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Category: United States of America

  • MIL-OSI USA: Chairman Capito Participates in EPW T&I Subcommittee Hearing on Surface Transportation Improvements

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s questions, click here or the image above.

    WASHINGTON, D.C. – Yesterday, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, participated in an EPW Transportation and Infrastructure Subcommittee hearing on proposals to improve America’s transportation infrastructure.

    During the subcommittee hearing, Chairman Capito opened with remarks outlining the need for the Surface Transportation Reauthorization Bill to provide states with needed flexibility, and how projects could be done more efficiently with permitting reform. Additionally, Chairman Capito asked for an update on efforts to rebuild the Francis Scott Key Bridge in Maryland.

    HIGHLIGHTS:

    FLEXIBILITY FOR STATES:

    “My history here on Capitol Hill has been that transportation and infrastructure is something that we all have. We have our different needs, but we all have need for. So, I think flexibility, Senator Lummis, I think, asked the first question I was going to ask of Mr. Orn on the flexibilities that you get by having the formula funding. We’re not going to build highways in West Virginia the same way that you build them in North Dakota, or Maryland, or other places. There’s just different needs.”

    PERMITTING REFORM:

    “I think one of the things that is important as well, is permitting reform. I think if we can get bipartisan permitting reform, all of these dollars will go a lot faster, and a lot more efficiently than they have in the past.”

    UPDATE ON FRANCIS SCOTT KEY BRIDGE:

    Chairman Capito:

    “Could you update me on the status of the reconstruction of the bridge and tell us the current cost estimate for that bridge?”

    Samantha Biddle, Deputy Secretary, Maryland Department of Transportation:

    “Of course, and thank you as well for your support and partnership as we navigated what was truly a catastrophic event that we are still working through. So, we’re so immensely grateful for the federal support. This is a critical national freight and supply chain asset, and we pledge to remain transparent with this committee and providing updates, as well as in our efforts to seek reimbursement to the responsible party for that bridge collision. To date, the Francis Scott Key Bridge rebuild has been environmentally cleared, and we have a progressive design-build contractor in place, and pre-construction and demolition activities are currently underway. We appreciate the strong continued partnership with the Federal Highway Administration, as well as our progressive design-build contractor, Kiewit, and we do remain on track to deliver a new bridge as quickly and cost effectively as possible. However, due to the progressive design-build process that we’re working through, we are currently still tracking the initial cost estimate from earlier on in the bridge rebuild process.”

    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.85 per basic share and $0.82 per diluted share, for the three months ended June 30, 2025 compared to net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30, 2024. In addition, the Company reported net income of $21.7 million, or $1.65 per basic share and $1.60 per diluted share, for the six months ended June 30, 2025 compared to net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months ended June 30, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are once again pleased to be able to report continued strong performance throughout our entire loan portfolio, with continuing focus on construction lending in high demand, high absorption sub-markets, as well as our growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens. Despite the uncertainty throughout the national economy during the first half of the year, loan demand continues to increase with outstanding unfunded commitments exceeding $636 million at June 30, 2025.”

    Highlights for the three months and six months ended June 30, 2025 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.27%, a return on average shareholders’ equity ratio of 13.37%, and an efficiency ratio of 40.52% for the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company reported a return on average total assets ratio of 2.20%, a return on average shareholders’ equity ratio of 13.18%, and an efficiency ratio of 41.08%.
    • Asset quality metrics continue to remain strong with no non-performing loans at either June 30, 2025 or December 31, 2024, and non-performing assets to total assets of 0.04% and 0.25% at June 30, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $4.7 million, or 0.26% of total loans at June 30, 2025 compared to $4.8 million, or 0.27% of total loans at December 31, 2024.
    • Total stockholders’ equity increased by $18.3 million, or 5.8%, to $336.7 million, or 17.06% of total assets as of June 30, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $35.7 million, or 1.8%, to $2.0 billion at June 30, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in cash and cash equivalents of $18.9 million, net loans of $14.9 million, and real estate owned of $4.4 million, partially offset by an increase of $3.4 million in equity securities.

    Cash and cash equivalents decreased $18.9 million, or 24.1%, to $59.4 million at June 30, 2025 from $78.3 million at December 31, 2024. The decrease in cash and cash equivalents was a result of a decrease in deposits of $191.2 million, partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities.

    Equity securities increased $3.4 million, or 15.2%, to $25.3 million at June 30, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $3.0 million in equity securities during the six months ended June 30, 2025 and market appreciation of $351,000 due to market interest rate volatility during the six months ended June 30, 2025.

    Securities held-to-maturity decreased $218,000, or 1.5%, to $14.4 million at June 30, 2025 from $14.6 million at December 31, 2024 due to $128,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $14.9 million, or 0.8%, to $1.8 billion at June 30, 2025 from $1.8 billion at December 31, 2024.   The decrease in loans consisted of decreases of $102.7 million in construction loans, $1.6 million in consumer loans, $482,000 in mixed-use loans, $475,000 in non-residential loans, and $74,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $85.9 million in multi-family loans of which $43.2 million is attributed to residential cooperative building loans and $4.3 million in commercial and industrial loans.

    During the six months ended June 30, 2025, we originated loans totaling $462.7 million consisting primarily of $338.8 million in construction loans, $95.4 million in multi-family loans of which $32.9 million is attributed to residential cooperative building loans, $27.8 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $338.8 million in construction loans had 41.6% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans decreased to $4.7 million as of June 30, 2025, from $4.8 million as of December 31, 2024. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $602,000, offset by recoveries totaling $434,000 and provision for credit losses totaling $62,000.  

    Premises and equipment increased $536,000, or 2.2%, to $25.3 million at June 30, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock increased $688,000, or 173.3%, to $1.1 million at June 30, 2025 from $397,000 at December 31, 2024 primarily due to an increase in borrowings from the Federal Home Loan Bank.

    Bank owned life insurance (“BOLI”) increased $336,000, or 1.3%, to $26.1 million at June 30, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.4 million, or 10.1%, to $12.1 million at June 30, 2025 from $13.5 million at December 31, 2024 due to a decrease of $14.9 million in the loan portfolio.

    Real estate owned decreased $4.4 million, or 85.0%, to $767,000 at June 30, 2025 from $5.1 million at December 31, 2024 due to the sale of a foreclosed property to an independent third party.

    Property held for investment was $1.4 million at both June 30, 2025 and December 31, 2024.

    Right of use assets — operating increased $382,000, or 9.6%, to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the right of use assets.

    Other assets decreased $1.2 million, or 10.5%, to $10.4 million at June 30, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.2 million in tax assets and $118,000 in prepaid expenses, partially offset by an increase of $116,000 in suspense accounts.

    Total deposits decreased $191.2 million, or 11.5%, to $1.5 billion at June 30, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to a decrease in certificates of deposit of $251.5 million, or 25.1%, partially offset by increases in NOW/money market accounts of $56.4 million, or 23.2%, savings account balances of $3.3 million, or 2.4%, and non-interest bearing deposits of $2.2 million, or 0.8%.   The decrease of $251.5 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $134.2 million, or 26.2%, and a decrease in brokered certificates of deposit of $129.1 million, or 29.7%, partially offset by an increase in non-brokered listing services certificates of deposit of $11.7 million, or 35.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $804,000, or 49.7%, to $2.4 million at June 30, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Borrowings increased to $135.0 million at June 30, 2025 from none at December 31, 2024 due primarily to management’s strategy to diversify funding sources.

    Lease liability – operating increased $389,000, or 9.5%, to $4.5 million at June 30, 2025 from $4.1 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the lease liability.

    Accounts payable and accrued expenses increased $970,000, or 6.7%, to $15.5 million at June 30, 2025 from $14.5 million at December 31, 2024 due primarily to increases in accrued borrowing interest expense of $905,000, accounts payable of $666,000, deferred compensation of $312,000, suspense accounts for loan closings of $269,000, and the allowance for credit losses for off-balance sheet commitments of $175,000, partially offset by a decrease in accrued expense of $1.4 million.

    The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.9%, to $879,000 at June 30, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $74.5 million, or 13.3%, in off-balance sheet commitments since December 31, 2024.

    Stockholders’ equity increased $18.3 million, or 5.8% to $336.7 million at June 30, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $21.7 million for the six months ended June 30, 2025, an increase of $638,000 in earned employee stock ownership plan shares coupled with a reduction of $435,000 in unearned employee stock ownership plan shares, and the amortization expense of $894,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $25.1 million for the three months ended June 30, 2025, as compared to $26.2 million for the three months ended June 30, 2024. The decrease in net interest income of $1.1 million, or 4.4%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.2 million, or 5.5%, to $38.0 million for the three months ended June 30, 2025 from $40.2 million for the three months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 78 basis points from 8.89% for the three months ended June 30, 2024 to 8.11% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $64.9 million, or 3.6%, to $1.9 billion for the three months ended June 30, 2025 from $1.8 billion for the three months ended June 30, 2024.

    Interest expense decreased $1.1 million, or 7.5%, to $13.0 million for the three months ended June 30, 2025 from $14.0 million for the three months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 45 basis points from 4.33% for the three months ended June 30, 2024 to 3.88% for the three months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of  $41.9 million, or 3.2%, to $1.3 billion for the three months ended June 30, 2025 from $1.3 billion for the three months ended June 30, 2024.

    Our net interest margin decreased 44 basis points, or 7.6%, to 5.35% for the three months ended June 30, 2025 compared to 5.79% for the three months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded no credit loss expense for the three months ended June 30, 2025 compared to a credit loss expense reduction of $226,000 for the three months ended June 30, 2024.

    The credit loss expense reduction of $226,000 for the three months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000 for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet commitments and favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $485,000 during the three months ended June 30, 2025 as compared to charge-offs of $12,000 during the three months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $82,000 during the three months ended June 30, 2025 compared to no recoveries during the three months ended June 30, 2024. The recoveries of $82,000 during the three months ended June 30, 2025 comprised of recoveries from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 was $858,000 compared to non-interest income of $731,000 for the three months ended June 30, 2024. The increase of $127,000, or 17.4%, in total non-interest income was primarily due to increases of $71,000 in unrealized gain on equity securities, $48,000 in other loan fees and service charges, and $8,000 in BOLI income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 compared to an unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024. Both the unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 and the unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 were due to market interest rate volatility during both periods.

    The increase of $48,000 in other loan fees and service charges was due to an increase of $60,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $14,000 in other loan fees and loan servicing fees. The increase in BOLI income of $8,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 10.6%, to $10.5 million for the three months ended June 30, 2025 from $9.5 million for the three months ended June 30, 2024. The increase resulted primarily from increases of $398,000 in salaries and employee benefits, $220,000 in real estate owned expense, $151,000 in outside data processing expense, $111,000 in other operating expense, $69,000 in occupancy expense, $32,000 in equipment expense, and $29,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.3 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, we had approximately $210,000 in tax exempt income, compared to approximately $199,000 in tax exempt income for the three months ended June 30, 2024. Our effective income tax rates were 27.6% for the three months ended June 30, 2025 and June 30, 2024.  

    Results of Operations for the Six Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $49.3 million for the six months ended June 30, 2025 as compared to $51.2 million for the six months ended June 30, 2024. The decrease in net interest income of $1.9 million, or 3.7%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.1 million, or 2.7%, to $76.2 million for the six months ended June 30, 2025 from $78.4 million for the six months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 75 basis points from 8.83% for the six months ended June 30, 2024 to 8.08% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $112.3 million, or 6.3%, to $1.9 billion for the six months ended June 30, 2025 from $1.8 billion for the six months ended June 30, 2024.

    Interest expense decreased $242,000, or 0.9%, to $26.9 million for the six months ended June 30, 2025 from $27.2 million for the six months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 34 basis points from 4.31% for the six months ended June 30, 2024 to 3.97% for the six months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $95.7 million, or 7.6%, to $1.4 billion for the six months ended June 30, 2025 from $1.3 billion for the six months ended June 30, 2024.

    Net interest margin decreased 54 basis points, or 9.4%, to 5.23% for the six months ended June 30, 2025 compared to 5.77% for the six months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the six months ended June 30, 2025 compared to a credit loss expense reduction of $391,000 for the six months ended June 30, 2024. The credit loss expense of $237,000 for the six months ended June 30, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the six months ended June 30, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the six months ended June 30, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $391,000 for the six months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for off-balance sheet commitments of $235,000 for the six months ended June 30, 2024 was primarily attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $602,000 during the six months ended June 30, 2025 as compared to charge-offs of $33,000 during the six months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $434,000 during the six months ended June 30, 2025 compared to no recoveries during the six months ended June 30, 2024. The recoveries of $434,000 during the six months ended June 30, 2025 comprised of recoveries of $350,000 with respect to a previously charged-off non-residential mortgage loan and $84,000 from previously charged-off unpaid overdrafts on demand deposit accounts.

    Non-Interest Income

    Non-interest income for the six months ended June 30, 2025 was $2.1 million compared to non-interest income of $1.3 million for the six months ended June 30, 2024. The increase of $808,000, or 62.9%, in total non-interest income was primarily due to increases of $453,000 in unrealized gain on equity securities, $326,000 in other loan fees and service charges, $17,000 in BOLI income, and $12,000 in miscellaneous other non-interest income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $351,000 on equity securities during the six months ended June 30, 2025 compared to an unrealized loss of $102,000 on equity securities during the six months ended June 30, 2024. Both the unrealized gain of $351,000 on equity securities during the 2025 period and the unrealized loss of $102,000 on equity securities during the 2024 period were due to market interest rate volatility during both periods.

    The increase of $326,000 in other loan fees and service charges was due to increases of $232,000 in other loan fees and loan servicing fees, $91,000 in ATM/debit card/ACH fees, and $3,000 in deposit account fees. The increase in BOLI income of $17,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.9 million, or 10.2%, to $21.1 million for the six months ended June 30, 2025 from $19.2 million for the six months ended June 30, 2024. The increase resulted primarily from increases of $980,000 in salaries and employee benefits, $332,000 in other operating expense, $251,000 in outside data processing expense, $238,000 in real estate owned expense, $108,000 in occupancy expense, and $43,000 in advertising expense, partially offset by a decrease of $4,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $8.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, we had approximately $415,000 in tax exempt income, compared to approximately $394,000 in tax exempt income for the six months ended June 30, 2024. Our effective income tax rates were 27.7% and 28.3% for the six months ended June 30, 2025 and 2024, respectively.

    Asset Quality

    Non-performing assets were $767,000 at June 30, 2025 compared to $5.1 million at December 31, 2024.   The non-performing assets consisted of one foreclosed property located in Pittsburgh, Pennsylvania. We sold one foreclosed property totaling $4.3 million located in the Bronx, New York on June 30, 2025 to a third-party buyer at no loss to the Company and in connection therewith we provided the financing to complete the multi-family project.

