculation excludes public deposits that are fully collateralized.)

    Loans

    Net loans receivable increased $21.42 million, or 2%, during the quarter to $1.44 billion at June 30, 2025 from $1.42 billion at March 31, 2025. This increase was primarily due to a $21.83 million increase in multi-family loans, a $5.67 million increase in commercial real estate loans, a $3.89 million increase in land loans and smaller increases in several other loan categories. These increases were partially offset by a $5.50 million decrease in construction loans, a $4.80 million decrease in commercial business loans, and smaller decreases in several other loan categories. The increase in multi-family loans was, in large part, due to several multi-family construction projects being completed and converting to permanent financing during the quarter.

    Loan Portfolio
    ($ in thousands)
     
      June 30, 2025   March 31, 2025   June 30, 2024
      Amount   Percent   Amount   Percent   Amount   Percent
    Mortgage loans:                      
    One- to four-family (a) $317,574     21%     $315,421     21%     $288,611     19%  
    Multi-family   200,418     13       178,590     12       177,950     12  
    Commercial   607,924     40       602,248     40       597,865     40  
    Construction – custom and                      
    owner/builder   128,900     8       114,401     7       128,222     9
    Construction – speculative
    one-to four-family    		   9,595     1       9,791     1       11,441     1  
    Construction – commercial   15,992     1       22,352     1       32,130     2  
    Construction – multi-family   32,731     2       46,602     3       35,631     2  
    Construction – land                      
    development   15,461     1       15,032     1       19,104     1  
    Land   36,193     2       32,301     2       32,384     2  
    Total mortgage loans   1,364,788     89       1,336,738     88       1,323,338     88  
                           
    Consumer loans:                      
    Home equity and second                      
    mortgage   47,511     3       47,458     3       43,679     3  
    Other   2,176     —       2,375     —       3,121     —  
    Total consumer loans   49,687     3       49,833     3       46,800     3  
                           
    Commercial loans:                      
    Commercial business loans   126,497     8       131,243     9       136,213     9  
    SBA PPP loans   101     —       156     —       314     —  
    Total commercial loans   126,598     8       131,399     9       136,527     9  
    Total loans   1,541,073     100%       1,517,970     100%       1,506,665     100%  
    Less:                      
    Undisbursed portion of                      
    construction loans in                      
    process   (76,272)           (75,042)           (87,196)      
    Deferred loan origination                      
    fees   (5,427)           (5,329)           (5,404)      
    Allowance for credit losses   (17,878)           (17,525)           (17,046)      
    Total loans receivable, net $1,441,496         $1,420,074         $1,397,019      

    _______________________
    (a)   Does not include one- to four-family loans held for sale totaling $1,763, $1,151, and $1,795 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.  

    The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of June 30, 2025:

    CRE Loan Portfolio Breakdown by Collateral
    ($ in thousands)
    Collateral Type   Balance   Percent of
    CRE
    Portfolio    		   Percent of
    Total Loan
    Portfolio    		   Average
    Balance Per
    Loan    		   Non-
    Accrual
    Industrial warehouses   $128 822   21%     8%     $1 301   $161
    Medical/dental offices     81 238   13     5       1 269     —
    Office buildings     68 916   11     5       801     —
    Other retail buildings     54 472   9     3       567     —
    Mini-storage     38 483   6     2       1 539     —
    Hotel/motel     31 656   5     2       2 638     —
    Restaurants     27 485   5     2       585     —
    Gas stations/conv. stores     24 359   4     2       1 015     —
    Churches     14 690   3     1       918     —
    Nursing homes     13 532   2     1       2 255     —
    Shopping centers     10 507   2     1       1 751     —
    Mobile home parks     8 882   2     1       444     —
    Additional CRE     104 882   17     7       760     —    
    Total CRE   $607 924   100%     40%     $951   $161

    Timberland originated $81.99 million in loans during the quarter ended June 30, 2025, compared to $56.76 million for the preceding quarter and $74.32 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income.   During the current quarter, fixed-rate one- to four-family mortgage loans totaling $5.11 million were sold compared to $5.17 million for the preceding quarter and $3.05 million for the comparable quarter one year ago.

    Investment Securities
            
    Timberland’s investment securities and CDs held for investment increased $2.04 million, or 1%, to $237.36 million at June 30, 2025, from $235.33 million at March 31, 2025. The increase was primarily due to the purchase of additional U.S. government agency mortgage-backed investment securities and U.S. Treasury investment securities. Partially offsetting these increases was the sale of $13.49 million available for sale investment securities, which resulted in a net gain of $24,000.

    Deposits

    Total deposits increased $18.65 million, or 1%, during the quarter to $1.67 billion at June 30, 2025, from $1.65 billion at March 31, 2025. The quarter’s increase consisted of a $16.01 million increase in certificates of deposit account balances, a $4.66 million increase in money market account balances, and a $1.60 million increase in NOW checking account balances. These decreases were partially offset by a $2.03 million decrease in savings account balances and a $1.59 million decrease in non-interest-bearing checking account balances.

    Deposit Breakdown
    ($ in thousands)
     
          June 30, 2025   March 31, 2025   June 30, 2024  
          Amount    Percent   Amount   Percent   Amount   Percent  
    Non-interest-bearing demand     $406,222   24%   $407,811   25%   $407,125   25%  
    NOW checking     334,922   20   333,325   20   324,795   20  
    Savings     205,829   12   207,857   13   207,921   13  
    Money market     305,207   18   300,552   18   327,162   20  
    Certificates of deposit under $250     244,063   15   227,137   14   195,022   12  
    Certificates of deposit $250 and over     126,254   8   124,009   7   117,788   7  
    Certificates of deposit – brokered     46,980   3   50,139   3   48,731   3  
    Total deposits     $1,669,477   100%   $1,650,830   100%   $1,628,544   100%  

    Borrowings

    Total borrowings were $20.00 million at both June 30, 2025 and March 31, 2025. At June 30, 2025, the weighted average rate on the borrowings was 3.97%.

