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Category: United States of America

  • MIL-OSI USA: Issa, Stefanik Introduce the Modern Firearm Safety Act

    Source: United States House of Representatives – Congressman Darrell Issa (CA-50)

    WASHINGTON, D.C. – Today, Congressman Darrell Issa (CA-48) and Congresswoman Elise Stefanik (NY-21) reintroduced legislation to eliminate unconstitutional handgun rosters that prevent law-abiding citizens in California and New York from freely purchasing modern handgun models.   

    “For decades, the clear Constitutional rights of law-abiding gun owners have been targeted for elimination, and handgun rosters are only one of the cynical schemes used to undermine the Second Amendment through the pretense of firearm safety,” said Rep. Issa. “These rosters impose excessive and unnecessary requirements that actually restrict access to firearms equipped with the most up-to-date safety features, and that’s why I’m proud to partner with my friend Rep. Stefanik to defend sacred rights and end these unjust restrictions.”

    The Modern Firearm Safety Act prohibits all states from requiring gun manufacturers to adopt costly and unnecessary features – including loaded chamber indicators, magazine disconnect mechanisms, and microstamping – to sell firearms nationwide.  

    “I am proud to re-introduce the Modern Firearm Safety Act to end the unconstitutional gun-grabbing agenda thrust on law-abiding New York residents by Far-Left Democrats like Kathy Hochul. This legislation would ban Albany Democrats from imposing illegal handgun roster requirements meant to deter gun ownership. I will always protect American citizens’ Second Amendment rights and provide a critical check to any entity attempting to encroach on their liberties,” said Chairwoman Stefanik. 

    “Liberal states use handgun rosters to violate the Second Amendment rights of law-abiding citizens. The Modern Firearm Safety Act will put a stop to these unconstitutional rosters and uphold Americans’ right to bear arms,” said Rep. Gooden. 

    “Gun control governors are far too ready and willing to sign into law antigun policies sent to their desks by legislatures that do not respect the Second Amendment rights of law-abiding Americans. That includes policies passed under the guise of ‘gun safety,’ that penalize responsible and lawful gun owners while doing nothing to improve community safety or hold criminals accountable,” said Lawrence G. Keane, NSSF Senior Vice President for Government and Public Affairs. “The Modern Firearm Safety Act, sponsored by Congressman Darrell Issa (R-CA) and House Republican Leadership Chairwoman Elise Stefanik (R-NY), would ban states from enacting laws mandating unproven and unconstitutional infringements and would instead protect the Constitutional rights of law-abiding citizens and the highly regulated, lawful businesses that provide the means necessary for citizens to exercise their right to keep and bear arms. NSSF thanks Congressman Issa and Chairwoman Stefanik for their leadership on this effort.”

    “By eliminating outdated, burdensome, and unnecessary restrictions, the Modern Firearm Safety Act ensures access to safer, more advanced firearms for law-abiding citizens,” said Brian R. Marvel, President of the Peace Officers Research Association of California (PORAC). “We appreciate Representative Issa’s leadership on this critical legislation that upholds constitutional rights while ensuring peace officers and responsible citizens have access to modern, safe firearms essential for their duties and personal safety.”

    For too long, states like California and New York have attempted to end-run the rights of law-abiding Americans by requiring them to select from a limited, pre-approved “handgun roster,” solely designed to restrict the sale of new semi-automatic handguns. These rosters mandate unwanted and unnecessary features that go beyond the industry standard, driving up costs while limiting the ability to purchase a safe and reliable firearm best suited for that individual’s situation,” said John Commerford, Executive Director of NRA-ILA. “The NRA thanks Representatives Darrell Issa and Elise Stefanik for their leadership on this issue and applauds the introduction of this vital legislation that would ensure the ability of NRA members and lawful firearm owners everywhere to exercise their Second Amendment rights as they see fit.”

    Cosponsors include: Congresswoman Claudia Tenney (NY-24), Congressman Mike Collins (GA-10), Congressman Lance Gooden (TX-05), Congressman Andy Biggs (AZ-05), Congressman Pat Fallon (TX-04), Congressman Cory Mills (FL-07), and Congressman Chuck Fleischmann (TN-03). 

    The bill text can be found here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senator Baldwin Statement on Governor Evers’ Retirement

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement on Governor Tony Evers’ announcement that he will not seek reelection in 2026:

    “Wisconsin is lucky to have had Tony Evers leading our state. He has always put Wisconsin – and Wisconsin’s children – first, and we will continue to see those benefits for generations to come. The Governor’s commitment to every kid’s education, our teachers, and public schools will undoubtedly shape our future for the better and be a cornerstone of his legacy. His steady hand led us through a once-in-a-generation pandemic, and Wisconsin came out the other side with a strong economy, record low unemployment, and a strong sense of community that bonds us all.

    “Tony embodies the best of the Wisconsin way – he knows what is right and is willing to fight for it, but is level-headed, Midwestern nice, and always willing to bridge divides if it’s right for our state. The Governor faced tough headwinds to progress, but it never stopped him. I am grateful to call Tony a friend and am ‘jazzed as hell’ to see what comes next for him and Kathy. Thank you for all you have done for Wisconsin, Tony.”
     

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Rejects Lifetime Judicial Appointment of Unfit Trump Loyalist Emil Bove

    US Senate News:

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

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Judiciary Committee, issued the following statement after voting against advancing the nomination of Third Circuit Court of Appeals nominee Emil Bove, one of Trump’s personal lawyers with an extensive track record of spreading misinformation and enacting political retribution:

    “With their votes today, Republicans turned a blind eye to Emil Bove’s lies, vindictiveness, and abuse of power to rubber-stamp one of President Trump’s most dangerous judicial nominees.

    “This is a man who dropped the charges against New York Mayor Eric Adams in exchange for his cooperation with the President’s cruel anti-immigrant agenda. A man who fired the investigators and prosecutors uncovering the truth about the January 6 insurrection. A man who has vowed to ignore courts’ lawful orders when they keep the President from doing what he wants.

    “President Trump’s litmus test for selecting his nominees is not experience or dedication to our country, or commitment to the truth or the rule of law — it’s only loyalty to him and his extreme agenda. Bove has made it clear that he won’t let the law prevent him from satisfying the President’s whims. My colleagues have one last chance to uphold their advice and consent responsibilities and reject Bove’s final confirmation.”

    Last week, Padilla and Senate Judiciary Committee Democrats boycotted Bove’s markup vote in response to Republicans’ flagrant violation of Committee rules to jam the nominees through without debate. Padilla also joined CNN’s “The Lead with Jake Tapper” to speak out against Bove’s extensive track record of unethical and unprofessional conduct and political retaliation.

    During Bove’s Senate Judiciary Committee nomination hearing, Padilla slammed him for his role in firing dozens of Department of Justice (DOJ) prosecutors who worked on January 6 cases and the DOJ’s decision to drop the corruption charges against New York Mayor Eric Adams in exchange for assistance with President Trump’s mass deportations. Last week, Padilla joined Senate Judiciary Committee Democrats in calling for Chairman Chuck Grassley (R-Iowa) to schedule a hearing to collect testimony from Mr. Erez Reuveni, former Acting Deputy Director for the Office of Immigration Litigation at the Department of Justice, who disclosed allegations of misconduct and documentation regarding Bove. Previously, Padilla joined Senate Judiciary Democrats in requesting personnel records relevant to Bove from Interim U.S. Attorney for the Southern District of New York Jay Clayton. Padilla and Senate Judiciary Democrats also filed a professional misconduct complaint against Bove with the New York State Bar, citing reported misconduct in moving to dismiss charges against Mayor Adams.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Gallego, Salinas, Barragán Introduce Mental Health for Latinos Act

    US Senate News:

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

    WASHINGTON, D.C. — As the nation observes Minority Mental Health Awareness Month, U.S. Senators Alex Padilla (D-Calif.) and Ruben Gallego (D-Ariz.), along with Representatives Andrea Salinas (D-Ore.-02) and Nanette Barragán (D-Calif.-44), introduced the Mental Health for Latinos Act, legislation to improve mental health outcomes among Latino and Hispanic communities. 

    Barriers to mental health care within Latino communities cause far too many individuals to suffer in silence. Only 47.4 percent of Hispanic adults ages 18 or older with any mental illness received services in 2023. Between 2010 and 2020, the suicide rate among male Hispanic adults (ages 20 to 64) increased by 35.7 percent, and the rate among women specifically increased by 40.6 percent. Even those who can access services rarely receive the effective, culturally competent care they need.

    “No one should suffer in silence,” said Senator Padilla. “We need to break down the barriers that keep Latinos from getting the mental health care they need, when stigma and language access can make it even harder to ask for help. The Mental Health for Latinos Act would improve mental health outcomes by reducing stigma in the Latino community and encouraging people to reach out for help. As we tackle the rise in mental health challenges, it’s critical that we acknowledge the distinct needs of our diverse communities and develop solutions that meet people where they are.”

    “Too many Latinos, especially men, shy away from seeking help because they’re afraid of being judged, and that only makes the problem worse. This issue is personal to me. This bill would help break the stigma around mental health and make it easier to get care from people who actually understand our community. I want everyone to know that they’re not alone and that getting help is not a weakness,” said Senator Gallego.

    “As Co-Chair of the bipartisan Mental Health Caucus and a proud Latina, I know how crucial it is to end the stigma around mental health care and improve outcomes and access to care among Latino communities,” said Representative Salinas. “I’ve been on the other end of a phone call with someone who is having a mental health crisis. I see how important it is for people not only to have access to mental health care, but also to be able to get the culturally competent care that meets them where they are.”

    “This legislation is a first step to breaking down the unique barriers that prevent our Latino communities from receiving the help they need. Mental health is a challenge that many Americans bear silently — but they shouldn’t have to,” said Representative Barragán. “Ensuring that our communities in need receive specialized resources and outreach will help break down cultural stigmas and language barriers that prevent Americans from accessing mental health care that is essential to their overall health and well-being.”

    Informed and culturally competent resources, education materials, and outreach programs are vital to addressing the mental health crisis. The Mental Health for Latinos Act recognizes the unique mental health challenges of the Latino community, aiming to reduce cultural stigma and rectify health care disparities that prevent people from receiving lifesaving mental health services. As our nation confronts a worsening mental health crisis, this critical legislation reinforces the message that there is zero shame in asking for help and that seeking support is a sign of strength.

    Specifically, the bill would:

    • Require the Substance Abuse and Mental Health Services Administration (SAMHSA) to develop and implement an outreach and education strategy to promote behavioral and mental health among the Latino and Hispanic populations that:
      • Meets diverse cultural and language needs and is developmentally and age-appropriate,
      • Increases awareness of symptoms of mental illnesses,
      • Provides information on evidence-based, culturally and linguistically appropriate adapted interventions and treatments,
      • Ensures full participation of community members, and
      • Uses a comprehensive public health approach to promoting behavioral health by focusing on the intersection between behavioral and physical health.
    • Require SAMHSA to report annually to Congress on the extent to which the strategy improved behavioral and mental health outcomes among these populations.

    The legislation is cosponsored by U.S. Senators Martin Heinrich (D-N.M.) and Mazie Hirono (D-Hawaii).

    The Mental Health for Latinos Act is endorsed by organizations including American Foundation for Suicide Prevention, National Alliance on Mental Illness, UnidosUS, American Mental Health Counselors Association, Inseparable, American Association for Psychoanalysis in Clinical Social Work, Psychotherapy Action Network (PsiAN), Global Alliance for Behavioral Health & Social Justice, American Association of Psychiatric Pharmacists (AAPP), American Group Psychotherapy Association, Epilepsy Foundation of America, National Council for Mental Wellbeing, the International Society for Psychiatric-Mental Health Nurses (ISPN), the International OCD Foundation (IOCDF), and Fountain House.

    Senator Padilla is a leading advocate for expanding mental health care access, especially for underserved communities. In 2023, Padilla launched the bipartisan Senate Mental Health Caucus to serve as a forum for Senators to collaborate on and promote bipartisan legislation and solutions, hold events to raise awareness of critical mental health issues, and destigmatize mental health. Earlier this year, Padilla condemned the Trump Administration’s proposed dissolution of SAMHSA as part of the Department of Health and Human Services’ (HHS) restructuring plan and the White House Office of Management and Budget’s HHS budget proposal. Padilla also led 12 Democratic Senators in warning HHS Secretary Kennedy that additional staffing cuts at SAMHSA would have disastrous ramifications for millions of Americans struggling with mental and behavioral health challenges. Previously, Padilla applauded the Federal Communications Commission for making critical improvements to the 9-8-8 Suicide and Crisis Lifeline by adopting the main provisions of his Local 9-8-8 Response Act of 2023. Additionally, Padilla introduced bipartisan legislation earlier this year to combat the growing youth mental health crisis in America through early intervention and prevention services. Padilla previously introduced bills to address the unique mental health needs of military children and farm workers.

    A one-pager on the bill is available here.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Takes Action to End Crime and Disorder on America’s Streets

    Source: US Whitehouse

    ENDING VAGRANCY AND RESTORING ORDER: Today, President Donald J. Trump signed an Executive Order to restore order to American cities and remove vagrant individuals from our streets, redirecting federal resources toward programs that tackle substance abuse and returning to the acute necessity of civil commitment.

    • The Order directs the Attorney General to reverse judicial precedents and end consent decrees that limit State and local governments’ ability to commit individuals on the streets who are a risk to themselves or others.  
    • The Order requires the Attorney General to work with the Secretary of Health and Human Services, Secretary of Housing and Urban Development, and the Secretary of Transportation to prioritize grants for states and municipalities that enforce prohibitions on open illicit drug use, urban camping and loitering, and urban squatting, and track the location of sex offenders.
    • The Order redirects funding to ensure that individuals camping on streets and causing public disorder and that are suffering from serious mental illness or addiction are moved into treatment centers, assisted outpatient treatment, or other facilities.
    • The Order ensures discretionary grants for substance use disorder prevention, treatment, and recovery do not fund drug injection sites or illicit drug use.
    • The Order stops sex offenders who receive homelessness assistance from being housed with children, and allows programs to exclusively house women and children.

    ENSURING AMERICANS FEEL SAFE IN THEIR OWN CITIES AND TOWNS: President Trump is taking a new approach focused on protecting public safety because surrendering our cities and citizens to disorder and fear is neither compassionate to the homeless nor to other citizens. 

    • The number of individuals living on the streets in the United States on a single night during the last year of the Biden administration—274,224 —was the highest ever recorded.
    • The overwhelming majority of these individuals are addicted to drugs, have a mental health disorder, or both.
    • Federal and state governments have spent tens of billions of dollars on failed programs that address homelessness but not its root causes, leaving other citizens vulnerable to public safety threats.
    • Shifting these individuals into long-term institutional settings for humane treatment is the most proven way to restore public order. 

