MIL-OSI United Nations: ‘You have to be able to rule your life’: The care revolution in Latin America

Source: United Nations 2-b

The workers we don’t pay or see are grandmothers, mothers, daughters — the women who take care of children, look after ill family members, and give dignity to the elderly.

To do this vital care work, they give up formal employment with pay cheques.

“Our system is designed as if women didn’t do care work. And that forces us to choose between raising children or working,” said Meredith Cortés Bravo, a founder of a grassroots organization in Chile that supports these women.

But in Latin America, this is slowly changing — a care revolution is underway that is asking governments and employers to consider what it would mean to recognize, protect and fund care work.

“Care is essential for every family and for every community. The revolution is to make it visible, to make it valuable and to invest,” María Noel Vaeza, UN Women’s regional director for Latin America and the Caribbean, told UN News.

The most off-track goal

The High-Level Political Forum (HLPF) on Sustainable Development is convening at UN Headquarters in New York in order to discuss progress – or lack thereof – towards the globally agreed Sustainable Development Goals (SDGs).

While 18 per cent of the Goals are on track for 2030, achieving gender equality remains the Goal that is most off-track. Discriminatory laws and gender-based norms persist worldwide, with women dedicating approximately twice as many hours to unpaid care work as men.

“Gender equality is not a side issue. It is central to peace, it is central to justice, and it is central to sustainable development and the credibility of the multilateral system itself,” Sima Bahous, Executive Director of UN Women said at an HLPF session this week.

The revolution is underway

Before the revolution began, Latin America faced a care crisis during the coronavirus“>COVID-19 pandemic, according to Ms. Vaeza. There was not enough care available outside of the home for sick people, forcing society to recognize that taking care of others is work.

“Unpaid care work is what keeps the economy running, but it’s unfair because it’s invisible, undervalued and underfunded. We must recognize it,” Ms. Vaeza said.

In Latin America, 17 are countries actively working to redesign their care economies, ensuring more protections and income for the women and men who provide this work.

“The biggest shift has been putting care at the centre of public policy, not just academic debates,” said Virginia Gontijo, UN Women programme lead in Brazil.

This work is already bearing fruit.

In Chile, one of the region’s most ambitious care systems is already delivering in 151 municipalities, with the ultimate goal of reaching 75,000 people in the next few years.

UN Women is working with State governments and civil society groups to ensure that these new systems, policies and laws are shaped by and for caregivers.

A care system in Brazil worked closely with a care activist network to train caregivers in labour rights and promote long-term professional development.

“I never felt my work was valued. But after this project, I feel better prepared to take part in political discussions and make our voices heard,” said Lucileide Mafra Reis, a domestic worker activist in Brazil.

Care is a human right

Mexico and Peru have taken a more rights-based approach to care, codifying it as a basic human right.

While the international community has yet to make a similar guarantee, Ms. Vaeza said that the human rights framework is an exceptionally effective one — it restores dignity and recognizes that care is a fundamental part of human life trajectories, from birth to death.

“If you say that care is a human right, it means that the government and the state have to provide support,” she Ms. Vaeza.

For Aideé Zamorano González — a mother who founded Mama Godin, an organization in Mexico which evaluates the impact of care policies on women — it is equally as important that employers protect women’s right to do care work.

This means ensuring that workplaces have policies that are supportive of mothers as workers, such as schedules that allow them to drop their children off at school.

For her, these sorts of policies are crucial for women’s rights and particularly for their freedom and autonomy.

“You have to be able to rule your life,” Ms. Zamorano González told UN News.

Beyond just autonomy, however, it is also about safety. If a woman can make her own money — and therefore, her own decisions — she can leave abusive relationships and avoid economic exploitation.

“Every other type of violence depends on the economic power that you have. If you have the ability to make your own decisions and own money, you are safer,” said Ms. Zamorano González.

An economic investment

Changes to legal classifications and governmental support for care work not only benefit the caregivers but also promote economic growth across societies.

“[Care] is an investment, a strategic investment for social justice, for gender equality and for sustainable development,” Ms. Vaeza said.

She noted that dedicating government funds to paying caregivers will return the investment threefold — both by increasing caregivers’ purchasing power and by generating tax revenue.

In Chile and Colombia, new care systems are estimated to contribute 25.6 per cent and 19.6 percent respectively to their national GDPs, according to UN Women.

“When you invest in a women’s organization, you strengthen a living network, a tree with many branches that reaches places no office or institutional programme ever could,” Ms. Bravo said.

Export the revolution

Latin America’s progress on care is a model for other regions around the world, Ms. Vaeza said, and demonstrates the importance of changing legal frameworks for women and girls.

“It’s extremely important that this revolution be exported. It’s an investment, a strategic investment for social justice, for gender equality and for sustainable development,” she said.

But while the revolution is ongoing, Ms. Zamorano González underlined the importance of economic empowerment for women as a means to protect their own rights even when laws and policies fall short.

“We are under capitalism, so while we change the system, let’s play the game. Let’s get our own means to have freedom,” she said.

MIL OSI United Nations News –

July 19, 2025

MIL-OSI Submissions: Bluetongue outbreak endangers UK livestock – what you need to know about the virus

Source: The Conversation – UK – By Cate Williams, Knowledge Exchange Fellow at Institute of Biological, Environmental and Rural Sciences, Aberystwyth University

Bluetongue causes illness and death in cattle, sheep, goats and other ruminants. Juice Flair/Shutterstock

A tiny midge, no bigger than a pinhead, is bringing UK farming to its knees. The culprit? A strain of the bluetongue virus that’s never been seen before.

As of July 1, the whole of England has been classed as an “infected area” due to bluetongue virus serotype 3 (BTV-3).

There are movement restrictions and testing in place in Scotland, Wales and the island of Ireland. No animals from England – or that have passed through England – are allowed to attend this year’s Royal Welsh Show on July 21-24, for example.

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The virus, which causes illness and death in sheep, cattle, goats and other ruminants, is spread by biting midges. Although it poses no risk to humans and can’t be transmitted from one animal to another, the latest outbreak is more severe than previous ones. And it could cause lasting damage to UK farming.

Bluetongue isn’t new to the UK, however. A different strain, BTV-8 was detected in 2007 and contained. But BTV-3 is a different story. First detected in the Netherlands in late 2023, it was quickly spotted in the UK, where an early containment effort initially appeared successful.

But the virus made a comeback in autumn 2024 – and this time it spread. On its second attempt, the virus was able to circulate and caused an outbreak. With little existing immunity, BTV-3 has now established itself, prompting concerns about animal welfare, food production and farming livelihoods.

What does the disease do?

Sheep tend to be the most severely affected, though all ruminants are at risk. Clinical signs are species-specific but can include swelling of the face, congestion, nasal discharge, ulcers in the mouth and nose, difficulty breathing and abortion or birth deformities.

Bluetongue can cause the animal’s tongue to swell. It can also turn blue from lack of blood flow – although this is somewhat rare.

Bluetongue disease causes suffering in animals, and while there is a vaccine, there is no treatment for the disease once it’s contracted.

BTV-3 appears to be more lethal than earlier strains. In the Netherlands, vets report that BTV-3 is causing more severe symptoms than BTV-8 did.

Vets in England reported that in some herds 25-40% of cows failed to get pregnant, and there was a high rate of birth defects and stillborn calves. One farm in Suffolk started the calving season with 25% of their cows not pregnant and ended with just 48 calves from 97 cows.

Belgium has seen a fall in calf births, reduced milk deliveries and higher mortality in small ruminants compared to the previous three years.

How is it spread?

Bluetongue virus is transmitted by midges from the Culicoides genus. These are tiny, biting insects that thrive in mild, wet conditions.

Multiple midges can bite the same animal, and it only takes one of them to carry BTV before that animal becomes a host for further transmission. When animals are transported long distances, infected individuals can be bitten again and introduce the virus to previously uninfected midge populations.

Climate change is making outbreaks like this more likely. Milder winters and cooler, wetter summers are ideal for midges, increasing both their numbers and their biting activity.

While there’s no danger to human health, the consequences of BTV-3 are far-reaching. Limitations on movement, exports and imports are being imposed to help prevent the spread of the disease, but this could also hamper farming practices and trade.

The disease and its associated restrictions pose another source of stress for farmers, 95% of whom have ranked mental health as the biggest hidden problem in farming.

Genetic pick and mix

One of the reasons bluetongue is so tricky to manage is its ability to evolve. It has a segmented genome, meaning its genetic material, in this case RNA, is split into ten segments. This characteristic is exclusive to “reassortment viruses” and means that they can easily exchange segments of RNA. It’s like a genetic pick and mix with ten different types of sweets that come in an unlimited number of flavours.

This allows BTV to create new, genetically distinct “serotypes”, which may have a selective advantage or a disadvantage. Those with an advantage will emerge and spread successfully, while those with a disadvantage will not emerge at all. This process, known as “reassortment”, is partly responsible for the numerous influenza pandemics throughout history and has even allowed diseases to jump the species barrier.

Although bluetongue doesn’t affect humans directly, its spread poses a growing threat to the UK’s livestock sector and food supply. It’s important to learn from other countries that are further along in the BTV-3 outbreak so that the likely effects can be anticipated in the UK.

Cate Williams does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Bluetongue outbreak endangers UK livestock – what you need to know about the virus – https://theconversation.com/bluetongue-outbreak-endangers-uk-livestock-what-you-need-to-know-about-the-virus-260229

MIL OSI –

July 19, 2025

MIL-OSI USA: VIDEO: Capito Celebrates Career, Legacy of Outgoing WVU President Gordon Gee

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

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Click here or on the image above to watch Senator Capito’s remarks.

WASHINGTON, D.C. — Yesterday, U.S. Senator Shelley Moore Capito (R-W.Va.) delivered a speech on the Senate floor celebrating the career and legacy of West Virginia University’s (WVU) outgoing president Dr. Gordon Gee.

Dr. Gee, who retired this week, dedicated nearly two decades of his life to the service of West Virginia, where he saw the university through many victories and challenges. Dr. Gee worked tirelessly to make education in West Virginia more accessible and obtainable, partnered with Marshall University president Brad Smith to keep the best and brightest students in West Virginia after graduation, and oversaw the addition of 20 hospitals under the WVU Medicine umbrella.

Senator Capito’s remarks as prepared for delivery:

“Mr. President,

“I rise today to honor a dear friend of mine, who has dedicated nearly two decades of his life to the service of our great state of West Virginia, and, to the betterment of our students seeking higher education.

“The man who has been president of more universities than anyone else in the entire world!

“Doctor E. Gordon Gee, President of West Virginia University, who retired this week.

“Dr. Gee, or Gordon as we call him, was fortunate to serve two tenures as President of WVU,

“First from 1981 to 1985, and again from 2013 to 2025.

“Where he brought his strong desire for community, and love of education, to our Home Among the Hills in Morgantown.

“I know I speak for everyone when I say how much we will miss his signature bow tie—I believe he has thousands, his love for athletics and impact within the NCAA—he even offered to suit up for the WVU football team, although he’s quick to admit he isn’t much of an athlete—his infectious energy, and his thoughtful guidance.

“His legacy will be felt at WVU for generations to come.

“To understand the impact that Gordon has made on West Virginia, I must expand on what WVU means to our state and people far outside our borders.

“WVU was established in 1867, initially named the Agricultural College of West Virginia, and became our state’s first public land-grant university.

“Since then, individuals from across our state, country, and world have become Mountaineers – including many members of my own family.

“There are a couple things that I must note about WVU:

“First, Mountaineers are everywhere.

“There isn’t a town across West Virginia, or an airport across our country, where you won’t see the trademark blue and gold flying WV logo.

“The Mountaineers serve as a point of pride for our state and bring recognition to the wonderful people, passion, culture, and history that we have in West Virginia.

“Second, Mountaineers are changing the world.

“Across WVU’s thirteen colleges and schools, whether it be engineering, agriculture, law, or medicine, Mountaineers are making a difference.

“WVU is our state’s only institution to hold the title of an R-1 University, the benchmark that recognizes exceptional research capacity.

“This is a status that WVU received in 2016 under Gordon’s leadership.

“Gordon’s connection to West Virginia isn’t just a professional one. It’s a personal one too.

“He chose to return to West Virginia not once, but twice, because he believes in West Virginia, our people, and WVU.

“When he speaks of his love and passion for our state, it is unmistakenly heartfelt.

“Gordon believes in the power of education, and that belief has left its mark not only on Morgantown, but across every corner of our great state, and honestly, across our entire nation.

“When Gordon became President of WVU the first time in 1981, he was only 37 years old.

“When he returned to Blaney House in 2013, he came back seasoned, with the experience and perspective that WVU needed.

“Through the foundation of his four pillars—education, health care, prosperity, and purpose—Gordon has guided WVU through times both successful and tumultuous—including through a global pandemic—made education for our children in West Virginia more accessible and obtainable, and moved our state towards one of his principles that West Virginians should not have to leave our state’s borders to receive the health services they deserve.

“The impact that Gordon has made is apparent in many areas, but particularly noteworthy is the impact he has made through the continued expansion of WVU Medicine.

“As the Chairman of the WVU Medicine Board of Directors, Gordon oversaw the addition of 20 hospitals under the WVU Medicine umbrella that span across our state,

“And increased the capacity and research support for WVU’s world class facilities like the Rockefeller Neuroscience Institute, Cancer Institute, Heart and Vascular Institute, and the new Children’s hospital.

“As West Virginia’s Senator, I’ve had the privilege to work with the wonderful and incredibly impressive people of WVU Medicine and visit these facilities many times.

“Let me tell you, they are on the cutting edge of medical advancements that will saves live and change our world.

“Gordon’s leadership has been a critical part of this success, and it’s fitting that his recently finished portrait will live on the WVU Medicine campus.

“Although Gordon was born in Utah, he is the first to tell you that he is a ‘born-again’ West Virginian.

“He has made our state his home, and the effort and energy he puts toward benefiting the lives of his fellow West Virginians is evident.

“Two of Gordon’s four pillars that I mentioned earlier—purpose and prosperity—relate directly to economic development in our state.

“Along with Marshall President Brad Smith, Gordon was central to developing the ‘First Ascent’ program in West Virginia,

“This program connects recent WVU and Marshall graduates with workforce opportunities within our state that launch their professional careers, and keep our best and brightest home, contributing to our communities.

“The duo also worked together to establish ‘Ascend West Virginia,’ which has been a successful effort to attract remote workers to West Virginia’s mountains, highlighting the wonderful outdoor recreation opportunities our state offers to young professionals and their families.

“Additionally, Gordon has made it a priority to visit and spend time in all 55 of West Virginia’s counties, showing the excellent work of the WVU Extension services, designed to build prosperity, enhance educational opportunities, improve health, and create purpose in communities across the entirety of our state.

“While Gordon’s presence as WVU President will be missed, we know that he will continue to make a difference in West Virginia.

“And, as I said when I started this speech, the legacy he has built will continue to be felt for generations to come.

“I know that I join Gordon and our state when I say we look forward to leadership and experience that the new WVU president, Michael Benson, brings to Morgantown.

“In a recent article published by WVU Magazine, I found the advice that Gordon gave to his successor to be wise, true, and eloquent:

“’If you love the state and its people, they will love you back.’

“That has certainly been the case for Doctor E. Gordon Gee, and the time he has spent in Morgantown.

“On a personal note, Charlie and I have been the recipients of emails, texts, and letters from Gordon that have lifted us up in tough times, and in good times as well.