    Our ratio of non-performing assets to total assets remained low at 0.04% at June 30, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $4.7 million, or 0.26% of total loans as of June 30, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at June 30, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at June 30, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 17.06% as of June 30, 2025.   At June 30, 2025, the Company had the ability to borrow $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2025, the Bank had a tier 1 leverage capital ratio of 15.87% and a total risk-based capital ratio of 14.99%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States 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 quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:  Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE:  (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
        June 30,   December 31,
        2025     2024  
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 19,042     $ 13,700  
    Interest-bearing deposits     40,331       64,559  
    Total cash and cash equivalents     59,373       78,259  
    Certificates of deposit     100       100  
    Equity securities     25,345       21,994  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)     14,398       14,616  
    Loans receivable     1,797,618       1,812,647  
    Deferred loan fees, net     (62 )     (49 )
    Allowance for credit losses     (4,724 )     (4,830 )
    Net loans     1,792,832       1,807,768  
    Premises and equipment, net     25,341       24,805  
    Investments in restricted stock, at cost     1,085       397  
    Bank owned life insurance     26,074       25,738  
    Accrued interest receivable     12,119       13,481  
    Real estate owned     767       5,120  
    Property held for investment     1,352       1,370  
    Right of Use Assets – Operating     4,383       4,001  
    Right of Use Assets – Financing     345       347  
    Other assets     10,370       11,585  
    Total assets   $ 1,973,884     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 287,741     $ 287,135  
    Interest bearing     1,191,420       1,383,240  
    Total deposits     1,479,161       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,422       1,618  
    Borrowings     135,000       –  
    Lease Liability – Operating     4,497       4,108  
    Lease Liability – Financing     628       609  
    Accounts payable and accrued expenses     15,500       14,530  
    Total liabilities     1,637,208       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     111,624       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,653 )     (6,088 )
    Retained earnings     230,345       213,974  
    Accumulated other comprehensive gain     220       224  
    Total stockholders’ equity     336,676       318,341  
    Total liabilities and stockholders’ equity   $ 1,973,884     $ 2,009,581  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024     2025   2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    INTEREST INCOME:                            
    Loans   $ 36,740     $ 38,634     $ 73,622     $ 75,337  
    Interest-earning deposits     1,027       1,385       2,108       2,585  
    Securities     272       218       516       436  
    Total Interest Income     38,039       40,237       76,246       78,358  
    INTEREST EXPENSE:                            
    Deposits     12,053       13,435       25,986       25,829  
    Borrowings     902       570       902       1,302  
    Financing lease     10       10       20       19  
    Total Interest Expense     12,965       14,015       26,908       27,150  
    Net Interest Income     25,074       26,222       49,338       51,208  
    Provision for (reversal of) credit loss     —       (226 )     237       (391 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,074       26,448       49,101       51,599  
    NON-INTEREST INCOME:                            
    Other loan fees and service charges     611       563       1,351       1,025  
    Earnings on bank owned life insurance     170       162       336       319  
    Unrealized gain (loss) on equity securities     51       (20 )     351       (102 )
    Other     26       26       55       43  
    Total Non-Interest Income     858       731       2,093       1,285  
    NON-INTEREST EXPENSES:                            
    Salaries and employee benefits     5,650       5,252       11,583       10,603  
    Occupancy expense     743       674       1,489       1,381  
    Equipment     253       221       470       474  
    Outside data processing     758       607       1,494       1,243  
    Advertising     123       94       225       182  
    Real estate owned expense     247       27       277       39  
    Other     2,734       2,623       5,589       5,257  
    Total Non-Interest Expenses     10,508       9,498       21,127       19,179  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,424       17,681       30,067       33,705  
    PROVISION FOR INCOME TAXES     4,254       4,883       8,330       9,533  
    NET INCOME   $ 11,170     $ 12,798     $ 21,737     $ 24,172  
                                 
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025     2024     2025     2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                        
    Earnings per share – basic   $ 0.85     $ 0.98     $ 1.65     $ 1.84  
    Earnings per share – diluted     0.82       0.97       1.60       1.83  
    Weighted average shares outstanding – basic     13,216       13,084       13,204       13,119  
    Weighted average shares outstanding – diluted     13,568       13,181       13,563       13,205  
    Performance ratios/data:                        
    Return on average total assets     2.27 %     2.70 %     2.20 %     2.60 %
    Return on average shareholders’ equity     13.37 %     17.28 %     13.18 %     16.59 %
    Net interest income   $ 25,074     $ 26,222     $ 49,338     $ 51,208  
    Net interest margin     5.35 %     5.79 %     5.23 %     5.77 %
    Efficiency ratio     40.52 %     35.24 %     41.08 %     36.54 %
    Net charge-off ratio     0.09 %     0.00 %     0.01 %     0.00 %
                             
    Loan portfolio composition:                 June 30, 2025     December 31, 2024
    One-to-four family               $ 3,398     $ 3,472  
    Multi-family                 292,552       206,606  
    Mixed-use                 26,089       26,571  
    Total residential real estate                 322,039       236,649  
    Non-residential real estate                 28,971       29,446  
    Construction                 1,323,477       1,426,167  
    Commercial and industrial                 123,084       118,736  
    Consumer                 47       1,649  
    Gross loans                 1,797,618       1,812,647  
    Deferred loan fees, net                 (62 )     (49 )
    Total loans               $ 1,797,556     $ 1,812,598  
    Asset quality data:                        
    Loans past due over 90 days and still accruing               $ –     $ –  
    Non-accrual loans                 –       –  
    OREO property                 767       5,120  
    Total non-performing assets               $ 767     $ 5,120  
                             
    Allowance for credit losses to total loans                 0.26 %     0.27 %
    Allowance for credit losses to non-performing loans                 0.00 %     0.00 %
    Non-performing loans to total loans                 0.00 %     0.00 %
    Non-performing assets to total assets                 0.04 %     0.25 %
                             
    Bank’s Regulatory Capital ratios:                        
    Total capital to risk-weighted assets                 14.99 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 leverage ratio                 15.87 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Three Months Ended June 30, 2025   Three Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,754,363     $ 36,740     8.38 %   $ 1,687,029     $ 38,634     9.16 %
    Securities     37,839       265     2.80 %     33,438       199     2.38 %
    Federal Home Loan Bank stock     438       7     6.39 %     704       19     10.80 %
    Other interest-earning assets     83,135       1,027     4.94 %     89,736       1,385     6.17 %
    Total interest-earning assets     1,875,775       38,039     8.11 %     1,810,907       40,237     8.89 %
    Allowance for credit losses     (5,122 )                 (4,927 )            
    Non-interest-earning assets     95,651                   91,085              
    Total assets   $ 1,966,304                 $ 1,897,065              
                                         
    Interest-bearing demand deposit   $ 298,689     $ 2,401     3.22 %   $ 205,536     $ 1,930     3.76 %
    Savings and club accounts     141,238       761     2.16 %     158,292       982     2.48 %
    Certificates of deposit     815,000       8,891     4.36 %     884,626       10,523     4.76 %
    Total interest-bearing deposits     1,254,927       12,053     3.84 %     1,248,454       13,435     4.30 %
    Borrowed money     82,712       912     4.41 %     47,276       580     4.91 %
    Total interest-bearing liabilities     1,337,639       12,965     3.88 %     1,295,730       14,015     4.33 %
    Non-interest-bearing demand deposit     274,466                   285,368              
    Other non-interest-bearing liabilities     20,114                   19,641              
    Total liabilities     1,632,219                   1,600,739              
    Equity     334,085                   296,326              
    Total liabilities and equity   $ 1,966,304                 $ 1,897,065              
                                         
    Net interest income / interest spread         $ 25,074     4.23 %         $ 26,222     4.56 %
    Net interest rate margin                 5.35 %                 5.79 %
    Net interest earning assets   $ 538,136                 $ 515,177              
    Average interest-earning assets to interest-bearing liabilities     140.23 %                 139.76 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,761,069     $ 73,622     8.36 %   $ 1,649,686     $ 75,337     9.13 %
    Securities     37,298       500     2.68 %     33,643       396     2.35 %
    Federal Home Loan Bank stock     418       16     7.66 %     773       40     10.35 %
    Other interest-earning assets     88,277       2,108     4.78 %     90,644       2,585     5.70 %
    Total interest-earning assets     1,887,062       76,246     8.08 %     1,774,746       78,358     8.83 %
    Allowance for credit losses     (4,978 )                 (5,009 )            
    Non-interest-earning assets     96,071                   89,972              
    Total assets   $ 1,978,155                 $ 1,859,709              
                                         
    Interest-bearing demand deposit   $ 286,726     $ 4,846     3.38 %   $ 188,510     $ 3,483     3.70 %
    Savings and club accounts     140,077       1,491     2.13 %     170,531       2,184     2.56 %
    Certificates of deposit     888,136       19,649     4.42 %     847,606       20,162     4.76 %
    Total interest-bearing deposits     1,314,939       25,986     3.95 %     1,206,647       25,829     4.28 %
    Borrowed money     41,584       922     4.43 %     54,184       1,321     4.88 %
    Total interest-bearing liabilities     1,356,523       26,908     3.97 %     1,260,831       27,150     4.31 %
    Non-interest-bearing demand deposit     272,680                   288,639              
    Other non-interest-bearing liabilities     19,107                   18,865              
    Total liabilities     1,648,310                   1,568,335              
    Equity     329,845                   291,374              
    Total liabilities and equity   $ 1,978,155                 $ 1,859,709              
                                         
    Net interest income / interest spread         $ 49,338     4.11 %         $ 51,208     4.52 %
    Net interest rate margin                 5.23 %                 5.77 %
    Net interest earning assets   $ 530,539                 $ 513,915              
    Average interest-earning assets to interest-bearing liabilities     139.11 %                 140.76 %            

    The MIL Network –

    July 25, 2025
  • MIL-OSI USA: Tonko, Fitzpatrick, Bacon, and Markey Introduce Community Mental Wellness & Resilience Act

    Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

    WASHINGTON, DC — Representatives Paul D. Tonko (D-NY), Brian Fitzpatrick (R-PA), Don Bacon (R-NE), 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.

    “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.  

    “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.” 

    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 –

    July 25, 2025
  • MIL-OSI USA: USGS and state partners to test bait platforms to catch invasive carp in Upper Mississippi River

    Source: US Geological Survey

    LA CROSSE, Wis. — Scientists from the U.S. Geological Survey, in collaboration with the Minnesota and Wisconsin Departments of Natural Resources, will install floating bait platforms and monitoring equipment to test a new method for capturing invasive carp. The equipment will be in place from July 28 to Oct 3, 2025 in Pool 8 of the Mississippi River, near La Crosse, WI.

    Installed bait delivery platform on the Sandusky River, Ohio used in a prior study for applying grass carp bait.

    Invasive carp, including silver and bighead carp are found throughout much of the Mississippi River basin. These fish pose a threat to native aquatic ecosystems by outcompeting native fish for food and habitat, disrupting food webs and altering water quality. Silver carp, which can jump 10 feet out of the water, can also pose a risk to boaters. Invasive carp are wide-ranging and difficult to capture with traditional fishing gear.

    Late summer is a particularly difficult time of year to capture invasive carp in Minnesota-Wisconsin border waters because the fish tend to disperse widely throughout the river. Past trials have shown that baits made from algae attract silver and bighead carps. Floating bait platforms could draw invasive carp into favorable locations to make them easier to capture.

    The floating platforms will be equipped with automatic feeders that dispense bait at scheduled intervals. The bait, previously tested in laboratory and field trials, is made from chlorella and spirulina, nutrient-rich algae commonly used in aquaculture. Feeding platforms will be monitored for fish abundance and movement in response to the bait. Commercial fishers contracted by the Minnesota DNR will capture fish before and after baiting periods. The data will help researchers to evaluate bait effectiveness and capture methods.

    An invasive silver carp jumps out of the water. Silver carp can sometimes reach heights of ten feet in the air.

    Precautionary measures are in place to ensure project success and public safety. Community cooperation is appreciated. If you observe damaged property or suspicious activity near the platforms, please contact the Minnesota DNR at 651-587-2781 or invasivecarp.dnr@state.mn.us. Hunting, fishing, and recreation will not be restricted near platforms, but the public is asked not to moor to or stand on them. Boaters are also asked to stay clear of commercial fishing operations that will be taking place around the platforms during the weeks of Aug 4 – 8, Sept 2 -5, and Sept 30 -3.

    This project is supported by a 2023 Minnesota state legislative appropriation for invasive carp prevention and management, Upper Mississippi River Invasive Carp Grants administered by the U.S. Fish and Wildlife Service and the U.S. Geological Survey Ecosystems Mission Area, Biological Threats & Invasive Species Research Program.

    # # #

    The USGS provides science for a changing world. Learn more at www.usgs.gov or follow us on Facebook @USGeologicalSurvey, YouTube @USGS, Instagram @USGS, or X at @USGS.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and No KYC – Empowering Everyday Traders to Achieve Financial Freedom

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues its upward trajectory, BexBack Exchange is setting a new standard in accessible trading with an unprecedented offer designed to empower both new and experienced traders. In the wake of Bitcoin’s remarkable surge, BexBack introduces an enticing promotional package featuring 100x leverage, a 100% deposit bonus, and the best part – NO KYC required.

    Breaking Down Barriers for Ordinary People

    BexBack has always been committed to providing opportunities that allow anyone, regardless of experience, to access the world of cryptocurrency trading. Now, with the introduction of 100x leverage, traders can control significantly larger positions while using minimal capital, enhancing their potential profits without needing substantial upfront investment. This high leverage option makes it possible for traders to capitalize on even the smallest price fluctuations, offering greater returns in a volatile market.

    Moreover, BexBack’s 100% deposit bonus gives users the opportunity to double their initial deposits, allowing them to increase their trading capital without having to deposit additional funds. Whether you are a newcomer or a seasoned investor, this bonus is designed to maximize trading potential and enhance the ability to leverage market volatility.

    NO KYC – Fast, Secure, and Anonymous Trading

    In a significant move to improve user experience, BexBack is also eliminating the KYC (Know Your Customer) requirements, ensuring fast, secure, and anonymous trading. This means that new users can register and begin trading within minutes, without the need to undergo lengthy verification processes. This commitment to privacy ensures that BexBack users can focus entirely on maximizing their trading potential without additional administrative hurdles.

    The Power of Leverage and Bonus to Achieve Financial Freedom

    For many people, achieving financial freedom may seem like an impossible dream, but with BexBack’s tools, it’s now within reach. With the added advantage of up to 100x leverage and double deposit bonuses, ordinary traders can amplify their earnings and increase their potential returns with little initial capital. This makes high-stakes crypto futures trading more accessible than ever before, allowing anyone to turn market volatility into wealth-building opportunities.

    Why Choose BexBack?

    1. 100x Leverage – Maximize your returns with up to 100x leverage on crypto futures.
    2. 100% Deposit Bonus – Double your trading capital immediately with every deposit.
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    4. Diverse Asset Support – Trade over 50 digital assets with ease.
    5. Instant Activation – Get started quickly without delays and start leveraging market movements.
    6. $50 Welcome Bonus: available to new users who meet the requirements.
    7. Comprehensive Customer Support – Our 24/7 multilingual support is always available to guide you.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Take Control of Your Financial Future

    Whether you are looking to diversify your portfolio or dive deeper into crypto futures trading, BexBack is giving you the tools to take control of your financial future. The combination of 100x leverage, double deposit bonuses, and NO KYC opens up opportunities for everyone, regardless of their trading background.

    Sign Up Now and Start Trading on BexBack — No KYC. No Hassles. Just high-leverage trading opportunities to maximize your profits.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

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    The MIL Network –

    July 25, 2025
  • MIL-OSI USA: Nadler Statement on Columbia University Settlement

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    Today, Congressman Jerrold Nadler (NY-12) issued the following statement on Columbia University’s $200 million settlement with the Trump Administration: 

    “I am deeply disappointed by reports of Columbia University’s outrageous and embarrassing $200 million capitulation to the Trump Administration’s repugnant extortion campaign.

    Let’s be clear: no investigation was ever conducted by the Department of Education’s Office of Civil Rights— the single body charged under federal law with investigating antisemitism on campus. Rather, unlike Harvard, my alma mater has allowed a once highly-respected institution to succumb to the Trump Administration’s coercive and exploitative tactics. Columbia has effectively waived the white flag of surrender in its battle at the heart of the Trump Administration’s war on higher education and academic freedom.