    MAKING AMERICA SAFE AGAIN: President Trump is committed to ending homelessness across America. 

    • In 2023, President Trump said: “We will use every tool, lever, and authority to get the homeless off our streets. We want to take care of them, but they have to be off our streets.”
    • In March 2025, President Trump signed an Executive Order to beautify Washington D.C., directing the National Park Service to clear all homeless encampments and graffiti on Federal lands.
    • In May 2025, President Trump signed an Executive Order establishing the National Center for Warrior Independence, a place where homeless veterans can go to receive the care, benefits, and services to which they are entitled.
    • As part of First Lady Melania Trump’s BE BEST Initiative, the Department of Housing and Urban Development announced a $1.8 million dollar investment to prevent homelessness among young Americans aging out of the foster care system.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Saves College Sports

    Source: US Whitehouse

    SAVING COLLEGE SPORTS: Today, President Donald J. Trump signed an Executive Order to protect student-athletes and collegiate athletic scholarships and opportunities, including in Olympic and non-revenue programs, and the unique American institution of college sports.

    • The Order requires the preservation and, where possible, expansion of opportunities for scholarships and collegiate athletic competition in women’s and non-revenue sports.
    • The Order prohibits third-party, pay-for-play payments to collegiate athletes.  This does not apply to legitimate, fair-market-value compensation that a third party provides to an athlete, such as for a brand endorsement.
    • The Order provides that any revenue-sharing permitted between universities and collegiate athletes should be implemented in a manner that protects women’s and non-revenue sports.
    • The Order directs the Secretary of Labor and the National Labor Relations Board to clarify the status of student-athletes in order to preserve non-revenue sports and the irreplaceable educational and developmental opportunities that college sports provide.
    • The Order directs the Attorney General and the Federal Trade Commission to take appropriate actions to protect student-athletes’ rights and safeguard the long-term stability of college athletics from endless, debilitating antitrust and other legal challenges.
    • The Order directs the Assistant to the President for Domestic Policy and the Director of the White House Office of Public Liaison to consult with the U.S. Olympic and Paralympic Teams and other organizations to protect the role of college athletics in developing world-class American athletes.

    RECOGNIZING THE IMPORTANCE OF COLLEGE SPORTS: President Trump recognizes the critical role of college sports in fostering leadership, education, and community pride, the need to address urgent threats to its future, including endless litigation seeking to eliminate the basic rules of college sports, escalating private-donor pay-for-play payments in football and basketball that divert resources from other sports and reduce competitive balance, and the commonsense reality that college sports are different than professional sports.

    • College sports, a uniquely American institution, support over 500,000 student-athletes with nearly $4 billion in scholarships annually, forging America’s future leaders, driving local economies and shaping national culture.
    • The collegiate athletic system produced 75% of the 2024 U.S. Olympic Team and has yielded countless business and civic leaders.
    • Recent litigation, including a 2021 Supreme court ruling on name, image, and likeness (NIL) payments and subsequent cases dismantling NCAA transfer and recruiting rules, has created a chaotic environment that threatens the financial and structural viability of college athletics.
      • Ongoing lawsuits seek to tear down the foundational elements of college sports that distinguish it from professional sports and protect non-revenue sports, such as that student-athletes are different than professional employees and that there are limits on how many seasons student-athletes can play.
    • The lack of enforceable rules has turned what were supposed to be legitimate, third-party NIL opportunities for players into pay-for-play bidding wars amongst university boosters, with some universities and their outside supporters reportedly spending more than $50 million per year on fielding rosters, mostly for the revenue-generating sports like football.  Football players on one team will receive $35-40 million in 2025 alone. 
    • Given these enormous, escalating demands on resources to compete in the revenue-generating sports, there are serious concerns regarding the future of non-revenue sports, women’s sports, and Olympic sports, as private-donor money is increasingly concentrated in these third-party, pay-for-play deals.  This dynamic also reduces competition and parity by creating an oligarchy of teams that can buy the best players—including the best players from less-wealthy programs at the end of each season, given the lack of restrictions on transferring teams each year.
    • Over 30 states have passed conflicting NIL laws, leading to a race-to-the-bottom that risks exploiting student-athletes and creating competitive imbalances among universities.
    • Without Federal action to restore order, ongoing lawsuits and a patchwork of state NIL laws risk exploiting student-athletes and eroding the opportunities provided by collegiate sports.

    PROMOTING A LEGACY OF ATHLETIC EXCELLENCE: This Executive Order builds on President Trump’s longstanding commitment to showcasing American greatness through sports and recognition of its value in forging American leaders and culture.

    • President Trump signed an Executive Order to keep men out of women’s sports, ensuring equal opportunities for women in sports.
    • President Trump played a pivotal role in securing the United States’ bid for the 2028 Summer Olympics in Los Angeles and the United States’ bid for the 2026 FIFA World Cup.
    • President Trump has attended countless sporting events and hosted numerous teams at the White House.

    MIL OSI USA News –

  • MIL-OSI: ACM Research Announces Major Upgrades to Its Ultra C wb Wet Bench Cleaning Tool for Advanced Chip Manufacturing

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., July 24, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer and panel processing solutions for semiconductor and advanced packaging applications, today announced major upgrades to its Ultra C wb cleaning tool. These new enhancements are designed to meet the demanding technical requirements of advanced-node manufacturing processes.

    The upgraded Ultra C wb features a patent-pending nitrogen (N2) bubbling technology to solve poor wet etching uniformity and by-product regrowth. These issues frequently appear in conventional wet bench processes of phosphoric acid in high aspect ratio trenches and via structures in advanced-node processes. ACM’s patent-pending N2 bubbling technique enhances the transport efficiency of phosphoric acid and promotes the uniformity of temperature, concentration and flow velocity in wet etching bath. The improved mass transfer efficiency of the wet etching process avoids by-product accumulation in wafer micro-structures to prevent regrowth. This technology holds significant application potential in the wet etching process for manufacturing 3D DRAM, 3D logic and 500+ layer 3D NAND devices​​.

    “With performance a top priority, ACM has enhanced its Ultra C wb tool to deliver improved results by integrating the N2 bubbling technique,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “Batch processing remains a vital component of the wet processing market, offering advantages such as cost-effectiveness, increased efficiency, and lower chemical consumption compared to single-wafer wet cleaning.”

    New Features and Benefits of the Upgraded Ultra C wb Tool:

    • Enhanced Etching Uniformity: Compared to conventional batch processes for wet cleaning, the Ultra C wb platform is equipped with the N2 bubbling technique, improving within-wafer and wafer-to-wafer wet etching uniformity by more than 50%.
    • Enhanced Particle Removal Performance: The Ultra C wb platform’s advanced cleaning capabilities have been proven in organic residue removal of special phosphoric acid additives in advanced-node processes.
    • Expanded Process Capabilities: The upgraded bench module is qualified for three layers of advanced-node processes, including: stack silicon nitride removal, channel hole polysilicon etch back and gate line tungsten recess. It is compatible with a variety of chemical solutions, such as phosphoric acid, H4 etchant (a mixed acid solution typically used for metal film etching), tetramethylammonium hydroxide (TMAH), standard clean 1 (SC1) and silicon-germanium (SiGe) etching solution, etc. Additional layers and applications are currently in development at the customer site.
    • Proprietary Design: The nitrogen bubbling technology designs in the patent application generate large-size bubbles with good uniformity, while the bubble density can be precisely controlled. The N₂ bubbling core technology can be applied to ACM’s Ultra C Tahoe (single-wafer and bench combined cleaning tool) platform, effectively addressing customers’ future process requirements.

    Forward-Looking Statements

    Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

    About ACM Research, Inc.

    ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

    © ACM Research, Inc. ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean ACM will not assert, to the fullest extent under applicable law, its rights to such trademarks. All other trademarks are the property of their respective owners.

       
    Media Contact: Company Contacts:
    Alyssa Lundeen USA
    Kiterocket Robert Metter
    +1 218.398.0776 +1 503.367.9753
    alundeen@kiterocket.com  
      China
      Xi Wang
      ACM Research (Shanghai), Inc.
      +86 21 50808868
       
      Korea
      ACM Research (Korea), Inc.
      +82 70-41006699
       
      Taiwan
      David Chang
      +886 921999884
       
      Singapore
      Adrian Ong
      +65 8813-1107
       

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Approves Second Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.

    On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT: Charles C. Van Vleet, Jr.
      Interim President and Chief Executive Officer
      (315) 287-2600

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Approves Second Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.

    On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT: Charles C. Van Vleet, Jr.
      Interim President and Chief Executive Officer
      (315) 287-2600

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2025.

    The Company reported net income of $17.5 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025 and $25.6 million in the second quarter of 2024. After preferred dividends, net income available to common shareholders was $17.2 million, or $0.85 per diluted share, in the second quarter of 2025, compared to $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, and $25.3 million, or $1.62 per diluted share, in the second quarter of 2024. The Company recorded a provision for credit losses of $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter.

    Second Quarter 2025 Highlights:

    • Net interest margin of 3.49% for second quarter of 2025 was up 14 and 62 basis points from the linked and year-ago quarters, respectively, while net interest income of $49.1 million for second quarter of 2025 increased $2.3 million, or 4.8%, from the first quarter of 2025 and $7.9 million, or 19.2%, from the second quarter of 2024.
    • Noninterest income was $10.6 million in the second quarter of 2025, compared to $10.4 million in the linked quarter and $24.0 million in the year-ago quarter, when results benefited from a $13.5 million pre-tax gain associated with the sale of the Company’s insurance business.
    • Total loans were $4.54 billion at June 30, 2025, reflecting a decrease of $17.3 million, or 0.4%, from March 31, 2025, driven by a decrease in our consumer indirect lending portfolio as pay-downs exceeded originations, and an increase of $74.5 million, or 1.7%, from one year prior.
    • Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, driven by both seasonal public deposit outflows and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering, and relatively flat compared to one year prior.
    • Nonperforming assets to total assets were 0.53% at June 30, 2025, down from 0.63% at the linked quarter-end and up from 0.41% one year prior.

    “Second quarter 2025 financial results were highlighted by continued margin expansion, increased net interest income and durable noninterest revenues, which allowed us to deliver 4% growth in net income available to common shareholders from the linked first quarter,” said President and Chief Executive Officer Martin K. Birmingham. “Profitability continues to be a paramount focus, and we were pleased to maintain an efficiency ratio below 60% and report solid annualized return on average assets and return on average equity of 1.13% and 11.78%, respectively, for the most recent quarter.

    “Deposit balances reflect typical seasonality within our public deposit portfolio and total loans were relatively flat with the end of the first quarter, as commercial business lending growth was more than offset by a reduction in consumer indirect balances. Given our strong first quarter loan production and existing pipelines, we continue to expect low single-digit full year loan growth that aligns with our credit-disciplined philosophy.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our results continue to benefit from our team’s focus on prudent balance sheet stewardship through redeployment of cash flows into higher yielding assets, active investment portfolio management and our ability to effectively reprice deposits, supporting a six basis point reduction in our overall cost of funds. Expenses in the second quarter were somewhat elevated, in part reflecting timing of certain expenses and some higher costs that we expect to be nonrecurring, and we will remain intently focused on expense management through the coming quarters to support positive operating leverage in 2025.”

    Net Interest Income and Net Interest Margin

    Net interest income was $49.1 million for the second quarter of 2025, an increase of $2.3 million from the first quarter of 2025, and an increase of $7.9 million from the second quarter of 2024.

    Average interest-earning assets for the current quarter of $5.65 billion were flat with the first quarter of 2025, as a $46.9 million increase in average loans was offset by a $32.7 million decrease in the average balance of Federal Reserve interest-earning cash and a $14.0 million decrease in the average balance of investment securities. Average interest-earning assets decreased $114.5 million from the second quarter of 2024, as a $123.2 million decrease in the average balance of investment securities and a $95.1 million decrease in the average balance of Federal Reserve interest-earning cash were partially offset by a $103.8 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.52 billion, reflecting an increase of $11.6 million from the linked quarter and a decrease of $29.8 million from the year-ago quarter. The increase from the first quarter of 2025 was primarily due to a $66.4 million increase in average time deposits that was partially offset by a $23.1 million decrease in average savings and money market deposits, a $14.2 million decrease in average interest-bearing demand deposits, a $9.1 million decrease in average short-term borrowings, and an $8.4 million decrease in average long-term borrowings. The year-over-year decrease was due to an $83.4 million decrease in average savings and money market deposits, a $54.0 million decrease in average short-term borrowings, a $10.0 million decrease in average interest-bearing demand deposits, and an $8.2 million decrease in average long-term borrowings, partially offset by a $125.7 million increase in average time deposits. The continued outflow of BaaS-related deposits, following the Company’s September 2024 announcement that it would wind-down its BaaS platform, was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.49% in the current quarter as compared to 3.35% in the first quarter of 2025, and 2.87% in the second quarter of 2024. Expansion from the linked quarter was due to increases in the average yields of both investment securities and loans, as well as lower average cost of interest-bearing liabilities, reflecting repricing of non-public and reciprocal deposits. Year-over-year margin expansion was driven by an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale securities portfolio in December 2024, which supported an increase in the average yield on interest-earning assets.

    Noninterest Income

    The Company reported noninterest income of $10.6 million for the second quarter of 2025, compared to $10.4 million in the first quarter of 2025 and $24.0 million in the second quarter of 2024.

    • The Company’s sale of its former insurance subsidiary generated a net gain of $13.5 million in the second quarter of 2024.
    • Investment advisory income of $2.9 million was $148 thousand higher than the first quarter of 2025 and up $106 thousand from the second quarter of 2024.
    • Income from company-owned life insurance (“COLI”) of $3.0 million was $188 thousand higher than the first quarter of 2025 and $1.6 million higher than the second quarter of 2024, due to the previously disclosed restructuring of a portion of the Company’s COLI portfolio into higher-yielding separate account policies in January 2025.
    • Income from investments in limited partnerships of $307 thousand was $108 thousand lower than the first quarter of 2025 and $496 thousand lower than the second quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Other noninterest income of $1.3 million was $292 thousand lower than the linked quarter and $227 thousand lower than the year-ago quarter.

    Noninterest Expense

    Noninterest expense was $35.7 million in the second quarter of 2025, compared to $33.7 million in the first quarter of 2025, and $33.0 million in the second quarter of 2024.