    Shareholders’ Equity and Capital Ratios

    Total shareholders’ equity increased $4.14 million, or 2%, to $256.66 million at June 30, 2025, from $252.52 million at March 31, 2025, and increased $15.44 million, or 6%, from $241.22 million at June 30, 2024.   The increase in shareholders’ equity during the quarter was primarily due to net income of $7.10 million, which was partially offset by the payment of $2.05 million in dividends to shareholders and the repurchase of 34,236 shares of common stock for $1.02 million (an average price of $29.74 per share).

    Timberland remains well capitalized with a total risk-based capital ratio of 20.54%, a Tier 1 leverage capital ratio of 12.63%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.42%, and a shareholders’ equity to total assets ratio of 13.11% at June 30, 2025.   Timberland’s held to maturity investment securities were $141.57 million at June 30, 2025, with a net unrealized loss of $5.99 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 12.90%, compared to 13.11%, as reported.

    New Stock Repurchase Program

    The Company announced a new stock repurchase program today. Under the repurchase program, the Company may repurchase up to 5% of the Company’s outstanding shares, or 393,842 shares. The new stock repurchase program replaces the existing stock repurchase program which had 31,762 shares available to be repurchased.

    The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission (“SEC”). Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interest of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing the shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

    Asset Quality
    Timberland’s non-performing assets to total assets ratio was 0.21% at June 30, 2025, compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024.   Net recoveries totaled $1,000 for the current quarter compared to net charge-offs of less than $1,000 for the preceding quarter and net charge-offs of $36,000 for the comparable quarter one year ago. During the current quarter, provisions for credit losses of $351,000 on loans and $93,000 unfunded commitments were made, which was partially offset by a $4,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.23% at June 30, 2025, compared to 1.22% at March 31, 2025 and 1.21% one year ago.

    Total delinquent loans (past due 30 days or more) and non-accrual loans increased $2.86 million or 86%, to $6.18 million at June 30, 2025, from $3.32 million at March 31, 2025 and increased $1.95 million, or 46%, from $4.23 million at June 30, 2024. Non-accrual loans increased $1.52 million, or 65%, to $3.84 million at June 30, 2025 from $2.33 million at March 31, 2025 and decreased $277,000, or 7%, from $4.12 million at March 31, 2024.   The quarterly increase in non-accrual loans was primarily due to one loan (secured by several single family homes) being past maturity. The loan is well collateralized (based on recent appraisals) and the Bank is working with the borrower to renew the loan. Loans graded “Substandard” totaled $32.37 million (or 2% of total loans receivable) at June 30, 2025.

    Non-Accrual Loans
    ($ in thousands)
     
      June 30, 2025   March 31, 2025   June 30, 2024
      Amount   Quantity   Amount   Quantity   Amount   Quantity
    Mortgage loans:                      
    One- to four-family $1,781   1   $47   1   $135   2
    Commercial   161   2     324   3     1,310   4
    Construction – custom and                      
    owner/builder   —   —     —   —     152   1
    Total mortgage loans   1,942   3     371   4     1,597   7
                           
    Consumer loans:                      
    Home equity and second                      
    mortgage   575   3     575   3     615   3
    Other   —   —     —   —     —   —
    Total consumer loans   575   3     575   3     615   3
                           
    Commercial business loans   1,326   9     1,381   11     1,908   8
    Total loans $3,843   15   $2,327   18   $4,120   18

            
    Timberland had two properties classified as other real estate owned (“OREO”) at June 30, 2025:

      June 30, 2025   March 31, 2025   June 30, 2024
      Amount   Quantity   Amount   Quantity   Amount   Quantity
    Other real estate owned:                      
    Commercial $221   1   $221   1   $ —   —
    Land   —   1     —   1     —   1
    Total mortgage loans $221   2   $221   2   $ —   1

    About Timberland Bancorp, Inc.
    Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam).    

    Disclaimer
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME    		   Three Months Ended
    ($ in thousands, except per share amounts) (unaudited)   June 30,   March 31,   June 30,
          2025       2025       2024  
      Interest and dividend income            
      Loans receivable   $21,411     $20,896     $19,537  
      Investment securities     2,064       2,003       2,335  
      Dividends from mutual funds, FHLB stock and other investments     83       82       94  
      Interest bearing deposits in banks     1,986       1,884       2,173  
      Total interest and dividend income     25,544       24,865       24,139  
                   
      Interest expense            
      Deposits     7,721       7,454       7,938  
      Borrowings     201       198       220  
      Total interest expense     7,922       7,652       8,158  
      Net interest income     17,622       17,213       15,981  
      Provision for credit losses – loans     351       237       264  
      Recapture of credit losses – investment securities     (4)       (5)       (12)  
      Prov. for (recapture of ) credit losses – unfunded commitments     93       14       (8)  
      Net int. income after provision for (recapture of) credit losses     17,182       16,967       15,737  
                   
      Non-interest income            
      Service charges on deposits     966       959       1,014  
      ATM and debit card interchange transaction fees     1,262       1,176       1,297  
      Gain on sales of investment securities, net     24       —       —  
      Gain on sales of loans, net     138       122       68  
      Bank owned life insurance (“BOLI”) net earnings     171       165       158  
      Other     314       265       254  
      Total non-interest income, net     2,875       2,687       2,791  
                   
      Non-interest expense            
      Salaries and employee benefits     5,825       5,977       5,928  
      Premises and equipment     973       1,075       1,011  
      Gain on sale of premises and equipment, net     —       —       (3)  
      Advertising     182       189       211  
      OREO and other repossessed assets, net     8       9       —  
      ATM and debit card processing     658       521       580  
      Postage and courier     137       142       130  
      State and local taxes     570       335       335  
      Professional fees     341       431       335  
      FDIC insurance     211       219       208  
      Loan administration and foreclosure     99       155       156  
      Technology and communications     993       1,121       1,086  
      Deposit operations     345       319       450  
      Amortization of core deposit intangible (“CDI”)     45       45       56  
      Other, net     780       656       586  
      Total non-interest expense, net     11,167       11,194       11,069  
                   