    While Columbia needs to do a better job at protecting its students against antisemitism on campus, this disgraceful and humiliating action will not, in anyway, improve the situation on campus for Jewish students.

    Columbia’s students, faculty, staff, and larger community deserve better than this cowardly decision.”

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Ranking Member Frankel Opening Remarks at Full Committee Markup of the National Security, Department of State, and Related Programs Funding Bill

    Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

    Thank you, Mr. Chairman. I’m going to start by recognizing the collegiality of our Chairman Mr. Diaz-Balart and the thoughtful members on both sides of the aisle. And of course, I want to thank our hardworking staff for their tireless efforts. But most of all, I want to recognize the brave and committed Americans—our diplomats, USAID workers, humanitarian teams, and public health experts and our partners around the world—who bring our country’s values to the world’s toughest places. They’re the ones who delivered vaccines to remote villages in Congo, who help girls in Ethiopia escape forced marriage and find education and safety. 

    I’ve seen their work up close–I know many of us have—and the impact of the programs we funded. Children who escaped the brutality of Assad’s Syria thriving in classrooms in Jordan. Mothers in Malawi learning skills to support their families. Pregnant women in Kenya staying healthy with support from HIV clinics. To all of these workers —past and present: You are the patriots. You represent the best of America. And those who are still serving deserve more than our thanks. They deserve the tools to get the job done.

    Mr. Chairman, I wish we had a bipartisan bill in front of us that I could support that honored that service and reflected America’s leadership. If we had a responsible allocation and a White House that understood diplomacy, development, and humanitarian aid, we could have gotten there. But instead, here we are, questioning whether any of this matters when the President just ignores the will of Congress and the laws we pass.

    So today, I strongly oppose the FY 2026 Republican bill. It’s not just a funding cut—it’s a reckless blueprint for American retreat. Our President seems to think relying on threats and bullying alone is a smart strategy. But chaotic tariffs, cruel immigration crackdowns, and this tepid foreign aid plan before us today is not going to make us more safe, secure, or more prosperous. And attention: we are ceding the world to China. And let me be clear: This bill does not lower costs for hard working families and retirees on day one as promised by President Trump—instead it puts hard earned finances at risk by hurting global stability.

    And tax breaks for billionaires is not a trade-off for millions of starving children and let me just say that this bill does not make one bit of difference in making up the $4 trillion addition to our debt when the Republicans pass what they call their Big Bill their Big Beautiful Bill I call it the Big Ugly Bill   And this bill is just adds to the list of  troubling actions by the Administration.

    Here’s what’s happened leading up: Foreign aid has been held up illegally, then justified by an inane clawback known as recission; USAID—an agency backed by Congress that fights poverty and prevents conflict—gutted; Over 10,000 development and humanitarian professionals dismissed by Elon Musk; 5,000 life-saving aid programs abruptly terminated; 1,300 State Department staff laid off; Offices shuttered. Decades of progress wiped out. How disgusting , the richest man in the world was allowed to pull the plug on programs that save the world’s poorest children.

    The infrastructure and staffing is no longer present to carry out the few programs that remain. Let me say this again with emphasis: The infrastructure and staffing is no longer present to carry out the few programs that remain.

    All while the world faces crisis after crisis: Wars and armed conflict, Extreme weather, Hunger and famine, Disease outbreaks, Mass migration, and Rising authoritarian regimes

    These aren’t distant problems. They land right at our door: Fragile states collapse and migration surges; Trade stops and U.S. farmers and businesses lose buyers ;Climate disasters destroy crops and homes; Broken health systems allow deadly viruses to spread; And when we step back, China and Russia step in—not to help, but to expand their grip.

    We’re leaving behind a gap they fill with money, weapons, and propaganda taking over the airwaves – reaching listeners who used to rely on Voice of America and our international broadcasting. They want to remake the world to fit their playbook.

    Meanwhile, sadly our allies are also slashing foreign aid —pushed to spend more on weapons by Mr. Trump. As global needs explode, democracy’s soft power is vanishing. This bill fails to meet this moment.

    Here’s what it really does:

    Cuts 22% from the international affairs budget – that’s $13 billion, diminishing funding for development and economic assistance:

    • Kids kicked out of the classroom and cut off from clean water
    • Farmers losing seeds and tools to make a living
    • Violence prevention programs vanishing
    • Local nonprofits shut down

    The bill slashes humanitarian aid by 42%:

    • In Nigeria, malnourished infants are dying without food
    • In Myanmar, hospitals are going dark
    • In The Gambia, support for survivors of female genital mutilation has ended—as the country debates making it legal again
    • In Ukraine, wounded soldiers go without care
    • In Ecuador, women entrepreneurs are losing lifelines and heading for our border

    This is a blow to our credibility, our moral standing, and our global influence. Soft power – interestingly enough – development and diplomacy – have been secret weapons abroad. Without them, we’re losing Americans on the ground who know the terrain, see trouble coming, and keep us one step ahead.

    And as always, my, my, my. Here we go again–Republicans couldn’t resist one more swipe at women: Slashing family planning programs that save hundreds of thousands of lives each year and prevent millions of unplanned pregnancies, Reinstating the Global Gag Rule—which blocks funding to foreign groups that even talk about abortion; you can’t even say the word “abortion”, not do abortion, say the word “abortion”– you lose your funding, Gutting the UNFPA—which provides basic reproductive and maternal care in over 150 countries

    And while this bill guts humanitarian programs and walks away from the world’s most vulnerable, the administration is also on the road to destroying one of the smartest, most effective tools of U.S. foreign policy: the Women, Peace, and Security agenda. WPS is not some fringe idea. It’s the law, signed by guess who, Donald Trump. It passed with strong bipartisan support. And here’s why: Women experience conflict differently than men—often bearing the brunt of sexual violence, displacement, and the burden of caring for families amid chaos—yet they are too often excluded from life changing decisions. The WPS agenda has helped train diplomats, strengthen alliances, and put more women at the center of peace and security.

    When women are at the table for peace talks, recovery, and crisis response, the results are better. Period. Peace lasts longer. Communities recover faster. And Missions succeed. And yet, this administration shut down the State Department’s office that leads that work—right when we need women’s leadership the most. That’s not just shortsighted. It makes the world less safe and works directly against our own interests.

    The bill also abandons multilateral institutions and organizations—UNICEF, the UN Development Program, the African and Asian Development Banks, the World Bank, the World Health Organization—undermining our ability to shape the global agenda and ceding ground to autocrats. Guess who? Attention: China is going to take over this world.

    So why should Americans care that these cuts are going to cost more than they save? Because these cuts hurt American families, too.  When we walk away from the world: Chaos spreads; Troops are put in harm’s way; Our adversaries gain ground; And we pay the price—in dollars, and in lives.

    And look, I say this not just as a lawmaker, but as a mother. My son served in the Marines. He was sent to two wars–Iraq and Afghanistan– I know what it means when diplomacy fails. The cost isn’t hypothetical—it hits our soldiers and their families the hardest.

    Let me remind you: the international affairs budget was already less than 1% of our federal spending. But it delivered huge returns: Markets for American goods; Stability abroad; Protection from pandemics; Fewer troops sent into harm’s way.

    Last week, we passed an $832 billion defense bill—that’s hard power. But even our top generals warn: without soft power alongside it, that number will only keep rising. So, Mr. Chairman, This bill is a lost opportunity. It’s a failure to lead. It hurts American families because when health systems collapse, people get sick.  When trade stalls, jobs vanish. When diplomacy fails, our loved ones go to war.  So let me close with this: Democrats aren’t giving up. We’re ready to work together with Republicans to reach a bill that reflects our values, keeps our promises, and protects American lives. Because we can’t bomb and drone our way to peace and prosperity.  A strong America doesn’t hide. And it doesn’t bully. A strong America leads—with vision, with courage, and compassion. And That’s the bill we should be fighting for. Thank you. I yield back.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: ICYMI: Ranking Member Frankel Passes Amendment to Strengthen U.S.-Africa Partnership, Introduces Amendment to Improve Foreign Assistance Staffing at State Dept

    Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

    Today, during the full committee markup of the National Security, Department of State, and Related Programs Appropriations funding bill, Ranking Member Frankel introduced two amendments to safeguard American leadership on the world stage.

    The first ensures that no less than 15% of economic development funds in the bill be directed toward programs in Africa. The amendment passed with unanimous bipartisan support. From Rep. Frankel’s remarks: “By 2050, Africa will be home to a quarter of the world’s population—and nearly half of all global youth. Some cities are booming. Startups are thriving. And across the continent, countries are leapfrogging traditional development paths through mobile banking, financial technology, and energy innovation. By 2030, Africa’s consumer market is expected to top $2.5 trillion. The question is: will the United States be at the table, or will we let others, like China, steer the ship?

    At the same time, we must be clear-eyed. Diseases still ravage vulnerable communities. Young people need access to quality education, job training, and opportunity—so that success is not reserved for elites alone. And while we weigh our options, China is not waiting. It is investing billions in African infrastructure, digital networks, mining operations, and military influence. China is writing the rules of the road—and we’re at real risk of being left behind. We cannot afford to cede this ground. Because this is about more than development assistance—it’s about protecting our shared future.”

    The second amendment aimed to ensure proper staffing at the State Department to effectively take on what remains of USAID programs after they were dismantled by the Trump Administration. The amendment directed the State Department to prioritize rehiring USAID experts who the Administration previously fired. The amendment did not pass. 

    From Rep. Frankel’s remarks: “Babies are dying—not because we lack the science or the resources—but because the Trump Administration chose to dismantle the very programs that could have saved them. The systems that once monitored health outcomes are shutting down, and the true scope of the harm—and the risk to our own national security—is becoming harder to measure.

    We may never be able to fully undo the catastrophic damage caused by the Trump Administration and its DOGE acolytes. But we can start to put things right. That’s what this amendment does. It ensures that the State Department isn’t set up to fail. It brings back the experts. It restores some measure of accountability and gives us the eyes and ears on the ground we need to ensure our humanitarian investments are effective, transparent, and actually reaching the people who need help most. This isn’t just a bureaucratic fix—it’s a moral imperative.”

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Republicans Threaten National Security, Abdicate United States World Leadership, and Slash Humanitarian Assistance

    Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

    Today, House Appropriations Committee Republicans pushed ahead with their fiscal year 2026 National Security, Department of State, and Related Programs funding bill that weakens our national security and puts the American people and public health preparedness at risk.

    House Republicans are proposing a 22 percent cut to the bill’s overall funding level.

     
    This bill:

    • Threatens national security, abdicates United States world leadership and guts development and humanitarian programs by underfunding the operations and staffing of the State Department and completing the demise of the U.S. Agency for International Development (USAID), as well as other tools of America’s soft power and global leadership. 
    • Cedes world leadership to China by abandoning our allies and eliminating funding for the United Nations (UN) and other multilateral and international financial institutions, including any funding for the UN Regular budget, the UN Development Program, UN Women, and UNICEF.
    • Threatens women’s health globally by prohibiting the United States from contributing to the United Nations Population Fund (UNFPA), substantially underfunding bilateral family planning, and reinstating the expanded Global Gag Rule on non-governmental organizations that receive U.S. assistance.
    • Hampers the United States’ response to the climate crisis by eliminating support for communities’ ability to adapt to weather changes, sustainably manage their land and natural resources, and expand access to clean energy.

    “The Republicans’ proposed FY26 Appropriations bill for National Security, Department of State, and Related Programs charts a dangerous course of recklessness and retreat—leaving a vacuum for adversaries like China to fill,” State, Foreign Operations, and Related Programs Ranking Member Lois Frankel (D-FL-22) said. “Slashing investments in diplomacy, development, and humanitarian aid is not just shortsighted—it’s a grave mistake. These cuts may look like savings on paper, but they come at a steep cost that every American family will feel. When global health systems collapse, people get sick. When markets dry up, paychecks shrink. When diplomacy fails, our loved ones are sent to war. I look forward to working toward a budget that meets the moment—one that strengthens our security, grows our economy, and reaffirms America’s leadership on the world stage.”

    Congresswoman Lois Frankel’s full remarks are here.

    “President Trump is aggressively pursuing an America-last agenda that will only see America become weaker, more isolated, and more ostracized. Snubbing our allies and turning our back on the world does not make us strong. It makes us weak. It makes us an unreliable ally and an untrustworthy partner,” Appropriations Committee Ranking Member Rosa DeLauro (D-CT-03) said. “Republicans are slashing humanitarian assistance by more than a third, and foreign assistance by over 20 percent – causing tragic and preventable death around the world and creating a power vacuum that China is eager to exploit. Their bill dismisses our international partners – U.N. agencies and NGOs that deliver lifesaving aid to the most vulnerable people around the globe. And their bill surrenders our efforts to combat the climate crisis – eliminating support for climate adaptability and clean energy, ignoring the nexus between climate, conflict, and migration, and jeopardizing the safety and security of our children, and our grandchildren. I will not stop fighting to protect America’s interests, and against the Trump Administration’s and Republicans’ dangerous dismantling of our diplomatic and humanitarian efforts across the world.”

    Congresswoman DeLauro’s full remarks are here.

    This funding bill was considered amidst the looming threat of Office of Management and Budget (OMB) sending a proposal to, in effect, unilaterally and unlawfully cancel expiring appropriations (a misnomer OMB Director Vought erroneously calls a “pocket rescission,” which is just another term for unlawful impoundment). Instead of rising to the occasion to combat those threats, Republicans capitulated to the demands of Director Vought. They continued their go-it-alone approach to government funding instead of working with Democrats to enact bipartisan laws that serve American interests.

    During today’s markup, Democrats also fought to:

    • Restore humanitarian assistance after Republicans decimated efforts to address crises and save lives around the world.
    • Produce a report on the impact President Trump’s cuts, mass firings, and chaotic foreign policy changes have had on the expansion of China’s global influence.
    • Require adequate staffing to implement oversight of foreign assistance following the firing of thousands of employees at the U.S. Department of State and the United States Agency for International Development.
    • Reverse Republican cuts and eliminate policies that threaten women’s health globally.

    House Republicans rejected these efforts.

    A summary of the bill is here. A fact sheet is here.

    The text of the bill, before the adoption of amendments in full committee, is here. The bill report, before the adoption of amendments in full Committee, is here.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: DOE Announces Site Selection for AI Data Center and Energy Infrastructure Development on Federal Lands

    Source: US Department of Energy

    The forthcoming solicitations will drive innovation in reliable energy technologies, contribute to lower energy costs, and strengthen American leadership in artificial intelligence

    WASHINGTON– The U.S. Department of Energy (DOE) today announced the next steps in the Trump administration’s plan to accelerate the development of AI infrastructure through siting on DOE lands.  DOE has selected four sites—Idaho National Laboratory, Oak Ridge Reservation, Paducah Gaseous Diffusion Plant and Savannah River Site—to move forward with plans to invite private sector partners to develop cutting edge AI data center and energy generation projects.  

    Today’s announcement supports the Trump administration’s goals of utilizing Federal lands to lower energy costs and help power the global AI race, as outlined in President Trump’s Executive Orders on Accelerating Federal Permitting of Data Center Infrastructure, Deploying Advanced Nuclear Reactor Technologies for National Security, and Unleashing American Energy.  

    “By leveraging DOE land assets for the deployment of AI and energy infrastructure, we are taking a bold step to accelerate the next Manhattan Project—ensuring U.S. AI and energy leadership,” said Energy Secretary Chris Wright. “These sites are uniquely positioned to host data centers as well as power generation to bolster grid reliability, strengthen our national security, and reduce energy costs.”

    DOE received enormous interest in response to its April request for information (RFI) that helped inform the selection of these sites. The chosen locations are well-situated for large-scale data centers, new power generation, and other necessary infrastructure. 