“I have leaned on Gordon’s counsel as I’ve made difficult decisions, and he has always taken the time to give me thoughtful advice.

“Both Charlie and I can safely say that our lives have been touched by Gordon, and by the friendship we have fostered with him and Laurie.

“Here in the U.S. Senate, there are members who may have Gordon on speed-dial, but I am eternally grateful that the West Virginians are the ones who get to claim him!

“Gordon, I wish you the best in your next chapter, and I hope you enjoy the well-deserved time to now spend with your Laurie, who has made an unbelievable mark on our state and the university alongside you, as well as your daughter Rebekah, and your twin granddaughters that you love so dearly.

“Thank you for all you have done for West Virginia University— for your leadership, your vision, your heart, and all you’ve done for our state and the people who call it home.

“With that, I yield the floor.”

MIL OSI USA News –

July 19, 2025

MIL-OSI: F&M Bank Announces Board Leadership Transition: Andrew Briggs to Step Down as Chairman, Kevin J. Sauder Named Successor

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, July 18, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), announced that Andrew Briggs, Chairman of the Board, will step down from his position as part of a plan he initiated. Briggs, who has served on the Board for seven years and as Chairman since 2024, will continue serving as a director through his retirement from the Board in 2026 and will work closely with newly appointed Chairman, Kevin J. Sauder, to ensure a seamless transition.

Sauder, who currently serves as Vice Chairman of the Board and is Retired President & CEO of Sauder Woodworking Co., has been named Chairman of the Board, effective today. A member of F&M’s Board since 2004, Sauder brings extensive leadership experience, deep community ties, and a strong commitment to the mission and values of F&M Bank. He and Briggs will work together over the coming year to support board continuity and strategic momentum.

“Andrew’s guidance has been instrumental in helping F&M expand our footprint and deepen our community relationships,” said Lars B. Eller, President and CEO of F&M Bank. “He has been a passionate advocate for our employees, customers, and shareholders. His dedication to ensuring a smooth and collaborative transition is a reflection of his deep commitment to F&M’s future.”

Eller added, “Kevin is a thoughtful, strategic leader who understands the importance of relationship banking in the communities we serve. His business acumen, integrity, and vision make him an ideal successor. I look forward to working with Kevin in his new role as Chairman as we continue building on the strong foundation Andrew helped establish.”

Throughout his tenure, Briggs has played a vital role in advancing F&M’s strategic vision, supporting its community banking mission, and strengthening its governance. His leadership has positioned the bank for continued growth and sustained value for all stakeholders.

About F&M Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe harbor statement
Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

The MIL Network –

July 19, 2025

MIL-OSI Security: Former Amtrak Employee Sentenced to Over 2 Years in Prison for Crimes, Including Near-$1 Million COVID Jobless Benefits Fraud

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

LOS ANGELES – A former Amtrak employee was sentenced today to 25 months in federal prison for conspiring with her husband to steal nearly $1 million in COVID-19 pandemic-related unemployment insurance (UI) benefits and for fraudulently obtaining more than $63,000 in sickness benefits while she worked at the passenger railroad company.

Lizette Berrios Lathon, 48, of Moreno Valley, was sentenced by United States District Judge Fernando M. Olguin, who also ordered her to pay $1,061,667 in restitution.

In November 2022, Lizette Lathon pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud, one count of aggravated identity theft, and one count of wire fraud.

Previously, in July 2024, Judge Olguin sentenced Lathon’s husband, Kenneth Andrew Lathon, 50, also of Moreno Valley, to 54 months in federal prison and ordered him to pay $998,630 in restitution.

Kenneth Lathon pleaded guilty in November 2022 to one count of conspiracy to commit mail fraud and wire fraud, one count of aggravated identity theft, and one count of unlawful possession of a firearm by a convicted felon.

From 2014 until at least September 2022, Lizette Lathon, in addition to her one-time duties as a service attendant for Amtrak, operated at least three tax preparation businesses: Miracle Tax Service, which was located on Los Angeles’ Miracle Mile; Hardcore Corp., which did business as “Hardcore Taxes”; and Lathon LLC, which did business as “LL Taxes.” The latter two companies were in Moreno Valley.

Lathon and her husband took advantage of the expanded eligibility for UI benefits made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law in 2020. The CARES Act also established the Pandemic Unemployment Assistance program, which provided additional UI benefits to qualified individuals during the COVID-19 pandemic, including people who did not otherwise qualify for UI such as business owners, self-employed workers, independent contractors, and those with a limited work history.

In some instances, Lizette Lathon submitted fraudulent applications with the California Employment Development Department (EDD) for UI benefits using names, Social Security numbers, and dates of birth that she obtained from former clients of her tax preparation businesses without the permission of those former clients. On the applications, she falsely asserted inflated income for the named claimants – many of whom had never lived in California – to receive the maximum benefit amount.

As a result of the fraudulent claims she filed, EDD authorized Bank of America to issue debit cards in the names of Lizette Lathon’s former clients, but the cards were mailed to addresses she and her family controlled. She and her husband then used the debit cards to make cash withdrawals at ATMs and to make purchases at retail stores.

During the conspiracy, which lasted from the spring of 2020 until March 2021, Lathon and her husband caused at least 44 fraudulent unemployment claims to be filed, resulting in losses to EDD and the United States Treasury of approximately $998,630.

Lizette Lathon, who was employed at Amtrak from 2000 to 2021, also schemed to defraud the Railroad Retirement Board out of sickness benefit payments by filing forged and false claims that stated she was being treated by a medical professional for pain and anxiety. Through this scheme, which lasted from September 2014 to January 2020, she fraudulently obtained approximately $63,047 in sickness benefit payments.

Kenneth Lathon possessed a .22-caliber rifle and 12-gauge shotgun despite his criminal history, which includes felony convictions in California state court for theft, cocaine possession, and fraud.

These matters were investigated by the Amtrak Office of Inspector General; the United States Railroad Retirement Board Office of Inspector General; the United States Department of Labor Office of Inspector General; the United States Department of Labor Employee Benefits Security Administration; the California Employment Development Department; the Bureau of Alcohol, Tobacco, Firearms and Explosives; Homeland Security Investigations; and the United States Postal Inspection Service.

Assistant United States Attorney Cory L. Burleson of the Riverside Branch Office prosecuted these cases.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at (866) 720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

MIL Security OSI –

July 19, 2025

MIL-OSI Submissions: ‘I just couldn’t stop crying’: How prison affects Black men’s mental health long after they’ve been released

Source: The Conversation – USA (3) – By Helena Addison, Postdoctoral fellow, Yale University

Black men who have been incarcerated have elevated rates of PTSD, depression and psychological distress. da-kuk/E+ Collection via Getty Images

Mike returned home to Philadelphia after a 15-year prison sentence and suffered an emotional breakdown.

“I just couldn’t stop crying … I don’t know. It was the anxiety. It was just a lot,” he said. “I was under a lot of pressure and it just came crashing down.”

Mike, who was in his late 40s when we spoke, told me about his childhood filled with abuse, his first arrest at age 14, and the over 20 years of his life that he spent behind bars.

As a registered nurse and nurse scientist who studies how incarceration affects mental health, I know Mike’s experience after release from prison is not uncommon. Studies show that Black men who have experienced incarceration have higher rates of PTSD, depression and psychological distress compared with Black men who have never been incarcerated.

Working in psychiatric hospitals in Philadelphia, I met many patients in crisis who had been incarcerated at some point in their lives. As a part of my doctoral research, funded by the National Institute of Nursing Research, I interviewed 29 formerly incarcerated Black men to understand how incarceration has affected their mental health.

My peer-reviewed findings were published in the journal Social Science & Medicine. All quotes shared here use pseudonyms to protect the men’s privacy.

Trauma of incarceration

Mass incarceration in the U.S. has serious health consequences for individuals, families and communities. In Philadelphia alone, over 20,000 people return home from incarceration each year.

While incarceration rates are declining in Philadelphia, the needs of those coming home remain significant.

Many formerly incarcerated men described experiencing or witnessing violence, including being beaten by correctional officers and witnessing close friends get assaulted or killed.

“You know you are not regular because you come from a traumatic situation, right?” said Thomas, 44, who spent 18 years incarcerated.

The participants expressed that racism was common, especially while incarcerated in facilities located in the rural central and northern regions of Pennsylvania.

“I ain’t gonna sugar coat it – Black people going up into them white people mountains, they call you [n-word] all day long and you basically there to accept it,” Antonio told me.

Incarceration was especially difficult for those who were held for months pretrial without ever being convicted and those incarcerated during COVID restrictions who spent more than 23 hours a day in their cells.

‘Even though I’m free, I ain’t free’

Participants described life on parole or probation, or in transitional housing, as another form of confinement.

Ken, 56, has been out of prison for over a decade but said, “I’m still locked up, even though I’m free, I ain’t free. You just get a whole new set of rules and regulations.”

Men described significant anxiety related to community supervision requirements, including difficulty sleeping the night before a probation appointment.

Participants also described distress caused by “no association” restrictions. These are common parole and probation requirements that prohibit people under supervision from interacting with others who have criminal records, are also under supervision or are currently incarcerated. Violating this requirement can lead to a technical violation and reincarceration.

While these requirements are meant to reduce the risk of reoffending, they often isolate people from supportive relationships and resources, including housing and employment.

“[There are] a lot of smart brothers in there. And it hurts my heart. And that’s where the depression coming in too,” said Reese, who spent six years incarcerated. “I can’t contact them in jail. … That’s just how it is in the system.”

Philadelphia has the highest rate of community supervision – including probation and parole – among the largest U.S. cities, according to a 2019 analysis by The Philadelphia Inquirer.

At that time, the Inquirer reports, 1 in 23 adults in Philadelphia were under community supervision – and 1 in 14 Black adults in Philadelphia.

The men I interviewed said they felt like parts of them never left jail or prison, while others felt that they brought prison or jail home with them.

Tyrese, 34, said he stays home as often as he can.

“I’ve been out of the joint for seven years now and feel like I’m still institutionalized, I guess,” he said. “I know people that don’t even come outside,” referring to other formerly incarcerated men.

Others had dreams that they were back in a cell, or at home still wearing jail clothing. Long after release, many described constant hypervigilance and anxiety.

“I can be walking to the bus station and there be people walking around me, I’m constantly watching them,” said Anthony, who was first incarcerated at age 18 and served 16 years. “I’m watching every movement they’re doing. That’s a habit I had from jail.”

Philly rapper Meek Mill, shown here at a 2018 rally outside a Center City courthouse, was sentenced to probation for 10 years after a conviction on drug and gun charges. He became an advocate of criminal justice reform.
Michael Candelori/Pacific Press/LightRocket via Getty Images

Finding work

People who have been incarcerated often struggle to find employment after release, as many employers are unwilling to hire a person with a criminal record.

This leaves about 35% of formerly incarcerated Black men unemployed.

At the time of our interview, Tay, 31, was working part-time in carpentry. “Because I had felonies on my record a lot of places won’t hire me,” he said. “And a couple of places that I was working with, they ended up firing me once they did the background check.”

These frustrations can easily spill over into family life.

Mark, 30, also works part-time and said he found himself frequently becoming agitated and snapping at his kids, other family members and his girlfriend. “I can’t get the job I want or the job that I need to do what I need to do for my family and I’ll be frustrated,” he shared.

Participants struggled with having to depend on others for basic needs upon release. Kenny, who is now self-employed as a caterer, recalled his experience a few years earlier. “I was crying. I was a grown man, almost 40 years old, and my mother had to buy me underwear, socks,” he said.

The importance of fatherhood

Despite their many hardships, some of the men spoke with joy about reconnecting with their children.

“I think the most positive thing that happened since I’ve been out of prison is I got custody of my sons,” said Ken, a father of two. “Them kids saved me.”

Like many of the other participants with children, however, he was frustrated about being unable to provide for them and worried about repeating harmful cycles.

“You want to do good, but it makes you think bad stuff when you don’t have the right resources,” he continued. “You don’t want [your kids] to do the same things you did.”

Others struggled to bond with their children after years of separation.

John, 29, explained, “The bonding is kind of awkward, because you wasn’t there, especially during the pandemic when there was no visits allowed.”

Returning to disadvantaged neighborhoods

Most people released from incarceration return to neighborhoods with high rates of poverty, violence and other disadvantages.

Shawn, who lives in pubic housing, showed me abandoned buildings and boarded storefronts in his neighborhood and described how the environment made rebuilding his life harder.

For many participants, returning to divested communities brought stress. They experienced frequent exposure to substance use, violence and negative police encounters, and they had limited access to basic resources and job opportunities needed to support recovery and stability.

“This is my real life. It’s not fake. It’s not no, ‘Well, why did he go back and do this or that?’” he said. “I live in an underserved, impoverished, danger zone – period.”

Moving forward

The experiences these men shared with me demonstrate how traumatic incarceration is, even many years after release.

Supporting the mental health of formerly incarcerated Black men requires trauma-informed services, such as culturally responsive counseling, peer support and care that acknowledges the lasting effects of incarceration.

It also means helping them build or rebuild their financial resources, reconnect with their children and loved ones, and supporting the broader communities they return to through investment in housing, employment and accessible health and social services.

Helena Addison received funding from National Institute of Nursing Research of the National Institutes of Health under Award Number F31NR020434, the Substance Abuse and Mental Health Administration and American Nurses Association Minority Fellowship Program, the University of Pennsylvania’s Presidential PhD Fellowship, and Jonas Philanthropies to support this study and/or her PhD training. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health, or any other funding organizations or institutions. The views expressed in written training materials or publications and by speakers and moderators do not necessarily reflect the official policies of the Department and Human Services; nor does mention of trade names, commercial practices, or organizations imply endorsement by the U.S. Government.

– ref. ‘I just couldn’t stop crying’: How prison affects Black men’s mental health long after they’ve been released – https://theconversation.com/i-just-couldnt-stop-crying-how-prison-affects-black-mens-mental-health-long-after-theyve-been-released-259975

MIL OSI –

July 19, 2025

MIL-OSI United Kingdom: Boost for travelers and businesses as Germany opens up eGates

Source: United Kingdom – Executive Government & Departments

Press release

Boost for travelers and businesses as Germany opens up eGates

UK and Germany agree to phased opening of German eGates for UK travellers

Germany agrees to phased opening of e-gates for the over 3 million Brits visiting each year
Follows UK-EU Summit in May and agreement that there were no legal barriers to allow UK citizens access to e-gates in more EU Member States after the introduction of the EU’s Entry/Exit System

Millions of UK travellers to Germany will be able to use e-gates in the future thanks to a new agreement made between Prime Minister Keir Starmer and German Chancellor Friedrich Merz today (Thursday 17 July). Part of a landmark bilateral treaty between the two countries.

Germany will roll out the first phase of e-gates access for UK travellers by the end of August, starting with frequent travellers such as Brits with family in Germany or who travel regularly for business. Access for all UK nationals will be possible once Germany has completed technical updates to its entry systems as it introduces the new EU’s Entry/Exit System.

3.2 million Brits visited Germany in 2023, with numbers growing steadily since the Covid pandemic. Opening up e-gates in Germany, and across the EU, will support UK trade and tourism and boost growth through the Plan for Change.

The agreement follows the successful UK-EU Summit in May, where the UK and EU made clear that there were no legal barriers to even more EU countries allowing UK citizens to use eGates at airports. EU Relations Minister Nick Thomas Symonds also visited Berlin in June to discuss e-gates, among other issues, with German ministers.