      Income before income taxes     8,890       8,460       7,459  
      Provision for income taxes     1,790       1,705       1,535  
      Net income   $7,100     $6,755     $5,924  
                   
      Net income per common share:            
      Basic   $0.90     $0.85     $0.74  
      Diluted     0.90       0.85       0.74  
                   
      Weighted average common shares outstanding:            
      Basic     7,893,308       7,937,063       8,004,552  
      Diluted     7,921,762       7,968,632       8,039,345  
    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME    		   Nine Months Ended
    ($ in thousands, except per share amounts) (unaudited)   June 30,   June 30,
          2025       2024  
      Interest and dividend income        
      Loans receivable   $63,339     $56,841  
      Investment securities     6,205       6,892  
      Dividends from mutual funds, FHLB stock and other investments     252       266  
      Interest bearing deposits in banks     5,870       5,791  
      Total interest and dividend income     75,666       69,790  
               
      Interest expense        
      Deposits     23,259       21,383  
      Borrowings     602       787  
      Total interest expense     23,861       22,170  
      Net interest income     51,805       47,620  
      Provision for credit losses – loans     640       810  
      Recapture of credit losses – investment securities     (14)       (20)  
      Prov. for (recapture of) credit losses – unfunded commitments     87       (130)  
      Net int. income after provision for (recapture of) credit losses     51,092       46,960  
               
      Non-interest income        
      Service charges on deposits     2,924       3,024  
      ATM and debit card interchange transaction fees     3,706       3,773  
      Gain on sales of investment securities, net     24       —  
      Gain on sales of loans, net     303       188  
      Bank owned life insurance (“BOLI”) net earnings     503       470  
      Other     799       749  
      Total non-interest income, net     8,259       8,204  
               
      Non-interest expense        
      Salaries and employee benefits     17,893       17,863  
      Premises and equipment     2,998       3,065  
      Gain on sale of premises and equipment, net     —       (3)  
      Advertising     552       556  
      OREO and other repossessed assets, net     17       1  
      ATM and debit card processing     1,700       1,796  
      Postage and courier     401       401  
      State and local taxes     1,251       979  
      Professional fees     1,118       908  
      FDIC insurance     640       624  
      Loan administration and foreclosure     383       395  
      Technology and communications     3,253       3,101  
      Deposit operations     997       1,094  
      Amortization of core deposit intangible (“CDI”)     135       169  
      Other, net     2,090       1,735  
      Total non-interest expense, net     33,428       32,684  
               
      Income before income taxes     25,923       22,480  
      Provision for income taxes     5,208       4,552  
      Net income   $20,715     $17,928  
               
      Net income per common share:        
      Basic   $2.61     $2.22  
      Diluted     2.60       2.21  
               
      Weighted average common shares outstanding:        
      Basic     7,929,626       8,067,068  
      Diluted     7,963,412       8,109,043  
    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS    		  
    ($ in thousands, except per share amounts) (unaudited)   June 30,   March 31,   June 30,
          2025       2025       2024  
    Assets            
    Cash and due from financial institutions   $32,532     $26,010     $25,566  
    Interest-bearing deposits in banks     161,095       165,201       133,347  
      Total cash and cash equivalents     193,627       191,211       158,913  
                   
    Certificates of deposit (“CDs”) held for investment, at cost     8,462       8,711       10,458  
    Investment securities:            
      Held to maturity, at amortized cost (net of ACL – investment securities)     141,570       140,954       176,787  
      Available for sale, at fair value     86,475       84,807       74,515  
    Investments in equity securities, at fair value     855       853       836  
    FHLB stock     2,045       2,045       2,037  
    Other investments, at cost     3,000       3,000       3,000  
    Loans held for sale     1,763       1,151       1,795  
                 
    Loans receivable     1,459,374       1,437,599       1,414,065  
    Less: ACL – loans     (17,878)       (17,525)       (17,046)  
      Net loans receivable     1,441,496       1,420,074       1,397,019  
                   
    Premises and equipment, net     21,490       21,436       21,558  
    OREO and other repossessed assets, net     221       221       —  
    BOLI     24,113       23,942       23,436  
    Accrued interest receivable     7,174       7,127       7,045  
    Goodwill     15,131       15,131       15,131  
    CDI     316       361       508  
    Loan servicing rights, net     911       1,051       1,526  
    Operating lease right-of-use assets     1,248       1,324       1,550  
    Other assets     7,295       9,331       4,515  
      Total assets   $1,957,192     $1,932,730     $1,900,629  
                   
    Liabilities and shareholders’ equity            
    Deposits: Non-interest-bearing demand   $406,222     $407,811     $407,125  
    Deposits: Interest-bearing     1,263,255       1,243,019       1,221,419  
      Total deposits     1,669,477       1,650,830       1,628,544  
                   
    Operating lease liabilities     1,350       1,426       1,649  
    FHLB borrowings     20,000       20,000       20,000  
    Other liabilities and accrued expenses     9,701       7,950       9,213  
      Total liabilities     1,700,528       1,680,206       1,659,406  
                 
    Shareholders’ equity            
    Common stock, $.01 par value; 50,000,000 shares authorized;
            7,876,853 shares issued and outstanding – June 30, 2025
            7,903,489 shares issued and outstanding – March 31, 2025
            7,953,431 shares issued and outstanding – June 30, 2024    		     27,226       28,028       30,681  
    Retained earnings     230,213       225,166       211,087  
    Accumulated other comprehensive loss     (775)       (670)       (545)  
      Total shareholders’ equity     256,664       252,524       241,223  
      Total liabilities and shareholders’ equity   $1,957,192     $1,932,730     $1,900,629  
      Three Months Ended
    PERFORMANCE RATIOS:   June 30, 2025   March 31, 2025   June 30, 2024
    Return on average assets (a)     1.47%       1.43%       1.25%  
    Return on average equity (a)     11.23%       10.95%       9.95%  
    Net interest margin (a)     3.80%       3.79%       3.53%  
    Efficiency ratio     54.48%       56.25%       58.97%  
                 