    DOE looks forward to working with data center developers, energy companies, and the broader public in consultation with states, local governments, and federally recognized tribes that these projects will serve to further advance this important initiative. More details regarding project scope, eligibility requirements, and submission guidelines at each site will be available with the site-specific releases. These solicitations are expected to be released in the coming months and partners could be selected by the end of the year. DOE is also evaluating additional sites that could issue solicitations in the future.  

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: 2025 Spirit of the Midwest ‘Ride for Guides’ Supporters Cruise Scenic Iowa for Guide Dogs of America | Tender Loving Canines

    Source: US GOIAM Union

    IAM Midwest Territory members and motorcycle enthusiasts gathered at Eagle Point Park in Dubuque, Iowa, for the annual Spirit of the Midwest Ride for Guides. The ride featured a scenic route, camaraderie, and a shared mission: supporting Guide Dogs of America | Tender Loving Canines (GDA | TLC), the IAM’s favorite charity.

    The event kicked off after waiting out an early morning rainstorm. Participants assembled for a safety briefing before rolling out with IAM Midwest Territory International Representative Ronnie Gonzalez as “lead bike.” Riders cruised through scenic Iowa roads, interspersed with poker-run stops and rest breaks to recharge and reconnect.

    This year’s ride continued the Midwest Territory’s strong fundraising tradition. “Ride for Guides” is one of several “Spirit of the Midwest” annual events—alongside car shows, clay shoots, and golf tournaments— all aimed at broadening awareness and proving funding for GDA | TLC.

    The $7,826 raised from the ride and raffles will bolster GDA | TLC’s mission of providing free guide and service dogs to those with visual impairments, veterans, children with autism, and others in need.

    IAM Midwest Territory International Representative Chris Tucker organized the event with Gonzalez’s help, and all available Midwest Territory staff assisted with set up, selling raffle tickets, and running the program. 

    The day concluded at its starting point with food, refreshments, raffle drawings, awards, and heartfelt thanks to all participants. 

    “These events are the IAM Midwest Territory’s pride and joy,” said IAM Midwest Territory’s General Vice President Sam Cicinelli. “Members come together in the spirit of charity and generosity. I want to thank the proud union members who continue to show up every year in support of these events and the hardworking Midwest Territory Staff who organized this ride to make it safe and enjoyable for everyone.”

    IAM Union is the largest financial contributor to Guide Dogs of America | Tender Loving Canines.

    The post 2025 Spirit of the Midwest ‘Ride for Guides’ Supporters Cruise Scenic Iowa for Guide Dogs of America | Tender Loving Canines appeared first on IAM Union.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr.

    Source: US GOIAM Union

    Most get a fond send off when retirement rolls around to their career, but in Texas they do everything big, including honors for legendary members of IAM District 776.

    The District had been working for months on a special tribute to International President Robert Martinez Jr., who retired in January 2024 after 43 years of service to the IAM and its members. Starting in 1980 as a member of Local 776A and an aircraft assembler, the U.S. Naval Air veteran rose to the highest position within the IAM, leading the organization for eight years and serving on the IAM Executive Council for 20 years of his storied career.

    District 776 took the steps to turn the atrium of the district’s meeting hall into a gallery of memorabilia from Martinez’s career. The space is filled with photographs, mementos, and awards to achievements of the IAM’s 14th International President. As the first Latino to join the IAM Executive Council, Martinez set standards and achieved milestones that moved the IAM forward in the labor movement. 

    “This hall, this district, and this union has meant the world to me and my family,” said Martinez. “This union gave me a purpose when I was 20 years old. It gave me a shot at the American dream, to make a living and support my family. Together, we have improved the lives of countless IAM members.”

    Martinez’s historic tenure steered the IAM through the COVID-19 crisis by championing airline and aerospace worker relief that saved hundreds of thousands of jobs. Martinez helped the IAM grow into new industries, including healthcare, and made the IAM the leading AFL-CIO affiliate in National Labor Relations Board union election victories from 2018 through 2022.

    At Martinez’s direction, the IAM also created groundbreaking membership programs that assist members and their families, as well as expanded opportunities for underrepresented groups to advance in the IAM. Martinez commissioned a new department to provide IAM members and their families who are military veterans with VA claims assistance free of charge, as well as an addiction services program and a women’s leadership initiative known as the Leadership Excellence Assembly of Dedicated Sisters, or IAM LEADS.

    The ceremony also honored District 776 President Directing Business Representative Paul Black and Business Representative Earnest Boone, both of have retired after 45 years of IAM membership. 

    International President Martinez extended a special note of gratitude to IAM Business Representative Joe Alviar and his wife, Linda, who were the primary architects of the atrium and the displays of the Martinez collection. 

    “Again I say thank you. It’s been a great honor,” said Martinez. “Our leadership, headed by our great International President Brian Bryant, has the IAM going in the right direction. I can’t wait to see where we’re going next, and I’m cheering all of you and our union on from retirement.”

    The post IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr. appeared first on IAM Union.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Governor Ivey Launches Veterans Resource Center Board to Strengthen Support for Alabama’s Veteran Community

    Source: US State of Alabama

    MONTGOMERY – Governor Kay Ivey on Thursday announced the appointment of 11 distinguished leaders to the Alabama Veterans Resource Center (AVRC) Board, a new initiative designed to develop a statewide, sustainable hub dedicated to supporting veterans and their families. A component of Governor Ivey’s 2025 legislative agenda, this center will provide job training and workforce assistance, aid in benefits navigation, support with family and legal needs and build peer and social connections in the veteran community.

    “During this past legislative session, I made it a top priority to strengthen our support for Alabama’s veterans and establishing the Veterans Resource Center was a key part of that effort,” said Governor Ivey. “Our servicemen and women deserve accessible, reliable support as they navigate civilian life. With this board now in place, we’re taking a major step forward in making sure Alabama remains the most military- and veteran-friendly state in the nation.”

    The AVRC Board members include:

    • Greg Reed, Chairman, Secretary of the Alabama Department of Workforce
    • Jeff Newton, Vice Chairman, Commissioner of the Alabama Department of Veterans Affairs
    • Kimberly Boswell, Commissioner of the Alabama Department of Mental Health
    • Bobby Singleton, Senator for Senate District 24 and Minority Leader, Alabama Senate
    • Anthony Daniels, Representative for House District 53 and Minority Leader, Alabama House of Representatives
    • Stacia Robinson, Director of the Alabama Office of Minority Affairs
    • Ronald Brown, Executive Vice President and Chief Financial Officer at Jim Wilson & Associates
    • Carter Wells, Government Relations Advisor at Maynard Nexsen
    • George Talbot, Senior Vice President for External Affairs at Volkert (Lieutenant Governor Appointee)
    • Andrew Jones, Senator for Senate District 10 and Chairman of the Veterans, Military Affairs, and Public Safety Committee (Senate President Pro Tempore Appointee)
    • Tracy Doughty, President and Chief Operations Officer at Huntsville Hospital (Speaker of the House Appointee)

    Alabama Department of Workforce Secretary Greg Reed acknowledged the AVRC will be a huge benefit to former servicemen and women across Alabama.

    “Alabama veterans deserve more than just gratitude – they deserve resources to help them navigate the systems that meet their needs,” said Secretary Reed. “By creating an entity that will help streamline access to services and collaborate with stakeholders, we hope to do our part to help the veteran community in Alabama. Our goal is to increase partnerships, eliminate fragmentation, increase trust and improve long-term outcomes for those and their families who have sacrificed so much for our country.”

    Alabama Department of Veterans Affairs Commissioner Jeff Newton underscored the importance of the new center’s mission and the lasting impact it can have on veterans across the state.

    “The Alabama Veterans Resource Center has the potential to change lives, but it’s just the beginning,” said Commissioner Newton. “This facility will provide an added resource for veterans to thrive after service — to build a future, start a career and make an impact right here in Alabama. It’s critical that we get this transition right, and this center is where transition becomes opportunity.”

    The Alabama Veterans Resource Center Board will meet in the coming weeks to begin their work.

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Travel Advisory Reminder: Weekend Lane and Ramp Closures Needed at I-295/Route 37 Interchange in Cranston for Opening of New Flyover Bridge

    Source: US State of Rhode Island

    The Rhode Island Department of Transportation (RIDOT) is reminding motorists that starting on Friday night, July 25, it will have lane and ramp closures lasting through the weekend at the I-295/Route 37 interchange in Cranston. During this time, RIDOT will complete construction on a new flyover ramp that will carry drivers from Route 37 East to I-295 North.

    The closures begin at 8 p.m. Friday and remain in place through 5 a.m. Monday, July 28. Motorists should plan additional time for travel. The affected lanes and ramps include:

    I-295 North & South: The high-speed lane will be closed along I-295 North for the weekend, reducing the number of travel lanes from two to one. On I-295 South, the lane closures will only take place Friday-Sunday nights from 8 p.m. to 5 a.m. each night.

    Route 37 East to I-295 North: The ramp will be closed. Drivers should remain on Route 37 East and use the Route 2 interchange to reverse direction onto Route 37 West, then use the I-295 North ramp.

    The new ramp was built as part of RIDOT’s Cranston Canyon project, and will take traffic over I-295 North so drivers will enter the highway on the right-hand side instead of the left-hand side. This more conventional design will improve safety and reduce crashes.

    When the new flyover bridge opens, RIDOT also will open a new service road alongside I-295 North at the ramps for Route 37. This will provide more room for traffic entering and exiting the highway in a separate lane from I-295 through traffic.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The construction of the new flyover bridge is made possible by RhodeWorks. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Congressman Cliff Bentz Works with White House and Oregon’s Governor to Secure Federal Relief for Oregon Following March Storms

    Source: United States House of Representatives – Congressman Cliff Bentz (R-Ontario)

    WASHINGTON, D.C.– On May 22, 2025, Congressman Cliff Bentz (OR-02), following a meeting with community leaders, and calls with County Commissioners and community leaders of the affected counties, sent a letter to the Acting Region 10 Administrator of FEMA, Vincent Maykovich, urging a federal emergency declaration in response to the severe weather damage in Coos, Curry, and Douglas Counties. 
     
    On March 12, 2025, a state of emergency was declared by Governor Kotek, triggering the necessary process of measuring damage resulting from the storms. Congressman Bentz stayed in close contact with the Oregon Emergency Management Agency (OEM), which determined that the storms and resulting flood events had caused approximately $9.5 million in damage. On May 19, 2025, Governor Kotek made the required formal request of a presidential declaration. This step by the Governor’s office cleared the way for Congressman Bentz to request that the Executive branch provide assistance to the affected communities. On July 22nd, 2025, in response to these requests, President Trump issued a major disaster declaration for Public Assistance for the counties of Coos, Curry, and Douglas, marking a critical first step in helping these communities repair and rebuild following the storms.

    Congressman Bentz issued the following statement:
     
    “In March of this year, severe storms caused significant damage to people and property in Coos, Douglas, and Curry Counties. Landslides, mudslides, flooding, and weather-related events lead to severe destruction. A Preliminary Damage Assessment by Oregon Emergency Management Agency (OEM) found that the damage caused by the storms totaled approximately $9.5 million across 25 impacted public entities. This far exceeds what these the people of these counties can bear, making the need for federal assistance essential. During the flood event, I held a round table discussion regarding the steps that would need to be taken to obtain federal assistance. The OEM, the Governor, and Commissioner Tim Freeman of Douglas County, are all to be commended for their work in gathering the facts and taking the actions necessary to support the request for this assistance. I also want to thank President Trump, his staff, and FEMA, for their essential help and support.”

    Text of letter sent to the White House available, here. 

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Van Orden Introduces Bill to Restore Integrity in Agriculture Immigrant Workforce System

    Source: United States House of Representatives – Congressman Derrick Van Orden (Wisconsin 3rd)

    WASHINGTON, D.C. – Today, Congressman Derrick Van Orden (WI-03) introduced a bill to establish a legal process for undocumented agricultural workers to transition to legal employment status. The Agriculture Reform Act of 2025 will allow certain agricultural workers who are currently inadmissible or removable under immigration law to voluntarily deport, pay a fine, and reenter the U.S. as a temporary agricultural worker after specific requirements are satisfied.

    The Agriculture Reform Act of 2025 is not a pathway to citizenship or amnesty. Rather, the bill creates a structured and enforceable opportunity for undocumented agricultural workers to secure legal employment through voluntary departure and lawful reentry.

    “This bill is a real solution to addressing the mass influx of illegal aliens created by the Biden administration’s open border policies, while also addressing the critical workforce needs of our agricultural industry,” said Rep. Van Orden. “For those willing to follow the law and return to the U.S. the right way, it offers a legal pathway to a legal job. Our farmers cannot function without a stable workforce, and my bill will help stabilize the agricultural workforce without granting amnesty or citizenship.”

    The process for outlined in Rep. Van Orden’s bill is as follows:

    1. Self-Report

    A “covered alien”—an individual who previously worked in agricultural labor in the U.S. since January 1, 2020—must voluntarily depart from the United States or have already been removed prior to the bill’s enactment.

    2. Worker Pays Fine

    To participate in the program, the worker must pay a fee of an amount determined appropriate by the Secretary of Labor.

    3. Employer Pays Fine

    The employer petitioning on behalf of the alien must also pay a fee as set by regulation.

    4. Employer May Stagger Self-Deportation

    The bill contemplates employer flexibility in staggering the departure of undocumented workers to prevent labor shortages.

    5. Worker Must Remain in Home Country for 30 Days

    After self-deportation or removal, the worker must remain outside the U.S. for at least 30 days before returning to the United States.

    6. Worker Can Return as a temporary agricultural worker

    Following the 30-day waiting period, the worker may re-enter the U.S. legally as a temporary agricultural worker, provided:

    • The individual has not unlawfully received public benefits.
    • The proper fees are paid.
    • They meet eligibility as a “covered alien.”

    Additional Provisions

    • Immunity from Prosecution:
      • Employers are protected from legal liability under INA §274A for employing covered aliens.
      • Covered aliens are immune from prosecution under INA §§275 and 276 for prior unlawful entry/removal actions.
    • Waiver of Inadmissibility/Removability:
      • Grounds under INA §§212(a)(6), (7), and (9), and §237(a)(1)(A–C) and (3) are waived during the “covered period.”

    Read the full bill text here.