Since then, the UK has secured e-gates access for UK citizens traveling to Bulgaria and now into Germany. Other countries and airports have also opened up access, including Portugal (Faro airport) and the Czech Republic (Prague airport) and Estonia has confirmed they will open up access at (Tallinn airport) in 2026.

EU Relations Minister, Nick Thomas-Symonds said:

eGates can make the slog of travelling through an airport that bit easier, which is why I have been working with the EU and member states to get more airports opened up to Brits abroad.

With £30 billion of services trade between the UK and the EU, this agreement isn’t just good for holidaymakers, it’s good for British businesses too. Making traveling easier between Europe’s biggest economies, to get deals done and boost growth.

The UK and Germany have a trading relationship worth almost £150 billion a year. Germany is the UK’s second largest trading partner behind the USA, where the UK agreed a new trade deal last month.

The UK exports almost £30 billion worth of services to Germany each year, a growing market for British service providers. Services trade, like financial services, IT and consultancy are heavily reliant on face to face meetings and this e-gates agreement will save British firms valuable time.

While many EU countries now allow UK citizens to use e-gates, the government is continuing to work with others to do so.

ENDS

Published 18 July 2025

MIL OSI United Kingdom –

July 19, 2025

MIL-OSI: Veritex Holdings, Inc. Reports Second Quarter 2025 Operating Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

	Quarter to Date
*Financial Highlights*	Q2 2025			Q1 2025			Q2 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	30,906		$	29,070		$	27,202
Diluted EPS		0.56			0.53			0.50
Book value per common share		30.39			30.08			28.49
Return on average assets¹		1.00	%		0.94	%		0.87	%
Return on average equity¹		7.56			7.27			7.10
Net interest margin		3.33			3.31			3.29
Efficiency ratio		61.15			60.91			59.11
Non-GAAP²
Operating earnings	$	30,906		$	29,707		$	28,310
Diluted operating EPS		0.56			0.54			0.52
Tangible book value per common share		22.68			22.33			20.62
Pre-tax, pre-provision operating earnings		42,672			43,413			44,420
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.82			1.89			1.83
Operating return on average assets¹		1.00			0.96			0.91
Return on average tangible common equity¹		10.79			10.49			10.54
Operating return on average tangible common equity¹		10.79			10.70			10.94
Operating efficiency ratio		61.15			60.62			58.41

^{1 Annualized ratio.}
^{2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.}

Other Second Quarter Credit, Capital and Company Highlights

Credit quality remained strong with a nonperforming assets (“NPAs”) to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;
Allowance for Credit Losses (“ACL”) to total loans held-for-investment ratio (excluding mortgage warehouse (“MW”)) remained relatively unchanged at 1.28%;
Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;
Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;
We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and
On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated (“Huntington”), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

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

Net Interest Income

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin (“NIM”) was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank (“FHLB”) and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

Noninterest Income

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

Income Tax

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company’s effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

Financial Condition

Total loans held for investment (“LHI”), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

Credit Quality

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

Dividend Information

On July 18, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.57		$	0.53		$	0.46		$	0.57		$	0.50		$	1.10		$	0.94
Diluted EPS		0.56			0.53			0.45			0.56			0.50			1.09			0.94
Book value per common share		30.39			30.08			29.37			29.53			28.49			30.39			28.49
Tangible book value per common share¹		22.68			22.33			21.61			21.72			20.62			22.68			20.62
Dividends paid per common share outstanding²		0.22			0.22			0.20			0.20			0.20			0.44			0.40

Common Stock Data:
Shares outstanding at period end		54,265			54,297			54,517			54,446			54,350			54,265			54,350
Weighted average basic shares outstanding for the period		54,251			54,486			54,489			54,409			54,457			54,368			54,451
Weighted average diluted shares outstanding for the period		54,766			55,123			55,237			54,932			54,823			54,944			54,832

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.19	%		1.18	%		1.21	%		1.16	%		1.19	%		1.16	%
NPAs to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets³		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total loans and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

Summary Performance Ratios:
Return on average assets³		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Return on average equity³		7.56			7.27			6.17			7.79			7.10			7.42			6.72
Return on average tangible common equity^{1, 3}		10.79			10.49			9.04			11.33			10.54			10.64			10.03
Efficiency ratio		61.15			60.91			67.04			61.94			59.11			61.03			60.72
Net interest margin		3.33			3.31			3.20			3.30			3.29			3.32			3.27

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.56		$	0.54		$	0.54		$	0.59		$	0.52		$	1.10		$	1.05
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.82			1.89			1.72			1.83			1.83			1.86			1.83
Operating return on average assets^1,3		1.00			0.96			0.93			1.00			0.91			0.98			0.93
Operating return on average tangible common equity^1,3		10.79			10.70			10.69			11.74			10.94			10.75			11.14
Operating efficiency ratio¹		61.15			60.62			62.98			60.63			58.41			60.88			58.57

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		13.19	%		12.96	%		12.58	%		12.31	%		12.26	%		13.07	%		12.34	%
Tangible common equity to tangible assets¹		10.16			9.95			9.54			9.37			9.14			10.16			9.14
Tier 1 capital to average assets (leverage)⁴		10.73			10.55			10.32			10.06			10.06			10.73			10.06
Common equity tier 1 capital⁴		11.05			11.04			11.09			10.86			10.49			11.05			10.49
Tier 1 capital to risk-weighted assets⁴		11.32			11.31			11.36			11.13			10.75			11.32			10.75
Total capital to risk-weighted assets⁴		13.46			13.46			13.96			13.91			13.45			13.46			13.45
Risk-weighted assets⁴	$	11,435,978		$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,435,978		$	11,450,997

^{1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.}
^{2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.}
^{3 Annualized ratio for quarterly metrics.}
^{4 June 30, 2025 ratios and risk-weighted assets are estimated.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(unaudited)			(unaudited)						(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	66,696		$	81,088		$	52,486		$	54,165		$	53,462
Interest bearing deposits in other banks		703,869			768,702			802,714			1,046,625			598,375
Cash and cash equivalents		770,565			849,790			855,200			1,100,790			651,837
Debt securities, net		1,418,804			1,463,157			1,478,538			1,423,610			1,349,354
Other investments		73,986			69,452			69,638			71,257			75,885
Loans held for sale (“LHFS”)		69,480			69,236			89,309			48,496			57,046
LHI, MW		669,052			571,775			605,411			630,650			568,047
LHI, excluding MW		8,783,988			8,828,672			8,899,133			9,028,575			9,209,094
Total loans		9,522,520			9,469,683			9,593,853			9,707,721			9,834,187
ACL		(112,262	)		(111,773	)		(111,745	)		(117,162	)		(113,431	)
Bank-owned life insurance		86,048			85,424			85,324			84,776			84,233
Bank premises, furniture and equipment, net		116,642			112,801			113,480			114,202			105,222
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256
Intangible assets, net of accumulated amortization		25,006			27,974			28,664			32,825			35,817
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		212,889			210,863			226,200			211,471			232,518
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,133,294		$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727
Interest-bearing transaction and savings deposits		5,009,137			5,180,495			5,061,157			4,204,708			3,979,454
Certificates and other time deposits		2,792,750			2,679,221			2,958,861			3,625,920			3,744,596
Correspondent money market deposits		482,739			486,762			541,117			561,489			584,067
Total deposits		10,417,920			10,665,123			10,752,592			11,036,011			10,724,844
Accounts payable and other liabilities		135,647			151,579			183,944			168,415			180,585
Advances from FHLB		169,000			—			—			—			—
Subordinated debentures and subordinated notes		156,082			155,909			230,736			230,536			230,285
Total liabilities		10,878,649			10,972,611			11,167,272			11,434,962			11,135,714
Stockholders’ equity:
Common stock		617			615			613			613			612
Additional paid-in capital		1,329,803			1,329,626			1,328,748			1,324,929			1,321,995
Retained earnings		545,015			526,044			507,903			493,921			473,801
Accumulated other comprehensive loss		(38,528	)		(42,170	)		(65,076	)		(40,330	)		(76,713	)
Treasury stock		(187,688	)		(180,635	)		(171,119	)		(171,119	)		(171,079	)
Total stockholders’ equity		1,649,219			1,633,480			1,601,069			1,608,014			1,548,616
Total liabilities and stockholders’ equity	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)
	For the Quarter Ended											For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	149,354	$	146,505	$	154,998		$	167,261	$	166,979	$	295,859	$	328,921
Debt securities		16,883		17,106		16,893			15,830		15,408		33,989		29,103
Deposits in financial institutions and Fed Funds sold		8,039		9,244		11,888			12,571		7,722		17,283		15,772
Equity securities and other investments		847		870		940			1,001		1,138		1,717		2,038
Total interest income		175,123		173,725		184,719			196,663		191,247		348,848		375,834
Interest expense:
Transaction and savings deposits		48,080		45,165		44,841			47,208		45,619		93,245		92,403
Certificates and other time deposits		28,539		30,268		40,279			46,230		44,811		58,807		85,303
Advances from FHLB		113		27		130			47		1,468		140		2,859
Subordinated debentures and subordinated notes		2,056		2,824		3,328			3,116		3,113		4,880		6,227
Total interest expense		78,788		78,284		88,578			96,601		95,011		157,072		186,792
Net interest income		96,335		95,441		96,141			100,062		96,236		191,776		189,042
Provision for credit losses		1,750		4,000		2,300			4,000		8,250		5,750		15,750
Provision (benefit) for unfunded commitments		1,500		1,300		(401	)		—		—		2,800		(1,541	)
Net interest income after provisions		93,085		90,141		94,242			96,062		87,986		183,226		174,833
Noninterest income:
Service charges and fees on deposit accounts		5,702		5,611		5,612			5,442		4,974		11,313		9,870
Loan fees		2,735		2,495		2,265			3,278		2,207		5,230		4,717
Loss on sales of debt securities		—		—		(4,397	)		—		—		—		(6,304	)
Government guaranteed loan income, net		1,688		3,301		5,368			780		1,320		4,989		3,934
Customer swap income		1,550		700		509			271		326		2,250		775
Other income		1,824		2,182		699			3,335		1,751		4,006		4,248
Total noninterest income		13,499		14,289		10,056			13,106		10,578		27,788		17,240
Noninterest expense:
Salaries and employee benefits		34,957		36,624		37,446			37,370		32,790		71,581		66,155
Occupancy and equipment		4,511		4,650		4,633			4,789		4,585		9,161		9,262
Professional and regulatory fees		5,558		4,931		5,564			4,903		5,617		10,489		11,670
Data processing and software expense		5,507		5,403		5,741			5,268		5,097		10,910		9,953
Marketing		2,612		2,032		2,896			2,781		1,976		4,644		3,522
Amortization of intangibles		2,438		2,438		2,437			2,438		2,438		4,876		4,876
Telephone and communications		233		330		323			335		365		563		626
Other		11,346		10,426		12,154			12,216		10,273		21,772		19,193
Total noninterest expense		67,162		66,834		71,194			70,100		63,141		133,996		125,257
Income before income tax expense		39,422		37,596		33,104			39,068		35,423		77,018		66,816
Income tax expense		8,516		8,526		8,222			8,067		8,221		17,042		15,458
Net income	$	30,906	$	29,070	$	24,882		$	31,001	$	27,202	$	59,976	$	51,358

Basic EPS	$	0.57	$	0.53	$	0.46		$	0.57	$	0.50	$	1.10	$	0.94
Diluted EPS	$	0.56	$	0.53	$	0.45		$	0.56	$	0.50	$	1.09	$	0.94
Weighted average basic shares outstanding		54,251		54,486		54,489			54,409		54,457		54,368		54,451
Weighted average diluted shares outstanding		54,766		55,123		55,237			54,932		54,823		54,944		54,832

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,875,970		$	141,688	6.40	%	$	8,886,905		$	140,329	6.40	%	$	9,344,482		$	160,323	6.90	%
LHI, MW		523,203			7,666	5.88			426,724			6,176	5.87			420,946			6,656	6.36
Debt securities		1,440,369			16,883	4.70			1,467,220			17,106	4.73			1,352,293			15,408	4.58
Interest-bearing deposits in other banks		707,933			8,039	4.55			827,751			9,244	4.53			560,586			7,722	5.54
Equity securities and other investments		70,779			847	4.80			70,696			870	4.99			78,964			1,138	5.80
Total interest-earning assets		11,618,254			175,123	6.05			11,679,296			173,725	6.03			11,757,271			191,247	6.54
ACL		(112,369	)						(111,563	)						(115,978	)
Noninterest-earning assets		933,328							938,401							937,413
Total assets	$	12,439,213						$	12,506,134						$	12,578,706

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,502,672		$	48,080	3.50	%	$	5,449,091		$	45,165	3.36	%	$	4,570,329		$	45,619	4.01	%
Certificates and other time deposits		2,742,655			28,539	4.17			2,726,309			30,268	4.50			3,591,035			44,811	5.02
Advances from FHLB and Other		9,813			113	4.62			2,333			27	4.69			106,648			1,468	5.54
Subordinated debentures and subordinated notes		155,985			2,056	5.29			191,638			2,824	5.98			230,141			3,113	5.44
Total interest-bearing liabilities		8,411,125			78,788	3.76			8,369,371			78,284	3.79			8,498,153			95,011	4.50

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,244,745							2,345,586							2,346,908
Other liabilities		142,925							170,389							192,036
Total liabilities		10,798,795							10,885,346							11,037,097
Stockholders’ equity		1,640,418							1,620,788							1,541,609
Total liabilities and stockholders’ equity	$	12,439,213						$	12,506,134						$	12,578,706

Net interest rate spread²						2.29	%						2.24	%						2.04	%
Net interest income and margin³				$	96,335	3.33	%				$	95,441	3.31	%				$	96,236	3.29	%

^{1 Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the quarter are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except percentages)
	For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
Assets
Interest-earning assets:
Loans¹	$	8,881,407		$	282,017	6.40	%	$	9,314,148		$	317,908	6.86	%
LHI, MW		475,230			13,842	5.87			350,252			11,013	6.32
Debt securities		1,453,721			33,989	4.71			1,323,644			29,103	4.42
Interest-bearing deposits in other banks		767,511			17,283	4.54			572,589			15,772	5.54
Equity securities and other investments		70,738			1,717	4.89			77,616			2,038	5.28
Total interest-earning assets		11,648,607			348,848	6.04			11,638,249			375,834	6.49
ACL		(111,969	)						(114,104	)
Noninterest-earning assets		935,850							933,229
Total assets	$	12,472,488						$	12,457,374

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,476,030		$	93,245	3.43	%	$	4,604,887		$	92,403	4.04	%
Certificates and other time deposits		2,734,527			58,807	4.34			3,437,385			85,303	4.99
Advances from FHLB and Other		6,094			140	4.63			103,819			2,859	5.54
Subordinated debentures and subordinated notes		173,713			4,880	5.67			230,011			6,227	5.44
Total interest-bearing liabilities		8,390,364			157,072	3.78			8,376,102			186,792	4.48

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,294,887							2,351,112
Other liabilities		156,580							192,422
Total liabilities		10,841,831							10,919,636
Stockholders’ equity		1,630,657							1,537,738
Total liabilities and stockholders’ equity	$	12,472,488						$	12,457,374