      Nine Months Ended
        June 30, 2025       June 30, 2024
    Return on average assets (a)     1.44%           1.27%  
    Return on average equity (a)     11.07%           10.10%  
    Net interest margin (a)     3.74%           3.53%  
    Efficiency ratio     55.65%           58.55%  
                 
      Three Months Ended
    ASSET QUALITY RATIOS AND DATA: ($ in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Non-accrual loans   $3,843     $2,327     $4,120  
    Loans past due 90 days and still accruing     —       —       —  
    Non-performing investment securities     38       41       72  
    OREO and other repossessed assets     221       221       —  
    Total non-performing assets (b)   $4,102     $2,589     $4,192  
                 
    Non-performing assets to total assets (b)     0.21%       0.13%       0.22%  
    Net charge-offs (recoveries) during quarter   $(1)     $ —     $36  
    Allowance for credit losses – loans to non-accrual loans     465%       753%       414%  
    Allowance for credit losses – loans to loans receivable (c)     1.23%       1.22%       1.21%  
                 
                 
    CAPITAL RATIOS:            
    Tier 1 leverage capital     12.63%       12.55%       12.04%  
    Tier 1 risk-based capital     19.29%       19.04%       17.97%  
    Common equity Tier 1 risk-based capital     19.29%       19.04%       17.97%  
    Total risk-based capital     20.54%       20.29%       19.22%  
    Tangible common equity to tangible assets (non-GAAP)     12.42%       12.36%       11.97%  
                 
    BOOK VALUES:            
    Book value per common share   $32.58     $31.95     $30.33  
    Tangible book value per common share (d)     30.62       29.99       28.36  

    ________________________________________________

    (a) Annualized
    (b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
    (c) Does not include loans held for sale and is before the allowance for credit losses.
    (d) Tangible common equity divided by common shares outstanding (non-GAAP).                                

    AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
    ($ in thousands)
    (unaudited)

      For the Three Months Ended 
      June 30, 2025    March 31, 2025    June 30, 2024 
      Amount   Rate   Amount   Rate   Amount   Rate
                           
    Assets                      
    Loans receivable and loans held for sale $ 1,450,350     5.92 %   $ 1,435,999     5.90 %   $ 1,391,582     5.65 %
    Investment securities and FHLB stock (1)   232,272     3.71       232,532     3.64             268,954     3.63  
    Interest-earning deposits in banks and CDs   178,887     4.45       172,175     4.44       161,421     5.41  
    Total interest-earning assets   1,861,509     5.50       1,840,706     5.48            1,821,957     5.33  
    Other assets         79,715           77,563           82,008      
    Total assets $ 1,941,224         $ 1,918,269         $ 1,903,965      
                           
    Liabilities and Shareholders’ Equity                      
    NOW checking accounts $ 333,074     1.39 %   $ 328,115     1.32 %   $ 329,344     1.29 %
    Money market accounts   304,526     3.16       306,137     3.18       326,023     3.56  
    Savings accounts   205,592     0.35       206,054     0.28       208,488     0.27  
    Certificates of deposit accounts   363,342     3.77       343,945     3.82       311,545     4.21  
    Brokered CDs   48,028     4.83       50,104     4.85       45,442     5.32  
    Total interest-bearing deposits   1,254,562     2.47       1,234,355     2.45       1,220,842     2.62  
    Borrowings   20,002     4.03       20,000     4.04       20,001     4.42  
    Total interest-bearing liabilities   1,274,564     2.49       1,254,355     2.47       1,240,843     2.64  
                           
    Non-interest-bearing demand deposits   402,717           403,738           413,494      
    Other liabilities   10,266           10,064           10,245      
    Shareholders’ equity   253,677           250,112           239,383      
    Total liabilities and shareholders’ equity $ 1,941,224         $ 1,918,269         $ 1,903,965      
                           
    Interest rate spread     3.01 %       3.01 %       2.69 %
    Net interest margin (2)     3.80 %       3.79 %       3.53 %
    Average interest-earning assets to                      
    average interest-bearing liabilities   146.05 %         146.75 %         146.83 %    

               _____________________________________
    (1) Includes other investments
    (2) Net interest margin = annualized net interest income /
          average interest-earning assets
            

    AVERAGE BALANCES, YIELDS, AND RATES
    ($ in thousands)
    (unaudited)

      For the Nine Months Ended 
      June 30, 2025    June 30, 2024 
      Amount   Rate   Amount   Rate
                   
    Assets              
    Loans receivable and loans held for sale $ 1,441,506     5.87 %   $ 1,363,213     5.57 %
    Investment securities and FHLB stock (1)   237,400     3.81             294,789     3.24  
    Interest-earning deposits in banks and CDs       172,591     4.55       143,537     5.39  
    Total interest-earning assets        1,851,497     5.49            1,801,539     5.17  
    Other assets   77,595           81,650      
    Total assets $ 1,929,092         $ 1,883,189      
                   
    Liabilities and Shareholders’ Equity              
    NOW checking accounts $ 329,883     1.36 %   $ 358,052     1.48 %
    Money market accounts   311,762     3.26       273,683     3.09  
    Savings accounts   205,764     0.30       214,275     0.24  
    Certificates of deposit accounts   346,313     3.89       291,707     4.12  
    Brokered CDs   48,169     4.71       42,856     5.37  
    Total interest-bearing deposits   1,241,891     2.50       1,180,573     2.42  
    Borrowings   20,001     4.02       22,457     4.68  
    Total interest-bearing liabilities   1,261,892     2.53       1,203,030     2.46  
                   