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Pingree, Massie Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Representatives Chellie Pingree (D-Maine) and Thomas Massie (R-Ky.) reintroduced the Processing Revival and Intrastate Meat Exemption (PRIME) Act, bipartisan legislation to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Pingree, a longtime farmer and member of the House Agriculture Committee. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-Texas), Rep. Michael Baumgartner (R-Wash.), Rep. Andy Biggs (R-Ariz.), Rep. Lauren Boebert (R-Colo.), Rep. Josh Brecheen (R-Okla.), Rep. Tim Burchett (R-Tenn.), Rep. Eric Burlison (R-Mo.), Rep. John Carter (R-Texas), Rep. Ben Cline (R-Va.), Rep. Michael Cloud (R-Texas), Rep. Andrew Clyde (R-Ga.), Rep. Warren Davidson (R-Ohio), Rep. Byron Donalds (R-Fla.), Rep. Brandon Gill (R-Texas), Rep. Jared Golden (D-Maine), Rep. Paul Gosar (R-Ariz.), Rep. Marjorie Taylor Greene (R-Ga.), Rep. Glenn Grothman (R-Wisc.), Rep. Harriet Hageman (R-Wyo.), Rep. Diana Harshbarger (R-Tenn.), Rep. Jared Huffman (D-Calif.), Rep. Laurel Lee (R-Fla.), Rep. Teresa Leger Fernandez (D-N.M.), Rep. Nancy Mace (R-S.C.), Rep. Celeste Maloy (R-Utah), Rep. Tom McClintock (R-Calif.), Rep. Mary Miller (R-Ill.), Rep. Cory Mills (R-Fla.), Rep. Blake Moore (R-Utah), Rep. Troy Nehls (R-Texas), Rep. Andy Ogles (R-Tenn.), Rep. Burgess Owens (R-Utah), Rep. Scott Perry (R-Pa.), Rep. Chip Roy (R-Texas), Rep. Maria Salazar (R-Fla.), Rep. Keith Self (R-Texas), Rep. Lloyd Smucker (R-Pa.), Rep. Victoria Spartz (R-Ind.), Rep. Tom Tiffany (R-Wisc.), Rep. Jill Tokuda (D-Hawaii), and Rep. David Valadao (R-Calif.). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-Maine) and Rand Paul (R-Ky.).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Pingree Leads Bipartisan, Bicameral Push to Protect Drinking Water as Communities Face Rising Contamination Threats

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    As drinking water contamination from toxic “forever chemicals,” also known as per- and polyfluoroalkyl substances (PFAS), increasingly threatens communities in Maine and across the country, U.S. Representatives Chellie Pingree (D-Maine) and David Rouzer (R-N.C.) have reintroduced the bipartisan Healthy Drinking Water Affordability Act, or the Healthy H2O Act. The legislation, introduced in the Senate by Tammy Baldwin (D-Wisc.) and Susan Collins (R-Maine), provides grants for water testing and treatment technology directly to individuals and nonprofits in rural communities. Systems that improve water quality—whether installed at the faucet or within a building—can provide immediate and ongoing protections from known and emerging water contaminants, including PFAS, lead, and nitrates. 

    “The Healthy H2O Act will help make water testing and treatment technology more accessible here in Maine, and in rural communities across the country, especially for families on private wells who are too often left to navigate contamination risks on their own,” said Pingree. “As national protections face delays and uncertainty, local communities can’t afford to wait. This bipartisan bill gives them the tools to identify and address harmful chemicals like PFAS and lead at the tap—so they can be confident the water they’re drinking is safe.”

    “The Healthy H2O Act helps rural residents in the Cape Fear Valley gain access to safe, clean drinking water—free from harmful contaminants like GenX, PFAS, and PFOS,” said Rouzer. “As city and county water systems continue upgrading to address these pollutants, this legislation ensures rural communities aren’t left behind by supporting testing and the installation of effective filtration systems to remove these ‘forever chemicals.’”

    “All Wisconsin families, businesses, and communities should trust that the water coming out of their faucets is safe to drink, but across our state, rural communities are struggling to identify and treat chemicals like PFAs that endanger our health, especially for children,” said Senator Baldwin. “My bipartisan legislation ensures our small and rural communities aren’t left behind and makes sure they have what they need to find and get rid of dangerous chemicals and keep our families healthy.”

    “Maintaining and upgrading water and wastewater systems is vital to ensuring the economic and environmental health of our communities,” said Senator Collins. “This bipartisan legislation will help reduce health-based contaminants like PFAS in drinking water, increase consumer confidence, and protect public health.”

    The Healthy H2O Act would provide funding for point-of-use water treatment systems, such as under-sink filters, that can deliver immediate protections. Nearly 43 million U.S. households— primarily in rural areas—depend on private wells that are not regularly monitored under federal or state drinking water programs, leaving many communities vulnerable to contamination.

    The Healthy H2O Act is supported by:

    • Water Quality Association 
    • American Supply Association 
    • Plumbing Manufacturers International (PMI) 
    • Rural Community Assistance Partnership (RCAP) 
    • National Groundwater Association (NGWA) 
    • High Performance Building Coalition 
    • NSF International 
    • Water Systems Council 
    • Water Well Trust 
    • The Groundwater Foundation 
    • International Association of Plumbing and Mechanical Officials (IAPMO) 
    • International Code Council (ICC) 
    • DigDeep 
    • California Ground Water Association 
    • Eastern Water Quality Association (EWQA) 
    • Florida Groundwater Association 
    • Florida Water Quality Association (FWQA) 
    • Illinois Association of Groundwater Professionals 
    • Iowa Water Quality Association 
    • Kentucky Groundwater Association 
    • Michigan Ground Water Association 
    • Minnesota WQA (MWQA) 
    • Minnesota Water Well Association 
    • Montana Water Well Drillers Association 
    • Nebraska On-Site Wastewater Association 
    • Nebraska State Irrigation Association 
    • Nebraska Water Leaders Academy 
    • Nebraska Well Drillers Association 
    • Ohio Water Quality Association (OWQA) 
    • Ohio Water Well Association 
    • Pacific Water Quality Association (PWQA) 
    • Pennsylvania Groundwater Association 
    • Texas Water Quality Association (TWQA) 
    • Virginia Water Well Association 
    • Water Council of Milwaukee 
    • Water Quality Association of Wisconsin 
    • Well Drillers Association of Wisconsin

    “We applaud Representatives Pingree and Rouzer for introducing the Healthy H2O Act that will increase access to safer drinking water in rural communities,” said Pauli Undesser, Executive Director of the Water Quality Association. “This grant program will help Americans who are most vulnerable to contaminants in their water supply – children, the elderly, and households that rely on private wells. By increasing access to testing and water filtration products, we can support the health and safety of these communities.”

    “Too often, rural communities across the country face barriers to accessing clean, safe drinking water,” said National Ground Water Association President Eric Macias. “The Healthy H2O Act is a real step forward, delivering resources to help families test and treat their water. This legislation reflects the kind of commonsense investment that can truly improve lives, and we commend Congresswoman Pingree for her leadership on this important issue.”

    Pingree, who serves on the House Agriculture Committee, has long championed PFAS clean-up and clean drinking water legislation. She proudly supported the Infrastructure Investment and Jobs Act, which included a $55 billion investment to replace lead service lines, $10 billion to address PFAS chemicals, and investments in water infrastructure across America, including in Tribal Nations and underserved communities that need it most.

    As Chair of the Interior Appropriations Subcommittee, which oversees funding for the EPA, in the 117th Congress and as Ranking Member in the 118th and 119th Congresses, Pingree has championed funding to clean up PFAS contamination. In the Fiscal Year 2024 government funding bill signed by President Biden, Pingree secured $8 million for the EPA to work with the U.S. Department of Agriculture to further research on PFAS contamination in agriculture, as well as $5 million to assist farmers whose land has been contaminated by PFAS.

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Representatives Massie and Pingree Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congressman Thomas Massie (4th District of Kentucky)

    For Immediate Release

    Contact:

    John Kennedy, 202-225-3465 (Massie)
    Gabrielle Mannino, 207-509-5904 (Pingree)


    Washington, D.C
    .- Representative Thomas Massie (R-KY) and Representative Chellie Pingree (D-ME) announce the re-introduction of the PRIME (Processing Revival and Intrastate Meat Exemption) Act to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Rep. Thomas Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

     “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Rep. Chellie Pingree. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-TX), Rep. Michael Baumgartner (R-WA), Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. John Carter (R-TX), Rep. Ben Cline (R-VA), Rep. Michael Cloud (R-TX), Rep. Andrew Clyde (R-GA), Rep. Warren Davidson (R-OH), Rep. Byron Donalds (R-FL), Rep. Brandon Gill (R-TX), Rep. Jared Golden (D-ME), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Glenn Grothman (R-WI), Rep. Harriet Hageman (R-WY), Rep. Diana Harshbarger (R-TN), Rep. Jared Huffman (D-CA), Rep. Laurel Lee (R-FL), Rep. Teresa Leger Fernandez (D-NM), Rep. Nancy Mace (R-SC), Rep. Celeste Maloy (R-UT), Rep. Tom McClintock (R-CA), Rep. Mary Miller (R-IL), Rep. Cory Mills (R-FL), Rep. Blake Moore (R-UT), Rep. Troy Nehls (R-TX), Rep. Andy Ogles (R-TN), Rep. Burgess Owens (R-UT), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Maria Salazar (R-FL), Rep. Keith Self (R-TX), Rep. Lloyd Smucker (R-PA), Rep. Victoria Spartz (R-IN), Rep. Tom Tiffany (R-WI), Rep. Jill Tokuda (D-HI), and Rep. David Valadao (R-CA). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-ME) and Rand Paul (R-KY).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    The text of the PRIME Act is available at this link. 

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Representatives Massie and Pingree Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congressman Thomas Massie (4th District of Kentucky)

    For Immediate Release

    Contact:

    John Kennedy, 202-225-3465 (Massie)
    Gabrielle Mannino, 207-509-5904 (Pingree)


    Washington, D.C
    .- Representative Thomas Massie (R-KY) and Representative Chellie Pingree (D-ME) announce the re-introduction of the PRIME (Processing Revival and Intrastate Meat Exemption) Act to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Rep. Thomas Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

     “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Rep. Chellie Pingree. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-TX), Rep. Michael Baumgartner (R-WA), Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. John Carter (R-TX), Rep. Ben Cline (R-VA), Rep. Michael Cloud (R-TX), Rep. Andrew Clyde (R-GA), Rep. Warren Davidson (R-OH), Rep. Byron Donalds (R-FL), Rep. Brandon Gill (R-TX), Rep. Jared Golden (D-ME), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Glenn Grothman (R-WI), Rep. Harriet Hageman (R-WY), Rep. Diana Harshbarger (R-TN), Rep. Jared Huffman (D-CA), Rep. Laurel Lee (R-FL), Rep. Teresa Leger Fernandez (D-NM), Rep. Nancy Mace (R-SC), Rep. Celeste Maloy (R-UT), Rep. Tom McClintock (R-CA), Rep. Mary Miller (R-IL), Rep. Cory Mills (R-FL), Rep. Blake Moore (R-UT), Rep. Troy Nehls (R-TX), Rep. Andy Ogles (R-TN), Rep. Burgess Owens (R-UT), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Maria Salazar (R-FL), Rep. Keith Self (R-TX), Rep. Lloyd Smucker (R-PA), Rep. Victoria Spartz (R-IN), Rep. Tom Tiffany (R-WI), Rep. Jill Tokuda (D-HI), and Rep. David Valadao (R-CA). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-ME) and Rand Paul (R-KY).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    The text of the PRIME Act is available at this link. 

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Chairman Cotton to Hegseth: Current DoD Agreements and Practices Fail to Account for Threat of China

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353July 24, 2025
    Chairman Cotton to Hegseth: Current DoD Agreements and Practices Fail to Account for Threat of China
    Washington, D.C. — Senator Tom Cotton (R-Arkansas), Chairman of the Senate Select Committee on Intelligence, today sent a letter to Secretary of Defense Pete Hegseth requesting additional information about agreements and practices that currently fail to account for the growing threat of Communist China. This letter follows one sent by Senator Cotton last week about reports of China-based contractors for Microsoft potentially having access to sensitive military data.
    In part, Senator Cotton wrote:
    “While I applaud your actions, I am concerned that the Department is hampered by agreements and practices unwisely adopted by your predecessors, including contracts and oversight processes that fail to account for the growing Chinese threat.”
    Full text of the letter may be found here and below.
    The Honorable Pete HegsethSecretary of DefenseU.S. Department of Defense1000 Defense PentagonWashington, DC 20301
    Dear Secretary Hegseth:
    I write to commend the Department’s prompt response to last week’s inquiry about Microsoft’s use of Chinese engineers to provide services for Department of Defense (DoD) systems. Your vow that “China will no longer have any involvement in our cloud services, effective immediately” and plans for a two-week review of current cloud contracts underscore the urgency required to address this security risk.
    While I applaud your actions, I am concerned that the Department is hampered by agreements and practices unwisely adopted by your predecessors, including contracts and oversight processes that fail to account for the growing Chinese threat. As we learn more about these “digital escorts” and other unwise—and outrageous—practices used by some DoD partners, it is clear the Department and Congress will need to take further action. We must put in place the protocols and processes to adopt innovative technology quickly, effectively, and safely.
    To inform Congress as we work with you to close the vulnerabilities in the DoD supply chain, I respectfully request the following information by August 15, 2025.
    The results of the two-week review, including but not limited to:
    Details on what services Chinese engineers provided
    What information or data was shared with Chinese engineers
    Mechanisms Chinese engineers used to access, maintain, or service DoD systems, such as screen sharing, remote management, or instructions to run scripts
    What information, if any, was recorded or documented by DoD when Chinese engineers were working with DoD systems
    How often Microsoft or other providers that utilized this digital escort model conducted self-audits and the results of all such self-audits
    Any discovery of potential security incidents or malicious events that have already occurred or are likely to occur

    All security classification guides provided to Microsoft or other contractors under the Joint Warfighting Cloud Capability (JWCC) program
    Any plans to implement a DoD-wide review of contracting practices and DoD guidance to prevent a contractor from leveraging loopholes that place DoD systems at risk
    I look forward to working with you on this important matter.
    Sincerely,
    Tom Cotton
    United States Senator
     

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI USA: Lee Bills Ban D.C. Council’s Secret Meetings, Close “Emergency” Loophole

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – U.S. Senator Mike Lee (R-UT) introduced legislation today overturning a recent move by the City Council of the District of Columbia (DC) to hold secret planning meetings in retaliation against President Trump’s recent executive order to improve the city’s crime rates and cleanliness. The legislation includes a Joint Resolution outlawing the City Council’s secret meetings and a bill to close an “emergency” loophole used to evade Congressional oversight and public input. U.S. Representative Harriet Hageman (R-WY) led companion legislation in the House of Representatives.
    “D.C.’s corrupt City Council is taking out its hatred for President Trump on the nation’s capital by holding secret meetings, breaking with longstanding rules,” said Senator Mike Lee. “Americans deserve transparency from Washington – not petty corruption and secret political vendettas. My legislation will ban the Council’s shady meetings and remove the loophole they’ve exploited to keep their citizens in the dark.”
    “The American people deserve transparency, not backroom deals and political scheming,” said Congresswoman Harriet Hageman. “The Council of the District of Columbia and Mayor attempting to eliminate and bypass open meeting laws is nothing more than a partisan tactic to hide their agenda and undermine President Trump’s efforts to restore safety and order in our nation’s capital. It is Congress’ duty to oversee D.C., and I will not sit back while D.C. officials plot in secret to defy federal authority and destroy public trust. This bill ensures D.C. officials are accountable to the public and Congress and can no longer hide behind closed-door meetings.”
    Background
    The Constitution of the United States and standing D.C. law both require the D.C. City Council be subject to congressional checks and balances. Article I, Section 8 of the Constitution requires Congress “to exercise exclusive legislation in all cases whatsoever” related to D.C. governance. But in retaliation against President Trump’s efforts to clean up the city, the City Council has stripped itself of the transparency it owes the American public in favor of secret planning meetings.
    The Council has exploited emergency loopholes to insulate itself from congressional disapproval and plot against the President’s agenda to improve the city’s safety and cleanliness. While actions by D.C.’s City Council are normally mutable by a vote of disapproval from Congress, current law allows immunity from this oversight in the case of emergency actions. The Council has wrongfully categorized its vendetta against President Trump an “emergency” in a politically-motivated move that even the American Civil Liberties Union (ACLU) of D.C. dubbed a slippery slope, as “it is undisputed that public access to government meetings is a cornerstone of our democracy.”
    Senator Lee’s Joint Resolution will overturn the City Council’s move to hold secret meetings, and the corresponding bill will close the “emergency” loophole currently allowing the Council to evade Congressional oversight and hide from the American people.
    Read exclusive coverage from The Washington Post here.