Net interest rate spread²						2.26	%						2.01	%
Net interest income and margin³				$	191,776	3.32	%				$	189,042	3.27	%

¹^{Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the six month periods are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average yield on interest-earning assets:
Loans¹	6.40	%	6.40	%	6.56	%	6.89	%	6.90	%	6.40	%	6.86	%
LHI, MW	5.88		5.87		5.83		6.75		6.36		5.87		6.32
Total Loans	6.37		6.38		6.53		6.89		6.88		6.38		6.84
Debt securities	4.70		4.73		4.61		4.55		4.58		4.71		4.42
Interest-bearing deposits in other banks	4.55		4.53		4.87		5.41		5.54		4.54		5.54
Equity securities and other investments	4.80		4.99		5.18		5.25		5.80		4.89		5.28
Total interest-earning assets	6.05	%	6.03	%	6.15	%	6.49	%	6.54	%	6.04	%	6.49	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.50	%	3.36	%	3.57	%	4.00	%	4.01	%	3.43	%	4.04	%
Certificates and other time deposits	4.17		4.50		4.83		5.00		5.02		4.34		4.99
Advances from FHLB and other	4.62		4.69		4.88		5.73		5.54		4.63		5.54
Subordinated debentures and subordinated notes	5.29		5.98		5.74		5.38		5.44		5.67		5.44
Total interest-bearing liabilities	3.76	%	3.79	%	4.12	%	4.46	%	4.50	%	3.78	%	4.48	%

Net interest rate spread²	2.29	%	2.24	%	2.03	%	2.03	%	2.04	%	2.26	%	2.01	%
Net interest margin³	3.33	%	3.31	%	3.20	%	3.30	%	3.29	%	3.32	%	3.27	%

^{1Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}

Supplemental Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average cost of interest-bearing deposits	3.73	%	3.74	%	4.07	%	4.44	%	4.46	%	3.73	%	3.33	%
Average costs of total deposits, including noninterest-bearing	2.93		2.91		3.16		3.42		3.46		2.92		2.48

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
LHI and Deposit Portfolio Composition
	Jun 30, 2025					Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,692,209		30.6	%	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%
Real Estate:
Owner occupied commercial (“OOCRE”)		800,881		9.1			795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7
Non-owner occupied commercial (“NOOCRE”)		2,311,466		26.3			2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7
Construction and land		1,142,457		13.0			1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7
Farmland		31,589		0.4			31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3
1-4 family residential		1,086,342		12.3			1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0
Multi-family residential		718,946		8.2			782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1
Consumer		8,796		0.1			8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1
Total LHI¹	$	8,792,686		100	%	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%

MW		669,052					571,775					605,411					630,650					568,047

Total LHI¹	$	9,461,738				$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919

Total LHFS		69,480					69,236					89,309					48,496					57,046

Total loans	$	9,531,218				$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965

Deposits
Noninterest-bearing	$	2,133,294		20.5	%	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%
Interest-bearing transaction		603,861		5.8			863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9
Money market		3,856,812		37.0			3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5
Savings		548,464		5.3			586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8
Certificates and other time deposits		2,792,750		26.8			2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9
Correspondent money market accounts		482,739		4.6			486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4
Total deposits	$	10,417,920		100	%	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%

Total loans to deposits ratio		91.5	%				88.9	%				89.3	%				88.0	%				91.8	%

Total loans to deposit ratio, excluding MW loans and LHFS		84.4	%				82.9	%				82.8	%				81.9	%				85.9	%

¹^{Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Asset Quality
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	61,142		$	69,188		$	52,521		$	55,335		$	58,537		$	61,142		$	58,537
Nonaccrual PCD loans¹		196			196			—			70			73			196			73
Accruing loans 90 or more days past due²		4,641			3,249			1,914			2,860			143			4,641			143
Total nonperforming loans held for investment (“NPLs”)		65,979			72,633			54,435			58,265			58,753			65,979			58,753
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256			9,218			24,256
Total NPAs	$	75,197		$	96,901		$	79,172		$	67,299		$	83,009		$	75,197		$	83,009

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	—		$	(31	)	$	—		$	(31	)
Multifamily		—			—			—			—			(198	)		—			(198	)
OOCRE		—			—			—			—			—			—			(120	)
NOOCRE		(215	)		(3,090	)		(5,113	)		—			(1,969	)		(3,305	)		(6,262	)
C&I		(1,571	)		(918	)		(4,586	)		(2,259	)		(5,601	)		(2,489	)		(6,547	)
Consumer		(55	)		(212	)		(420	)		(54	)		(30	)		(267	)		(101	)
Total charge-offs	$	(1,841	)	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(6,061	)	$	(13,259	)

Recoveries:
1-4 family residential	$	1		$	21		$	2		$	3		$	—		$	22		$	1
OOCRE		186			—			—			—			120			186			120
NOOCRE		—			—			1,323			—			—			—			—
C&I		131			32			1,047			1,962			361			163			457
MW		—			—			—			46			—			—			—
Consumer		262			195			30			33			497			457			546
Total recoveries	$	580		$	248		$	2,402		$	2,044		$	978		$	828		$	1,124

Net charge-offs	$	(1,261	)	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,233	)	$	(12,135	)

Provision for credit losses	$	1,750		$	4,000		$	2,300		$	4,000		$	8,250		$	5,750		$	15,750

ACL	$	112,262		$	111,773		$	111,745		$	117,162		$	113,431		$	112,262		$	113,431

Asset Quality Ratios:
NPAs to total assets		0.60	%		0.77	%		0.62	%		0.52	%		0.65	%		0.60	%		0.65	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total LHI and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
NPLs to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
NPLs, excluding nonaccrual PCD loans, to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
ACL to total LHI		1.19			1.19			1.18			1.21			1.16			1.19			1.16
ACL to total LHI, excluding MW		1.28			1.27			1.25			1.30			1.23			1.28			1.23
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

^{1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.}
^{2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.}
^{3 Annualized ratio for quarterly metrics.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Common shares outstanding		54,265			54,297			54,517			54,446			54,350

Book value per common share	$	30.39		$	30.08		$	29.37		$	29.53		$	28.49
Tangible book value per common share	$	22.68		$	22.33		$	21.61		$	21.72		$	20.62

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Tangible Assets
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible Assets	$	12,109,548		$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259
Tangible Common Equity to Tangible Assets		10.16	%		9.95	%		9.54	%		9.37	%		9.14	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	32,832		$	30,996		$	26,807		$	32,927		$	29,128		$	63,828		$	55,210

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Return on Average Tangible Common Equity (Annualized)		10.79	%		10.49	%		9.04	%		11.33	%		10.54	%		10.64	%		10.03	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	30,906	$	29,070	$	24,882	$	31,001	$	27,202	$	59,976	$	51,358
Plus: BOLI 1035 exchange charges¹		—		517		—		—		—		517		—
Plus: Severance payments²		—		—		1,545		1,487		613		—		613
Plus: Loss on sales of AFS securities, net		—		—		4,397		—		—		—		6,304
Plus: FDIC special assessment		—		—		—		—		134		—		134
Operating pre-tax income		30,906		29,587		30,824		32,488		27,949		60,493		58,409
Less: Tax impact of adjustments		—		109		1,248		307		166		109		1,489
Plus: Nonrecurring tax adjustments		—		229		193		—		527		229		527
Operating earnings	$	30,906	$	29,707	$	29,769	$	32,181	$	28,310	$	60,613	$	57,447

Weighted average diluted shares outstanding		54,766		55,123		55,237		54,932		54,823		54,944		54,832
Diluted EPS	$	0.56	$	0.53	$	0.45	$	0.56	$	0.50	$	1.09	$	0.94
Diluted operating EPS	$	0.56	$	0.54	$	0.54	$	0.59	$	0.52	$	1.10	$	1.05

^{1Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{2Severance payments relate to certain restructurings made during the periods disclosed.}

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Plus: Provision for income taxes		8,516			8,526			8,222			8,067			8,221			17,042			15,458
Plus: Provision for credit losses and unfunded commitments		3,250			5,300			1,899			4,000			8,250			8,550			14,209
Plus: Severance payments³		—			—			1,545			1,487			613			—			613
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: FDIC special assessment		—			—			—			—			134			—			134
Pre-tax, pre-provision operating earnings	$	42,672		$	43,413		$	40,945		$	44,555		$	44,420		$	86,085		$	88,076

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%

Average loans	$	9,399,173		$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,356,637		$	9,664,400
Pre-tax, pre-provision operating return on average loans¹		1.82	%		1.89	%		1.72	%		1.83	%		1.83	%		1.86	%		1.83	%

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Return on average assets¹		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Operating return on average assets¹		1.00			0.96			0.93			1.00			0.91			0.98			0.93

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	30,906		$	29,707		$	29,769		$	32,181		$	28,310		$	60,613		$	57,447
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	32,832		$	31,633		$	31,694		$	34,107		$	30,236		$	64,465		$	61,299

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Operating return on average tangible common equity¹		10.79	%		10.70	%		10.69	%		11.74	%		10.94	%		10.75	%		11.14	%

Efficiency ratio		61.15	%		60.91	%		67.04	%		61.94	%		59.11	%		61.03	%		60.72	%
Operating efficiency ratio
Net interest income	$	96,335		$	95,441		$	96,141		$	100,062		$	96,236		$	191,776		$	189,042
Noninterest income		13,499			14,289			10,056			13,106			10,578			27,788			17,240
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Operating noninterest income		13,499			14,806			14,453			13,106			10,578			28,305			23,544
Noninterest expense		67,162			66,834			71,194			70,100			63,141			133,996			125,257
Less: FDIC special assessment		—			—			—			—			134			—			134
Less: Severance payments³		—			—			1,545			1,487			613			—			613
Operating noninterest expense	$	67,162		$	66,834		$	69,649		$	68,613		$	62,394		$	133,996		$	124,510
Operating efficiency ratio		61.15	%		60.62	%		62.98	%		60.63	%		58.41	%		60.88	%		58.57	%

^{1 Annualized ratio for quarterly metrics.}
^{2 Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{3 Severance payments relate to certain restructurings made during the periods disclosed.}

The MIL Network –

July 18, 2025

MIL-OSI: Veritex Holdings, Inc. Reports Second Quarter 2025 Operating Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

	Quarter to Date
*Financial Highlights*	Q2 2025			Q1 2025			Q2 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	30,906		$	29,070		$	27,202
Diluted EPS		0.56			0.53			0.50
Book value per common share		30.39			30.08			28.49
Return on average assets¹		1.00	%		0.94	%		0.87	%
Return on average equity¹		7.56			7.27			7.10
Net interest margin		3.33			3.31			3.29
Efficiency ratio		61.15			60.91			59.11
Non-GAAP²
Operating earnings	$	30,906		$	29,707		$	28,310
Diluted operating EPS		0.56			0.54			0.52
Tangible book value per common share		22.68			22.33			20.62
Pre-tax, pre-provision operating earnings		42,672			43,413			44,420
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.82			1.89			1.83
Operating return on average assets¹		1.00			0.96			0.91
Return on average tangible common equity¹		10.79			10.49			10.54
Operating return on average tangible common equity¹		10.79			10.70			10.94
Operating efficiency ratio		61.15			60.62			58.41

^{1 Annualized ratio.}
^{2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.}

Other Second Quarter Credit, Capital and Company Highlights

Credit quality remained strong with a nonperforming assets (“NPAs”) to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;
Allowance for Credit Losses (“ACL”) to total loans held-for-investment ratio (excluding mortgage warehouse (“MW”)) remained relatively unchanged at 1.28%;
Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;
Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;
We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and
On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated (“Huntington”), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

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

Net Interest Income

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin (“NIM”) was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank (“FHLB”) and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

Noninterest Income

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

Income Tax

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company’s effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

Financial Condition

Total loans held for investment (“LHI”), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

Credit Quality

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

Dividend Information

On July 18, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.57		$	0.53		$	0.46		$	0.57		$	0.50		$	1.10		$	0.94
Diluted EPS		0.56			0.53			0.45			0.56			0.50			1.09			0.94
Book value per common share		30.39			30.08			29.37			29.53			28.49			30.39			28.49
Tangible book value per common share¹		22.68			22.33			21.61			21.72			20.62			22.68			20.62
Dividends paid per common share outstanding²		0.22			0.22			0.20			0.20			0.20			0.44			0.40

Common Stock Data:
Shares outstanding at period end		54,265			54,297			54,517			54,446			54,350			54,265			54,350
Weighted average basic shares outstanding for the period		54,251			54,486			54,489			54,409			54,457			54,368			54,451
Weighted average diluted shares outstanding for the period		54,766			55,123			55,237			54,932			54,823			54,944			54,832

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.19	%		1.18	%		1.21	%		1.16	%		1.19	%		1.16	%
NPAs to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets³		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total loans and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

Summary Performance Ratios:
Return on average assets³		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Return on average equity³		7.56			7.27			6.17			7.79			7.10			7.42			6.72
Return on average tangible common equity^{1, 3}		10.79			10.49			9.04			11.33			10.54			10.64			10.03
Efficiency ratio		61.15			60.91			67.04			61.94			59.11			61.03			60.72
Net interest margin		3.33			3.31			3.20			3.30			3.29			3.32			3.27

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.56		$	0.54		$	0.54		$	0.59		$	0.52		$	1.10		$	1.05
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.82			1.89			1.72			1.83			1.83			1.86			1.83
Operating return on average assets^1,3		1.00			0.96			0.93			1.00			0.91			0.98			0.93
Operating return on average tangible common equity^1,3		10.79			10.70			10.69			11.74			10.94			10.75			11.14
Operating efficiency ratio¹		61.15			60.62			62.98			60.63			58.41			60.88			58.57

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		13.19	%		12.96	%		12.58	%		12.31	%		12.26	%		13.07	%		12.34	%
Tangible common equity to tangible assets¹		10.16			9.95			9.54			9.37			9.14			10.16			9.14
Tier 1 capital to average assets (leverage)⁴		10.73			10.55			10.32			10.06			10.06			10.73			10.06
Common equity tier 1 capital⁴		11.05			11.04			11.09			10.86			10.49			11.05			10.49
Tier 1 capital to risk-weighted assets⁴		11.32			11.31			11.36			11.13			10.75			11.32			10.75
Total capital to risk-weighted assets⁴		13.46			13.46			13.96			13.91			13.45			13.46			13.45
Risk-weighted assets⁴	$	11,435,978		$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,435,978		$	11,450,997