    Non-interest-bearing demand deposits   406,906           431,849      
    Other liabilities             10,159           11,273      
    Shareholders’ equity   250,135           237,037      
    Total liabilities and shareholders’ equity $ 1,929,092         $ 1,883,189      
                   
    Interest rate spread     2.96 %       2.71 %
    Net interest margin (2)     3.74 %       3.53 %
    Average interest-earning assets to              
    average interest-bearing liabilities   146.72 %         149.75 %    

    _____________________________________
    (1) Includes other investments
    (2) Net interest margin = annualized net interest income /
    average interest-earning assets

    Non-GAAP Financial Measures
    In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

    Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

    The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

    ($ in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
                 
    Shareholders’ equity   $ 256,664     $ 252,524     $ 241,223  
    Less goodwill and CDI     (15,447)       (15,492)       (15,639)  
    Tangible common equity   $ 241,217     $ 237,032     $ 225,584  
                 
    Total assets   $ 1,957,192     $ 1,932,730     $ 1,900,629  
    Less goodwill and CDI     (15,447)       (15,492)       (15,639)  
    Tangible assets   $ 1,941,745     $ 1,917,238     $ 1,884,990  

    Contact: Dean J. Brydon, CEO 
    Jonathan A. Fischer, President & COO
     Marci A. Basich, CFO 
    (360) 533-4747 
    www.timberlandbank.com

    The MIL Network –

  • MIL-OSI USA: SCHUMER ANNOUNCES MAJOR STEP FORWARD FOR BUILDING NEW CAPITAL DISTRICT ARMORY FOR NY ARMY NATIONAL GUARD’S 42ND INFANTRY DIVISION HEADQUARTERS

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Current 42nd Infantry Division HQ Armory Built in 1971 Has Long-Been Running Out Of Space, Technology, And Infrastructure Needed To Maintain US Army Division HQ And Support Training, Readiness, And Mission Requirements

    After Months Of Work, Schumer Just Secured New $90M Authorization – Unlocking The Funding Process – For Project In The FY 2026 Senate NDAA; Senator Is Pushing To Deliver $$ In Future Appropriations Bill For New, Consolidated National Guard Headquarters

    Schumer: NDAA Authorization Is A Major Step Forward For A New Armory For NY Army National Guard’s 42nd Infantry Division In Capital Region!

    U.S. Senator Chuck Schumer today announced a major step forward for building a new armory and readiness center for the NY Army National Guard’s 42nd Infantry Division Headquarters to be located in Colonie at the former site of the old Heritage Park minor league baseball stadium that was home to the Albany-Colonie Yankees. The long needed new HQ will also consolidate NY Army National Guard facilities currently located at Watervliet Arsenal, which is needed to maximize space and accommodate planned modernization and expansion projects at Watervliet Arsenal.

    Schumer explained the current armory does not meet Army division HQ requirements, and securing this authorization for funding in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year (FY) 2026 is a critical milestone that unlocks the funding process. The next step is to pursue funding in future appropriations. The $90 million authorization he secured to be eligible for the project in the Senate is a massive step forward for the NY Army National Guard which has long been pushing for a new modern expanded armory and readiness center.

    “This is a major step towards securing funding to build a new Armory for the 42nd Infantry Division, all while breathing new life into the former site of the Heritage Park minor league in Colonie. NY’s Army National Guard is critical to our national security, but the 42nd Infantry Division’s current headquarters was built over 50 years ago and needs more space to meet the Army’s growing requirements. When I heard the NY National Guard needed help to continue its vital mission and service in the Capital Region, I immediately got to work to secure this critical funding authorization so it can receive future appropriations funding in order to begin the process of building a new, modern facility,” said Senator Schumer. “This funding authorization in the Senate’s national defense bill is a major milestone for building a new state-of-the-art armory and readiness center for the Rainbow Division. I will continue to fight tooth and nail to secure this funding in future appropriations so we can get shovels in the ground for this new Armory.”

    Major General Ray Shields, Adjutant General, New York National Guard said, “Senator Schumer has delivered again for the New York Army National Guard – in the National Defense Authorization Act for FY2026 with $90M in authorized federal funds to build a new Readiness Center in Albany for the historic 42nd Infantry Division. Because of the Senator’s efforts to authorize this funding, we are one step closer to the construction of this new 140,000 square foot facility. The impact of this facility on the Division’s readiness will be significant and long lasting.”

    Schumer explained that the 42nd Infantry Division Armory in Troy was constructed in 1971 for a smaller organization, but the current Armory housing headquarters does not meet the Army’s minimum facility requirements, with the Division growing and needing a larger space. Simultaneously, the Watervliet Arsenal is modernizing its manufacturing facilities and production streams. However, as a result, this will displace the National Guard Division’s warehouses located on Watervliet Arsenal grounds by 2028. The New York Army National Guard will move the warehouses at Watervliet Arsenal to the site of the current Armory will continue to be used by the NYNG.

    Building a new, modernized Armory to house headquarters and consolidating warehouses, now at Watervliet, to the old Heritage Park site in Colonie would ensure that the 42nd Infantry Division has the centralization, resources, infrastructure, and capabilities needed to maintain the division’s mission readiness and its training and deployment activities.

    Albany County Executive Daniel P. McCoy said, “Building a new Capital District Armory on the former site of Heritage Park would be a win-win for both the NY Army National Guard’s 42nd Infantry Division and Albany County. A new division headquarters, on what has been a long vacant county-owned property, would accommodate the need for more space in a modern facility. It would also provide a nice shot in the arm for our restaurants and hotels in that area. I want to thank Senator Schumer for his continued efforts to move this forward and secure funding for what will be a transformational project. This state of the art center will keep the Division mission ready and be able to maintain vital training and preparation for deployments.” 