    • Salaries and employee benefits expense of $18.1 million was $1.2 million higher than the first quarter of 2025 and $2.3 million higher than the second quarter of 2024, reflecting an increase in health insurance benefits due to higher medical claims than in the linked quarter, while the increase from the prior year quarter was primarily due to annual merit increases.
    • Occupancy and equipment expense of $4.0 million reflects increases of $392 thousand and $534 thousand from the linked and year-ago quarters, respectively. The linked quarter increase was due in part to timing given a change in facilities maintenance service vendors, as well as costs associated with an ongoing ATM conversion, while the year-over-year variance was due in part to the ATM conversion and upgrade project.
    • Professional services expenses of $1.5 million were $240 thousand lower than the first quarter of 2025 and $343 thousand lower than the second quarter of 2024. The linked quarter variance was primarily due to the timing of audit related expenses, while the year-over-year variance was primarily attributable to legal expenses incurred in the second quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.9 million was $392 thousand higher than the first quarter of 2025 and $537 thousand higher than the second quarter of 2024. Both the linked quarter and year-over-year increases were driven by the timing of expenses for in-process technology enhancement and upgrade initiatives.
    • The Company recorded deposit-related charged-off items of $233 thousand for the current quarter, compared to charged-off recoveries of $294 thousand in the first quarter of 2025 and charged-off items of $398 thousand in the second quarter of 2024, with the linked quarter variance primarily driven by insurance proceeds received in the first quarter of 2025 related to a past commercial deposit charged-off item.
    • Other expense of $3.6 million was down $179 thousand from the linked quarter and down $381 thousand from the year-ago quarter, with the year-over-year variance primarily due to higher interest rate swap collateral charges in the second quarter of 2024.

    Income Taxes

    Income tax expense was $4.0 million for the second quarter of 2025, compared to $3.7 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the second quarter of 2025, first quarter of 2025, and second quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.1 million, and $1.3 million, respectively.

    The effective tax rate was 18.4% for the second quarter of 2025, 18.2% for the first quarter of 2025, and 15.0% for the second quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI, the tax impact of the COLI repositioning, and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.14 billion at June 30, 2025, down $196.7 million from March 31, 2025, and flat with June 30, 2024.

    Investment securities were $1.01 billion at June 30, 2025, down $31.8 million from March 31, 2025, and flat with June 30, 2024.

    Total loans were $4.54 billion at June 30, 2025, a decrease of $17.3 million, or 0.4%, from March 31, 2025, and an increase of $74.5 million, or 1.7%, from June 30, 2024.

    • Commercial business loans totaled $726.2 million, up $17.1 million, or 2.4%, from March 31, 2025, and up $12.3 million, or 1.7%, from June 30, 2024.
    • Commercial mortgage loans totaled $2.22 billion, a decline of $13.1 million, or 0.6%, from March 31, 2025, and an increase of $129.3 million, or 6.2%, from June 30, 2024.
    • Residential real estate loans totaled $647.2 million, up $3.2 million, or 0.5%, from March 31, 2025, and down $470 thousand, or 0.1%, from June 30, 2024.
    • Consumer indirect loans totaled $833.5 million, down $19.7 million, or 2.3%, from March 31, 2025, and down $61.1 million, or 6.8%, from June 30, 2024.

    Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, and up $22.7 million, or 0.4%, from June 30, 2024. The decrease from March 31, 2025 was primarily due to seasonally lower public deposit balances in addition to the outflow of BaaS-related deposits. The modest increase from June 30, 2024 reflected a higher level of brokered deposits, which were utilized to offset the anticipated reduction in BaaS-related deposits, as well as lower reciprocal deposit balances. The Company had approximately $7 million in BaaS-related deposits at June 30, 2025, compared to approximately $55 million at March 31, 2025 and approximately $108 million at June 30, 2024. Public deposit balances represented 21% of total deposits at June 30, 2025, 24% at March 31, 2025, and 20% at June 30, 2024.

    Short-term borrowings were $101.0 million at June 30, 2025, compared to $55.0 million at March 31, 2025, and $202.0 million at June 30, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $601.7 million at June 30, 2025, compared to $589.9 million at March 31, 2025, and $467.7 million at June 30, 2024. The linked quarter period-end increase was due to net income, net of dividends, retained, while the year-over-year period end increase was primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and a decrease in accumulated other comprehensive loss between period ends following the investment securities restructuring in the fourth quarter of 2024.

    Common book value per share was $29.03 at June 30, 2025, an increase of $0.55, or 1.9%, from $28.48 at March 31, 2025, and a decrease of $0.08, or 0.3%, from $29.11 at June 30, 2024. Tangible common book value per share(1) was $26.02 at June 30, 2025, an increase of $0.56, or 2.2%, from $25.46 at March 31, 2025, and an increase of $0.85, or 3.4%, from $25.17 at June 30, 2024. The common equity to assets ratio was 9.51% at June 30, 2025, compared to 9.03% at March 31, 2025, and 7.34% at June 30, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.61%, 8.15% and 6.41% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter of 2024 and the decrease in accumulated other comprehensive loss as a result of the investment securities restructuring in the fourth quarter of 2024.

    During the second quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, consistent with the linked quarter and reflecting an increase of $0.01, or 3.3%, over the year-ago quarter. The dividend returned more than 36% of second quarter net income to common shareholders.

    The Company’s regulatory capital ratios at June 30, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.45% compared to 9.24% and 8.61% at March 31, 2025, and June 30, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.84% compared to 10.38% and 10.03% at March 31, 2025, and June 30, 2024, respectively.
    • Tier 1 Capital Ratio was 11.17% compared to 10.71% and 10.36% at March 31, 2025, and June 30, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.27% compared to 13.09% and 12.65% at March 31, 2025, and June 30, 2024, respectively.

    As previously disclosed, in April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and began repricing on a quarterly basis at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company currently expects to retain the remaining $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to its outstanding subordinated debt, which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $32.4 million, or 0.72% of total loans, at June 30, 2025, as compared to $40.0 million, or 0.88% of total loans, at March 31, 2025, and $25.2 million, or 0.57% of total loans, at June 30, 2024. The decrease from March 31, 2025 reflects a reduction of approximately $3.7 million in non-performing loans associated with the foreclosure of a participated loan secured by real estate, as well as a $1.9 million partial charge-off of a credit facility for which a specific reserve was in place. Both the aforementioned foreclosed participated loan and the partially charged-off credit facility relate to a previously disclosed commercial business relationship that was placed on nonaccrual status in the fourth quarter of 2023. The increase in non-performing loans from June 30, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual status during the third quarter of 2024. Net charge-offs were $4.1 million, representing 0.36% of average loans on an annualized basis, for the current quarter, as compared to $2.4 million, or an annualized 0.21% of average loans, in the first quarter of 2025 and $1.1 million, or an annualized 0.10%, in the second quarter of 2024.

    At June 30, 2025, the allowance for credit losses on loans to total loans ratio was 1.04%, compared to 1.08% at March 31, 2025 and 0.99% at June 30, 2024.

    Provision for credit losses was $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter. Provision for credit losses on loans was $2.4 million in the current quarter, compared to $3.3 million in the first quarter of 2025, and $2.0 million in the second quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled $179 thousand in the second quarter of 2025, $364 thousand in the first quarter of 2025, and $43 thousand in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was driven by a combination of factors, including improvement in the forecasted loss rate for pooled loans and a reduction in specific reserves, partly offset by higher net charge-offs.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 146% at June 30, 2025, 122% at March 31, 2025, and 174% at June 30, 2024, with the improvement from the end of the linked quarter reflective of the decrease in nonperforming loans reported at June 30, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on July 25, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 652423. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor Relations and Corporate Communications
    (716) 817-5159
    klcroft@five-starbank.com

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      2025     2024  
    SELECTED BALANCE SHEET DATA: June 30,     March 31,     December 31,     September 30,     June 30,  
    Cash and cash equivalents $ 93,034     $ 167,352     $ 87,321     $ 249,569     $ 146,347  
    Investment securities:                            
    Available for sale   916,149       926,992       911,105       886,816       871,635  
    Held-to-maturity, net   92,121       113,105       116,001       121,279       128,271  
    Total investment securities   1,008,270       1,040,097       1,027,106       1,008,095       999,906  
    Loans held for sale   2,356       387       2,280       2,495       2,099  
    Loans:                            
    Commercial business   726,218       709,101       665,321       654,519       713,947  
    Commercial mortgage–construction   536,552       566,359       582,619       533,506       518,013  
    Commercial mortgage–multifamily   496,223       475,867       470,954       467,527       463,171  
    Commercial mortgage–non-owner occupied   873,207       899,679       857,987       814,392       814,953  
    Commercial mortgage–owner occupied   309,171       286,391       288,036       290,216       289,733  
    Residential real estate loans   647,205       643,983       650,206       648,241       647,675  
    Residential real estate lines   75,675       74,769       75,552       76,203       75,510  
    Consumer indirect   833,452       853,176       845,772       874,651       894,596  
    Other consumer   38,299       43,953       42,757       43,734       43,870  
    Total loans   4,536,002       4,553,278       4,479,204       4,402,989       4,461,468  
    Allowance for credit losses – loans   47,291       48,964       48,041       44,678       43,952  
    Total loans, net   4,488,711       4,504,314       4,431,163       4,358,311       4,417,516  
    Total interest-earning assets   5,614,008       5,733,743       5,602,570       5,666,972       5,709,148  
    Goodwill and other intangible assets, net   60,564       60,651       60,758       60,867       60,979  
    Total assets   6,143,766       6,340,492       6,117,085       6,156,317       6,131,772  
    Deposits:                            
    Noninterest-bearing demand   940,341       945,182       950,351       978,660       939,346  
    Interest-bearing demand   704,871       773,475       705,195       793,996       711,580  
    Savings and money market   1,898,302       2,033,323       1,904,013       2,027,181       2,007,256  
    Time deposits   1,612,500       1,620,930       1,545,172       1,506,764       1,475,139  
    Total deposits   5,156,014       5,372,910       5,104,731       5,306,601       5,133,321  
    Short-term borrowings   101,000       55,000       99,000       55,000       202,000  
    Long-term borrowings, net   114,960       124,917       124,842       124,765       124,687  
    Total interest-bearing liabilities   4,431,633       4,607,645       4,405,912       4,507,706       4,520,662  
    Shareholders’ equity   601,668       589,928       568,984       500,342       467,667  
    Common shareholders’ equity   584,383       572,643       551,699       483,050       450,375  
    Tangible common equity(1)   523,838       511,992       490,941       422,183       389,396  
    Accumulated other comprehensive loss $ (42,214 )   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )
                                 
    Common shares outstanding   20,128       20,110       20,077       15,474       15,472  
    Treasury shares   572       590       623       625       627  
    CAPITAL RATIOS AND PER SHARE DATA:                            
    Leverage ratio   9.45 %     9.24 %     9.15 %     8.98 %     8.61 %
    Common equity Tier 1 capital ratio   10.84 %     10.38 %     10.54 %     10.28 %     10.03 %
    Tier 1 capital ratio   11.17 %     10.71 %     10.87 %     10.62 %     10.36 %
    Total risk-based capital ratio   13.27 %     13.09 %     13.25 %     12.95 %     12.65 %
    Common equity to assets   9.51 %     9.03 %     9.02 %     7.85 %     7.34 %
    Tangible common equity to tangible assets(1)   8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                 
    Common book value per share $ 29.03     $ 28.48     $ 27.48     $ 31.22     $ 29.11  
    Tangible common book value per share(1) $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                           
    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED STATEMENT OF OPERATIONS DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income $ 163,918     $ 157,201     $ 82,867     $ 81,051     $ 78,119     $ 77,911     $ 78,788  
    Interest expense   67,932       75,926       33,745       34,187       36,486       37,230       37,595  
    Net interest income   95,986       81,275       49,122       46,864       41,633       40,681       41,193  
    Provision (benefit) for credit losses   5,490       (3,415 )     2,562       2,928       6,461       3,104       2,041  
    Net interest income after provision (benefit) for credit losses   90,496       84,690       46,560       43,936       35,172       37,577       39,152  
    Noninterest income:                                        
    Service charges on deposits   2,141       2,056       1,089       1,052       1,074       1,103       979  
    Insurance income   6       2,138       3       3       3       3       4  
    Card interchange income   3,777       3,910       1,937       1,840       2,045       1,900       2,008  
    Investment advisory   5,622       5,361       2,885       2,737       2,555       2,797       2,779  
    Company owned life insurance   5,742       2,658       2,965       2,777       1,425       1,404       1,360  
    Investments in limited partnerships   722       1,145       307       415       837       400       803  
    Loan servicing   303       333       180       123       295       88       158  
    Income (loss) from derivative instruments, net   589       551       339       250       (37 )     212       377  
    Net gain on sale of loans held for sale   257       212       140       117       186       220       124  
    Net loss on investment securities   3       –       3       –       (100,055 )     –       –  
    Net gain (loss) on the sale of other assets   –       13,495       –       –       (19 )     138       13,508  
    Net (loss) gain on tax credit investments   (1,026 )     31       (512 )     (514 )     (636 )     (170 )     406  
    Other   2,854       3,025       1,281       1,573       1,291       1,345       1,508  
    Total noninterest income (loss)   20,990       34,915       10,617       10,373       (91,036 )     9,440       24,014  
    Noninterest expense:                                        
    Salaries and employee benefits   34,968       33,088       18,070       16,898       17,159       15,879       15,748  
    Occupancy and equipment   7,572       7,200       3,982       3,590       3,791       3,370       3,448  
    Professional services   3,142       4,166       1,451       1,691       1,571       1,965       1,794  
    Computer and data processing   11,366       10,728       5,879       5,487       6,608       5,353       5,342  
    Supplies and postage   1,081       912       503       578       504       519       437  
    FDIC assessments   2,859       2,641       1,392       1,467       1,551       1,092       1,346  
    Advertising and promotions   837       737       495       342       465       371       440  
    Amortization of intangibles   212       331       105       107       109       112       114  
    Provision for litigation settlement   –       –       –       –       23,022       –       –  
    Deposit-related charged-off items (recoveries) expense   (61 )     19,577       233       (294 )     354       410       398  
    Restructuring charges   68       –       –       68       35       –       –  
    Other   7,323       7,653       3,572       3,751       4,235       3,398       3,953  
    Total noninterest expense   69,367       87,033       35,682       33,685       59,404       32,469       33,020  
    Income (loss) before income taxes   42,119       32,572       21,495       20,624       (115,268 )     14,548       30,146  
    Income tax expense (benefit)   7,709       4,873       3,963       3,746       (32,457 )     1,082       4,517  
    Net income (loss)   34,410       27,699       17,532       16,878       (82,811 )     13,466       25,629  
    Preferred stock dividends   729       729       364       365       365       365       364  
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    FINANCIAL RATIOS:                                        
    Earnings (loss) per share – basic $ 1.68     $ 1.75     $ 0.85     $ 0.82     $ (5.07 )   $ 0.85     $ 1.64  
    Earnings (loss) per share – diluted $ 1.66     $ 1.73     $ 0.85     $ 0.81     $ (5.07 )   $ 0.84     $ 1.62  
    Cash dividends declared on common stock $ 0.62     $ 0.60     $ 0.31     $ 0.31     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio   36.90 %     34.29 %     36.47 %     37.80 %     -5.92 %     35.29 %     18.29 %
    Dividend yield (annualized)   4.87 %     6.25 %     4.86 %     5.05 %     4.37 %     4.69 %     6.25 %
    Return on average assets (annualized)   1.12 %     0.90 %     1.13 %     1.10 %     -5.38 %     0.89 %     1.68 %
    Return on average equity (annualized)   11.80 %     12.32 %     11.78 %     11.82 %     -63.70 %     11.08 %     22.93 %
    Return on average common equity (annualized)   11.90 %     12.47 %     11.88 %     11.92 %     -66.19 %     11.18 %     23.51 %
    Return on average tangible common equity (annualized)(1)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
    Efficiency ratio(2)   59.24 %     74.80 %     59.68 %     58.79 %     117.13 %     64.70 %     50.58 %
    Effective tax rate   18.3 %     15.0 %     18.4 %     18.2 %     28.2 %     7.4 %     15.0 %
                                                           