^{1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.}
^{2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.}
^{3 Annualized ratio for quarterly metrics.}
^{4 June 30, 2025 ratios and risk-weighted assets are estimated.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(unaudited)			(unaudited)						(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	66,696		$	81,088		$	52,486		$	54,165		$	53,462
Interest bearing deposits in other banks		703,869			768,702			802,714			1,046,625			598,375
Cash and cash equivalents		770,565			849,790			855,200			1,100,790			651,837
Debt securities, net		1,418,804			1,463,157			1,478,538			1,423,610			1,349,354
Other investments		73,986			69,452			69,638			71,257			75,885
Loans held for sale (“LHFS”)		69,480			69,236			89,309			48,496			57,046
LHI, MW		669,052			571,775			605,411			630,650			568,047
LHI, excluding MW		8,783,988			8,828,672			8,899,133			9,028,575			9,209,094
Total loans		9,522,520			9,469,683			9,593,853			9,707,721			9,834,187
ACL		(112,262	)		(111,773	)		(111,745	)		(117,162	)		(113,431	)
Bank-owned life insurance		86,048			85,424			85,324			84,776			84,233
Bank premises, furniture and equipment, net		116,642			112,801			113,480			114,202			105,222
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256
Intangible assets, net of accumulated amortization		25,006			27,974			28,664			32,825			35,817
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		212,889			210,863			226,200			211,471			232,518
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,133,294		$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727
Interest-bearing transaction and savings deposits		5,009,137			5,180,495			5,061,157			4,204,708			3,979,454
Certificates and other time deposits		2,792,750			2,679,221			2,958,861			3,625,920			3,744,596
Correspondent money market deposits		482,739			486,762			541,117			561,489			584,067
Total deposits		10,417,920			10,665,123			10,752,592			11,036,011			10,724,844
Accounts payable and other liabilities		135,647			151,579			183,944			168,415			180,585
Advances from FHLB		169,000			—			—			—			—
Subordinated debentures and subordinated notes		156,082			155,909			230,736			230,536			230,285
Total liabilities		10,878,649			10,972,611			11,167,272			11,434,962			11,135,714
Stockholders’ equity:
Common stock		617			615			613			613			612
Additional paid-in capital		1,329,803			1,329,626			1,328,748			1,324,929			1,321,995
Retained earnings		545,015			526,044			507,903			493,921			473,801
Accumulated other comprehensive loss		(38,528	)		(42,170	)		(65,076	)		(40,330	)		(76,713	)
Treasury stock		(187,688	)		(180,635	)		(171,119	)		(171,119	)		(171,079	)
Total stockholders’ equity		1,649,219			1,633,480			1,601,069			1,608,014			1,548,616
Total liabilities and stockholders’ equity	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)
	For the Quarter Ended											For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	149,354	$	146,505	$	154,998		$	167,261	$	166,979	$	295,859	$	328,921
Debt securities		16,883		17,106		16,893			15,830		15,408		33,989		29,103
Deposits in financial institutions and Fed Funds sold		8,039		9,244		11,888			12,571		7,722		17,283		15,772
Equity securities and other investments		847		870		940			1,001		1,138		1,717		2,038
Total interest income		175,123		173,725		184,719			196,663		191,247		348,848		375,834
Interest expense:
Transaction and savings deposits		48,080		45,165		44,841			47,208		45,619		93,245		92,403
Certificates and other time deposits		28,539		30,268		40,279			46,230		44,811		58,807		85,303
Advances from FHLB		113		27		130			47		1,468		140		2,859
Subordinated debentures and subordinated notes		2,056		2,824		3,328			3,116		3,113		4,880		6,227
Total interest expense		78,788		78,284		88,578			96,601		95,011		157,072		186,792
Net interest income		96,335		95,441		96,141			100,062		96,236		191,776		189,042
Provision for credit losses		1,750		4,000		2,300			4,000		8,250		5,750		15,750
Provision (benefit) for unfunded commitments		1,500		1,300		(401	)		—		—		2,800		(1,541	)
Net interest income after provisions		93,085		90,141		94,242			96,062		87,986		183,226		174,833
Noninterest income:
Service charges and fees on deposit accounts		5,702		5,611		5,612			5,442		4,974		11,313		9,870
Loan fees		2,735		2,495		2,265			3,278		2,207		5,230		4,717
Loss on sales of debt securities		—		—		(4,397	)		—		—		—		(6,304	)
Government guaranteed loan income, net		1,688		3,301		5,368			780		1,320		4,989		3,934
Customer swap income		1,550		700		509			271		326		2,250		775
Other income		1,824		2,182		699			3,335		1,751		4,006		4,248
Total noninterest income		13,499		14,289		10,056			13,106		10,578		27,788		17,240
Noninterest expense:
Salaries and employee benefits		34,957		36,624		37,446			37,370		32,790		71,581		66,155
Occupancy and equipment		4,511		4,650		4,633			4,789		4,585		9,161		9,262
Professional and regulatory fees		5,558		4,931		5,564			4,903		5,617		10,489		11,670
Data processing and software expense		5,507		5,403		5,741			5,268		5,097		10,910		9,953
Marketing		2,612		2,032		2,896			2,781		1,976		4,644		3,522
Amortization of intangibles		2,438		2,438		2,437			2,438		2,438		4,876		4,876
Telephone and communications		233		330		323			335		365		563		626
Other		11,346		10,426		12,154			12,216		10,273		21,772		19,193
Total noninterest expense		67,162		66,834		71,194			70,100		63,141		133,996		125,257
Income before income tax expense		39,422		37,596		33,104			39,068		35,423		77,018		66,816
Income tax expense		8,516		8,526		8,222			8,067		8,221		17,042		15,458
Net income	$	30,906	$	29,070	$	24,882		$	31,001	$	27,202	$	59,976	$	51,358

Basic EPS	$	0.57	$	0.53	$	0.46		$	0.57	$	0.50	$	1.10	$	0.94
Diluted EPS	$	0.56	$	0.53	$	0.45		$	0.56	$	0.50	$	1.09	$	0.94
Weighted average basic shares outstanding		54,251		54,486		54,489			54,409		54,457		54,368		54,451
Weighted average diluted shares outstanding		54,766		55,123		55,237			54,932		54,823		54,944		54,832

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,875,970		$	141,688	6.40	%	$	8,886,905		$	140,329	6.40	%	$	9,344,482		$	160,323	6.90	%
LHI, MW		523,203			7,666	5.88			426,724			6,176	5.87			420,946			6,656	6.36
Debt securities		1,440,369			16,883	4.70			1,467,220			17,106	4.73			1,352,293			15,408	4.58
Interest-bearing deposits in other banks		707,933			8,039	4.55			827,751			9,244	4.53			560,586			7,722	5.54
Equity securities and other investments		70,779			847	4.80			70,696			870	4.99			78,964			1,138	5.80
Total interest-earning assets		11,618,254			175,123	6.05			11,679,296			173,725	6.03			11,757,271			191,247	6.54
ACL		(112,369	)						(111,563	)						(115,978	)
Noninterest-earning assets		933,328							938,401							937,413
Total assets	$	12,439,213						$	12,506,134						$	12,578,706

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,502,672		$	48,080	3.50	%	$	5,449,091		$	45,165	3.36	%	$	4,570,329		$	45,619	4.01	%
Certificates and other time deposits		2,742,655			28,539	4.17			2,726,309			30,268	4.50			3,591,035			44,811	5.02
Advances from FHLB and Other		9,813			113	4.62			2,333			27	4.69			106,648			1,468	5.54
Subordinated debentures and subordinated notes		155,985			2,056	5.29			191,638			2,824	5.98			230,141			3,113	5.44
Total interest-bearing liabilities		8,411,125			78,788	3.76			8,369,371			78,284	3.79			8,498,153			95,011	4.50

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,244,745							2,345,586							2,346,908
Other liabilities		142,925							170,389							192,036
Total liabilities		10,798,795							10,885,346							11,037,097
Stockholders’ equity		1,640,418							1,620,788							1,541,609
Total liabilities and stockholders’ equity	$	12,439,213						$	12,506,134						$	12,578,706

Net interest rate spread²						2.29	%						2.24	%						2.04	%
Net interest income and margin³				$	96,335	3.33	%				$	95,441	3.31	%				$	96,236	3.29	%

^{1 Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the quarter are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except percentages)
	For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
Assets
Interest-earning assets:
Loans¹	$	8,881,407		$	282,017	6.40	%	$	9,314,148		$	317,908	6.86	%
LHI, MW		475,230			13,842	5.87			350,252			11,013	6.32
Debt securities		1,453,721			33,989	4.71			1,323,644			29,103	4.42
Interest-bearing deposits in other banks		767,511			17,283	4.54			572,589			15,772	5.54
Equity securities and other investments		70,738			1,717	4.89			77,616			2,038	5.28
Total interest-earning assets		11,648,607			348,848	6.04			11,638,249			375,834	6.49
ACL		(111,969	)						(114,104	)
Noninterest-earning assets		935,850							933,229
Total assets	$	12,472,488						$	12,457,374

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,476,030		$	93,245	3.43	%	$	4,604,887		$	92,403	4.04	%
Certificates and other time deposits		2,734,527			58,807	4.34			3,437,385			85,303	4.99
Advances from FHLB and Other		6,094			140	4.63			103,819			2,859	5.54
Subordinated debentures and subordinated notes		173,713			4,880	5.67			230,011			6,227	5.44
Total interest-bearing liabilities		8,390,364			157,072	3.78			8,376,102			186,792	4.48

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,294,887							2,351,112
Other liabilities		156,580							192,422
Total liabilities		10,841,831							10,919,636
Stockholders’ equity		1,630,657							1,537,738
Total liabilities and stockholders’ equity	$	12,472,488						$	12,457,374

Net interest rate spread²						2.26	%						2.01	%
Net interest income and margin³				$	191,776	3.32	%				$	189,042	3.27	%

¹^{Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the six month periods are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average yield on interest-earning assets:
Loans¹	6.40	%	6.40	%	6.56	%	6.89	%	6.90	%	6.40	%	6.86	%
LHI, MW	5.88		5.87		5.83		6.75		6.36		5.87		6.32
Total Loans	6.37		6.38		6.53		6.89		6.88		6.38		6.84
Debt securities	4.70		4.73		4.61		4.55		4.58		4.71		4.42
Interest-bearing deposits in other banks	4.55		4.53		4.87		5.41		5.54		4.54		5.54
Equity securities and other investments	4.80		4.99		5.18		5.25		5.80		4.89		5.28
Total interest-earning assets	6.05	%	6.03	%	6.15	%	6.49	%	6.54	%	6.04	%	6.49	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.50	%	3.36	%	3.57	%	4.00	%	4.01	%	3.43	%	4.04	%
Certificates and other time deposits	4.17		4.50		4.83		5.00		5.02		4.34		4.99
Advances from FHLB and other	4.62		4.69		4.88		5.73		5.54		4.63		5.54
Subordinated debentures and subordinated notes	5.29		5.98		5.74		5.38		5.44		5.67		5.44
Total interest-bearing liabilities	3.76	%	3.79	%	4.12	%	4.46	%	4.50	%	3.78	%	4.48	%

Net interest rate spread²	2.29	%	2.24	%	2.03	%	2.03	%	2.04	%	2.26	%	2.01	%
Net interest margin³	3.33	%	3.31	%	3.20	%	3.30	%	3.29	%	3.32	%	3.27	%

^{1Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}

Supplemental Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average cost of interest-bearing deposits	3.73	%	3.74	%	4.07	%	4.44	%	4.46	%	3.73	%	3.33	%
Average costs of total deposits, including noninterest-bearing	2.93		2.91		3.16		3.42		3.46		2.92		2.48

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
LHI and Deposit Portfolio Composition
	Jun 30, 2025					Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,692,209		30.6	%	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%
Real Estate:
Owner occupied commercial (“OOCRE”)		800,881		9.1			795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7
Non-owner occupied commercial (“NOOCRE”)		2,311,466		26.3			2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7
Construction and land		1,142,457		13.0			1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7
Farmland		31,589		0.4			31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3
1-4 family residential		1,086,342		12.3			1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0
Multi-family residential		718,946		8.2			782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1
Consumer		8,796		0.1			8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1
Total LHI¹	$	8,792,686		100	%	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%

MW		669,052					571,775					605,411					630,650					568,047

Total LHI¹	$	9,461,738				$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919

Total LHFS		69,480					69,236					89,309					48,496					57,046

Total loans	$	9,531,218				$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965

Deposits
Noninterest-bearing	$	2,133,294		20.5	%	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%
Interest-bearing transaction		603,861		5.8			863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9
Money market		3,856,812		37.0			3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5
Savings		548,464		5.3			586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8
Certificates and other time deposits		2,792,750		26.8			2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9
Correspondent money market accounts		482,739		4.6			486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4
Total deposits	$	10,417,920		100	%	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%

Total loans to deposits ratio		91.5	%				88.9	%				89.3	%				88.0	%				91.8	%

Total loans to deposit ratio, excluding MW loans and LHFS		84.4	%				82.9	%				82.8	%				81.9	%				85.9	%

¹^{Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Asset Quality
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	61,142		$	69,188		$	52,521		$	55,335		$	58,537		$	61,142		$	58,537
Nonaccrual PCD loans¹		196			196			—			70			73			196			73
Accruing loans 90 or more days past due²		4,641			3,249			1,914			2,860			143			4,641			143
Total nonperforming loans held for investment (“NPLs”)		65,979			72,633			54,435			58,265			58,753			65,979			58,753
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256			9,218			24,256
Total NPAs	$	75,197		$	96,901		$	79,172		$	67,299		$	83,009		$	75,197		$	83,009

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	—		$	(31	)	$	—		$	(31	)
Multifamily		—			—			—			—			(198	)		—			(198	)
OOCRE		—			—			—			—			—			—			(120	)
NOOCRE		(215	)		(3,090	)		(5,113	)		—			(1,969	)		(3,305	)		(6,262	)
C&I		(1,571	)		(918	)		(4,586	)		(2,259	)		(5,601	)		(2,489	)		(6,547	)
Consumer		(55	)		(212	)		(420	)		(54	)		(30	)		(267	)		(101	)
Total charge-offs	$	(1,841	)	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(6,061	)	$	(13,259	)

Recoveries:
1-4 family residential	$	1		$	21		$	2		$	3		$	—		$	22		$	1
OOCRE		186			—			—			—			120			186			120
NOOCRE		—			—			1,323			—			—			—			—
C&I		131			32			1,047			1,962			361			163			457
MW		—			—			—			46			—			—			—
Consumer		262			195			30			33			497			457			546
Total recoveries	$	580		$	248		$	2,402		$	2,044		$	978		$	828		$	1,124

Net charge-offs	$	(1,261	)	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,233	)	$	(12,135	)

Provision for credit losses	$	1,750		$	4,000		$	2,300		$	4,000		$	8,250		$	5,750		$	15,750

ACL	$	112,262		$	111,773		$	111,745		$	117,162		$	113,431		$	112,262		$	113,431

Asset Quality Ratios:
NPAs to total assets		0.60	%		0.77	%		0.62	%		0.52	%		0.65	%		0.60	%		0.65	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total LHI and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
NPLs to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
NPLs, excluding nonaccrual PCD loans, to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
ACL to total LHI		1.19			1.19			1.18			1.21			1.16			1.19			1.16
ACL to total LHI, excluding MW		1.28			1.27			1.25			1.30			1.23			1.28			1.23
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

^{1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.}
^{2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.}
^{3 Annualized ratio for quarterly metrics.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Common shares outstanding		54,265			54,297			54,517			54,446			54,350

Book value per common share	$	30.39		$	30.08		$	29.37		$	29.53		$	28.49
Tangible book value per common share	$	22.68		$	22.33		$	21.61		$	21.72		$	20.62

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Tangible Assets
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible Assets	$	12,109,548		$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259
Tangible Common Equity to Tangible Assets		10.16	%		9.95	%		9.54	%		9.37	%		9.14	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	32,832		$	30,996		$	26,807		$	32,927		$	29,128		$	63,828		$	55,210