    Schumer took action to push for the federal funding needed to support the Army’s operations in the Capital Region. NY State has already provided $5 million to acquire a new Capital Region location for a headquarters facility near the Albany International Airport that is shovel-ready and capable of handling large military vehicles. The state has also delivered $10 million to advance design and has pledged to contribute an additional $30 million to bring this idea to life if the federal government is able to deliver the $90 million needed to complete the project.

    MIL OSI USA News –

  • MIL-OSI Canada: A new partnership for economic cooperation

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

    Net Income   Diluted EPS   Net Interest Margin1   ROAA1   ROATCE1
    $47.4 million   $0.52   3.49%   1.00%   11.24%
    $57.4 million (adj)2   $0.63 (adj)2   3.33% (adj)2   1.21% (adj)2   13.61% (adj)2
                     
    MESSAGE FROM OUR CHAIRMAN & CEO
    This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

    Van A. Dukeman
    Chairman and Chief Executive Officer
     

    FINANCIAL RESULTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Total interest income   $ 247,446     $ 166,815     $ 131,939     $ 414,261     $ 257,759  
    Total interest expense     94,263       63,084       49,407       157,347       99,373  
    Net interest income     153,183       103,731       82,532       256,914       158,386  
    Provision for credit losses1     5,700       45,593       1,908       51,293       6,268  
    Net interest income after provision for credit losses1     147,483       58,138       80,624       205,621       152,118  
    Total noninterest income     44,863       21,223       33,703       66,086       68,616  
    Total noninterest expense1     127,833       112,030       75,906       239,863       147,353  
    Income (loss) before income taxes     64,513       (32,669 )     38,421       31,844       73,381  
    Income taxes     17,109       (2,679 )     11,064       14,430       19,799  
    Net income (loss)     47,404       (29,990 )     27,357       17,414       53,582  
    Dividends on preferred stock     155       —       —       155       —  
    Net income (loss) available to common stockholders   $ 47,249     $ (29,990 )   $ 27,357     $ 17,259     $ 53,582  
                         
    Basic earnings (loss) per common share   $ 0.53     $ (0.44 )   $ 0.48     $ 0.22     $ 0.95  
    Diluted earnings (loss) per common share   $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
    Effective income tax rate     26.52 %     8.20 %     28.80 %     45.31 %     26.98 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

    Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

    Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

    Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

    Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

    Pre-Provision Net Revenue2

    Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

    Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

    Net Interest Income and Net Interest Margin2

    Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

    Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

    Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

    • Increased loan portfolio and held for sale loan yields contributed +54 basis points
    • Increased purchase accounting accretion contributed +8 basis points
    • Securities repositioning executed in March contributed +4 basis points
    • Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
    • Increased non-maturity deposit funding costs contributed -25 basis points
    • Decreased cash and securities portfolio yield contributed -12 basis points

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

    Noninterest Income

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST INCOME                  
    Wealth management fees $ 16,777   $ 17,364     $ 15,917     $ 34,141     $ 31,466  
    Payment technology solutions   4,956     5,073       5,915       10,029       11,624  
    Treasury management services   4,981     3,017       2,145       7,998       4,046  
    Card services and ATM fees   4,880     3,709       3,430       8,589       6,390  
    Other service charges on deposit accounts   1,513     1,533       2,321       3,046       4,669  
    Mortgage revenue   776     329       478       1,105       1,224  
    Income on bank owned life insurance   1,745     1,446       1,442       3,191       2,861  
    Realized net gains (losses) on the sale of mortgage servicing rights   —     —       277       —       7,742  
    Net securities gains (losses)   5,997     (15,768 )     (353 )     (9,771 )     (6,728 )
    Other noninterest income   3,238     4,520       2,131       7,758       5,322  
    Total noninterest income $ 44,863   $ 21,223     $ 33,703     $ 66,086     $ 68,616  
                                         

    Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

    Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

    Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

    Noteworthy components of noninterest income are as follows:

    • Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.
    • Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
    • Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
    • Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
    • Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
    • Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

    Operating Efficiency

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 78,360   $ 67,563   $ 43,478   $ 145,923   $ 85,568
    Data processing   14,021     9,575     7,100     23,596     13,650
    Net occupancy expense of premises   7,832     5,799     4,590     13,631     9,310
    Furniture and equipment expenses   2,409     1,744     1,695     4,153     3,508
    Professional fees   2,874     9,511     2,495     12,385     4,748
    Amortization of intangible assets   4,592     3,083     2,629     7,675     5,038
    Interchange expense   1,297     1,343     1,733     2,640     3,344
    FDIC insurance   2,424     2,167     1,460     4,591     2,860
    Other noninterest expense1   14,024     11,245     10,726     25,269     19,327
    Total noninterest expense1 $ 127,833   $ 112,030   $ 75,906   $ 239,863   $ 147,353

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

    Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

    Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
    • Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
    • Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
    • Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

    Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

    Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

    BALANCE SHEET STRENGTH

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
               
      As of
    (dollars in thousands, except per share amounts) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    ASSETS          
    Cash and cash equivalents $ 752,352     $ 1,200,292     $ 285,269  
    Debt securities available for sale   2,217,788       2,273,874       1,829,896  
    Debt securities held to maturity   802,965       815,402       851,261  
    Equity securities   16,171       10,828       9,618  
    Loans held for sale   10,497       7,270       11,286  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Allowance for credit losses   (183,334 )     (195,210 )     (85,226 )
    Restricted bank stock   77,112       53,518       6,884  
    Premises and equipment, net   181,394       182,003       121,647  
    Right of use assets   38,065       40,594       11,137  
    Goodwill and other intangible assets, net   488,181       496,118       370,580  
    Other assets   708,930       711,206       560,152  
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
      Noninterest-bearing deposits $ 3,590,363     $ 3,693,070     $ 2,832,776  
      Interest-bearing checking, savings, and money market deposits   9,578,953       9,675,324       5,619,470  
      Time deposits   2,632,456       3,091,076       1,523,889  
    Total deposits   15,801,772       16,459,470       9,976,135  
    Securities sold under agreements to repurchase   158,030       137,340       140,283  
    Short-term borrowings   —       11,209       —  
    Long-term debt   189,726       313,535       227,245  
    Junior subordinated debt owed to unconsolidated trusts   77,187       77,117       74,693  
    Lease liabilities   39,235       41,111       11,469  
    Other liabilities   240,244       244,864       207,781  
    Total liabilities   16,506,194       17,284,646       10,637,606  
               