    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED AVERAGE BALANCES: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits $ 55,306     $ 146,099     $ 39,027     $ 71,767     $ 121,530     $ 49,476     $ 134,123  
    Investment securities(1)   1,078,600       1,188,901       1,071,628       1,085,649       1,159,863       1,147,052       1,194,808  
    Loans:                                        
    Commercial business   699,141       713,496       720,347       677,700       658,038       673,830       704,272  
    Commercial mortgage   2,212,786       2,044,612       2,221,576       2,203,899       2,148,427       2,092,905       2,059,382  
    Residential real estate loans   646,001       648,510       645,007       647,005       649,549       647,844       648,099  
    Residential real estate lines   74,860       75,986       75,010       74,709       76,164       75,671       75,575  
    Consumer indirect   843,763       919,718       839,294       848,282       858,854       881,133       905,056  
    Other consumer   40,850       48,043       39,485       42,230       43,333       43,789       44,552  
    Total loans   4,517,401       4,450,365       4,540,719       4,493,825       4,434,365       4,415,172       4,436,936  
    Total interest-earning assets   5,651,307       5,785,365       5,651,374       5,651,241       5,715,758       5,611,700       5,765,867  
    Goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Total assets   6,218,412       6,189,594       6,216,657       6,220,187       6,121,449       6,018,390       6,153,429  
    Interest-bearing liabilities:                                        
    Interest-bearing demand   738,055       745,259       730,979       745,210       757,221       691,412       741,006  
    Savings and money market   1,964,884       2,059,294       1,953,412       1,976,483       1,992,059       1,938,935       2,036,772  
    Time deposits   1,598,381       1,492,399       1,631,407       1,564,987       1,545,071       1,515,745       1,505,665  
    Short-term borrowings   90,636       159,929       86,099       95,223       56,513       129,130       140,110  
    Long-term borrowings, net   120,648       124,601       116,473       124,871       124,795       124,717       124,640  
    Total interest-bearing liabilities   4,512,604       4,581,482       4,518,370       4,506,774       4,475,659       4,399,939       4,548,193  
    Noninterest-bearing demand deposits   925,043       956,670       923,409       926,696       947,428       952,970       950,819  
    Total deposits   5,226,363       5,253,622       5,239,207       5,213,376       5,241,779       5,099,062       5,234,262  
    Total liabilities   5,630,349       5,737,327       5,619,834       5,640,981       5,604,249       5,535,112       5,703,929  
    Shareholders’ equity   588,063       452,267       596,823       579,206       517,200       483,278       449,500  
    Common equity   570,778       434,975       579,538       561,921       499,910       465,986       432,208  
    Tangible common equity(2)   510,115       367,324       518,928       501,204       439,086       405,050       369,315  
    Common shares outstanding:                                        
    Basic   20,090       15,424       20,107       20,073       16,415       15,464       15,444  
    Diluted   20,291       15,551       20,294       20,285       16,415       15,636       15,556  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                                        
    Investment securities(3)   4.30 %     2.13 %     4.34 %     4.25 %     2.38 %     2.14 %     2.17 %
    Loans   6.23 %     6.37 %     6.26 %     6.20 %     6.28 %     6.42 %     6.40 %
    Total interest-earning assets   5.84 %     5.47 %     5.88 %     5.80 %     5.45 %     5.53 %     5.50 %
    Interest-bearing demand   1.18 %     1.15 %     1.21 %     1.15 %     1.34 %     1.05 %     1.18 %
    Savings and money market   2.71 %     3.04 %     2.67 %     2.75 %     2.94 %     3.07 %     3.01 %
    Time deposits   4.19 %     4.70 %     4.08 %     4.31 %     4.53 %     4.72 %     4.72 %
    Short-term borrowings   1.95 %     3.13 %     1.80 %     2.09 %     0.15 %     2.64 %     2.75 %
    Long-term borrowings, net   5.17 %     5.02 %     5.35 %     5.00 %     5.03 %     5.03 %     5.02 %
    Total interest-bearing liabilities   3.03 %     3.33 %     3.00 %     3.07 %     3.24 %     3.37 %     3.32 %
    Net interest rate spread   2.81 %     2.14 %     2.88 %     2.73 %     2.21 %     2.16 %     2.18 %
    Net interest margin   3.42 %     2.83 %     3.49 %     3.35 %     2.91 %     2.89 %     2.87 %
                                                           
    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    ASSET QUALITY DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                                        
    Beginning balance $ 48,041     $ 51,082     $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
    Net loan charge-offs (recoveries):                                        
    Commercial business   1,960       (30 )     1,903       57       131       (3 )     7  
    Commercial mortgage–construction   –       –       –       –       –       –       –  
    Commercial mortgage–multifamily         –       –       –       –       13       –  
    Commercial mortgage–non-owner occupied   595       (2 )     596       (1 )     (5 )     (1 )     (1 )
    Commercial mortgage–owner occupied   (2 )     (2 )     (1 )     (1 )     (1 )     (2 )     (2 )
    Residential real estate loans   133       100       92       41       (4 )     (1 )     96  
    Residential real estate lines   27       –       27       –       –       –       –  
    Consumer indirect   3,091       3,817       942       2,149       2,557       1,553       844  
    Other consumer   615       360       491       124       100       106       178  
    Total net charge-offs (recoveries)   6,419       4,243       4,050       2,369       2,778       1,665       1,122  
    Provision (benefit) for credit losses – loans   5,669       (2,887 )     2,377       3,292       6,141       2,391       1,999  
    Ending balance $ 47,291     $ 43,952     $ 47,291     $ 48,964     $ 48,041     $ 44,678     $ 43,952  
                                             
    Net charge-offs (recoveries) to average loans (annualized):                                        
    Commercial business   0.57 %     -0.01 %     1.06 %     0.03 %     0.80 %     0.00 %     0.00 %
    Commercial mortgage–construction   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.01 %     0.00 %
    Commercial mortgage–non-owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans   0.04 %     0.03 %     0.06 %     0.03 %     0.00 %     0.00 %     0.06 %
    Residential real estate lines   0.07 %     0.00 %     0.14 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect   0.74 %     0.83 %     0.45 %     1.03 %     1.18 %     0.70 %     0.38 %
    Other consumer   3.04 %     1.51 %     4.99 %     1.19 %     0.91 %     0.95 %     1.62 %
    Total loans   0.29 %     0.19 %     0.36 %     0.21 %     0.25 %     0.15 %     0.10 %
                                             
    Supplemental information (1)                                        
    Non-performing loans:                                        
    Commercial business $ 3,671     $ 5,680     $ 3,671     $ 5,672     $ 5,609     $ 5,752     $ 5,680  
    Commercial mortgage–construction   19,621       4,970       19,621       19,684       20,280       20,280       4,970  
    Commercial mortgage–multifamily   –       183       –       –       –       71       183  
    Commercial mortgage–non-owner occupied   164       4,919       164       4,766       4,773       4,903       4,919  
    Commercial mortgage–owner occupied   –       380       –       349       354       366       380  
    Residential real estate loans   5,885       5,961       5,885       6,035       6,918       5,790       5,961  
    Residential real estate lines   299       183       299       316       253       232       183  
    Consumer indirect   2,571       2,897       2,571       2,917       3,157       3,291       2,897  
    Other consumer   225       36       225       279       62       57       36  
    Total non-performing loans   32,436       25,209       32,436       40,018       41,406       40,742       25,209  
    Foreclosed assets   142       63       142       196       60       109       63  
    Total non-performing assets $ 32,578     $ 25,272     $ 32,578     $ 40,214     $ 41,466     $ 40,851     $ 25,272  
                                             
    Total non-performing loans to total loans   0.72 %     0.57 %     0.72 %     0.88 %     0.92 %     0.93 %     0.57 %
    Total non-performing assets to total assets   0.53 %     0.41 %     0.53 %     0.63 %     0.68 %     0.66 %     0.41 %
    Allowance for credit losses – loans to total loans   1.04 %     0.99 %     1.04 %     1.08 %     1.07 %     1.01 %     0.99 %
    Allowance for credit losses – loans to non-performing loans   146 %     174 %     146 %     122 %     116 %     110 %     174 %
                                                           
    1. At period end.

    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
      2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                                        
    Total assets             $ 6,143,766     $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible assets             $ 6,083,202     $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793  
                                             
    Ending tangible common equity:                                        
    Common shareholders’ equity             $ 584,383     $ 572,643     $ 551,699     $ 483,050     $ 450,375  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible common equity             $ 523,819     $ 511,992     $ 490,941     $ 422,183     $ 389,396  
                                             
    Tangible common equity to tangible assets(1)               8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                             
    Common shares outstanding               20,128       20,110       20,077       15,474       15,472  
    Tangible common book value per share(2)             $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                             
    Average tangible assets:                                        
    Average assets $ 6,218,412     $ 6,189,594     $ 6,216,657     $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible assets $ 6,157,749     $ 6,121,943     $ 6,156,047     $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536  
                                             
    Average tangible common equity:                                        
    Average common equity $ 570,778     $ 434,975     $ 579,538     $ 561,921     $ 499,910     $ 465,986     $ 432,208  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible common equity $ 510,115     $ 367,324     $ 518,928     $ 501,204     $ 439,086     $ 405,050     $ 369,315  
                                             
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    Return on average tangible common equity(3)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
                                             
    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2025.

    The Company reported net income of $17.5 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025 and $25.6 million in the second quarter of 2024. After preferred dividends, net income available to common shareholders was $17.2 million, or $0.85 per diluted share, in the second quarter of 2025, compared to $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, and $25.3 million, or $1.62 per diluted share, in the second quarter of 2024. The Company recorded a provision for credit losses of $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter.

    Second Quarter 2025 Highlights:

    • Net interest margin of 3.49% for second quarter of 2025 was up 14 and 62 basis points from the linked and year-ago quarters, respectively, while net interest income of $49.1 million for second quarter of 2025 increased $2.3 million, or 4.8%, from the first quarter of 2025 and $7.9 million, or 19.2%, from the second quarter of 2024.
    • Noninterest income was $10.6 million in the second quarter of 2025, compared to $10.4 million in the linked quarter and $24.0 million in the year-ago quarter, when results benefited from a $13.5 million pre-tax gain associated with the sale of the Company’s insurance business.
    • Total loans were $4.54 billion at June 30, 2025, reflecting a decrease of $17.3 million, or 0.4%, from March 31, 2025, driven by a decrease in our consumer indirect lending portfolio as pay-downs exceeded originations, and an increase of $74.5 million, or 1.7%, from one year prior.
    • Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, driven by both seasonal public deposit outflows and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering, and relatively flat compared to one year prior.
    • Nonperforming assets to total assets were 0.53% at June 30, 2025, down from 0.63% at the linked quarter-end and up from 0.41% one year prior.

    “Second quarter 2025 financial results were highlighted by continued margin expansion, increased net interest income and durable noninterest revenues, which allowed us to deliver 4% growth in net income available to common shareholders from the linked first quarter,” said President and Chief Executive Officer Martin K. Birmingham. “Profitability continues to be a paramount focus, and we were pleased to maintain an efficiency ratio below 60% and report solid annualized return on average assets and return on average equity of 1.13% and 11.78%, respectively, for the most recent quarter.

    “Deposit balances reflect typical seasonality within our public deposit portfolio and total loans were relatively flat with the end of the first quarter, as commercial business lending growth was more than offset by a reduction in consumer indirect balances. Given our strong first quarter loan production and existing pipelines, we continue to expect low single-digit full year loan growth that aligns with our credit-disciplined philosophy.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our results continue to benefit from our team’s focus on prudent balance sheet stewardship through redeployment of cash flows into higher yielding assets, active investment portfolio management and our ability to effectively reprice deposits, supporting a six basis point reduction in our overall cost of funds. Expenses in the second quarter were somewhat elevated, in part reflecting timing of certain expenses and some higher costs that we expect to be nonrecurring, and we will remain intently focused on expense management through the coming quarters to support positive operating leverage in 2025.”

    Net Interest Income and Net Interest Margin

    Net interest income was $49.1 million for the second quarter of 2025, an increase of $2.3 million from the first quarter of 2025, and an increase of $7.9 million from the second quarter of 2024.

    Average interest-earning assets for the current quarter of $5.65 billion were flat with the first quarter of 2025, as a $46.9 million increase in average loans was offset by a $32.7 million decrease in the average balance of Federal Reserve interest-earning cash and a $14.0 million decrease in the average balance of investment securities. Average interest-earning assets decreased $114.5 million from the second quarter of 2024, as a $123.2 million decrease in the average balance of investment securities and a $95.1 million decrease in the average balance of Federal Reserve interest-earning cash were partially offset by a $103.8 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.52 billion, reflecting an increase of $11.6 million from the linked quarter and a decrease of $29.8 million from the year-ago quarter. The increase from the first quarter of 2025 was primarily due to a $66.4 million increase in average time deposits that was partially offset by a $23.1 million decrease in average savings and money market deposits, a $14.2 million decrease in average interest-bearing demand deposits, a $9.1 million decrease in average short-term borrowings, and an $8.4 million decrease in average long-term borrowings. The year-over-year decrease was due to an $83.4 million decrease in average savings and money market deposits, a $54.0 million decrease in average short-term borrowings, a $10.0 million decrease in average interest-bearing demand deposits, and an $8.2 million decrease in average long-term borrowings, partially offset by a $125.7 million increase in average time deposits. The continued outflow of BaaS-related deposits, following the Company’s September 2024 announcement that it would wind-down its BaaS platform, was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.49% in the current quarter as compared to 3.35% in the first quarter of 2025, and 2.87% in the second quarter of 2024. Expansion from the linked quarter was due to increases in the average yields of both investment securities and loans, as well as lower average cost of interest-bearing liabilities, reflecting repricing of non-public and reciprocal deposits. Year-over-year margin expansion was driven by an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale securities portfolio in December 2024, which supported an increase in the average yield on interest-earning assets.