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Return on Average Tangible Common Equity (Annualized)		10.79	%		10.49	%		9.04	%		11.33	%		10.54	%		10.64	%		10.03	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	30,906	$	29,070	$	24,882	$	31,001	$	27,202	$	59,976	$	51,358
Plus: BOLI 1035 exchange charges¹		—		517		—		—		—		517		—
Plus: Severance payments²		—		—		1,545		1,487		613		—		613
Plus: Loss on sales of AFS securities, net		—		—		4,397		—		—		—		6,304
Plus: FDIC special assessment		—		—		—		—		134		—		134
Operating pre-tax income		30,906		29,587		30,824		32,488		27,949		60,493		58,409
Less: Tax impact of adjustments		—		109		1,248		307		166		109		1,489
Plus: Nonrecurring tax adjustments		—		229		193		—		527		229		527
Operating earnings	$	30,906	$	29,707	$	29,769	$	32,181	$	28,310	$	60,613	$	57,447

Weighted average diluted shares outstanding		54,766		55,123		55,237		54,932		54,823		54,944		54,832
Diluted EPS	$	0.56	$	0.53	$	0.45	$	0.56	$	0.50	$	1.09	$	0.94
Diluted operating EPS	$	0.56	$	0.54	$	0.54	$	0.59	$	0.52	$	1.10	$	1.05

^{1Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{2Severance payments relate to certain restructurings made during the periods disclosed.}

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Plus: Provision for income taxes		8,516			8,526			8,222			8,067			8,221			17,042			15,458
Plus: Provision for credit losses and unfunded commitments		3,250			5,300			1,899			4,000			8,250			8,550			14,209
Plus: Severance payments³		—			—			1,545			1,487			613			—			613
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: FDIC special assessment		—			—			—			—			134			—			134
Pre-tax, pre-provision operating earnings	$	42,672		$	43,413		$	40,945		$	44,555		$	44,420		$	86,085		$	88,076

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%

Average loans	$	9,399,173		$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,356,637		$	9,664,400
Pre-tax, pre-provision operating return on average loans¹		1.82	%		1.89	%		1.72	%		1.83	%		1.83	%		1.86	%		1.83	%

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Return on average assets¹		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Operating return on average assets¹		1.00			0.96			0.93			1.00			0.91			0.98			0.93

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	30,906		$	29,707		$	29,769		$	32,181		$	28,310		$	60,613		$	57,447
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	32,832		$	31,633		$	31,694		$	34,107		$	30,236		$	64,465		$	61,299

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Operating return on average tangible common equity¹		10.79	%		10.70	%		10.69	%		11.74	%		10.94	%		10.75	%		11.14	%

Efficiency ratio		61.15	%		60.91	%		67.04	%		61.94	%		59.11	%		61.03	%		60.72	%
Operating efficiency ratio
Net interest income	$	96,335		$	95,441		$	96,141		$	100,062		$	96,236		$	191,776		$	189,042
Noninterest income		13,499			14,289			10,056			13,106			10,578			27,788			17,240
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Operating noninterest income		13,499			14,806			14,453			13,106			10,578			28,305			23,544
Noninterest expense		67,162			66,834			71,194			70,100			63,141			133,996			125,257
Less: FDIC special assessment		—			—			—			—			134			—			134
Less: Severance payments³		—			—			1,545			1,487			613			—			613
Operating noninterest expense	$	67,162		$	66,834		$	69,649		$	68,613		$	62,394		$	133,996		$	124,510
Operating efficiency ratio		61.15	%		60.62	%		62.98	%		60.63	%		58.41	%		60.88	%		58.57	%

^{1 Annualized ratio for quarterly metrics.}
^{2 Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{3 Severance payments relate to certain restructurings made during the periods disclosed.}

The MIL Network –

July 18, 2025

MIL-OSI Africa: DSTI welcomes state-of-the-art science training centre in Pretoria

Source: Government of South Africa

The Deputy Minister of Science, Technology, and Innovation, Nomalungelo Gina, has welcomed the opening of a groundbreaking new facility in Pretoria.

This facility is dedicated to enhancing South Africa’s scientific capacity and equipping the next generation of researchers with advanced skills in molecular science and laboratory management.

Speaking at the official opening of the Centre for Advanced Training and Innovative Research (CATIR), Gina described the initiative as a milestone in the country’s journey to build a knowledge-based economy driven by innovation.

CATIR is a partnership among the Department of Science, Technology, and Innovation (DSTI), the South African Medical Research Council (SAMRC), and Thermo Fisher Scientific, a United States-based company specialising in clinical and life sciences research.

“By investing in this centre, we are investing in the future of South African science, empowering our researchers, nurturing young talent, and fostering an environment where innovation can thrive,” said the Deputy Minister.

Already benefiting from this initiative are students from previously disadvantaged universities such as Sefako Makgatho, Venda, and Limpopo.

“This launch is especially significant, as it aligns with our Decadal Plan 2022–2032, which aims to build a transformed, inclusive and coherent National System of Innovation that responds to the needs of society and the economy,” Gina said.

The CATIR will serve as a dedicated hub to provide practical, hands-on training in advanced molecular techniques and laboratory management, bridging the gap between academic study and real-world application.

Once fully operational, the facility will have the capacity to train up to 160 students annually.

The first cohort of 20 students is expected to complete training before the end of 2025.

Gina highlighted the role of the SAMRC as a trusted project management partner, citing its proven track record in implementing capacity-building programmes that have benefited young scientists from historically under-resourced universities, including Zululand, Limpopo, Venda and Walter Sisulu.

She welcomed Thermo Fisher as a partner in this endeavour, saying their expertise and resources would undoubtedly enhance the capabilities of CATIR and open new avenues for scientific discovery, as well as the future of South Africa’s young scientist community.

President and CEO of SAMRC, Professor Ntobeko Ntusi, highlighted the vital need to enhance South Africa’s scientific skill set.

Ntusi said the development of the CATIR reflected the SAMRC’s belief in the value of investing in the infrastructure and expertise that will help our country address local gaps in critical areas of science.

“The COVID-19 pandemic taught us that we needed to do more to build skills in clinical and molecular testing to improve the resilience of our health system against the diseases of today and tomorrow. The opening of this important new educational facility is a landmark moment in our journey to achieving this important goal.”

Urmi Prasad Richardson, President of Europe, the Middle East, and Africa at Thermo Fisher Scientific, stressed the importance of public-private collaboration in strengthening health systems.

Richardson stated that the opening of the CATIR demonstrates the importance of public-private partnerships in helping to build a more resilient health system in South Africa and underpins their mission to enable customers to make the world healthier, cleaner and safer.

“Alongside the SAMRC, we are proud to be investing our time, resources and knowledge into this important new facility to meet our shared goal of building locally relevant capabilities and expertise amongst the next generation of South Africa’s scientists,” she added.

The establishment of CATIR underscores the importance of partnership in building the skills and resilience required to address the health challenges of today and tomorrow.

Gina called on all stakeholders to continue working together across sectors and disciplines to build a brighter, healthier, and more prosperous future for all. – SAnews.gov.za

MIL OSI Africa –

July 18, 2025

MIL-OSI United Kingdom: Tomb Raider video game composer jailed for Covid loan fraud

Source: United Kingdom – Executive Government & Departments

Press release

Tomb Raider video game composer jailed for Covid loan fraud

Composer sentenced for Bounce Back Loan abuse following Insolvency Service investigations

Video game composer Peter Connelly has been jailed after fraudulently obtaining a second Covid Bounce Back Loan for his company
Connelly, known for his work on Tomb Raider, inflated his company’s turnover during the first few months of the pandemic in 2020
Insolvency Service investigations have also resulted in the 52-year-old being banned as a company director for six years

A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed.

Durham-based Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan.

Connelly had previously secured a legitimate Bounce Back Loan worth £22,000 one month earlier.

The 52-year-old, of Lambton Court, Peterlee, was jailed for 16 months at a hearing of Durham Crown Court on Thursday 17 July.

He was also disqualified as a company director for six years.

David Snasdell, Chief Investigator at the Insolvency Service, said:

Peter Connelly blatantly disregarded the rules of the Bounce Back Loan Scheme, designed to support small and medium-sized businesses during the pandemic.

Connelly not only secured two loans when businesses were only allowed one, but deliberately inflated his company’s turnover to receive more money than he was entitled to.

The Insolvency Service is the lead agency for tackling Bounce Back Loan misconduct and we remain committed to ensuring fraudsters who stole from the public purse during a national emergency are brought to justice.

Connelly was the sole director of Peter Connelly Limited, established in June 2008.

The company was known as Universal Sound Design Limited up until November 2012, and it described its trading as “sound recording and music publishing activities”.

Connelly’s first application for a Bounce Back Loan was in May 2020, when he secured £22,000. This application was within the rules of the scheme.

However, one month later in June 2020, Connelly applied to a different bank for a Bounce Back Loan of £37,500, claiming his company’s turnover for 2019 was £150,000.

Insolvency Service analysis revealed his turnover was just over £58,000, meaning he substantially inflated it on his second application.

Connelly also falsely declared that this was the only loan he had applied for.

In interviews, Connelly told the Insolvency Service that he had been given the opportunity to re-imagine the music for the Tomb Raider soundtrack. This was a significant project which had the potential to be very lucrative, he added.

To complete the project, Connelly said he had taken out personal loans and sold his car.

However, Connelly said everything stalled at the start of the pandemic.

Peter Connelly Limited went into liquidation in August 2021. Neither loan had been repaid at this time.

Connelly himself entered into an Individual Voluntary Arrangement (IVA) in June 2022, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner to repay his debts.

The IVA remains active.

Further information

Peter Connelly is of Lambton Court, Peterlee, County Durham His date of birth is 8 September 1972
Peter Connelly Limited (company number 06618880)
Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct
Further information about the work of the Insolvency Service, and how to complain about financial misconduct

Published 18 July 2025

MIL OSI United Kingdom –

July 18, 2025

MIL-OSI Africa: Health leaders to convene in Mozambique for innovation and action for immunization and child survival forum 2025

Source: APO

Global health leaders, policymakers, philanthropists, researchers, and advocates will gather in Maputo from 22–24 July 2025 for the Innovation and Action for Immunization and Child Survival Forum 2025 (https://www.ChildHealthForum2025.com/). This is a high-level convening aimed at accelerating progress toward expanding access to life-saving immunization and ending preventable child deaths across sub-Saharan Africa.

Download document: https://apo-opa.co/3TJOhqP

Hosted by the Governments of Mozambique and Sierra Leone, and in partnership with the Government of Spain, “la Caixa” Foundation, the Gates Foundation and UNICEF, the forum comes just five years to the Sustainable Development Goals (SDGs) 2030 deadline.

“Mozambique is proud to host this critical gathering, at a time when the world is at a crossroads,” said Hon. Dr. Ussene Isse, Minister of Health of Mozambique. “Despite the unacceptable reality that we lose millions of children globally to preventable diseases each year, the rate of progress in reducing these deaths has slowed in the past 10 years, precisely when we need to accelerate. The decisions we make now will determine whether we keep our promise to every child to survive, to thrive, and to reach their fifth birthday. We must act boldly, together, and without delay.”

A Defining Moment for Child Survival

Incredible progress has reduced the number of deaths of children under the age of five by half since 2000. Yet today, almost five million children are still dying from preventable causes each year—58% of them in Sub-Saharan Africa. Preventable infectious diseases like pneumonia, malaria, diarrhea, and meningitis remain the global leading causes of death among children under five, while malnutrition contributes to 45% of all child deaths globally.

“We cannot afford to let progress stall. We have a golden opportunity to dramatically expand our impact through bold leadership, sustainable financing, and coordinated strategies and alignment to reach the most vulnerable populations,” said Hon. Dr. Austin Demby, Minister of Health, Sierra Leone. “Breakthrough innovations like malaria vaccines, point of care tests, and ready-to-use therapeutic foods formulated to address malnutrition are improving our capacity to save young lives and prevent childhood deaths. At the same time, by weaving these innovations into our Life Stages Approach, we make sure every child receives the right intervention at the right time, whether it is a vaccine at birth, nutrition support during a growth setback, or follow-up care through the continuum of care as they grow; ensuring no child or opportunity is missed.”

The convening will spotlight ongoing record levels of global funding cuts to public health programmes, including immunization. With increasing budgetary pressure within low- and middle-income countries and little room to immediately raise domestic and philanthropic funding to plug these gaps, the impact of these cuts is even more acute, especially in fragile and conflict-affected settings where children are nearly three times more likely to die before reaching age five.

“This forum will be another milestone in our collective effort to build a world where every child gets to grow up and thrive. It’s a unique opportunity to continue fighting inequalities for the most vulnerable populations, always aligned with the Sustainable Development Goals and the Agenda 2030,” said H.R.H. Infanta Cristina, Director of the International Area at the “la Caixa” Foundation.

Mapping a Clear Path Forward

The forum will offer a platform for stakeholders to share best practices, explore how to scale up innovations, diagnostic tools and nutrition solutions to reach all children, especially the most vulnerable in conflict-afflicted and climate-impacted settings. Speakers will also emphasize strengthening service delivery through integrated child health platforms, community health worker programs and digital tools, as well as building sustainable financing by mobilizing domestic resources, pooling international aid, and exploring innovative financing mechanisms.

“Every child deserves the chance to grow up healthy and thrive. Thanks to proven solutions and innovative care, we’ve made remarkable progress in helping more children survive their earliest, most vulnerable years. By investing in strong, integrated primary health-care systems and reaching every child with life-saving care—no matter who they are or where they live—we can save millions more young lives and build stronger families, communities, and futures,” said Dr. Yasmin Ali Haque, Director of Health, UNICEF.

The convening will build on the momentum of the 2020 and 2023 Global Fora on Childhood Pneumonia (https://apo-opa.co/44UxUg0) to foster impactful partnerships, strengthen political will and mobilize Africa’s political and public health leaders to ensure all children are protected against the leading threats to their survival.

“Despite remarkable progress, millions of children remain unreached, lacking access to vaccines or treatments for preventable diseases. This forum is a rallying cry for Africa and the world, because the final chapter in the global fight for child survival will be written on this continent. We must protect our children with the tools we have, invest in the innovations we need, and ensure no child is left behind,” said Keith Klugman, Director, Pneumonia and Pandemic Preparedness, Gates Foundation.

Distributed by APO Group on behalf of Innovation and Action for Immunization and Child Survival Forum 2025.

For interview requests, please contact:

About the Innovation and Action for Immunization and Child Survival Forum 2025:
The Innovation and Action for Immunization and Child Survival Forum 2025 will bring together stakeholders across selected countries in sub-Saharan Africa and other regions including senior health ministry officials, development agencies, donors, academia, civil society, and the private sector. Accordingly, it will focus on new and underutilized tools to deliver progress on child survival, more effective infectious disease risk mitigation and surveillance strategies, more efficient models of service delivery, the need for robust prioritization exercises including for routine immunization systems and new vaccine introductions, and innovative child survival financing options.

For more information on the forum agenda, visit: https://www.ChildHealthForum2025.com/

Media files

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MIL OSI Africa –

July 18, 2025

MIL-OSI Australia: Our performance evolution

Source: New places to play in Gungahlin

Download Our performance evolution

You can download a version of Our performance evolution (PDF, 674KB)This link will download a file.

Commissioner’s foreword

Since commencing as Commissioner of Taxation on 1 March 2024, I continue to be impressed by the expertise, professionalism and dedication of ATO staff.

Our performance is strong, but as with any organisation, we need to take opportunities to improve. Accordingly, I am grateful that the ATO has had the opportunity to be reviewed as part of the Australian Public Service Commission’s (APSC) capability review program, particularly so early in my tenure. Independent reviews such as this provide us with honest and frank perspectives on what to improve to set us up for the future.