    Stockholders’ equity          
    Retained earnings   273,799       249,484       261,820  
    Accumulated other comprehensive income (loss)   (155,311 )     (172,810 )     (220,326 )
    Other stockholders’ equity1   2,294,058       2,102,932       1,292,316  
    Total stockholders’ equity   2,412,546       2,179,606       1,333,810  
    Total liabilities & stockholders’ equity $ 18,918,740     $ 19,464,252     $ 11,971,416  

    ___________________________________________

    1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    AVERAGE BALANCES (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    ASSETS                  
    Cash and cash equivalents $ 868,164   $ 861,021   $ 346,381   $ 864,613   $ 470,287
    Investment securities   3,083,284     2,782,435     2,737,313     2,933,690     2,822,228
    Loans held for sale   6,899     3,443     9,353     5,181     7,093
    Portfolio loans   13,840,190     9,838,337     8,010,636     11,850,318     7,804,976
    Interest-earning assets   17,700,356     13,363,594     11,000,785     15,543,955     11,003,344
    Total assets   19,068,086     14,831,298     12,089,692     16,961,396     12,056,950
                       
    LIABILITIES & STOCKHOLDERS’ EQUITY                  
    Noninterest-bearing deposits   3,542,617     3,036,127     2,816,293     3,290,770     2,762,439
    Interest-bearing deposits   12,450,529     9,142,781     7,251,582     10,805,793     7,290,844
    Total deposits   15,993,146     12,178,908     10,067,875     14,096,563     10,053,283
    Federal funds purchased and securities sold under agreements to repurchase   141,978     144,838     144,370     143,400     161,514
    Interest-bearing liabilities   12,985,015     9,627,841     7,725,832     11,315,702     7,778,744
    Total liabilities   16,783,504     12,896,222     10,757,877     14,850,601     10,753,180
    Stockholders’ equity – preferred   103,619     2,669     —     53,423     —
    Stockholders’ equity – common   2,180,963     1,932,407     1,331,815     2,057,372     1,303,770
    Tangible common equity1   1,686,490     1,521,387     955,591     1,604,394     939,150

    ___________________________________________

    1. See “Non-GAAP Financial Information” for reconciliation.

    Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

    Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

    Portfolio Loans

    We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

    Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

    Asset Quality

    Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

    ASSET QUALITY (unaudited)
               
      As of
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Loans 30 – 89 days past due   42,188       18,554       23,463  
    Non-performing loans:          
    Non-accrual loans   53,614       48,647       8,393  
    Loans 90+ days past due and still accruing   941       6,077       712  
    Non-performing loans   54,555       54,724       9,105  
    Other non-performing assets   3,596       4,757       90  
    Non-performing assets   58,151       59,481       9,195  
    Substandard (excludes 90+ days past due)   117,580       131,078       86,579  
    Classified assets $ 175,731     $ 190,559     $ 95,774  
               
    Allowance for credit losses $ 183,334     $ 195,210     $ 85,226  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.40 %     0.39 %     0.11 %
    Non-performing assets to total assets   0.31 %     0.31 %     0.08 %
    Non-performing assets to portfolio loans and other non-performing assets   0.42 %     0.43 %     0.11 %
    Allowance for credit losses to portfolio loans   1.33 %     1.41 %     1.07 %
    Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x   3.57 x   9.36 x
    Classified assets to Bank Tier 1 capital1and reserves   7.70 %     8.40 %     6.40 %

    ___________________________________________

    1. Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

    Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

    Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

    Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

    Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

    The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net charge-offs (recoveries) $ 12,882   $ 31,429   $ 9,856     $ 44,311   $ 15,072  
                       
    Provision for loan losses1 $ 1,005   $ 42,452   $ 2,277     $ 43,457   $ 7,315  
    Provision for unfunded commitments2   4,695     3,141     (369 )     7,836     (1,047 )
    Provision for credit losses3 $ 5,700   $ 45,593   $ 1,908     $ 51,293   $ 6,268  

    ___________________________________________

    1. Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
    2. June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
    3. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

    Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

    The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

    Deposits

    Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

    Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

    Borrowings

    On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

    Liquidity

    As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

    Capital Strength

    The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

    Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

    Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

    Dividends

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

    Series B Preferred Stock Issuance

    On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

    Share Repurchases

    During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

    SECOND QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

    The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses (GAAP)     (5,997 )     15,768       353       9,771       6,728  
    Total noninterest expense (GAAP)1     (127,833 )     (112,030 )     (75,906 )     (239,863 )     (147,353 )
    Pre-provision net revenue (Non-GAAP) [a]   64,216       28,692       40,682       92,908       86,377  
    Acquisition and restructuring expenses, excluding initial provision expenses     16,600       26,026       2,212       42,626       2,620  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816     $ 54,718     $ 42,617     $ 135,534     $ 81,255  
                         