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI United Nations: Deep-sea must not turn into ‘Wild West’ of rare minerals exploitation, agency head says

    Source: United Nations 2

    Marking its 30th anniversary, ISA is the world’s authority on the deep-sea beyond national jurisdiction. Washington may have passed an order on deep-sea licensing in international waters earlier this year, but the authority’s chief Leticia Carvalho said the United States, which is not an ISA member, “is going at it alone”.

    “The rest of the world is united and cohesive and all behind of the rule of the law and the International Seabed Authority,” Ms. Carvalho told UN News. “ISA is a super power. We have all the knowledge, we have the ability given by the law, we have the mandate.”

    Indeed, under international law, the deep seabed beyond national jurisdiction belongs to no single nation, Ms. Carvalho said, inviting the United States to join ISA.

    To address these concerns, ISA has been drafting a mining code as a way to ensure that the deep-sea remains protected and does not turn into the “Wild West” of exploitation, she said.

    Read our explainer on ISA and why it matters now here.

    Costly search for rare minerals

    Rare minerals needed to satiate demands for producing tech items from batteries to solar panels have driven interest in the deep-sea and what it offers. From cobalt to zinc, a plethora of rare earth minerals have been observed by explorations of the ocean floor.

    ISA has issued 31 contracts for mineral exploration to 21 firms from 20 countries as of 2024, according to the UN’s World Economic Situation and Report 2025. While commercial mining in international waters has not yet commenced, pending the finalisation of an international code for deep-sea mining by the ISA, right now, countries can pursue deep-sea mining within their own territorial waters or “exclusive economic zones”.

    Even after the international code is in place, those engaged in deep-sea mining will continue to face major challenges due to high capital requirements and operational costs relative to conventional mining and the enormous technical uncertainties associated with the unique problems surrounding mining on the ocean floor, according to the UN report.

    ‘One of our last frontiers’

    UN Secretary-General António Guterres said the international seabed is “the common heritage of humankind, a principle enshrined in the UN Convention on the Law of the Sea, which must continue to guide us”.

    “We must bring together our global efforts in climate action, biodiversity preservation and marine protection,” he said in a message marking ISA’s anniversary, commending its commitment to finding balanced and effective solutions. “The deep ocean remains one of our last frontiers. It holds great promise, but also requires great caution.”

    For 30 years, the authority has helped protect this shared realm through peaceful, sustainable and inclusive governance, and today, it is navigating complex challenges with care and clarity, he said, emphasising that “as we mark this milestone, let us advance cooperation grounded in science, and keep working together to safeguard the ocean for the benefit of all people, everywhere.”

    The deep-sea contains a plethora of life and rare earth minerals.

    Mining code and more

    In addition to achieving progress on a draft mining code at its ongoing annual session at headquarters in Kingston, Jamaica, ISA launched its Deep-Sea Biobank last month in a bid to preserve and share knowledge.

    The initiative aims to collect and preserve samples from the ocean floor that will benefit all nations, especially developing countries, Ms. Carvalho said, adding that the goal is to study the minerals, exploration and exploitation potential, but also to preserve and to study biodiversity and genetics.

    “The future that I see is we need to really take care, cherish [and] nurture the deep-sea,” Ms. Carvalho said. “The future of ISA is stronger, enhanced, wider and wiser. We will know much more than we know now.”

    Learn more about ISA here.

    MIL OSI United Nations News –

    July 25, 2025
  • MIL-OSI United Kingdom: Honorary King’s Counsel nominations: deadline 19 September 2025

    Source: United Kingdom – Executive Government & Departments

    News story

    Honorary King’s Counsel nominations: deadline 19 September 2025

    The Ministry of Justice is inviting nominations for the award of King’s Counsel Honoris Causa. Please submit nominations via the digital form below, before the deadline of 19 September 2025.

    The Ministry of Justice (MOJ) is inviting nominations for the award of King’s Counsel Honoris Causa.

    Nomination forms must be completed and returned to MOJ by 23:55 on Friday 19 September 2025. To make a nomination, please complete and submit a nomination form via this link..

    KC HONORIS CAUSA – HONORARY KC

    This is an honorary award unique to the legal profession. It is a dedicated opportunity, made by royal prerogative, to recognise those in the profession who have made a major contribution to, and impact on, the legal sector and the law of England and Wales outside the courtroom.

    The award is not a working rank and is separate to substantive KC appointments administered by King’s Counsel Appointments. Where someone is eligible to apply for substantive KC in their role, we would not normally consider them for an Honorary KC award.

    Please note that anyone nominated may be subject to criminal record checks with the ACRO Criminal Records Office.

    What is the award for?

    The award is for:

    A significant, positive impact either on the shape of the law of England and Wales, or on the legal profession. This is for work outside the courtroom.

    This criterion can be interpreted broadly, either as:

    • a major contribution to the development of the law of England and Wales (for example, by dedicated research, influencing case law/ legislation and promoting initiatives),
    • to how it is advanced (for example, by positively impacting the shape of the profession)

    What is most important is that nominations clearly evidence the significant, positive impact an individual’s efforts have had.

    It is not a long-service award. Honours may be awarded for a significant impact over a long period of time, but they may equally be awarded for such an impact over a shorter period – it is the scale of impact that is important.

    We are keen to recognise diversity within the profession, with awards that reflect the range of different legal careers and different backgrounds that make up the profession. You can see examples of previous successful nominees by viewing their biographies via this link.

    Examples of what these different contributions may look like

    Influencing legislation

    • Making an impact on the law by influencing legislation or case law (e.g. through outcome of research, creating awareness or campaigning, pro bono work or other advocacy outside the courtroom).

    Social mobility and diversity

    • Making a considerable impact on the legal profession (e.g. through initiatives that have an impact on social mobility or diversity and increase the competitiveness of the sector).

    Innovation

    • Making an impact through a standout achievement or through innovation (e.g. by breaking through into new territory, such as making an impact through work on Lawtech, innovation in legal education, or on promoting UK legal services overseas).

    Academic work

    • Making an impact through outstanding academic work that makes a positive contribution to the law and/or legal system.

    Who is eligible?

    • To be eligible for the award, the individual must be a qualified lawyer or legal academic.
    • The nomination must be for achievement outside practice in the courts. In other words, an award would be made for non-advocacy work.
    • The award is open to foreign qualified professionals. There is no residency requirement.

    Examples of those eligible may include (but are not limited to):

    • Solicitors without higher rights of audience
    • Legal executives
    • In-house lawyers, including Counsel
    • Non-practising lawyers
    • Legal academics

    Holding a fee-paid judicial office in addition to practice would not exclude lawyers who meet the eligibility criteria above.

    How are awards made?

    The process is administered by the MOJ. Nominations are considered against the criterion by a panel of representatives from the legal profession, civil service, judiciary, and academia, which is chaired by an MOJ official.

    The panel of representatives provide the Lord Chancellor with recommendations of appointable nominees. The Lord Chancellor will then consider and decide the final recommendations. The recommendations are then referred to the King, who grants the awards under the royal prerogative.

    How is the information about nominees used?

    To assess each nominee’s suitability for the award and support the selection process, we use the information provided to carry out:

    • Cross-Whitehall checks to confirm whether the individual or their work may be known by, or of interest to, another government department
    • Checks against nominees on the main honours system as per the eligibility criteria
    • Evaluation by the selection panel of the individual’s legal qualifications and evidence of their contribution and impact on the law of England and Wales
    • Shortlisted nominees will undergo a criminal record check

    For more information on how we use and protect personal data, please refer to our privacy notice.

    Nominees from outside the legal profession

    Where someone from outside the legal profession has made a significant impact on the law of England and Wales, or how it is advanced, they would not qualify for this award. We would welcome those nominations as part of the main honours system.

    Scotland and Northern Ireland

    There is a separate Honorary King’s Counsel award in Scotland. There is no exact equivalent in Northern Ireland. However, this does not mean that achievements of a similar nature cannot be recognised. If you would like to nominate someone for an honour whose work is in Northern Ireland, you can contact the Honours Secretariat for Northern Ireland.

    Nominees and recipients of national honours

    Someone who has been honoured in the official UK honours system within the last two years, or who has been nominated for such an honour this year, would not be eligible to receive an Honorary KC award. Where someone was awarded an honour more than two years ago, the panel will consider the individual’s contribution to and impact on the law since that honour was awarded.

    How to make a nomination

    Please submit your nomination form using our digital form via this link.

    Please note that we will only accept nominations made via the digital form.

    If you are unable to use our digital form, or have any other questions, please contact HonoraryKC@justice.gov.uk.

    Frequently Asked Questions (FAQs)

    1. What is the process and timelines?

    • July: Nominations open
    • September: Nominations close
    • November: Panel meet and shortlist nominees
    • November: ACRO Criminal checks are conducted
    • December: Lord Chancellor makes final recommendations to the King
    • January: Successful nominees are announced
    • March: Ceremony

    These dates are provisional and subject to change

    2.Who can make a nomination?

    Anyone can make a nomination. You do not need to have a legal background or reside in the UK.

    3.Do I need to be a practising barrister or solicitor to be nominated?

    No. You do not need to be practising, although you do need to be a qualified lawyer or legal academic to be eligible. The award is for achievements outside the courtroom.

    4.Can I make more than one nomination?

    Yes. You may nominate as many people as you like, but please ensure that you submit separate nomination forms.

    5.Is there a limit to the number of nominations for an individual?

    No. An individual can be nominated by multiple people.

    6.Can I nominate a foreign national?

    Yes. There are no nationality or residence requirements for the award.

    7.In order to be considered for the award, do I need multiple nominations?

    No. The scoring is not based on how many nominations an individual has received.

    8.Can I attach letters or statements in support of a nomination?

    No. Letters or statements of support will not be accepted. If others wish to endorse the nomination, you can list their name(s) in the relevant section of the form.

    9.What happens if I miss the deadline to apply?

    Unfortunately, we cannot consider any nomination past the deadline. We encourage you to submit your application when the next round of nominations open.

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    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

    July 25, 2025
  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)
     
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

    July 25, 2025
  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)
     
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

    July 25, 2025
  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)
     
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

    July 25, 2025
  • MIL-OSI USA: Congressman Keith Self and Congresswoman Andrea Salinas Introduce Bipartisan Resolution Recognizing National Moon Landing Day

    Source:

    Congressman Keith Self (TX-03) and Congresswoman Andrea Salinas (OR-06) introduced a bipartisan resolution designating July 20, 2025, as “National Moon Landing Day,” commemorating the anniversary of the Apollo 11 mission—the first crewed lunar landing in history. 

    “Fifty-six years ago, America did what the world thought was impossible and sent mankind to the Moon, proving that America doesn’t follow—we lead,” Congressman Self said. “Our dedication to space exploration reflects who we are as Americans—pioneers, problem-solvers, and patriots. As a member of the House Science, Space, and Technology Committee, I am proud to introduce this resolution with Congresswoman Salinas, honoring the bravery of our astronauts, the ingenuity of our engineers, and the enduring spirit of American exploration.” 

    “In celebration of one of our country’s greatest scientific achievements, we honor the scientists, engineers, and astronauts who made it possible,” Congresswoman Salinas said. “As a proud member of the House Science, Space, and Technology Committee, I introduced the resolution to establish National Moon Landing Day because this anniversary deserves recognition. National Moon Landing Day isn’t just about looking back—it’s about inspiring the next generation to dream big, explore boldly, and ensure the United States continues to lead the world in science and innovation.”

    The resolution encourages Americans to celebrate the legacy of NASA’s human spaceflight programs.  By honoring the astronauts of the Mercury, Gemini, and Apollo missions, as well as the thousands of workers and craftspeople, we recognize the innovation and dedication that made human space exploration possible.  

    This legislation encourages the public to remember those fallen astronauts who gave their lives in pursuit of discovery. It encourages Americans to educate each other about the economic, societal, and health benefits of space exploration. Furthermore, the resolution will inspire the next generation to pursue careers in science, technology, engineering, and mathematics (STEM), while also recognizing America’s continued leadership in space through the Artemis missions and the Moon to Mars Program. 

    ###

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI: Mark Cuban Foundation and Who We Play For Bring Free AI Bootcamp to Melbourne Teens

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Fla., July 24, 2025 (GLOBE NEWSWIRE) — High school students in Melbourne have the chance to get hands-on experience with artificial intelligence through a free AI Bootcamp launched by the Mark Cuban Foundation, in partnership with Who We Play For and Groundswell Startups. Applications close September 30.

    This event brings the only artificial intelligence (AI) camp of its kind, free of charge, to the Space Coast. With a custom and highly-relevant curriculum focused on teaching students about the latest developments in the world of AI and Generative AI, the camp will provide the tools to make these technologies work for them and promises to educate, inspire and fuel the next generation of AI professionals.

    The program aims to provide students with a foundational understanding of artificial intelligence and its applications to future careers. Students can select from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness. Driven by the belief that fostering interest in AI at a young age is crucial for preparing the next generation for their future, the AI Bootcamps are introductory and accessible to students in 9-12 grade with an interest in technology. Students do not need any familiarity with computer science or programming to attend.

    This free AI Bootcamp is hosted for underserved high school students with a transparent focus on recruiting girls, students of color, first generation college students, and those from low to moderate income households. The AI Bootcamp Program provides students with lunch and a snack, transportation assistance, and technology equipment during bootcamp.

    “As AI continues to become an undeniable force in all of our lives, it’s crucial that we open the door to this knowledge, especially to young people who want to explore it,” said Mark Cuban, founder. “While technology expands and becomes more advanced, it becomes more critical that we ensure our students are prepared when they apply for schools or jobs in the future. Thanks to our work with Who We Play For and Groundswell Startups, the bootcamp will offer an avenue to explore this fascinating field of technology to any student, no matter their means.”

    This year’s bootcamp, taking place in Melbourne on November 1st, 8th, and 15th is hosted and staffed by Groundswell Startups and Who We Play For, two organizations dedicated to fostering innovation, growth, and opportunity on the Space Coast.

    Who We Play For, a nonprofit organization committed to preventing sudden cardiac death in young people by providing affordable and accessible heart screenings. Founded in memory of Rafe Maccarone, a local student-athlete who lost his life to sudden cardiac arrest in 2007, the organization works tirelessly to ensure that no family, team, or community has to experience a similar loss. Through partnerships with schools, sports clubs, and community organizations, Who We Play For brings non-invasive heart screenings to youth across the country while raising awareness about the importance of early detection and advocating for increased access to life-saving resources.

    Groundswell Startups, founded in 2016, is a non-profit incubator and coworking space bringing concepts to life and accelerating scalability for businesses ranging from tech to manufacturing in Florida’s Space Coast and around the Southeast region.

    “This partnership reflects what Groundswell was built to do,” said Groundswell Co-Founder Bud Deffebach. “Events like these empower the next generation of tech innovators to understand and utilize AI. We are proud to join with the Mark Cuban Foundation in providing this experience to local students.”

    This partnership is one of more than 25 selected to host camps across the U.S. and the only event hosted in Florida.

    “We are thrilled to partner with the Mark Cuban Foundation and Groundswell Startups to share insights on artificial intelligence and the importance of early exposure to emerging technologies. This partnership is a great opportunity to showcase how AI is driving meaningful impact in our work here at Who We Play For, and we are proud to bring the AI Bootcamp to our hometown,” said Who We Play For Technical Director, Klynton Holmes.

    There are just 9 weeks left until the September 30 deadline. Do not miss your chance—submit your application now, as spaces are limited.

    Apply for the bootcamp at: markcubanai.org.

    Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.

    To learn more, visit markcubanai.org.

    This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.