    Noninterest Income

    The Company reported noninterest income of $10.6 million for the second quarter of 2025, compared to $10.4 million in the first quarter of 2025 and $24.0 million in the second quarter of 2024.

    • The Company’s sale of its former insurance subsidiary generated a net gain of $13.5 million in the second quarter of 2024.
    • Investment advisory income of $2.9 million was $148 thousand higher than the first quarter of 2025 and up $106 thousand from the second quarter of 2024.
    • Income from company-owned life insurance (“COLI”) of $3.0 million was $188 thousand higher than the first quarter of 2025 and $1.6 million higher than the second quarter of 2024, due to the previously disclosed restructuring of a portion of the Company’s COLI portfolio into higher-yielding separate account policies in January 2025.
    • Income from investments in limited partnerships of $307 thousand was $108 thousand lower than the first quarter of 2025 and $496 thousand lower than the second quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Other noninterest income of $1.3 million was $292 thousand lower than the linked quarter and $227 thousand lower than the year-ago quarter.

    Noninterest Expense

    Noninterest expense was $35.7 million in the second quarter of 2025, compared to $33.7 million in the first quarter of 2025, and $33.0 million in the second quarter of 2024.

    • Salaries and employee benefits expense of $18.1 million was $1.2 million higher than the first quarter of 2025 and $2.3 million higher than the second quarter of 2024, reflecting an increase in health insurance benefits due to higher medical claims than in the linked quarter, while the increase from the prior year quarter was primarily due to annual merit increases.
    • Occupancy and equipment expense of $4.0 million reflects increases of $392 thousand and $534 thousand from the linked and year-ago quarters, respectively. The linked quarter increase was due in part to timing given a change in facilities maintenance service vendors, as well as costs associated with an ongoing ATM conversion, while the year-over-year variance was due in part to the ATM conversion and upgrade project.
    • Professional services expenses of $1.5 million were $240 thousand lower than the first quarter of 2025 and $343 thousand lower than the second quarter of 2024. The linked quarter variance was primarily due to the timing of audit related expenses, while the year-over-year variance was primarily attributable to legal expenses incurred in the second quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.9 million was $392 thousand higher than the first quarter of 2025 and $537 thousand higher than the second quarter of 2024. Both the linked quarter and year-over-year increases were driven by the timing of expenses for in-process technology enhancement and upgrade initiatives.
    • The Company recorded deposit-related charged-off items of $233 thousand for the current quarter, compared to charged-off recoveries of $294 thousand in the first quarter of 2025 and charged-off items of $398 thousand in the second quarter of 2024, with the linked quarter variance primarily driven by insurance proceeds received in the first quarter of 2025 related to a past commercial deposit charged-off item.
    • Other expense of $3.6 million was down $179 thousand from the linked quarter and down $381 thousand from the year-ago quarter, with the year-over-year variance primarily due to higher interest rate swap collateral charges in the second quarter of 2024.

    Income Taxes

    Income tax expense was $4.0 million for the second quarter of 2025, compared to $3.7 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the second quarter of 2025, first quarter of 2025, and second quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.1 million, and $1.3 million, respectively.

    The effective tax rate was 18.4% for the second quarter of 2025, 18.2% for the first quarter of 2025, and 15.0% for the second quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI, the tax impact of the COLI repositioning, and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.14 billion at June 30, 2025, down $196.7 million from March 31, 2025, and flat with June 30, 2024.

    Investment securities were $1.01 billion at June 30, 2025, down $31.8 million from March 31, 2025, and flat with June 30, 2024.

    Total loans were $4.54 billion at June 30, 2025, a decrease of $17.3 million, or 0.4%, from March 31, 2025, and an increase of $74.5 million, or 1.7%, from June 30, 2024.

    • Commercial business loans totaled $726.2 million, up $17.1 million, or 2.4%, from March 31, 2025, and up $12.3 million, or 1.7%, from June 30, 2024.
    • Commercial mortgage loans totaled $2.22 billion, a decline of $13.1 million, or 0.6%, from March 31, 2025, and an increase of $129.3 million, or 6.2%, from June 30, 2024.
    • Residential real estate loans totaled $647.2 million, up $3.2 million, or 0.5%, from March 31, 2025, and down $470 thousand, or 0.1%, from June 30, 2024.
    • Consumer indirect loans totaled $833.5 million, down $19.7 million, or 2.3%, from March 31, 2025, and down $61.1 million, or 6.8%, from June 30, 2024.

    Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, and up $22.7 million, or 0.4%, from June 30, 2024. The decrease from March 31, 2025 was primarily due to seasonally lower public deposit balances in addition to the outflow of BaaS-related deposits. The modest increase from June 30, 2024 reflected a higher level of brokered deposits, which were utilized to offset the anticipated reduction in BaaS-related deposits, as well as lower reciprocal deposit balances. The Company had approximately $7 million in BaaS-related deposits at June 30, 2025, compared to approximately $55 million at March 31, 2025 and approximately $108 million at June 30, 2024. Public deposit balances represented 21% of total deposits at June 30, 2025, 24% at March 31, 2025, and 20% at June 30, 2024.

    Short-term borrowings were $101.0 million at June 30, 2025, compared to $55.0 million at March 31, 2025, and $202.0 million at June 30, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $601.7 million at June 30, 2025, compared to $589.9 million at March 31, 2025, and $467.7 million at June 30, 2024. The linked quarter period-end increase was due to net income, net of dividends, retained, while the year-over-year period end increase was primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and a decrease in accumulated other comprehensive loss between period ends following the investment securities restructuring in the fourth quarter of 2024.

    Common book value per share was $29.03 at June 30, 2025, an increase of $0.55, or 1.9%, from $28.48 at March 31, 2025, and a decrease of $0.08, or 0.3%, from $29.11 at June 30, 2024. Tangible common book value per share(1) was $26.02 at June 30, 2025, an increase of $0.56, or 2.2%, from $25.46 at March 31, 2025, and an increase of $0.85, or 3.4%, from $25.17 at June 30, 2024. The common equity to assets ratio was 9.51% at June 30, 2025, compared to 9.03% at March 31, 2025, and 7.34% at June 30, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.61%, 8.15% and 6.41% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter of 2024 and the decrease in accumulated other comprehensive loss as a result of the investment securities restructuring in the fourth quarter of 2024.

    During the second quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, consistent with the linked quarter and reflecting an increase of $0.01, or 3.3%, over the year-ago quarter. The dividend returned more than 36% of second quarter net income to common shareholders.

    The Company’s regulatory capital ratios at June 30, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.45% compared to 9.24% and 8.61% at March 31, 2025, and June 30, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.84% compared to 10.38% and 10.03% at March 31, 2025, and June 30, 2024, respectively.
    • Tier 1 Capital Ratio was 11.17% compared to 10.71% and 10.36% at March 31, 2025, and June 30, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.27% compared to 13.09% and 12.65% at March 31, 2025, and June 30, 2024, respectively.

    As previously disclosed, in April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and began repricing on a quarterly basis at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company currently expects to retain the remaining $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to its outstanding subordinated debt, which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $32.4 million, or 0.72% of total loans, at June 30, 2025, as compared to $40.0 million, or 0.88% of total loans, at March 31, 2025, and $25.2 million, or 0.57% of total loans, at June 30, 2024. The decrease from March 31, 2025 reflects a reduction of approximately $3.7 million in non-performing loans associated with the foreclosure of a participated loan secured by real estate, as well as a $1.9 million partial charge-off of a credit facility for which a specific reserve was in place. Both the aforementioned foreclosed participated loan and the partially charged-off credit facility relate to a previously disclosed commercial business relationship that was placed on nonaccrual status in the fourth quarter of 2023. The increase in non-performing loans from June 30, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual status during the third quarter of 2024. Net charge-offs were $4.1 million, representing 0.36% of average loans on an annualized basis, for the current quarter, as compared to $2.4 million, or an annualized 0.21% of average loans, in the first quarter of 2025 and $1.1 million, or an annualized 0.10%, in the second quarter of 2024.

    At June 30, 2025, the allowance for credit losses on loans to total loans ratio was 1.04%, compared to 1.08% at March 31, 2025 and 0.99% at June 30, 2024.

    Provision for credit losses was $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter. Provision for credit losses on loans was $2.4 million in the current quarter, compared to $3.3 million in the first quarter of 2025, and $2.0 million in the second quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled $179 thousand in the second quarter of 2025, $364 thousand in the first quarter of 2025, and $43 thousand in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was driven by a combination of factors, including improvement in the forecasted loss rate for pooled loans and a reduction in specific reserves, partly offset by higher net charge-offs.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 146% at June 30, 2025, 122% at March 31, 2025, and 174% at June 30, 2024, with the improvement from the end of the linked quarter reflective of the decrease in nonperforming loans reported at June 30, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on July 25, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 652423. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor Relations and Corporate Communications
    (716) 817-5159
    klcroft@five-starbank.com

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      2025     2024  
    SELECTED BALANCE SHEET DATA: June 30,     March 31,     December 31,     September 30,     June 30,  
    Cash and cash equivalents $ 93,034     $ 167,352     $ 87,321     $ 249,569     $ 146,347  
    Investment securities:                            
    Available for sale   916,149       926,992       911,105       886,816       871,635  
    Held-to-maturity, net   92,121       113,105       116,001       121,279       128,271  
    Total investment securities   1,008,270       1,040,097       1,027,106       1,008,095       999,906  
    Loans held for sale   2,356       387       2,280       2,495       2,099  
    Loans:                            
    Commercial business   726,218       709,101       665,321       654,519       713,947  
    Commercial mortgage–construction   536,552       566,359       582,619       533,506       518,013  
    Commercial mortgage–multifamily   496,223       475,867       470,954       467,527       463,171  
    Commercial mortgage–non-owner occupied   873,207       899,679       857,987       814,392       814,953  
    Commercial mortgage–owner occupied   309,171       286,391       288,036       290,216       289,733  
    Residential real estate loans   647,205       643,983       650,206       648,241       647,675  
    Residential real estate lines   75,675       74,769       75,552       76,203       75,510  
    Consumer indirect   833,452       853,176       845,772       874,651       894,596  
    Other consumer   38,299       43,953       42,757       43,734       43,870  
    Total loans   4,536,002       4,553,278       4,479,204       4,402,989       4,461,468  
    Allowance for credit losses – loans   47,291       48,964       48,041       44,678       43,952  
    Total loans, net   4,488,711       4,504,314       4,431,163       4,358,311       4,417,516  
    Total interest-earning assets   5,614,008       5,733,743       5,602,570       5,666,972       5,709,148  
    Goodwill and other intangible assets, net   60,564       60,651       60,758       60,867       60,979  
    Total assets   6,143,766       6,340,492       6,117,085       6,156,317       6,131,772  
    Deposits:                            
    Noninterest-bearing demand   940,341       945,182       950,351       978,660       939,346  
    Interest-bearing demand   704,871       773,475       705,195       793,996       711,580  
    Savings and money market   1,898,302       2,033,323       1,904,013       2,027,181       2,007,256  
    Time deposits   1,612,500       1,620,930       1,545,172       1,506,764       1,475,139  
    Total deposits   5,156,014       5,372,910       5,104,731       5,306,601       5,133,321  
    Short-term borrowings   101,000       55,000       99,000       55,000       202,000  
    Long-term borrowings, net   114,960       124,917       124,842       124,765       124,687  
    Total interest-bearing liabilities   4,431,633       4,607,645       4,405,912       4,507,706       4,520,662  
    Shareholders’ equity   601,668       589,928       568,984       500,342       467,667  
    Common shareholders’ equity   584,383       572,643       551,699       483,050       450,375  
    Tangible common equity(1)   523,838       511,992       490,941       422,183       389,396  
    Accumulated other comprehensive loss $ (42,214 )   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )
                                 