    Average total assets [c] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c]   1.35 %     0.78 %     1.35 %     1.10 %     1.44 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c]   1.70 %     1.50 %     1.42 %     1.61 %     1.36 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
    2. Annualized measure.
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net income (loss) (GAAP) [a] $ 47,404     $ (29,990 )   $ 27,357     $ 17,414     $ 53,582  
    Day 2 provision for credit losses1     —       45,572       —       45,572       —  
    Adjustment of initial provision for unfunded commitments due to adoption of new model1     4,030       —       —       4,030       —  
    Other acquisition expenses     16,600       26,026       2,212       42,626       2,497  
    Restructuring expenses     —       —       —       —       123  
    Net securities (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       —       (277 )     —       (7,742 )
    Related tax (benefit) expense2     (4,971 )     (22,069 )     (572 )     (27,040 )     (402 )
    Non-recurring deferred tax adjustment3     328       4,591       1,446       4,919       1,446  
    Adjusted net income (Non-GAAP)4 [b]   57,394       39,898       30,519       97,292       56,232  
    Preferred dividends [c]   155       —       —       155       —  
    Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239     $ 39,898     $ 30,519     $ 97,137     $ 56,232  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [e]   90,883,711       68,517,647       57,853,231       80,251,577       57,129,865  
    Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
                         
    Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f]   90,883,711       69,502,717       57,853,231       80,251,577       57,129,865  
    Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63     $ 0.57     $ 0.53     $ 1.21     $ 0.98  
                         
    Average total assets [g] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Return on average assets (Non-GAAP)6 [a÷g]   1.00 %   (0.82)%     0.91 %     0.21 %     0.89 %
    Adjusted return on average assets (Non-GAAP)4,6 [b÷g]   1.21 %     1.09 %     1.02 %     1.16 %     0.94 %
                         
    Average common equity   $ 2,180,963     $ 1,932,407     $ 1,331,815     $ 2,057,372     $ 1,303,770  
    Average goodwill and other intangible assets, net     (494,473 )     (411,020 )     (376,224 )     (452,978 )     (364,620 )
    Average tangible common equity (Non-GAAP) [h] $ 1,686,490     $ 1,521,387     $ 955,591     $ 1,604,394     $ 939,150  
                         
    Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h]   11.24 %   (7.99)%     11.51 %     2.17 %     11.47 %
    Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h]   13.61 %     10.64 %     12.85 %     12.21 %     12.04 %

    ___________________________________________

    1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
    2. Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
    3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
    4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
    5. Dilution includes shares that would have been dilutive if there had been net income during the period.
    6. Annualized measure.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [a]   153,974       104,268       82,934       258,242       159,237  
    Purchase accounting accretion related to business combinations     (7,119 )     (2,728 )     (812 )     (9,847 )     (1,016 )
    Adjusted net interest income (Non-GAAP) [b] $ 146,855     $ 101,540     $ 82,122     $ 248,395     $ 158,221  
                         
    Average interest-earning assets (Non-GAAP) [c] $ 17,700,356     $ 13,363,594     $ 11,000,785     $ 15,543,955     $ 11,003,344  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   3.49 %     3.16 %     3.03 %     3.35 %     2.91 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   3.33 %     3.08 %     3.00 %     3.22 %     2.89 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Annualized measure.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP) [a] $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [b]   153,974       104,268       82,934       258,242       159,237  
                         
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   38,866       36,991       34,056       75,857       75,344  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted noninterest income (Non-GAAP) [d] $ 38,866     $ 36,991     $ 33,779     $ 75,857     $ 67,602  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840     $ 141,259     $ 116,990     $ 334,099     $ 234,581  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   192,840       141,259       116,713       334,099       226,839  
    Operating revenue (Non-GAAP) [g = a+d]   192,049       140,722       116,311       332,771       225,988  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   20.24 %     26.29 %     29.04 %     22.80 %     29.91 %
                         
    Total noninterest expense (GAAP)2   $ 127,833     $ 112,030     $ 75,906     $ 239,863     $ 147,353  
    Amortization of intangible assets     (4,592 )     (3,083 )     (2,629 )     (7,675 )     (5,038 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h]   123,241       108,947       73,277       232,188       142,315  
    Acquisition and restructuring expenses, excluding initial provision expenses     (16,600 )     (26,026 )     (2,212 )     (42,626 )     (2,620 )
    Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641     $ 82,921     $ 71,065     $ 189,562     $ 139,695  
                         
    Efficiency ratio (Non-GAAP)2 [h÷e]   63.91 %     77.13 %     62.64 %     69.50 %     60.67 %
    Adjusted efficiency ratio (Non-GAAP)2 [i÷f]   55.30 %     58.70 %     60.89 %     56.74 %     61.58 %
                         
    Average total assets [j] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j]   2.24 %     2.27 %     2.36 %     2.25 %     2.33 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
    3. Annualized measure.
    Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
                 
        As of
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets (GAAP)   $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible assets (Non-GAAP)1 [a] $ 18,430,559     $ 18,968,134     $ 11,600,836  
                 
    Total stockholders’ equity (GAAP)   $ 2,412,546     $ 2,179,606     $ 1,333,810  
    Preferred stock and additional paid in capital on preferred stock     (215,197 )     (7,750 )     —  
    Common equity [b]   2,197,349       2,171,856       1,333,810  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible common equity (Non-GAAP)1 [c] $ 1,709,168     $ 1,675,738     $ 963,230  
                 
    Tangible common equity to tangible assets (Non-GAAP)1 [c÷a]   9.27 %     8.83 %     8.30 %
                 
    Ending number of common shares outstanding (GAAP) [d]   89,104,678       90,008,178       56,746,937  
    Book value per common share (Non-GAAP) [b÷d] $ 24.66     $ 24.13     $ 23.50  
    Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18     $ 18.62     $ 16.97  

    ___________________________________________

    1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
    Core Deposits and Related Ratio
                 
        As of
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total deposits (GAAP) [a] $ 15,801,772     $ 16,459,470     $ 9,976,135  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (353,614 )     (722,224 )     (43,089 )
    Time deposits of $250,000 or more     (827,762 )     (867,035 )     (314,461 )
    Core deposits (Non-GAAP) [b] $ 14,620,396     $ 14,870,211     $ 9,618,585  
                 
    Core deposits to total deposits (Non-GAAP) [b÷a]   92.52 %     90.34 %     96.42 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Annualized measure.
    2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
    4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.
       

    INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

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