    About Mark Cuban Foundation’s AI Bootcamp Initiative
    The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays underserved 9th – 12th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.

    About Who We Play For

    WWPF represents every young person who lost their life to sudden cardiac arrest (SCA). Our fight is to ensure that other families, teams, and communities will never know that pain.

    On our mission to eliminate preventable sudden cardiac death in the young through affordable heart screenings, WWPF has screened over 450,000 youth across more than 500 communities throughout the United States. As a result of WWPF’s screening program, more than 450 youth with life threatening heart conditions have received immediate, life-saving medical intervention and thousands more are now aware of cardiac abnormalities that may increase their risk for SCA later in life.

    Alongside the world’s leaders in pediatric cardiology, our vision is to elevate the standard of care for ALL youth, no matter their level of athletics, socio-economic status or geographical location.

    About Groundswell Startups

    Groundswell, a nonprofit high-tech incubator in Florida’s Space Coast, serves as a hub that unites founders, mentors, investors, and trusted support services. Our mission is simple yet powerful: to envelop entrepreneurs in a supportive ecosystem abundant with resources. We pave the way for company building, industry disruption, and scalable growth. At Groundswell, we believe in empowering startups with the essential network and resources to thrive in the heart of the Space Coast’s innovation landscape. Learn more or find support for your startup idea at www.swellstartups.com.

    The MIL Network –

    July 25, 2025
  • MIL-OSI: ACNB Corporation Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., July 24, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $11.6 million, or $1.11 diluted earnings per share, for the three months ended June 30, 2025 compared to net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024 and compared to net loss of $272 thousand, or $0.03 diluted loss per share, for the three months ended March 31, 2025. Financial results for the three months ended March 31, 2025 were impacted by two discrete items that were related to the acquisition of Traditions Bancorp, Inc. (“Traditions”) (“Acquisition”): a provision for credit losses on non-purchase credit deteriorated (“PCD”) loans of $4.2 million, net of taxes, and merger-related expenses, net of taxes, totaling $6.2 million.

    2025 Second Quarter Highlights

    • Fully taxable equivalent (“FTE”) net interest margin was 4.21% for the three months ended June 30, 2025 compared to 4.07% for the three months ended March 31, 2025 and 3.82% for the three months ended June 30, 2024.
    • Return on average assets was 1.43% and return on average equity was 11.96% for the three months ended June 30, 2025.
    • Total loans were $2.34 billion at June 30, 2025, an increase of $19.6 million, or 0.8%, from March 31, 2025, or 3.4% on an annualized basis.
    • Tangible common equity to tangible assets ratio1 of 9.65% at June 30, 2025 compared to 9.33% at March 31, 2025 and 9.84% at June 30, 2024. The net unrealized loss on the available for sale securities portfolio was $36.2 million at June 30, 2025 compared to a net unrealized loss of $39.7 million at March 31, 2025 and a net unrealized loss of $52.7 million at June 30, 2024.
    • As announced on Form 8-K on July 23, 2025, the Board of Directors approved and declared a regular quarterly cash dividend of $0.34 per share of ACNB Corporation common stock for the second quarter, reflecting a $0.02, or 6.3%, increase over the same period of 2024.
    • ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock.

    “We are pleased to share strong results for the second quarter of 2025 which reflect our first full quarter of combined operations including Traditions Bank, a division of ACNB Bank. After completing the acquisition in early February of this year, we are excited to share that we have successfully completed our system conversion enabling all ACNB Bank customers to bank at any convenient location,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

    “Our financial results reflect our continued commitment to our community banking business model and to generating long term shareholder value. The quarter was represented by strong profitability, an increase in quarter over quarter net loan growth, stable asset quality and an active capital management strategy supported by a $0.34 second quarter dividend payment and continued open market share repurchases.”

    Mr. Helt continued, “As we look to the remainder of the year, we are focused on managing through the uncertain national economic challenges by continuing to diversify our revenue streams with ACNB Insurance Services, our Wealth Management teams and Traditions Mortgage. We are optimistic that our strong capital position, ample liquidity, superior asset quality metrics and our focus on profitability will enable us to deliver on our commitment to our many different stakeholders.”

    ACNB’s financial results for any periods ended prior to February 1, 2025 reflect ACNB on a standalone basis. As a result, ACNB’s financial results for the three months ended June 30, 2025 may not be directly comparable to prior reported periods.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    Net Interest Income and Margin

    Net interest income for the three months ended June 30, 2025 totaled $31.0 million, an increase of $10.0 million from the three months ended June 30, 2024 and an increase of $3.9 million from the three months ended March 31, 2025. The increases were driven primarily by the Acquisition. The FTE net interest margin for the three months ended June 30, 2025 was 4.21%, a 39 basis points increase from the three months ended June 30, 2024 and a 14 basis points increase from the three months ended March 31, 2025. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $2.2 million and $1.5 million for the three months ended June 30, 2025 and the three months ended March 31, 2025, respectively. The following discussion of increases in average balances and yields compared to the previous periods were driven primarily by the Acquisition. For the three months ended June 30, 2025, total average loans increased $678.7 million and $217.1 million compared to the three months ended June 30, 2024 and the three months ended March 31, 2025, respectively. The yield on total loans was 6.29% for the three months ended June 30, 2025, an increase of 76 basis points compared to the three months ended June 30, 2024 and an increase of 21 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average interest- bearing deposits increased $613.8 million from the three months ended June 30, 2024 and increased $203.0 million from the three months ended March 31, 2025. The average rate paid on interest-bearing deposits was 1.49% for the three months ended June 30, 2025, an increase of 70 basis points from the three months ended June 30, 2024 and an increase of 11 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average noninterest-bearing demand deposits increased $78.0 million from the three months ended June 30, 2024 and increased $50.4 million from the three months ended March 31, 2025.

    Noninterest Income

    Noninterest income for the three months ended June 30, 2025 was $8.7 million, an increase of $2.3 million from the three months ended June 30, 2024 and an increase of $1.5 million from the three months ended March 31, 2025. Gain from mortgage loans held for sale for the three months ended June 30, 2025 was $1.6 million, an increase of $1.5 million from the three months ended June 30, 2024 and an increase of $720 thousand from the three months ended March 31, 2025. Insurance commissions for the three months ended June 30, 2025 were $2.9 million, an increase of $161 thousand from the three months ended June 30, 2024 driven primarily by timing of policy renewals and new business and an increase of $761 thousand from the three months ended March 31, 2025 driven primarily by seasonally stronger policy renewals and an increase in contingent commission income during the three months ended June 30, 2025 for contingent commissions earned in 2024. Service charges on deposits were $1.2 million, an increase of $158 thousand from the three months ended June 30, 2024 and an increase of $85 thousand from the three months ended March 31, 2025 driven primarily by the Acquisition.

    Noninterest Expense

    Noninterest expense for the three months ended June 30, 2025 increased $9.0 million from the three months ended June 30, 2024 and decreased $4.0 million from the three months ended March 31, 2025. Merger-related expenses totaled $1.9 million for the three months ended June 30, 2025 compared to $23 thousand for the three months ended June 30, 2024 and $8.0 million for the three months ended March 31, 2025. Salaries and employee benefits expense increased $3.3 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $832 thousand compared to three months ended March 31, 2025 driven primarily by an increased number of employees attributable to the Acquisition, merit increases and higher mortgage commissions. Net occupancy increased $286 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 driven primarily by the Acquisition and decreased $165 thousand compared to the three months ended March 31, 2025 driven primarily by lower snow removal costs. Equipment expense increased $969 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $259 thousand compared to the three months ended March 31, 2025 driven primarily by the Acquisition and the implementation of new additional products into our core processing system. Other tax decreased $136 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and decreased $307 thousand compared to the three months ended March 31, 2025 driven primarily by earned income tax credits recognized in the period. Intangible assets amortization increased $826 thousand during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $284 thousand compared to the three months ended March 31, 2025 driven by the Acquisition. Other increased $1.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $1.0 million compared to the three months ended March 31, 2025 driven primarily by the Acquisition, earned income tax related donations, and higher internet banking services.

    Loans and Asset Quality

    Total loans outstanding were $2.34 billion at June 30, 2025, an increase of $19.6 million from March 31, 2025 and an increase of $662.2 million from June 30, 2024. The growth from March 31, 2025 was spread across real estate construction, commercial and industrial, home equity lines of credit and residential mortgage. The increase compared to June 30, 2024 was spread across all loan categories and was driven primarily by the Acquisition. The allowance for credit losses was $24.4 million at June 30, 2025, a decrease of $293 thousand compared to March 31, 2025 and an increase of $7.2 million compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for credit losses model. The increase compared to June 30, 2024 was driven primarily by the Acquisition. The allowance for unfunded commitments was $1.5 million at June 30, 2025, a decrease of $354 thousand compared to March 31, 2025 and an increase of $219 thousand compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for unfunded commitments model and lower commitments. The increase compared to June 30, 2024 was driven primarily by the Acquisition.

    Non-performing loans were $10.1 million, or 0.43%, of total loans, net of unearned income, at June 30, 2025 compared to $10.0 million, or 0.43%, of total loans at March 31, 2025 and $3.1 million, or 0.19%, of total loans at June 30, 2024. The increase in non-performing loans at June 30, 2025 compared to June 30, 2024 was driven primarily by one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during 2024 and by the Acquisition. Annualized net charge-offs for the three months ended June 30, 2025 were 0.01% of total average loans compared to 0.01% for the three months ended March 31, 2025 and 0.00% for the three months ended June 30, 2024.

    Deposits and Borrowings

    Deposits totaled $2.52 billion at June 30, 2025, a decrease of $15.5 million from March 31, 2025 and an increase of $686.0 million from June 30, 2024. Included in total deposits at June 30, 2025 were $568.3 million of noninterest-bearing deposits, which increased $5.6 million and $88.6 million from March 31, 2025 and June 30, 2024, respectively. Total interest-bearing deposits were $1.96 billion at June 30, 2025 a decrease of $21.1 million from March 31, 2025 and an increase of $597.4 million from June 30, 2024. The decrease from March 31, 2025 was driven primarily by the withdrawal of a significant 1031 Exchange deposit held on behalf of a commercial customer. Time deposits, included in interest-bearing deposits, increased $3.3 million and $225.0 million since March 31, 2025 and June 30, 2024, respectively. In June 2025, ACNB Bank issued $20.0 million in brokered time deposits to partially offset the 1031 Exchange deposit withdrawal and the maturity of a $5.0 million brokered deposit during the quarter. The overall increase in total deposits compared to June 30, 2024 was driven primarily by the Acquisition.

    Total borrowings were $298.4 million at June 30, 2025, a decrease of $1.1 million and $5.9 million compared to March 31, 2025 and June 30, 2024, respectively.

    Stockholders’ Equity

    Total stockholders’ equity was $395.2 million at June 30, 2025 compared to $386.9 million at March 31, 2025 and $289.3 million at June 30, 2024. The increase at June 30, 2025 compared to March 31, 2025 was driven primarily by net income of $11.6 million slightly offset by dividends paid of $3.5 million and common stock repurchased of $3.1 million for the three months ended June 30, 2025. The increase at June 30, 2025 compared to June 30, 2024 was driven primarily by the common stock equity issued in the Acquisition.

    Tangible book value1 per share was $29.30, $28.23 and $27.82 at June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock. This new common stock open market repurchase plan replaces and supersedes any and all earlier announced repurchase plans. There were no shares repurchased under this plan during the three months ended June 30, 2025.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    About ACNB Corporation

    ACNB Corporation, headquartered in Gettysburg, PA, is the independent $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, including its operating divisions Traditions Bank and Traditions Mortgage, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 33 community banking offices and one loan office located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York, and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, MD and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2025-10
    July 24, 2025

    ACNB Corporation Financial Highlights Selected Financial Data by Respective Quarter End (Unaudited)
     
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    BALANCE SHEET DATA          
    Total Assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Investment securities   520,758     521,306     459,472     483,604     483,868  
    Total loans, net of unearned income   2,341,816     2,322,209     1,682,910     1,677,112     1,679,600  
    Allowance for credit losses   (24,353 )   (24,646 )   (17,280 )   (17,214 )   (17,162 )
    Deposits   2,524,541     2,540,009     1,792,501     1,791,317     1,838,588  
    Allowance for unfunded commitments   1,529     1,883     1,394     1,349     1,310  
    Borrowings   298,395     299,531     271,159     293,091     304,286  
    Stockholders’ equity   395,151     386,883     303,273     306,755     289,331  
    INCOME STATEMENT DATA          
    Interest and dividend income $         41,576   $ 36,290   $ 27,381   $ 27,241   $ 26,869  
    Interest expense   10,564     9,200     6,269     6,299     5,905  
    Net interest income   31,012     27,090     21,112     20,942     20,964  
    (Reversal of) provision for credit losses   (228 )   5,968     249     81     (2,990 )
    (Reversal of) provision for unfunded commitments   (354 )   (480 )   44     40     (259 )
    Net interest income after (reversal of) provisions for credit losses and unfunded commitments   31,594     21,602     20,819     20,821     24,213  
    Noninterest income   8,682     7,184     5,803     6,833     6,427  
    Noninterest expenses   25,366     29,335     18,388     18,244     16,391  
    Income (loss) before income taxes   14,910     (549 )   8,234     9,410     14,249  
    Income tax expense (benefit)   3,262     (277 )   1,639     2,206     2,970  
    Net income (loss) $         11,648   $ (272 ) $ 6,595   $ 7,204   $ 11,279  
    PROFITABILITY RATIOS          
    Total loans, net of unearned income to deposits   92.76 %   91.43 %   93.89 %   93.62 %   91.35 %
    Return on average assets (annualized)   1.43     (0.04 )   1.08     1.17     1.86  
    Return on average equity (annualized)   11.96     (0.31 )   8.57     9.63     16.12  
    Efficiency ratio1   56.21     60.13     63.83     60.56     58.61  
    FTE Net interest margin   4.21     4.07     3.81     3.77     3.82  
    Yield on average earning assets   5.64     5.45     4.93     4.90     4.89  
    Yield on investment securities   2.95     2.91     2.58     2.59     2.65  
    Yield on total loans   6.29     6.08     5.61     5.56     5.53  
    Cost of funds   1.50     1.45     1.19     1.19     1.12  
    PER SHARE DATA          
    Diluted earnings (loss) per share $         1.11   $ (0.03 ) $ 0.77   $ 0.84   $ 1.32  
    Cash dividends paid per share   0.34     0.32     0.32     0.32     0.32  
    Tangible book value per share1   29.30     28.23     29.51     29.90     27.82  
    CAPITAL RATIOS2
    Tier 1 leverage ratio   10.97 %   11.81 %   12.52 %   12.46 %   12.25 %
    Common equity tier 1 ratio   13.96     13.65     16.27     16.07     15.78  
    Tier 1 risk based capital ratio   14.17     13.86     16.56     16.36     16.07  
    Total risk based capital ratio   15.75     15.45     18.36     18.15     17.86  
    CREDIT QUALITY                              
    Net charge-offs to average loans outstanding (annualized)   0.01 %   0.01 %   0.04 %   0.01 %   0.00 %
    Total non-performing loans to total loans, net of unearned income3   0.43     0.43     0.40     0.39     0.19  
    Total non-performing assets to total assets4   0.31     0.32     0.30     0.29     0.14  
    Allowance for credit losses to total loans, net of unearned income   1.04     1.06     1.03     1.03     1.02  
                                   

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
    2 Regulatory capital ratios as of June 30, 2025 are preliminary.
    3 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
    4 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.