I would like to extend my sincere thanks to the review team for their professionalism, rigour, and the depth of insight they brought to this process. Their extensive experience and thoughtful engagement have been invaluable.

The review found that we are a high-performing organisation, which is a testament to the dedication and capability of our people. At the same time, it has identified areas where we can do better – opportunities to strengthen our systems, sharpen our focus, and deliver even greater value to the Australian community.

We deliver well on our core purpose of collecting tax so government can deliver services for the Australian community. However, what delivers us success now will not be enough alone to achieve our vision for an Australia where every taxpayer meets their obligations because:

complying is easy
help is tailored
deliberate non-compliance has consequences.

We need to examine what we do and how we do it, identify opportunities for improvement and make decisive shifts to unlock our full potential.

Our performance evolution will help us get there. Drawing on key insights from our APSC capability review, it outlines how we – as one ATO – will align our efforts to not only deliver today’s priorities, but also prepare for and tackle tomorrow’s challenges.

We are fortunate to be building on a strong foundation. The capability review identified many strengths we can be proud of. We’ll use these strengths to propel us forward on our performance evolution, taking practical actions to set a course for the future, where we will:

think bigger
act bolder
deliver together.

While this plan does not outline every detail of the actions we will take, it establishes the key shifts that will empower us to strengthen what we do best, allowing us to adapt our actions as our environment changes.

The Executive team and I will play a key role here. We must role model the behaviours needed for the ATO to achieve its vision, drive accountability and ensure we don’t lose momentum. We must also openly and genuinely support employees to act as one to deliver our performance evolution.

Whilst the staff who support the Tax Practitioner Board (TPB) and the Australian Charities and Not-for-profits Commission (ACNC) are ATO staff, our performance evolution relates to those in the Tax Office itself.

I will leave it to the Chair of the TPB and the ACNC Commissioner to draw on the Capability Review insights that best serve the delivery of their statutory functions.

I’m grateful to have the opportunity to capitalise on our high performance and look forward to continuing to improve as we implement our performance evolution.

Rob Heferen

Commissioner of Taxation

Registrar of the Australian Business Register

Australian Business Registry Services

Register of Foreign Ownership of Australian Assets

Unlocking the full potential of our high performance

‘The ATO is a high performing organisation with a strong reputation for managing Australia’s tax and superannuation systems in a modern and reliable way.

Its capabilities are good and ATO staff are right to be proud of them.

The findings [of the capability review] are not judgments on current capability, but rather ways the ATO might evolve to be a ‘great’ organisation.’ Capability Review, Australian Taxation Office, 2025 (PDF, 817KB)This link will download a file

The Australian Public Service Commission’s capability review affirmed the ATO’s position as a high performing and globally respected tax administration.

We have a proven track record and have excelled when circumstances have called for us to be at our best. Our role in the government’s response to the pandemic demonstrated what we’re capable of and underscored our potential to be truly exceptional. Learning from this and our many other successes, as well as our mistakes, we should not stand still. We need to continually improve.

The capability review’s insights inform where to focus our ongoing improvement efforts. This future view highlights the capabilities we need to adapt and respond to the changing demands of government, the community and our own operations.

Key insights from the review indicate that to continue to serve the Australian community with excellence and integrity, achieve our vision, and proactively address future challenges, we need to:

work as one ATO to deliver for the Australian community, including through improved internal collaboration
have a leadership group that works as a team and models the right behaviours
establish enterprise-wide priorities and shared plans for achieving them
make trade-offs for the sake of the organisation, work through impasses and take collective responsibility for decisions
accept and reward measured risk taking in the interests of innovation, collaboration and achieving better, faster outcomes.

Our performance evolution sets us on a path to meet these needs and unlock the full potential of our high performance. It does so by bringing together current initiatives and building on the successes of the past to do some things differently and truly excel.

This plan is just the beginning. It lays a foundation for the ongoing implementation of a range of connected actions which will unlock our full potential. A future where:

We will agree on our priorities, how much we are prepared to invest in achieving them, relevant trade‑offs and what risks those carry. We will align our resourcing and performance measures to them.
We will clearly communicate our strategic direction and priorities under it, ensuring they are understood throughout the organisation.
We will ensure accountabilities are clear, and advancing our strategic direction is a collective responsibility.
We will make decisions far enough in advance to ensure that at both the group and individual level, we can effectively plan our contribution to the delivery of our enterprise priorities and our functional accountabilities.
We will work as one ATO, so that improved internal collaboration becomes ‘business as usual’.
We will engage sensibly with risk. To do this, we will think carefully about risk appetite, tolerances and sensible mitigations in the context of our strategic direction.
At the individual level we will be supported in innovating and taking measured risks, aligning our efforts with our strategic direction and by having irritants taken out of how we work.

We will do this by thinking beyond function, beyond our teams and comfort zones.

From	To
Team first	Purpose first
Cautious action	Bold action
Siloed delivery	Shared delivery
Avoiding the hard calls trade‑offs	Courageous trade‑offs

Key shifts

Together, we will unlock the full potential of our high performance by moving together as one ATO, and adapting our mindsets and behaviours to:

Think bigger

Thinking bigger means seeing the broader picture and understanding where we are headed.

This requires each of us to:

expand our view of what we can do to drive the ATO to succeed
consider what is truly possible within our remit
challenge assumptions of what is needed for us to achieve our vision.

If we are to challenge assumptions of what’s needed and expand our view of how we can help the ATO succeed, we first need a common understanding of what success looks like.

This will come from having a clear understanding of our longer-term direction, and the strategies we will prioritise to deliver on it. Clearly communicating our strategic direction (including our priorities, risk tolerances and areas where we are choosing to reduce our focus) will help:

guide our actions
sharpen our focus
expand our perspective on the role we can each play in realising our vision.

We also need the means to think bigger. We will commit the right leadership, accountabilities, resources and funding to the work needed to deliver our purpose and achieve our vision.

Initial actions

Develop and communicate our strategic direction – We will agree on strategies that will move us forward in delivering our purpose and achieving our vision over the next 5 years and communicate the roadmap for delivery.

Align investment – We will invest our resources in line with our strategic direction.

Make clear decisions – We will be clear about our decisions on our priorities, their scope and implications (including for accountabilities, resourcing, performance measures and risks).

Act bolder

Being bold takes both individual courage and confident leadership to support our action.

This requires each of us to:

proactively address issues
work through impasses and make the call, including trade-offs needed to deliver on priorities
use good judgment to make decisions and support those who do the same – regardless of the outcome.

With our strategic direction, priorities, functional accountabilities and shared responsibilities clear, we are trusted to use good judgment, sensibly engage with risk, and take decisive action within the parameters of our authority.

Doing this boldly will come from knowing that informed and decisive action is supported at the highest levels of the ATO and encouraged at all levels across the ATO. Acting within our remit, this will help us to:

make decisive calls
adopt innovative approaches
act proactively to resolve impasses and agree trade-offs
slow, change or stop work when we need to make room for higher priorities
use good judgment to make sound, timely and innovative recommendations that inform decisions beyond our level of delegation.

Being bolder is also stretching our comfort zone, supporting mobility to expand our perspective and empowering people to take appropriate measured risks.

Initial actions

Support and reward decision-making – We will encourage and recognise:

measured risk-taking
staff who innovate.

We will support decision-makers with appropriate guidance and tools.

Reinforce support for mobility – We will increase mobility, including amongst our SES.

Clarify delegations – We will refresh and reinforce delegations and decision-making authorities.

Deliver together

We excel when we are aligned – around purpose, priorities and outcomes. Collaboration is just the starting point.

This requires each of us to:

recognise that our impact goes beyond our function
take shared ownership of our strategic direction, respecting any trade-offs
move together to deliver our core purpose and advance our vision.

To deliver our core purpose and achieve our vision, we need to unlock the full potential of our high performance together – as one ATO.

Delivering as one ATO will come from:

understanding both the big picture and the detail of how work flows, how different areas interact, and how it all fits together
working collaboratively with those impacted by our work
understanding what our part to play is.

Enhancing our forward planning and ensuring that effective internal collaboration is part of our ‘business as usual’ will help us:

understand how our plans deliver our strategic direction
take shared ownership of our plans
know what we must do
move together, to deliver what is needed.

This does not mean everyone doing everything. Accountabilities and decision-making will still lie with individuals, but understanding who else is responsible for contributing to those outcomes, and interconnecting our many moving parts will help us deliver together, as one ATO.

Delivering together also requires that we be proactive in reducing frictions that might otherwise divert our focus away from the work that contributes most to our purpose and vision. We’ll take action to reduce irritants in how we work, deliver incremental changes that improve our efficiency and lay a clear pathway to prioritise larger improvements.

Initial actions

Plan as one ATO – We will:

bring planning discussions forward
design and integrate our group and line plans to deliver on our strategic direction.

Agree on our part – We will ensure everyone understands their contribution, not just to their direct responsibilities and functional accountabilities, but to broader outcomes. We will agree on collective responsibilities for the priorities and outcomes that deliver on our strategic direction and reinforce collaboration expectations.

Address irritants – We will address some of the more pervasive technology irritants and smaller opportunities as informed by users through Pulse surveys and our Census action plan.

User insights will also inform and drive longer-term planning for the IT tools and data we need to work efficiently.

Be the key

We’re building on the strong foundations of a high-performing organisation that:

is trusted by government and the community to get things done
has a proven track record.

From this position of strength, we are making a call to action: Our performance evolution will only happen through positive steps and everyday actions taken by all of us.

We all need to contribute to unlocking the potential of our high performance. To do this we can ask ourselves some questions to help us get there.

Think bigger:
- Do I know where we are headed?
- Am I putting myself in the Commissioner’s shoes?
- What positive change am I creating beyond my team?
Act bolder:
- Have I raised necessary issues and worked through impasses?
- What’s standing in the way of me making decisions I’m empowered to make?
- How can I support my team to make the decisions they are empowered to make?
- Should I be getting outside my comfort zone?
Deliver together:
- How am I contributing to organisational outcomes?
- Who should I work with to get it done?
- Do I have solutions for blockers or irritants impeding smooth delivery?

MIL OSI News –

July 18, 2025

MIL-OSI United Kingdom: Huge boost for UK industry as Government powers ahead with cuts to electricity costs

Source: United Kingdom – Government Statements

Press release

Huge boost for UK industry as Government powers ahead with cuts to electricity costs

The Government has announced a huge boost to UK industry as it powers ahead with its plan to cut electricity costs.

Plans to slash electricity network costs for energy-intensive businesses by 90% are set in motion as Government launches new consultation.
Around 500 of UK’s most energy-intensive firms set to save up to £420m a year when current 60% discount on network charging costs increases to 90% from 2026.
Shows UK getting on with delivering announcements in Modern Industrial Strategy that will level the playing field for British businesses, backed by Plan for Change

Around 500 of the UK’s most energy-intensive businesses such as British Steel and INEOS are set for a huge boost as the Government powers ahead with a 90% discount for businesses’ network charging costs.

Delivering on its promise in the UK’s modern Industrial Strategy launched last month to slash energy costs for heavy industry, the Government today (18 July) launches a four-week consultation on its plans to increase the discount on businesses’ electricity network charges from 60% to 90%.

The landmark new support is expected to save around 500 of Britain’s most energy-intensive firms in key sectors like steel, ceramics, glass and chemicals up to £420m per year from 2026 when in force and bring the UK’s industrial energy prices in line with European competitors, helping secure jobs and attract new investment as part of the Plan for Change.

Business Secretary Jonathan Reynolds said:

This government is on the side of British industry. When we make promises we deliver on them. That’s why we’re wasting no time in powering ahead with our plans to tackle energy costs for great British businesses and level the playing field.

The cornerstone of our modern Industrial Strategy, this landmark new support will meet a longstanding need from industry which other governments shirked – paving the way for new investment and job creation at the heart of our Plan for Change.

The launch of the consultation on the Network Charging Compensation (NCC) scheme, part of the Government’s British Industry Supercharger package of measures to tackle industrial electricity costs, will seek industry’s views on the 30% uplift and double the window which businesses have to apply for support through the scheme from one month to two.

Network charges are the costs paid by electricity network users for access to the service and are already discounted by 60% for some of the UK’s biggest industrial businesses through the NCC scheme since April 2024, saving businesses millions of pounds every month.

The proposals in the consultation launched today would see their costs fall by around a further £7 per megawatt hour (/MWh) bringing electricity prices more into line with European countries such as France and Germany.

The news follows Deloitte’s latest survey of finance officers which has found the UK is the joint top location for investment in the world, and new data from Make UK and BDO which finds that manufacturing in the UK has recovered to 2019, pre-pandemic, levels in every region, with 12,000 new jobs created in the year to March 2024.

The uplift follows other new landmark support for British industry announced in last month’s modern Industrial Strategy, with the new British Industrial Competitiveness Scheme expected to slash energy costs by up to 25 percent for over 7,000 businesses.

This scheme, which government will consult on shortly and is due to come into force in 2027, will cut costs for thousands of electricity-intensive businesses in key manufacturing sectors like aerospace, automotive and chemicals, supporting hundreds of thousands of skilled jobs by exempting firms from paying levies like the Renewables Obligation, Feed-in Tariffs and the Capacity Market.

A new Connections Accelerator Service will also come into force by the end of 2025, streamlining access to the UK electricity grid for major investment projects to speed up delivery and bring new high-quality jobs and economic growth.

New powers in the Planning and Infrastructure Bill, currently before Parliament, could also allow the Government to reserve grid capacity for strategically important projects, cutting waiting times and unlocking growth in key sectors.

Gareth Stace, Director General of UK Steel, and Chair of Energy Intensive Users Group, said:

Increasing network charge compensation under the Government’s Supercharger scheme is a very welcome and much-needed step towards achieving competitive electricity prices for the UK’s steel sector and other foundation industries.

These reforms reflect solutions that UK Steel has long advocated to address the persistent challenge of uncompetitive industrial electricity costs. While more still needs to be done, this is meaningful progress.

Truly competitive energy prices are essential to unlocking investment, creating jobs, accelerating decarbonisation, and securing the long-term future of steelmaking in the UK.

Investment Minister Baroness Gustafsson visited Special Melted Products – an historic British advanced manufacturing firm which currently benefits from the 60% network charging discount – in Sheffield yesterday to welcome the news, as well as a major investment in the company from Taiwanese firm Walsin Lihwa, set to create over 200 skilled jobs by 2028.

Notes to editors:

The Government’s modern Industrial Strategy can be found here.
The consultation will be published on Gov.UK later today here.
The total estimated value of the network charging compensation component of the Supercharger (at 90%) is £310-420m this year (in 2025 prices).
The NCC uplift will provide an estimated additional £7-10/MWh discount to eligible businesses.

Published 18 July 2025

MIL OSI United Kingdom –

July 18, 2025

MIL-OSI Security: Laplace Woman Sentenced for Making False Statements to Small Business Administration

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that LATRICIA HOPE HAYNES MOLIERE (“MOLIERE”), age 51, a resident of LaPlace, Louisiana was sentenced on July 10, 2025, for making False Statements to the Small Business Administration (SBA), in violation of Title 18, United States Code, Section 1001.