    Common shares outstanding   20,128       20,110       20,077       15,474       15,472  
    Treasury shares   572       590       623       625       627  
    CAPITAL RATIOS AND PER SHARE DATA:                            
    Leverage ratio   9.45 %     9.24 %     9.15 %     8.98 %     8.61 %
    Common equity Tier 1 capital ratio   10.84 %     10.38 %     10.54 %     10.28 %     10.03 %
    Tier 1 capital ratio   11.17 %     10.71 %     10.87 %     10.62 %     10.36 %
    Total risk-based capital ratio   13.27 %     13.09 %     13.25 %     12.95 %     12.65 %
    Common equity to assets   9.51 %     9.03 %     9.02 %     7.85 %     7.34 %
    Tangible common equity to tangible assets(1)   8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                 
    Common book value per share $ 29.03     $ 28.48     $ 27.48     $ 31.22     $ 29.11  
    Tangible common book value per share(1) $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                           
    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED STATEMENT OF OPERATIONS DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income $ 163,918     $ 157,201     $ 82,867     $ 81,051     $ 78,119     $ 77,911     $ 78,788  
    Interest expense   67,932       75,926       33,745       34,187       36,486       37,230       37,595  
    Net interest income   95,986       81,275       49,122       46,864       41,633       40,681       41,193  
    Provision (benefit) for credit losses   5,490       (3,415 )     2,562       2,928       6,461       3,104       2,041  
    Net interest income after provision (benefit) for credit losses   90,496       84,690       46,560       43,936       35,172       37,577       39,152  
    Noninterest income:                                        
    Service charges on deposits   2,141       2,056       1,089       1,052       1,074       1,103       979  
    Insurance income   6       2,138       3       3       3       3       4  
    Card interchange income   3,777       3,910       1,937       1,840       2,045       1,900       2,008  
    Investment advisory   5,622       5,361       2,885       2,737       2,555       2,797       2,779  
    Company owned life insurance   5,742       2,658       2,965       2,777       1,425       1,404       1,360  
    Investments in limited partnerships   722       1,145       307       415       837       400       803  
    Loan servicing   303       333       180       123       295       88       158  
    Income (loss) from derivative instruments, net   589       551       339       250       (37 )     212       377  
    Net gain on sale of loans held for sale   257       212       140       117       186       220       124  
    Net loss on investment securities   3       –       3       –       (100,055 )     –       –  
    Net gain (loss) on the sale of other assets   –       13,495       –       –       (19 )     138       13,508  
    Net (loss) gain on tax credit investments   (1,026 )     31       (512 )     (514 )     (636 )     (170 )     406  
    Other   2,854       3,025       1,281       1,573       1,291       1,345       1,508  
    Total noninterest income (loss)   20,990       34,915       10,617       10,373       (91,036 )     9,440       24,014  
    Noninterest expense:                                        
    Salaries and employee benefits   34,968       33,088       18,070       16,898       17,159       15,879       15,748  
    Occupancy and equipment   7,572       7,200       3,982       3,590       3,791       3,370       3,448  
    Professional services   3,142       4,166       1,451       1,691       1,571       1,965       1,794  
    Computer and data processing   11,366       10,728       5,879       5,487       6,608       5,353       5,342  
    Supplies and postage   1,081       912       503       578       504       519       437  
    FDIC assessments   2,859       2,641       1,392       1,467       1,551       1,092       1,346  
    Advertising and promotions   837       737       495       342       465       371       440  
    Amortization of intangibles   212       331       105       107       109       112       114  
    Provision for litigation settlement   –       –       –       –       23,022       –       –  
    Deposit-related charged-off items (recoveries) expense   (61 )     19,577       233       (294 )     354       410       398  
    Restructuring charges   68       –       –       68       35       –       –  
    Other   7,323       7,653       3,572       3,751       4,235       3,398       3,953  
    Total noninterest expense   69,367       87,033       35,682       33,685       59,404       32,469       33,020  
    Income (loss) before income taxes   42,119       32,572       21,495       20,624       (115,268 )     14,548       30,146  
    Income tax expense (benefit)   7,709       4,873       3,963       3,746       (32,457 )     1,082       4,517  
    Net income (loss)   34,410       27,699       17,532       16,878       (82,811 )     13,466       25,629  
    Preferred stock dividends   729       729       364       365       365       365       364  
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    FINANCIAL RATIOS:                                        
    Earnings (loss) per share – basic $ 1.68     $ 1.75     $ 0.85     $ 0.82     $ (5.07 )   $ 0.85     $ 1.64  
    Earnings (loss) per share – diluted $ 1.66     $ 1.73     $ 0.85     $ 0.81     $ (5.07 )   $ 0.84     $ 1.62  
    Cash dividends declared on common stock $ 0.62     $ 0.60     $ 0.31     $ 0.31     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio   36.90 %     34.29 %     36.47 %     37.80 %     -5.92 %     35.29 %     18.29 %
    Dividend yield (annualized)   4.87 %     6.25 %     4.86 %     5.05 %     4.37 %     4.69 %     6.25 %
    Return on average assets (annualized)   1.12 %     0.90 %     1.13 %     1.10 %     -5.38 %     0.89 %     1.68 %
    Return on average equity (annualized)   11.80 %     12.32 %     11.78 %     11.82 %     -63.70 %     11.08 %     22.93 %
    Return on average common equity (annualized)   11.90 %     12.47 %     11.88 %     11.92 %     -66.19 %     11.18 %     23.51 %
    Return on average tangible common equity (annualized)(1)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
    Efficiency ratio(2)   59.24 %     74.80 %     59.68 %     58.79 %     117.13 %     64.70 %     50.58 %
    Effective tax rate   18.3 %     15.0 %     18.4 %     18.2 %     28.2 %     7.4 %     15.0 %
                                                           
    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED AVERAGE BALANCES: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits $ 55,306     $ 146,099     $ 39,027     $ 71,767     $ 121,530     $ 49,476     $ 134,123  
    Investment securities(1)   1,078,600       1,188,901       1,071,628       1,085,649       1,159,863       1,147,052       1,194,808  
    Loans:                                        
    Commercial business   699,141       713,496       720,347       677,700       658,038       673,830       704,272  
    Commercial mortgage   2,212,786       2,044,612       2,221,576       2,203,899       2,148,427       2,092,905       2,059,382  
    Residential real estate loans   646,001       648,510       645,007       647,005       649,549       647,844       648,099  
    Residential real estate lines   74,860       75,986       75,010       74,709       76,164       75,671       75,575  
    Consumer indirect   843,763       919,718       839,294       848,282       858,854       881,133       905,056  
    Other consumer   40,850       48,043       39,485       42,230       43,333       43,789       44,552  
    Total loans   4,517,401       4,450,365       4,540,719       4,493,825       4,434,365       4,415,172       4,436,936  
    Total interest-earning assets   5,651,307       5,785,365       5,651,374       5,651,241       5,715,758       5,611,700       5,765,867  
    Goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Total assets   6,218,412       6,189,594       6,216,657       6,220,187       6,121,449       6,018,390       6,153,429  
    Interest-bearing liabilities:                                        
    Interest-bearing demand   738,055       745,259       730,979       745,210       757,221       691,412       741,006  
    Savings and money market   1,964,884       2,059,294       1,953,412       1,976,483       1,992,059       1,938,935       2,036,772  
    Time deposits   1,598,381       1,492,399       1,631,407       1,564,987       1,545,071       1,515,745       1,505,665  
    Short-term borrowings   90,636       159,929       86,099       95,223       56,513       129,130       140,110  
    Long-term borrowings, net   120,648       124,601       116,473       124,871       124,795       124,717       124,640  
    Total interest-bearing liabilities   4,512,604       4,581,482       4,518,370       4,506,774       4,475,659       4,399,939       4,548,193  
    Noninterest-bearing demand deposits   925,043       956,670       923,409       926,696       947,428       952,970       950,819  
    Total deposits   5,226,363       5,253,622       5,239,207       5,213,376       5,241,779       5,099,062       5,234,262  
    Total liabilities   5,630,349       5,737,327       5,619,834       5,640,981       5,604,249       5,535,112       5,703,929  
    Shareholders’ equity   588,063       452,267       596,823       579,206       517,200       483,278       449,500  
    Common equity   570,778       434,975       579,538       561,921       499,910       465,986       432,208  
    Tangible common equity(2)   510,115       367,324       518,928       501,204       439,086       405,050       369,315  
    Common shares outstanding:                                        
    Basic   20,090       15,424       20,107       20,073       16,415       15,464       15,444  
    Diluted   20,291       15,551       20,294       20,285       16,415       15,636       15,556  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                                        
    Investment securities(3)   4.30 %     2.13 %     4.34 %     4.25 %     2.38 %     2.14 %     2.17 %
    Loans   6.23 %     6.37 %     6.26 %     6.20 %     6.28 %     6.42 %     6.40 %
    Total interest-earning assets   5.84 %     5.47 %     5.88 %     5.80 %     5.45 %     5.53 %     5.50 %
    Interest-bearing demand   1.18 %     1.15 %     1.21 %     1.15 %     1.34 %     1.05 %     1.18 %
    Savings and money market   2.71 %     3.04 %     2.67 %     2.75 %     2.94 %     3.07 %     3.01 %
    Time deposits   4.19 %     4.70 %     4.08 %     4.31 %     4.53 %     4.72 %     4.72 %
    Short-term borrowings   1.95 %     3.13 %     1.80 %     2.09 %     0.15 %     2.64 %     2.75 %
    Long-term borrowings, net   5.17 %     5.02 %     5.35 %     5.00 %     5.03 %     5.03 %     5.02 %
    Total interest-bearing liabilities   3.03 %     3.33 %     3.00 %     3.07 %     3.24 %     3.37 %     3.32 %
    Net interest rate spread   2.81 %     2.14 %     2.88 %     2.73 %     2.21 %     2.16 %     2.18 %
    Net interest margin   3.42 %     2.83 %     3.49 %     3.35 %     2.91 %     2.89 %     2.87 %
                                                           
    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    ASSET QUALITY DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                                        
    Beginning balance $ 48,041     $ 51,082     $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
    Net loan charge-offs (recoveries):                                        
    Commercial business   1,960       (30 )     1,903       57       131       (3 )     7  
    Commercial mortgage–construction   –       –       –       –       –       –       –  
    Commercial mortgage–multifamily         –       –       –       –       13       –  
    Commercial mortgage–non-owner occupied   595       (2 )     596       (1 )     (5 )     (1 )     (1 )
    Commercial mortgage–owner occupied   (2 )     (2 )     (1 )     (1 )     (1 )     (2 )     (2 )
    Residential real estate loans   133       100       92       41       (4 )     (1 )     96  
    Residential real estate lines   27       –       27       –       –       –       –  
    Consumer indirect   3,091       3,817       942       2,149       2,557       1,553       844  
    Other consumer   615       360       491       124       100       106       178  
    Total net charge-offs (recoveries)   6,419       4,243       4,050       2,369       2,778       1,665       1,122  
    Provision (benefit) for credit losses – loans   5,669       (2,887 )     2,377       3,292       6,141       2,391       1,999  
    Ending balance $ 47,291     $ 43,952     $ 47,291     $ 48,964     $ 48,041     $ 44,678     $ 43,952  
                                             
    Net charge-offs (recoveries) to average loans (annualized):                                        
    Commercial business   0.57 %     -0.01 %     1.06 %     0.03 %     0.80 %     0.00 %     0.00 %
    Commercial mortgage–construction   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.01 %     0.00 %
    Commercial mortgage–non-owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans   0.04 %     0.03 %     0.06 %     0.03 %     0.00 %     0.00 %     0.06 %
    Residential real estate lines   0.07 %     0.00 %     0.14 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect   0.74 %     0.83 %     0.45 %     1.03 %     1.18 %     0.70 %     0.38 %
    Other consumer   3.04 %     1.51 %     4.99 %     1.19 %     0.91 %     0.95 %     1.62 %
    Total loans   0.29 %     0.19 %     0.36 %     0.21 %     0.25 %     0.15 %     0.10 %
                                             
    Supplemental information (1)                                        
    Non-performing loans:                                        
    Commercial business $ 3,671     $ 5,680     $ 3,671     $ 5,672     $ 5,609     $ 5,752     $ 5,680  
    Commercial mortgage–construction   19,621       4,970       19,621       19,684       20,280       20,280       4,970  
    Commercial mortgage–multifamily   –       183       –       –       –       71       183  
    Commercial mortgage–non-owner occupied   164       4,919       164       4,766       4,773       4,903       4,919  
    Commercial mortgage–owner occupied   –       380       –       349       354       366       380  
    Residential real estate loans   5,885       5,961       5,885       6,035       6,918       5,790       5,961  
    Residential real estate lines   299       183       299       316       253       232       183  
    Consumer indirect   2,571       2,897       2,571       2,917       3,157       3,291       2,897  
    Other consumer   225       36       225       279       62       57       36  
    Total non-performing loans   32,436       25,209       32,436       40,018       41,406       40,742       25,209  
    Foreclosed assets   142       63       142       196       60       109       63  
    Total non-performing assets $ 32,578     $ 25,272     $ 32,578     $ 40,214     $ 41,466     $ 40,851     $ 25,272  
                                             
    Total non-performing loans to total loans   0.72 %     0.57 %     0.72 %     0.88 %     0.92 %     0.93 %     0.57 %
    Total non-performing assets to total assets   0.53 %     0.41 %     0.53 %     0.63 %     0.68 %     0.66 %     0.41 %
    Allowance for credit losses – loans to total loans   1.04 %     0.99 %     1.04 %     1.08 %     1.07 %     1.01 %     0.99 %
    Allowance for credit losses – loans to non-performing loans   146 %     174 %     146 %     122 %     116 %     110 %     174 %
                                                           
    1. At period end.

    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
      2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                                        
    Total assets             $ 6,143,766     $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible assets             $ 6,083,202     $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793  
                                             
    Ending tangible common equity:                                        
    Common shareholders’ equity             $ 584,383     $ 572,643     $ 551,699     $ 483,050     $ 450,375  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible common equity             $ 523,819     $ 511,992     $ 490,941     $ 422,183     $ 389,396  
                                             
    Tangible common equity to tangible assets(1)               8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                             
    Common shares outstanding               20,128       20,110       20,077       15,474       15,472  
    Tangible common book value per share(2)             $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                             
    Average tangible assets:                                        
    Average assets $ 6,218,412     $ 6,189,594     $ 6,216,657     $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible assets $ 6,157,749     $ 6,121,943     $ 6,156,047     $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536  
                                             
    Average tangible common equity:                                        
    Average common equity $ 570,778     $ 434,975     $ 579,538     $ 561,921     $ 499,910     $ 465,986     $ 432,208  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible common equity $ 510,115     $ 367,324     $ 518,928     $ 501,204     $ 439,086     $ 405,050     $ 369,315  
                                             
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    Return on average tangible common equity(3)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
                                             
    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

    Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

    “Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

    “I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

    About Open Lending

    Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Contact information:

    Investor Relations Inquiries:
    InvestorRelations@openlending.com

    Source: Open Lending Corporation

    The MIL Network –

  • MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

    Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

    “Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

    “I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

    About Open Lending

    Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Contact information:

    Investor Relations Inquiries:
    InvestorRelations@openlending.com

    Source: Open Lending Corporation

    The MIL Network –

  • MIL-OSI Security: Former Supervisor of Camden County Jail Sentenced for Civil Rights Violation in the Assault of Pretrial Detainee

    Source: United States Attorneys General 7

    A former deputy sheriff and Jail Corporal with the Camden County Sheriff’s Office was sentenced today to 16 months in prison, followed by three years of supervised release, for assaulting a pretrial detainee, identified by the initials J.H.

    Ryan Robert Biegel, 27, of Kingsland, Georgia, pleaded guilty before the Honorable Lisa G. Wood on January 28 to one count of using unreasonable force against the detainee. According to the plea agreement, on September 3, 2022, Biegel and two other correctional officers entered a holding cell in which J.H. was being detained. Upon entering the cell, two other correctional officers restrained J.H.’s arms and pushed him against a wall. Biegel admitted that he punched J.H. five times in the back of the head, which he knew was not reasonable or necessary to accomplish a legitimate law enforcement purpose, and then struck J.H. in the head and body an additional twenty-two times with his fists and knees.

    The FBI Brunswick RA Field Office investigated the matter along with the Georgia Bureau of Investigation. Assistant U.S. Attorney Jennifer J. Kirkland for the Southern District of Georgia and Trial Attorney Alec Ward of the Civil Rights Division’s Criminal Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Sues New York City Over Sanctuary Policies

    Source: United States Attorneys General

    WASHINGTON – Today, the Justice Department filed a lawsuit against New York City, Mayor Eric Adams, and several other city officials to challenge New York’s sanctuary city laws.