    Consolidated Statements of Condition
    (Unaudited)
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 June 30, 2024
    ASSETS      
    Cash and due from banks $         32,834   $ 23,422   $ 26,681  
    Interest-bearing deposits with banks   70,275     100,141     59,593  
    Total Cash and Cash Equivalents   103,109     123,563     86,274  
    Equity securities with readily determinable fair values   936     933     919  
    Investment securities available for sale, at estimated fair value   455,317     455,819     418,364  
    Investment securities held to maturity, at amortized cost (fair value $56,420, $56,219 and $57,026)   64,505     64,554     64,585  
    Loans held for sale   16,455     21,413     1,801  
    Total loans, net of unearned income   2,341,816     2,322,209     1,679,600  
    Less: Allowance for credit losses   (24,353 )   (24,646 )   (17,162 )
    Loans, net   2,317,463     2,297,563     1,662,438  
    Premises and equipment, net   31,581     32,398     25,760  
    Right of use asset   4,657     5,440     2,278  
    Restricted investment in bank stocks   13,533     13,560     11,853  
    Investment in bank-owned life insurance   96,104     98,814     80,841  
    Investments in low-income housing partnerships   814     846     940  
    Goodwill   64,449     64,449     44,185  
    Intangible assets, net   24,694     25,835     8,446  
    Foreclosed assets held for resale   32     438     406  
    Other assets   65,879     64,416     48,663  
    Total Assets $         3,259,528   $ 3,270,041   $ 2,457,753  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Deposits:      
    Noninterest-bearing $         568,301   $ 562,700   $ 479,726  
    Interest-bearing   1,956,240     1,977,309     1,358,862  
    Total Deposits   2,524,541     2,540,009     1,838,588  
    Short-term borrowings   43,041     44,188     48,974  
    Long-term borrowings   255,354     255,343     255,312  
    Lease liability   4,946     5,790     2,278  
    Allowance for unfunded commitments   1,529     1,883     1,310  
    Other liabilities   34,966     35,945     21,960  
    Total Liabilities   2,864,377     2,883,158     2,168,422  
           
    Stockholders’ Equity:      
    Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024   —     —     —  
    Common stock, $2.50 par value; 20,000,000 shares authorized; 11,017,121, 11,011,051, and 8,934,495 shares issued; 10,478,149, 10,543,671, and 8,545,629 shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024, respectively   27,539     27,521     22,330  
    Treasury stock, at cost; 538,972, 467,380, and 388,866 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively   (17,167 )   (14,309 )   (11,101 )
    Additional paid-in capital   178,553     178,011     98,230  
    Retained earnings   239,077     230,978     226,271  
    Accumulated other comprehensive loss   (32,851 )   (35,318 )   (46,399 )
    Total Stockholders’ Equity   395,151     386,883     289,331  
    Total Liabilities and Stockholders’ Equity $         3,259,528   $ 3,270,041   $ 2,457,753  
                       
    Consolidated Income Statements
    (Unaudited)
     
      Three Months Ended June 30, Six Months Ended June 30,
    (Dollars in thousands, except per share data)   2025     2024     2025     2024  
    INTEREST AND DIVIDEND INCOME        
    Loans, including fees        
    Taxable $         36,555   $ 22,675   $         68,231   $ 44,145  
    Tax-exempt   317     313     609     632  
    Investment securities:        
    Taxable   3,283     2,665     6,185     5,576  
    Tax-exempt   283     284     571     568  
    Dividends   307     248     647     488  
    Other   831     684     1,623     1,434  
    Total Interest and Dividend Income   41,576     26,869     77,866     52,843  
    INTEREST EXPENSE        
    Deposits   7,284     2,643     13,280     4,803  
    Short-term borrowings   341     304     635     643  
    Long-term borrowings   2,939     2,958     5,849     5,840  
    Total Interest Expense   10,564     5,905     19,764     11,286  
    Net Interest Income   31,012     20,964     58,102     41,557  
    (Reversal of) provision for credit losses   (228 )   (2,990 )   5,740     (2,767 )
    (Reversal of) provision for unfunded commitments   (354 )   (259 )   (834 )   (410 )
    Net Interest Income after (Reversal of) Provisions for Credit Losses and Unfunded Commitments   31,594     24,213     53,196     44,734  
    NONINTEREST INCOME        
    Insurance commissions   2,908     2,747     5,055     4,862  
    Service charges on deposits   1,179     1,021     2,273     2,012  
    Wealth management   1,090     1,069     2,150     2,031  
    Gain from mortgage loans held for sale   1,575     34     2,430     82  
    ATM debit card charges   905     841     1,736     1,660  
    Earnings on investment in bank-owned life insurance   627     493     1,207     970  
    Gain on life insurance proceeds   31     —     285     —  
    Net gains on sales or calls of investment securities   22     —     22     69  
    Net gains (losses) on equity securities   3     1     17     (9 )
    Other   342     221     691     417  
    Total Noninterest Income   8,682     6,427     15,866     12,094  
    NONINTEREST EXPENSES        
    Salaries and employee benefits   13,693     10,426     26,554     21,594  
    Equipment   2,539     1,570     4,819     3,299  
    Net occupancy   1,277     991     2,719     2,121  
    Professional services   743     529     1,320     1,145  
    FDIC and regulatory   435     348     836     723  
    Other tax   220     356     747     726  
    Intangible assets amortization   1,141     315     1,998     636  
    Merger-related   1,943     23     9,974     23  
    Other   3,375     1,833     5,734     3,786  
    Total Noninterest Expenses   25,366     16,391     54,701     34,053  
    Income Before Income Taxes   14,910     14,249     14,361     22,775  
    Income tax expense   3,262     2,970     2,985     4,728  
    Net Income $         11,648   $ 11,279   $         11,376   $ 18,047  
    PER SHARE DATA        
    Basic earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Diluted earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Weighted average shares basic   10,451,469     8,502,268     10,130,666     8,497,686  
    Weighted average shares diluted   10,487,519     8,540,706     10,157,331     8,526,177  
                             
    Average Balances, Income and Expenses, Yields and Rates
            
      Three months ended
    June 30, 2025
    Three months ended
    March 31, 2025
    Three months ended
    December 31, 2024
    Three months ended
    September 30, 2024
    Three months ended
    June 30, 2024
    (Dollars in thousands) Average
    Balance
    Interest1 Yield/
    Rate
    Average
    Balance

    Interest1

    Yield/
    Rate
    Average
    Balance

    Interest1

    Yield/
    Rate
    Average
    Balance

    Interest1

    Yield/
    Rate
    Average
    Balance

    Interest1

    Yield/
    Rate
    ASSETS                            
    Loans:                            
    Taxable $ 2,296,429   $ 36,555   6.38 % $ 2,080,231   $ 31,676 6.18 % $ 1,619,245   $ 23,294 5.72 % $ 1,618,879   $ 23,108 5.68 % $ 1,612,380   $ 22,675 5.66 %
    Tax-exempt   58,903     401   2.73     57,969     370 2.59     57,683     366 2.52     62,401     394 2.51     64,276     396 2.48  
    Total Loans2   2,355,332     36,956   6.29     2,138,200     32,046 6.08     1,676,928     23,660 5.61     1,681,280     23,502 5.56     1,676,656     23,071 5.53  
    Investment Securities:                                  
    Taxable   482,933     3,590   2.98     447,986     3,242 2.93     431,338     2,786 2.57     441,135     2,868 2.59     442,390     2,913 2.65  
    Tax-exempt   54,261     358   2.65     54,659     365 2.71     54,453     359 2.62     54,549     359 2.62     54,644     359 2.64  
    Total Investments3   537,194     3,948   2.95     502,645     3,607 2.91     485,791     3,145 2.58     495,684     3,227 2.59     497,034     3,272 2.65  
    Interest-bearing deposits with banks   77,348     831   4.31     73,181     792 4.39     60,104     728 4.82     48,794     670 5.46     50,851     684 5.41  
    Total Earning Assets   2,969,874     41,735   5.64     2,714,026     36,445 5.45     2,222,823     27,533 4.93     2,225,758     27,399 4.90     2,224,541     27,027 4.89  
    Cash and due from banks   25,610               20,603         20,413         21,684         21,041      
    Premises and equipment   32,019               29,903         25,679         25,716         25,903      
    Other assets   255,624               224,522         181,180         184,105         187,937      
    Allowance for credit losses   (24,615 )             (19,939 )       (17,153 )       (17,147 )       (20,124 )    
    Total Assets $ 3,258,512             $ 2,969,115       $ 2,432,942       $ 2,440,116       $ 2,439,298      
    LIABILITIES                                      
    Interest-bearing demand deposits $ 612,812   $         514   0.34 % $ 573,341     $ 524   0.37 % $ 519,833     $ 511   0.39 % $ 518,368     $ 552   0.42 % $ 513,163     $ 275   0.22 %
    Money markets   536,755     2,706   2.02     447,297       1,984   1.80     251,781       747   1.18     246,653       692   1.12     248,191       613   0.99  
    Savings deposits   342,327     27   0.03     331,103       27   0.03     315,512       34   0.04     318,291       26   0.03     327,274       30   0.04  
    Time deposits   473,589     4,037   3.42     410,749       3,461   3.42     268,559       1,987   2.94     258,053       1,842   2.84     263,045       1,725   2.64  
    Total Interest-Bearing Deposits   1,965,483     7,284   1.49     1,762,490       5,996   1.38     1,355,685       3,279   0.96     1,341,365       3,112   0.92     1,351,673       2,643   0.79  
    Short-term borrowings   44,515     341   3.07     38,721       294   3.08     23,087       12   0.21     38,666       204   2.10     37,256       304   3.28  
    Long-term borrowings   255,347     2,939   4.62     257,558       2,910   4.58     255,326       2,978   4.64     255,316       2,983   4.65     255,305       2,958   4.66  
    Total Borrowings   299,862     3,280   4.39     296,279       3,204   4.39     278,413       2,990   4.27     293,982       3,187   4.31     292,561       3,262   4.48  
    Total Interest-Bearing Liabilities   2,265,345     10,564   1.87     2,058,769       9,200   1.81     1,634,098       6,269   1.53     1,635,347       6,299   1.53     1,644,234       5,905   1.44  
    Noninterest-bearing demand deposits   563,321         512,966           464,949           477,350           485,351        
    Other liabilities   39,271         36,934           27,887           29,946           28,348        
    Stockholders’ Equity   390,575         360,446           306,008           297,473           281,365        
    Total Liabilities and Stockholders’ Equity $ 3,258,512       $ 2,969,115         $ 2,432,942         $ 2,440,116         $ 2,439,298        
    Taxable Equivalent Net Interest Income     31,171           27,245           21,264           21,100           21,122    
    Taxable Equivalent Adjustment     (159 )         (155 )         (152 )         (158 )         (158 )  
    Net Interest Income   $ 31,012         $ 27,090         $ 21,112         $ 20,942         $ 20,964    
    Cost of Funds     1.50 %       1.45 %       1.19 %       1.19 %       1.12 %
    FTE Net Interest Margin     4.21 %       4.07 %       3.81 %       3.77 %       3.82 %
                                                     

    _______________
    1
    Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Average Balances, Income and Expenses, Yields and Rates
                                       
      Six months ended June 30, 2025   Six months ended June 30, 2024
    (Dollars in thousands)   Average Balance     Interest1   Yield/ Rate       Average Balance     Interest1   Yield/ Rate  
    ASSETS                                  
    Loans:                                  
    Taxable $         2,188,852   $         68,231   6.29 %   $ 1,592,745   $ 44,145   5.57 %
    Tax-exempt   58,438     771   2.66       65,050   800   2.47  
    Total Loans2   2,247,290     69,002   6.19       1,657,795   44,945   5.45  
    Investment Securities:                    
    Taxable   465,556     6,832   2.96       454,928   6,064   2.68  
    Tax-exempt   54,459     723   2.68       54,692   719   2.64  
    Total Investments3   520,015     7,555   2.93       509,620   6,783   2.68  
    Interest-bearing deposits with banks   75,276     1,623   4.35       52,504   1,434   5.49  
    Total Earning Assets   2,842,581     78,180   5.55       2,219,919   53,162   4.82  
    Cash and due from banks   23,120             20,790      
    Premises and equipment   30,967             26,051      
    Other assets   240,235             187,458      
    Allowance for credit losses   (22,290 )           (20,044 )    
    Total Assets $         3,114,613           $ 2,434,174      
    LIABILITIES            
    Interest-bearing demand deposits $         593,185   $         1,038   0.35 %   $ 512,932   $ 540   0.21 %
    Money markets   492,273     4,690   1.92       248,244     1,149   0.93  
    Savings deposits   336,746     54   0.03       331,244     58   0.04  
    Time deposits   442,343     7,498   3.42       253,763     3,056   2.42  
    Total Interest-Bearing Deposits   1,864,547     13,280   1.44       1,346,183     4,803   0.72  
    Short-term borrowings   41,634     635   3.08       42,170     643   3.07  
    Long-term borrowings   256,447     5,849   4.60       252,004     5,840   4.66  
    Total Borrowings   298,081     6,484   4.39       294,174     6,483   4.43  
    Total Interest-Bearing Liabilities   2,162,628     19,764   1.84       1,640,357     11,286   1.38  
    Noninterest-bearing demand deposits   538,282             485,999          
    Other liabilities   38,109             27,626          
    Stockholders’ Equity   375,594             280,192          
    Total Liabilities and Stockholders’ Equity $         3,114,613           $ 2,434,174          
    Taxable Equivalent Net Interest Income     58,416             41,876    
    Taxable Equivalent Adjustment     (314 )           (319 )  
    Net Interest Income   $         58,102           $ 41,557    
    Cost of Funds     1.48 %       1.07 %
    FTE Net Interest Margin     4.14 %       3.79 %

    _______________
    1 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Non-GAAP Reconciliation

    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non- GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

      Three Months Ended
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    Tangible book value per share          
    Stockholders’ equity $         395,151   $ 386,883   $ 303,273   $ 306,755   $ 289,331  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Shares outstanding, less unvested shares, end of period (denominator)   10,442,269     10,506,822     8,515,347     8,510,187     8,507,191  
    Tangible book value per share $         29.30   $ 28.23   $ 29.51   $ 29.90   $ 27.82  
    Tangible common equity to tangible assets (TCE/TA Ratio)          
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Total assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Total tangible assets (denominator) $         3,170,385   $ 3,179,757   $ 2,342,807   $ 2,368,587   $ 2,405,122  
    Tangible common equity to tangible assets   9.65 %   9.33 %   10.72 %   10.74 %   9.84 %
    Efficiency Ratio          
    Noninterest expense $         25,366   $ 29,335   $ 18,388   $ 18,244   $ 16,391  
    Less: Intangible amortization   1,141     857     304     304     315  
    Less: Merger-related expense   1,943     8,031     885     1,137     23  
    Noninterest expense (numerator) $         22,282   $ 20,447   $ 17,199   $ 16,803   $ 16,053  
    Net interest income $         31,012   $ 27,090   $ 21,112   $ 20,942   $ 20,964  
    Plus: Total noninterest income   8,682     7,184     5,803     6,833     6,427  
    Less: Gain on life insurance proceeds   31     254     —     —     —  
    Less: Net gains on sales or calls of securities   22     —     —     —     —  
    Less: Net gains (losses) on equity securities   3     14     (28 )   28     1  
    Total revenue (denominator) $         39,638   $ 34,006   $ 26,943   $ 27,747   $ 27,390  
    Efficiency ratio   56.21 %   60.13 %   63.83 %   60.56 %   58.61 %
                                   
    Contact:    Jason H. Weber
    EVP/Treasurer & Chief Financial Officer
    717.339.5090
    jweber@acnb.com
         

    The MIL Network –

    July 25, 2025
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