    As detailed in the complaint, New York’s sanctuary policies have allowed dangerous criminals to roam the streets and commit heinous crimes within the community. These policies reflect an intentional effort to obstruct federal law enforcement and thus are preempted under the Supremacy Clause of the U.S. Constitution.

    “New York City has released thousands of criminals on the streets to commit violent crimes against law-abiding citizens due to sanctuary city policies,” said Attorney General Pamela Bondi. “If New York City won’t stand up for the safety of its citizens, we will.”

    “For too long, New York City has been at the vanguard of interfering with enforcing our immigration laws,” said Assistant Attorney General Brett Shumate. “Its efforts to thwart federal immigration enforcement end now.”

    The case, filed in the Eastern District of New York, is the latest action from the Justice Department fighting back against unlawful obstruction of enforcement of federal immigration laws. In the past three months, the Department has filed lawsuits against Los Angeles, New York State, Colorado, Illinois, the city of Rochester, New York, and several New Jersey cities to invalidate unconstitutional sanctuary policies. Recently, the Mayor of Louisville revoked the city’s sanctuary policy after the Justice Department threatened legal action.

    Read the full complaint here.

    MIL Security OSI –

  • MIL-OSI: Brag House Announces $15 Million Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has entered into a securities purchase agreement with an institutional investor for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds to the Company of approximately $15 million, before deducting placement agent fees and offering expenses.

    The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

    Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

    Revere Securities LLC acted as the sole placement agent for the PIPE financing.

    The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

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

    About Brag House Holdings, Inc.

    Brag House is a leading media technology platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By merging gaming, social interaction, and collegiate culture, Brag House enables brands to authentically connect with the influential Gen Z demographic through gamified experiences, live-streaming content, and scalable data insights. For more information, visit www.braghouse.com.

    Caution Regarding Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

    Investor Relations Contact
    Adele Carey
    VP, Investor Relations
    ir@thebraghouse.com

    Media Contact
    Fatema Bhabrawala
    Director of Media Relations
    fbhabrawala@allianceadvisors.com

    The MIL Network –

  • MIL-OSI USA: Oversight Committee Leaders Applaud President Trump’s Bold Plan to Cement America’s Dominance in Artificial Intelligence

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON – Today, House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.), Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.), and Subcommittee on Cybersecurity, Information Technology, and Government Innovation Chairwoman Nancy Mace (R-S.C.) applauded President Trump’s new Action Plan to cement U.S. dominance in artificial intelligence (AI) and usher in a new golden age of American AI innovation. The White House unveiled “Winning the AI Race: America’s AI Action Plan,” outlining more than 90 federal policy initiatives today across three strategic pillars—Accelerating Innovation, Building American AI Infrastructure, and Advancing U.S. Leadership in Global Diplomacy and Security—that the Trump Administration will implement in the coming weeks and months.

    “President Trump’s bold leadership has once again delivered a transformative vision for America’s future in artificial intelligence. This Administration understands that AI represents the next frontier, and maintaining our technological edge is a critical priority in the years ahead. This AI Action Plan embraces AI innovation in the United States and aims to reduce barriers in the AI field to ensure America’s dominance on the international stage. The House Oversight Committee will continue to support the Trump Administration’s AI initiatives and evaluate legislative opportunities aimed at addressing the barriers and challenges preventing the federal government from fully realizing the benefits of AI,” said Chairman James Comer. 

    “Under President Trump’s leadership, America is charting a bold course to secure global dominance in artificial intelligence. The President’s AI Action Plan embraces American innovation and takes decisive steps to eliminate bureaucratic barriers that have slowed AI progress. America has the talent, expertise, and resources to lead the world in AI but what we needed most was a president with the vision to recognize its importance for our future prosperity. Alongside President Trump’s Administration, the Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs will discuss ways to effectively and responsibly harness AI to bolster the United States’ economic competitiveness, national security, and technological leadership,” said Subcommittee Chair Eric Burlison.   

    “President Trump’s AI Action Plan—reshaping AI regulatory frameworks, investing in infrastructure, and championing American AI values globally—is a critical step toward ensuring we win the AI race. This Administration recognizes that barriers remain, and challenges must be addressed if the government is to fully realize the benefits of this transformative technology. The Subcommittee on Cybersecurity, Information Technology, and Government Innovation will continue working to ensure the entire federal government is equipped with the tools and authority needed to responsibly deploy AI at scale and unlock its full potential,” said Subcommittee Chair Nancy Mace.

    Alongside President Trump’s efforts to secure America’s leadership in AI, the House Oversight Committee is spearheading efforts to remove unnecessary barriers and accelerate responsible AI innovation—boosting efficiency, improving public services, and delivering savings for taxpayers. In addition, the Committee is engaging with AI industry leaders on how to unleash the technology the right way: effectively and responsibly. 

    MIL OSI USA News –

  • MIL-OSI USA: BREAKING: Rep. Miller Joins Senator Hawley in Effort to Ban Chinese Ownership of American Land

    Source: United States House of Representatives – Congresswoman Mary Miller (IL-15)

    FOR IMMEDIATE RELEASE

    WASHINGTON, D.C. — Congresswoman Mary Miller (IL-15) introduced the House companion to Senator Josh Hawley’s (R-MO) Protecting Our Farms and Homes from China Act. This legislation would ban Chinese corporations and individuals affiliated with the Chinese Communist Party (CCP) from purchasing American agricultural land and residential property.

    This effort comes in direct response to growing concerns over the CCP’s aggressive campaign to acquire U.S. farmland and real estate. According to the United States Department of Agriculture, Chinese entities own around 265,000 acres of agricultural land across the country.

    “Prized American land is not for sale to our enemies,” said Congresswoman Mary Miller. “The Chinese Communist Party is the greatest threat to our national security, and their aggressive push to buy up our farmland and homes is a direct attack on our sovereignty. It’s long past time we take back control and put America’s food supply and communities back in American hands — where they belong.”

    The legislation aligns with President Trump’s recently announced National Farm Security Action Plan, a bold initiative led by the U.S. Secretary of Agriculture Brooke L. Rollins alongside U.S. Secretary of Defense Pete Hegseth, U.S. Attorney General Pam Bondi, and U.S. Secretary of Homeland Security Kristi Noem to safeguard American agriculture and prevent foreign adversaries from exploiting American land and resources.

    The Protecting Our Farms and Homes from China Act would:

    • Prohibit Chinese corporations and individuals affiliated with the CCP from acquiring or leasing United States’ agricultural land;
    • Prohibit Chinese corporations and individuals associated with the CCP from purchasing residential real estate in the United States for a period of at least two years, with an option for the President to renew the prohibition biennially;
    • Require Chinese corporations and individuals affiliated with the CCP to divest ownership of United States’ agricultural land and residential real estate within one year.
    • Establish civil fines and criminal penalties for noncompliance, including forfeiture.

    Read more about the bill on Fox News.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Tenney Introduces FORKS Made in America Permanency Act

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Claudia Tenney (NY-24) today introduced the FORKS Made in America Permanency Act to permanently bolster American manufacturing that produces stainless steel flatware and equips our military with high-quality products.

    This bill would permanently add stainless steel flatware to the Berry Amendment. This longstanding federal provision requires the Department of Defense to source certain materials exclusively from U.S. manufacturers when available in sufficient quantities and at fair market prices.

    Tenney has championed this issue since her first term in Congress, introducing the SPOONSS Act in 2017 to include stainless steel flatware under the Berry Amendment. Her efforts led to the temporary addition of stainless steel flatware and dinnerware to the Berry Amendment as part of the Fiscal Year 2025 National Defense Authorization Act (NDAA), but the provision is set to expire on January 1, 2029. The FORKS Made in America Permanency Act would eliminate the sunset clause and make this requirement permanent.

    “Permanently adding stainless steel flatware and dinnerware to the Berry Amendment is a win for American manufacturing and our servicemembers. The FORKS Made in America Permanency Act will help ensure our troops are using top-quality products made right here at home, while creating good-paying jobs and driving economic growth in Central New York,” said Congresswoman Tenney.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Unlocking the Development Potential of Diaspora Communities and Helping Reduce Reliance on Foreign Aid

    Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

    FOR IMMEDIATE RELEASE

    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: REP. OGLES SECURES $74 MILLION FOR VETERANS

    Source:

    WASHINGTON, DC — After securing House passage of amendments supporting the expansion of community-based care for veterans, Congressman Ogles is thrilled to welcome a $74 million award for Veterans Affairs (VA) Community-Based Outpatient Clinic to Davidson County. The facility will offer services including medical treatment, counseling, and community-based programs. Congressman Ogles, along with President Trump and other congressional Republicans, promised to invest in the VA and improve veterans’ care systems, and they are keeping that promise.

    “This clinic will provide enhanced access to healthcare and benefits for the brave men and women who selflessly served our nation,” said Congressman Ogles. “Additionally, constructing and managing this new VA facility will create jobs for hardworking Middle Tennesseans, delivering both economic and social benefits to the constituents of the Fifth Congressional District. It took considerable time and effort to make this happen, but I couldn’t be more honored to help bring this opportunity to Middle Tennessee.”

    Congressman Ogles worked tirelessly during the 118th and 119th Congresses to draft and pass amendments that provide veterans with improved benefits across the board. These amendments include increased funding for PTSD medical care, securing grants for the construction and maintenance of extended-care facilities, and more.

    READ THE LETTER

    WATCH THE VIDEO

    # # #

     

    MIL OSI USA News –

  • MIL-OSI USA: Bean Urges Swift Action to Release K-12 Education Funds

    Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

    WASHINGTON—In response to the U.S. Department of Education’s abrupt hold on $6.8 billion in K-12 formula grant funding, U.S. Congressman Aaron Bean (FL-04) sent a letter to Secretary Linda McMahon urging immediate release of the money, citing urgent needs as school districts gear up for the new year.

    “Delaying critical education funding at the last-minute puts school districts in an impossible position. With students just weeks away from returning, it’s vital we get these dollars into Northeast Florida classrooms where they belong,” said Congressman Bean.

    KEY BACKGROUND

    Florida has been disproportionately impacted, with six school districts—Dade, Broward, Hillsborough, Orange, Duval, and Lee—on the list of 20 jurisdictions experiencing delays.

    Among the funding under review are Title II-A, Title IV-A and IV-B, Title III-A, Title I-C, and Adult Basic and Literacy Education grants—programs that support teacher development, enrichment services, English language learners, and more.

    To read the full letter, click HERE. 

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    MIL OSI USA News –

  • MIL-OSI USA: Senators Marshall & Risch Introduce Legislation to Strengthen Local Partnerships with Federal Immigration Authorities

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Senator Jim Risch (R-Idaho) in introducing the 287(g) Program Protection Act to streamline partnerships between local law enforcement and federal immigration authorities.
    The Department of Homeland Security (DHS) refused to process new 287(g) program applications during the Biden-Harris Administration, resulting in a significant backlog. In January 2025, President Trump issued an executive order to approve hundreds of 287(g) agreements, allowing local law enforcement officers to enforce immigration laws.
    “On Inauguration Day, President Trump vowed to secure the southern border and empower local law enforcement. With border encounters at nearly zero, he has fulfilled his first promise,” said Senator Marshall. “Now, it’s time to act on the second promise. The 287(g) Program Protection Act delivers tools to our local Kansas law enforcement agencies to undo the damage caused by the Biden-Harris Administration. I am proud to stand alongside Senator Risch and introduce this important legislation.”
    “President Trump’s enforcement of our immigration laws has brought encounters at the southern border to a screeching halt,” said Senator Risch. “To finish cleaning up the Biden administration’s mess, we must empower our local law enforcement to assist ICE in identifying and detaining the illegal immigrants in our communities.”
    The bill is also cosponsored by Senators Mike Crapo (R-Idaho), Mike Lee (R-Utah), Jim Justice (R-West Virginia), Ron Johnson (R-Wisconsin), and Rick Scott (R-Florida).
    Click here to read the bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall: The Obama White House Was the True Threat to Democracy

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins Newsmax Live to Discuss The DNI Report and August Recess
    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Marc Lotter and Emma Rechenberg on Newmax’s National Report to discuss the revelations from Director of National Intelligence (DNI) Tulsi Gabbard’s report that indicate President Obama knew that the Russian misinformation story was a hoax, and how the Senator believes the Senate should stay through August to confirm President Trump’s nominees.

    Click HERE or on the image above to watch Senator Marshall’s full interview.
    On the contents of the new DNI report on the Obama White House:
    “Well, this is the true threat to Democracy. The smoking gun is very evident right here, where in the Oval Office, Barack Obama switched what the intelligence community had told him. He dreamed up this story, and why did he do it? Number one is, he wanted to delegitimize the election. Number two, he wanted to cripple the President’s [Trump] legacy going forward as well. When I look at something like this, I want to think about a little bit of logic here. You know, what was their motivation? I just described that…
    “And this is the new report, okay, Congress had never seen this report from the Oval Office. It’s consistent with the rest of the story. You all have reported on the FISA abuse, Russia, Russia, Russia. This is the next chapter. And then here’s the evidence, here’s the evidence, here’s the smoking gun. Here is a report from the Oval Office itself, saying Barack Obama, in the room with Joe Biden and all of his cronies, saying: ‘Let’s switch the narrative of the story, let’s say that Russia interfered with the election, let’s delegitimize the election and the will of the people.’”
    On why the media wants to bury this story:
    “Yeah, I’m reminded of that Jack Nicholson saying, ‘mister, you can’t [handle] the truth…’ but look here’s the truth, yeah, look at the evidence. Here’s a report from the Oval Office: Barack Obama is given a report from the Intelligence Agency saying that Russia had minimal impact on the election.
    “And Barack says, ‘Oh no, let’s change that narrative, let’s go out there and delegitimize the election and tell the American people that Russia interfered with the election.’ Otherwise, how in the world could Hillary Clinton be beaten? Never mind that she was on tranquilizers at the time and to her wits’ end, and was craving for all the power she can get.
    “Look, again, this is the threat to Democracy. This is the true threat to Democracy when the President of the United States weaponizes the entire Intelligence Agency and the legacy media against the future President of the United States, the duly elected future President of the United States.”
    On whether the Senate will remain in DC during the August recess period:
    “Well, look, I certainly am out there publicly saying I want to stay. We have lunch together as Republican Senators every Tuesday, Wednesday, and Thursday. I’ve been very consistent with our message. We need to stay here to fulfill the will of the American people, the 78 million people who voted for President Trump.
    “Look, the political appointees right now that he has in those agencies are drowning. They need their junior members, their colonels, so to speak, to push back on the swamp. I had no idea how deep and wide this swamp is up here.
    “So, we need more of those political appointees in there to push back and then go through and fulfill the President’s agenda, which is the will of the people. So, I’m absolutely committed to staying here, whatever it takes. We need to get these appointees across the finish line.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Applauds USDA Workforce Reorganization from DC to Kansas City

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas) applauded the United States Department of Agriculture (USDA) announcement from Secretary of Agriculture Brooke Rollins that, as part of its planned reorganization, Kansas City will become the second largest beneficiary of the restructuring.
    This reorganization is part of a larger, government-wide process being undertaken by the Trump administration to return federal agencies to their primary functions, eliminate redundancy and waste, and preserve the critical services these agencies provide to taxpayers.
    “There are no stronger champions for American farmers and ranchers than Secretary Rollins and President Trump,” said Senator Marshall. “Today’s announcements build on President Trump’s efforts in his first Administration to move those who work closest with our farmers and ranchers to our nation’s heartland. This is putting Farmer’s First.”
    “American agriculture feeds, clothes, and fuels this nation and the world, and it is long past time the Department better serve the great and patriotic farmers, ranchers, and producers we are mandated to support. President Trump was elected to make real change in Washington, and we are doing just that by moving our key services outside the beltway and into great American cities across the country,” said Secretary Rollins. “We will do so through a transparent and common-sense process that preserves USDA’s critical health and public safety services the American public relies on. We will do right by the great American people who we serve and with respect to the thousands of hardworking USDA employees who so nobly serve their country.”
    In the case of the USDA, today’s announcement will:

    Ensure the size of the USDA’s workforce aligns with available financial resources and agricultural priorities
    Bring USDA closer to its customers
    Eliminate management layers and bureaucracy
    Consolidate redundant support functions

    Click here to read the full Secretary Memorandum.

    MIL OSI USA News –

  • MIL-OSI USA: Tillis, Colleagues Introduce Legislation to Increase Housing Supply, Reduce Costs

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Senators Thom Tillis (R-NC), Tim Scott (R-SC), Ruben Gallego (D-AZ), Katie Britt (R-AL), Brian Schatz (D-HI), Mike Crapo (R-ID), and Alex Padilla (D-CA) recently introduced the bipartisan Housing Supply Expansion Act of 2025, legislation that modernizes the federal definition of “manufactured housing” to include modular or prefabricated homes built without a permanent chassis. By allowing off-chassis manufactured homes, the bill expands consumer access to more efficient and cost-effective designs, providing greater architectural flexibility to better integrate into existing neighborhoods.

    “I’m proud to support this commonsense legislation that expands housing options for hardworking families in North Carolina and across the country,” said Senator Tillis. “By modernizing the definition of manufactured homes, we can encourage innovative and affordable designs and help more Americans achieve the dream of homeownership.”

    “Manufactured housing plays an important role in helping more Americans access homeownership, but we need to make sure outdated regulations aren’t preventing newer, potentially more innovative models from coming to market,” said Chairman Scott. “This legislation will remove red tape and lower the costs of building these types of homes, increasing access to affordable housing opportunities for Americans across the country.” 

    “Manufactured homes are some of the most affordable housing solutions on the market, but outdated laws are preventing newer, safer models from becoming widely available,” said Senator Gallego. “Our bipartisan bill makes a simple update to allow for greater design flexibility and bring down the cost of manufactured homes.”

    “We need to build as many homes as we can to address our national shortage, and we can’t let outdated rules needlessly constrain supply,” said Senator Schatz. “Our bill will unlock manufactured homes in both urban and rural areas around the country, making manufactured homes and all housing more accessible and affordable.”

    “We must find new, innovative ways to expand affordable housing venues so more individuals can achieve the American Dream of owning their home,” said Senator Crapo. “It is time to throw out established norms and cut bureaucratic hurdles that stand in the way of innovative designs to increasing affordable housing.” 

    “With this small adjustment, our legislation would help increase the production of affordable housing in California during a historic housing crisis,” said Senator Padilla. “Simply modifying the definition of manufactured houses would cost the government nothing and could unlock greater design flexibility while increasing the desperately needed affordable housing supply.” 

    Full text of the bill is available HERE.  

    MIL OSI USA News –

  • MIL-OSI USA: Kelly, Morelle, Langworthy, Houlahan lead bipartisan effort to squash the invasive Spotted Lanternfly

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — This week, U.S. Representatives Mike Kelly (R, PA-16), Joe Morelle (D, NY-25), Chrissy Houlahan (D, PA-06), and Nick Langworthy (R, NY-23) introduced bipartisan legislation to stop the spread of the Spotted Lanternfly, an invasive species that poses a significant threat to the American agricultural economy.

    “Agriculture plays a vital role in Pennsylvania’s economy, especially in my district which is home to many family farms and agricultural businesses,” said Rep. Kelly. “In Pennsylvania alone, the Spotted Lanternfly could cost hundreds of millions of dollars in economic damage and eliminate thousands of agricultural jobs. We must protect our farmers and harvesters from this invasive and dangerous threat.”

    “It’s hard to visit the Finger Lakes without enjoying our amazing vineyards and orchards, but sadly, they’re under serious threat from the Spotted Lanternfly,” said Congressman Morelle. “My legislation would provide additional support for both local and national organizations committed to fighting back against this invasive, destructive pest. I’m grateful to Representatives Kelly, Houlahan, and Langworthy for joining me in supporting this critical bill, and I hope to see it passed and signed into law soon.”

    “Across our community, I hear time and again about how devastating these pests can be. Whether you’re a farmer, a homeowner, or just someone who enjoys the delicious produce grown by our community’s farmers, the invasive Spotted Lanternfly poses a serious problem,” said Rep. Houlahan. “I’m glad to join this bipartisan group of leaders who are once again stepping up to unlock new research funding on eradicating these insects. I was thrilled to see this legislation included last year in both the House and Senate drafts of the Farm Bill and remain optimistic that this year, we will be able to push this legislation forward to deliver these badly needed funds.”

    “The Spotted Lanternfly infestation continues to wreak havoc across Western New York and the Southern Tier, especially devastating our grape crops,” said Congressman Langworthy. “Year after year, this invasive pest inflicts severe damage, threatening not only our crops but the livelihoods of hardworking farmers and the very future of our agricultural communities. This crisis can no longer be ignored. I’m proud to lead this bipartisan effort to safeguard our crops, protect our local farmers’ livelihoods, and preserve the future of our agricultural communities.”

    BACKGROUND

    The Spotted Lanternfly Research and Development Act designates the Spotted Lanternfly as a high-priority research and extension initiative under the National Institute of Food and Agriculture. This designation authorizes the Secretary of Agriculture to make competitive grants available for research projects related to the mitigation of this invasive species so we can find creative solutions to stop the spread before Pennsylvania’s cash crops are further decimated.

    How you can help stop the spread:

    • Learn how to identify the Spotted Lanternfly.
    • Inspect outdoor items such as firewood, vehicles, and furniture for egg masses.
    • If you visit other states with Spotted Lanternfly, be sure to check all equipment and gear before leaving and scrape off any egg masses.
    • Report sightings by completing this form.
    • If you see a Spotted Lanternfly, kill it immediately by stepping on it or crushing it.

    MIL OSI USA News –

  • MIL-OSI USA: Kelly, Smucker send letter to Commissioner Long calling for removal of Biden-Era IRS revenue ruling

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — Today, U.S. Representatives Mike Kelly (R-PA), Chairman of the Ways & Means Subcommittee on Tax, and Lloyd Smucker (R-PA), a member of the Ways & Means Committee, and 18 other members of the tax-writing Ways and Means Committee sent a letter to Internal Revenue Services (IRS) Commissioner Billy Long urging its reconsideration of Revenue Ruling 2024-14, unsupported Biden-era guidance that has created unnecessary confusion for taxpayers and threatens enforcement actions by drawing into question routine business transactions. 

    Revenue Ruling 2024-14 was announced last year as part of a broader effort by the Biden Administration to crack down on partnership “basis-shifting” transactions. Specifically, the ruling broadly applies the economic substance doctrine, an enforcement tool to combat tax avoidance and ensure that transactions are driven by legitimate business purposes, rather than simply reducing tax liability. By extending the scope of this enforcement tool beyond past precedent, the IRS overreached and cast doubt over the legality of routine partnership transactions.

    “Main Street businesses are the backbone of our communities. They should be able to focus on providing quality services to American families and not worry about being targeted by the heavy-handed IRS. I am proud to lead this letter voicing our concerns alongside my Pennsylvania colleague Rep. Smucker and our fellow Ways and Means Committee Republicans,” Rep. Kelly said. “I look forward to working with IRS Commissioner Long and the Trump Administration as we look to overturn these political weaponization tools against small businesses enacted under the Biden regime.”

    “American taxpayers and businesses deserve clear and consistent tax rules that allow them to confidently comply with the law,” said Rep. Smucker. “Reconsidering this relic of the Biden administration’s IRS would remove a contradictory compliance burden and help instill a more predictable tax code. The Trump administration has secured historic tax reforms for the American people. We are hopeful that it will remain committed to restoring fairness. We respectfully urge the IRS to rescind this Biden-era regulation, eliminate uncertainty, and restore greater trust in the American tax code.”

    “[T]he ruling assumes that related-party transactions inherently lack a legitimate business purpose,” the letter reads. “This assumption is at odds with long-established tax law and the reality of how businesses operate. Related-party transactions are routine in a variety of industries, including manufacturing, investment, and distribution, and are governed by provisions such as section 482 that are specifically designed to ensure fair treatment while recognizing their legitimacy.

    “We believe that withdrawing Revenue Ruling 2024-14 and rejecting its flawed legal analysis would be an important next step toward restoring clarity and consistency in the tax code.

    “We appreciate the current administration’s steps to improve tax regulation, including the recent withdrawal of REG-124593-23, which would have designated related-party basis adjustments as “transactions of interest.”

    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Bacon, Tonko, Fitzpatrick, and Markey Introduce Community Mental Wellness & Resilience Act

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon, Tonko, Fitzpatrick, and Markey Introduce Community Mental Wellness & Resilience Act

    Bipartisan legislation bolsters mental wellness & resilience to traumas caused by natural disasters

    WASHINGTON, DC — Representatives Don Bacon (R-NE), Paul D. Tonko (D-NY), Brian Fitzpatrick (R-PA), and Senator Edward Markey (D-MA) today reintroduced H.R. 4744, the Community Mental Wellness & Resilience Act, a bipartisan bill that tackles the nation’s mental health crisis by addressing the extensive community trauma caused by natural disasters. This innovative legislation will empower communities through a new federal grant program to craft their own locally specific responses to the mental health problems caused by disasters and toxic stresses.

    “The mental health crisis affecting our communities is one of the most serious challenges of our time. We need comprehensive, community-driven solutions that empower local leaders to develop and implement programs that work for their specific needs,” said Congressman Don Bacon. “The bipartisan Community Mental Wellness and Resilience Act puts the power back in the hands of our communities to create meaningful, lasting change in mental health care.” 

    “Extreme weather disasters don’t just wreak havoc on our homes, economies, and infrastructure — they inflict lasting trauma and mental harm for those both directly impacted and far beyond the affected area,” Congressman Tonko said. “We need to provide compassionate, evidence-informed solutions to support our communities. That’s why I’m leading this bipartisan legislation in partnership with my colleagues. We’ll continue working to further mental wellness and equip our communities with the resources they need to meet and overcome these traumas.”

    “Communities are struggling to meet the current need for mental health services, and as the climate crisis worsens, unprecedented disasters will only cause more unprecedented harm to our physical and mental health,” said Senator Markey.“Heat waves, flash floods, wildfires, and droughts leave devastation and trauma in their wake. My Community Mental Wellness and Resilience Act would give communities the help they need to protect residents’ mental health, especially those in rural and underserved communities that are getting hit first and worst by disasters and have the fewest resources to deal with them.”

    “For too long, our disaster response has focused solely on physical recovery, while the mental and emotional toll has gone unaddressed. This bipartisan legislation corrects that imbalance by treating mental health as a core component of our public health and emergency preparedness strategy. By investing in evidence-based, community-driven solutions, we’re not just helping communities rebuild—we’re helping them heal,” said Congressman Brian Fitzpatrick.  

    In 2024, Mental Health America reported that nearly 23 percent of U.S. adults (~60 million people) experienced a diagnosed mental illness, with more than 5 percent facing severe conditions. Natural disasters only exacerbate the problem. Consequently, the number of people who experience a mental health problem as a result of a natural disaster often outweigh those with physical injuries by 40 to 1.

    The Community Mental Wellness and Resilience Act will:

    • Establish a competitive grant program at the Department of Health and Human Services (HHS) to create, operate, or expand community-based programs that use a public health approach to build mental wellness and resilience
    • These programs will work to enhance the capacity of all residents for mental wellness and resilience to prevent and heal mental health problems generated by disasters and toxic stresses
      • Incorporates a set-aside to help address rural mental health disparities
    • Community initiatives will build their own strategies to enhance and sustain population-level mental wellness and resilience, with specific attention to high-risk individuals

    More than 110 organizations support Rep. Tonko’s legislation, including: Alliance of Nurses for Healthy Environments, American Foundation for Suicide Prevention, American Lung Association, American Psychiatric Association, American Public Health Association, International Transformational Resilience Coalition,  Mental Health America, Moms Clean Air Force, National Association of Pediatric Nurse Practitioners, National Association of Social Workers, National League for Nursing, Rural Opportunity Institute, The Kennedy Forum, and YMCA of the USA.

    A full list of supporting organizations and their quotes can be found HERE.

    A fact sheet on the legislation can be found HERE.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Former Supervisor of Camden County Jail Sentenced for Civil Rights Violation in the Assault of Pretrial Detainee

    Source: US State of California

    A former deputy sheriff and Jail Corporal with the Camden County Sheriff’s Office was sentenced today to 16 months in prison, followed by three years of supervised release, for assaulting a pretrial detainee, identified by the initials J.H.

    Ryan Robert Biegel, 27, of Kingsland, Georgia, pleaded guilty before the Honorable Lisa G. Wood on January 28 to one count of using unreasonable force against the detainee. According to the plea agreement, on September 3, 2022, Biegel and two other correctional officers entered a holding cell in which J.H. was being detained. Upon entering the cell, two other correctional officers restrained J.H.’s arms and pushed him against a wall. Biegel admitted that he punched J.H. five times in the back of the head, which he knew was not reasonable or necessary to accomplish a legitimate law enforcement purpose, and then struck J.H. in the head and body an additional twenty-two times with his fists and knees.

    The FBI Brunswick RA Field Office investigated the matter along with the Georgia Bureau of Investigation. Assistant U.S. Attorney Jennifer J. Kirkland for the Southern District of Georgia and Trial Attorney Alec Ward of the Civil Rights Division’s Criminal Section prosecuted the case.

    MIL OSI USA News –