According to court documents, MOLIERE submitted an application for a loan through the Paycheck Protection Program (PPP) in March 2021. In this application, she falsely represented that she owned a baking sole proprietorship with an average monthly payroll of $8,041. In support of the PPP application, MOLIERE attached a fraudulent Internal Revenue Service Form 1040 Schedule C. Several months later, MOLIERE filed a petition for bankruptcy in which she said that she was not a sole proprietor. As a result of her false representations, MOLIERE received $20,102 from the SBA. This loan was later forgiven because MOLIERE falsely represented that she had spent the SBA funds on payroll.

United States District Judge Eldon E. Fallon sentenced MOLIERE to 3 years of probation, and a mandatory special assessment fee of $100. MOLIERE also agreed to pay restitution in the amount of $22,742.71 to the SBA.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Acting U.S. Attorney Simpson praised the work of the United States Secret Service and the United States Trustee in investigating this case. Assistant United States Attorney Maria M. Carboni of the Financial Crimes Unit is handling the prosecution.

MIL Security OSI –

July 18, 2025

MIL-OSI Europe: Written question – Renewed EU strategy for vaccination and to tackle vaccine hesitancy – E-002818/2025

Source: European Parliament

Question for written answer E-002818/2025
to the Commission
Rule 144
Michalis Hadjipantela (PPE)

The COVID-19 pandemic has led to a significant decline in vaccination rates and a resurgence of vaccine-preventable diseases in Europe and globally. This is exacerbated by increased vaccine hesitancy, misinformation and the influence of populist and anti-vaccination movements, including in major partner countries, which further erode public trust in science and institutions.

In the light of these developments and the calls for a new EU immunisation strategy, can the Commission clarify:

1.What steps it can take to develop and implement a renewed, comprehensive EU plan to increase vaccination coverage, set EU-wide life-course immunisation targets and restore public trust in immunisation?
2.How it will support Member States in countering misinformation and vaccine hesitancy, including through targeted communication and behavioural science approaches?
3.How can it ensure equitable access to vaccines across all Member States?

Submitted: 10.7.2025

Last updated: 17 July 2025

MIL OSI Europe News –

July 18, 2025

MIL-OSI Europe: Briefing – Smart and sustainable transport investments in the national recovery and resilience plans – 17-07-2025

Source: European Parliament

Smart and sustainable transport plays a significant role in advancing the EU’s green and digital transitions under the Recovery and Resilience Facility (RRF), the crisis-response instrument the EU launched to boost EU economic recovery in the wake of the COVID-19 pandemic. All EU Member States included transport-related measures in their national recovery and resilience plans. Member States are collectively investing almost €83 billion in smart and sustainable transport, amounting to 12.8  % of the total RRF envelope, underscoring the sector’s strategic importance for decarbonisation, digitalisation, connectivity and economic growth. The largest contributions to smart and sustainable transport come from Italy (€34.0 billion), Spain (€9. 9 billion) and Germany (€7.6 billion), together accounting for over 60  % of total smart and sustainable transport-related RRF investment. By contrast, several smaller Member States stand out in relative terms: Luxembourg allocates 47.2  % of its national plan to transport investments (€223.2 million), while Malta devotes 30.5  % (€100.2 million). Rail transport receives the largest share of funding, amounting to nearly €48.9 billion, or 59  % of total transport-related RRF investments. More than €34.4 billion of this supports the trans-European transport (TEN-T) network and the roll-out of the European Rail Traffic Management System, exceeding the entire Connecting Europe Facility transport budget for 2021–2027. These investments are expected to enhance cross-connectivity, border interoperability, improve rail safety and efficiency, and facilitate modal shift from road to rail. Beyond rail, Member States are investing in a broad mix of measures, including urban transport, alternative fuels infrastructure, support for zero- and low-emission vehicles and cycling.

MIL OSI Europe News –

July 18, 2025

MIL-OSI USA: News 07/17/2025 Blackburn Statement on Senate Passing $9 Billion Rescissions Package to Cut Wasteful Government Spending

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) released the following statement after the Senate passed the Rescissions Act of 2025 to cut $9 billion of wasteful government spending. With America’s national debt now sitting at $37 trillion after four years of reckless, far-left spending under the Biden administration, the rescissions package is an important step to restoring fiscal sanity.

“The American people gave us a mandate to stop reckless spending and get our national debt under control,” said Senator Blackburn. “For years, American taxpayers have been bankrolling biased public media, foreign spending that undermines our values, and other outrageous things like electric buses in Rwanda and climate programs in Mexico. The rescissions package that Senate Republicans just passed eliminates billions in wasteful spending, and it is an important step toward restoring fiscal sanity and economic security.”

THE RESCISSIONS ACT OF 2025

Below are highlights of the billions in wasteful government spending the rescissions package will cut:

Reckless spending on biased public media:

o Eliminates nearly $1.1 billion for the Corporation for Public Broadcasting, the organization that funnels taxpayer dollars into a politically biased media system, including NPR and PBS, that has pushed left-wing ideology on the taxpayers’ dime for years. Click here for a list of examples of left-wing bias at NPR and PBS.

Foreign spending on programs that undermines American values and interests:

$3.9 million for strengthening integrity, equality, and democracy for LGBTQI+ population of the Western Balkans;

$2.5 million to teach children how to make environmentally friendly “reproductive health” decision;

$2.4 million to make aid more considerate of “sexual orientation and gender identity;”

$2.1 million for “climate resilience” in Asia, Latin America, and Africa;

$750,000 to “Yemen Community Resilience;” and

$500,000 for a gender equality and empowerment hub.

Funding to international organizations that work against American interests:

$135 million for the corrupt World Health Organization, which covered for Communist China throughout the COVID pandemic;

$33 million for the UN Population Fund, whose funding has gone towards providing tampons for transgender individuals in Bangladesh, a campaign to promote LGBTQ ideology in Rio de Janeiro, and “third-gender” community centers in Southeast Asia;

$8 million for the UN Human Rights Council, which supports dictators and repressive regimes while demonizing our ally, Israel.

Funding for outrageous projects at the expense of American taxpayers:

$21 million for wind farms in Ukraine;

$18 million to improve gender diversity in the Mexican street lighting industry;

$6 million for “Net Zero Cities” in Mexico;

$4.4 million for the “Melanesian Youth Climate Corps;”

$4 million for “sedentary migrants” in Colombia;

$3 million for an Iraqi version of Sesame Street;

$3 million for sexual reproductive health in Venezuela;

$2.4 million to make aid more considerate of “sexual orientation and gender identity;”

$1 million for voter ID in Haiti;

$500,000 for electric buses in Rwanda; and

$500,000 for Peruvian biodiversity.

RELATED

Click here for bill text.

MIL OSI USA News –

July 18, 2025

MIL-OSI USA: Congressman David Scott Introduces Legislation to Bolster Market Access and Increase Civil Rights Protections for Black Farmers

Source: United States House of Representatives – Congressman David Scott (GA-13)

WASHINGTON D.C. – Today, Congressman David Scott (GA-13), a senior member of the House Agriculture Committee, was joined by fellow House Agriculture Committee member Congressmen Jonathan Jackson (IL-1) in reintroducing the Black Farmers and Socially Disadvantaged Farmers Increased Market Share Act, a bill designed to expand market access for Black and historically disadvantaged farmers. The proposal combines economic development with civil rights reforms to confront longstanding discrimination inequities faced by Black and minority farmers within the U.S. Department of Agriculture (USDA).

“Generations of Black farmers have lost their land and livelihoods because of systemic discrimination and the federal government’s failures to meaningfully intervene,” said Congressman David Scott. “Black farming communities have been deeply harmed by this historical injustice. Whereas they comprised over 14% of all U.S. farmers less than a century ago, they now represent less than 2%. We know that combining targeted economic development with civil rights reforms is the surest way of confronting longstanding inequities. That is exactly what this bill does. Congress has a responsibility to reverse the decades of inaction by restoring trust, creating new market opportunities, and ensuring USDA supports our Black and socially disadvantaged farmers.”

“Black farmers have been the backbone of American agriculture since this nation’s founding, yet they’ve endured over a century of systemic discrimination, land loss, and exclusion from federal farm programs,” said Congressman Jonathan L. Jackson. “In 1920, there were nearly 1 million Black farmers in the United States. But today, fewer than 50,000 remain. That’s a staggering 95% decline. This did not happen by accident — it is the result of broken policies, discriminatory lending practices, and a lack of market access. The Black Farmers and Socially Disadvantaged Farmers Increased Market Share Act represents a crucial opportunity to reverse that legacy and build a future where equity in agriculture is not just an ideal, but a reality. I am proud to support legislation that helps restore what was taken and empowers the next generation of Black farmers to reclaim their rightful place in our agricultural economy.”

The Black and Socially Disadvantaged Farmers Increased Market Share Act of 2025 would:

· Establish Food Hub Grants – a competitive grant program to support new and expanding food hubs that are designed to increase market access to help Black and minority farmers reach wholesale, retail and institutional buyers.

· Establish New Tax Incentives – creates a 25% tax credit for agricultural food products purchased from food hubs that have been expanded under the bill.

· Prioritize Procurement – directs USDA to establish new processes to prioritize the purchase of agricultural products from socially disadvantaged farmers.

· Civil Rights Accountability – establishes an independent Office of the Civil Rights Ombudsperson to assist farmers navigating the civil rights review process; makes structural reforms by which USDA is held accountable for engaging in discriminatory practices, harassment, retaliation, or civil rights-violating actions.

· Improve USDA Policies – including the methods by which USDA can provide monetary relief to farmers wrongly denied access to payment and loan programs.

The Black and Socially Disadvantaged Farmers Increased Market Share Act, builds on Congressman David Scott’s decades-long effort to spotlight the intertwined crises of historical discrimination and modern inequities faced by Black farmers. His advocacy encompasses the fight to defend pandemic relief for Black farmers under the American Rescue Plan Act and expanding land ownership for minority famers across the nation. As Chairman, he highlighted the deeply unequal distribution in COVID-era farm aid, citing testimony that only 0.1% of a $26 billion USDA spending package went to Black farmers. He continues to champion tax incentives to incentivize processors and buyers to source from socially disadvantaged farmers and penalties for USDA Civil Rights violations. With renewed discussions around a Farm Bill Reauthorization, the proposal can ensure equity and justice remains front and center in any negotiations.

Full text of the bill can be accessed HERE.

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MIL OSI USA News –

July 18, 2025

MIL-OSI Africa: Germany announces €10 million euro investment in Africa’s development

Source: Government of South Africa

Germany announces €10 million euro investment in Africa’s development

German Vice-Chancellor Lars Klingbeil has announced that Germany will provide an initial contribution of €10 million towards the Group of Twenty (G20) Compact for Africa initiative, which promotes private investment in Africa.

“This is not only a strategic investment, it is one that can boost the growth, create business opportunities and reduce pressure on public budgets in important Member States,” Klingbeil said on Thursday in Durban during the G20 Finance Track Meeting.

Established under the German G20 Presidency in 2017, the initiative’s primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.

Under the G20 Finance Track, the Compact for Africa is governed through the G20 Africa Advisory Group (AAG), co-chaired by Germany and South Africa.

The African Development Bank Group, the International Monetary Fund (IMF), and the World Bank Group coordinate the initiative.

“To help these partners, with the support of the Compact with Africa, Germany will provide an initial contribution of €10 million to the World Bank’s Trust Fund this year.

“We are convinced that this is a worthwhile investment and we will be pleased to see other G20 members to join us, therefore, we call on all G20 partners to consider making their own contribution to the World Bank Trust Fund to help ensure the Compact’s long term success.

“Only through our joint efforts we can truly unlock the potential of the Compact with Africa and make a lasting impact for the benefit of our African partners and the global community,” Germany’s Vice-Chancellor said.

According to Klingbeil, Compact members have higher levels of foreign direct investments.

“It is important to recognise the initiative’s full potential impact is still emerging, partly due to unexpected external challenges such as the COVID-19 pandemic and global uncertainties.

“This highlights the necessities for continued political and financial commitment to unlock the Compact’s full potential for sustainable and inclusive growth across Africa,” he said.

The German Vice-Chancellor emphasised that Germany’s new government wants to deepen its engagement with South African partners.

“We will continue to provide strong support with the Compact but more generally we also want to engage in new thinking about development partnerships.

“The German government has committed itself to establish a new North-South Commission to set up an international forum where experts from politics, civil society, business and research can meet on a regular basis to search for new and efficient solutions. I envision the independent experts from relevant areas from all parts of the world coming together on a regular basis,” he said.

The new German government agreed to establish a new North-South Commission to jointly suggest new North-South policies for a multipolar world.

Klingbeil stressed the importance of the Global North and Global South working together on equal footing while also highlighting the need for equitable partnerships and mutual respect between developed and developing nations.

“It’s important that we don’t have a platform where the North is telling the South what to do. We have to come together on the same level to find common answers to address the challenges we are facing in the world.

“At the same time, we will continue to make use of the existing instruments of the G20 Compact with Africa is one of them, it’s dynamic and results driven initiative that demonstrates the power of partnerships and peer to peer learning,” Klingbeil said.

Finance Minister Enoch Godongwana indicated that the Compact for Africa has grown into a dynamic initiative that has mobilised over $191 million dollars in private capital, supported by the development of bankable projects and improved access to services for over 13.5 million people.

“It has also fostered a peer learning network among participating countries supported by institutions like the African Centre for Economic Research and provided a structured framework for reform through regular monitoring and technical assistance.

“As we look ahead, the success of the Compact with Africa will depend on our collective commitment. We must ensure that this initiative remains country-owned, reform driven and result orientated,” the Minister said.

Godongwana called on governments, multilateral institutions and the private sector to create enabling conditions for sustainable development and inclusive growth.

“Africa’s development trajectory is at a crossroad, while the continent is rich in opportunity, it continues to face significant challenges ranging from infrastructure deficit and climate vulnerability to constrained fiscal space and limited access to long term private capital

“In this context, the compact with Africa initiative remains a promising platform for fostering reformed driven investment partnership between African countries and the private sector,” he said.

South Africa assumed the G20 Presidency on 1 December 2024, which runs to 30 November 2025, under the theme: “Solidarity, Equality, and Sustainability”. – SAnews.gov.za

nosihle
Thu, 07/17/2025 – 13:05

MIL OSI Africa –

July 18, 2025

MIL-OSI United Kingdom: Hundreds of new jobs created by Sheffield manufacturing investment

Source: United Kingdom – Government Statements

Press release

Hundreds of new jobs created by Sheffield manufacturing investment

Hundreds of high skilled jobs are to be created in Sheffield after Walsin Lihwa (WL) announced a major investment that boosts the UK’s steel industry and advanced manufacturing sector.

Vote of confidence in UK steel and manufacturing as Taiwanese investor Walsin Lihwa brings new capabilities to the UK and expands its aerospace and energy materials portfolio.
Hundreds of well-paid and skilled jobs to be created, delivering on the Government’s Plan for Change for economic growth and higher living standards.
Investment Minister, Baroness Gustafsson, visited Sheffield site today to celebrate investment.

Hundreds of high skilled jobs are to be created in Sheffield after Taiwanese advanced manufacturing company Walsin Lihwa (WL) announced a major investment that boosts the UK’s steel industry and advanced manufacturing sector.

The positive news will create over 200 jobs by 2028 in a first phase, and marks the first step towards the company’s plans for a major presence in the UK, with further job creation and investment expected from WL in South Yorkshire and the UK in the coming years.

The investment from WL will establish a new superalloy forging facility and plans for a research and development centre and come through an upgrade of its existing Special Melted Products (SMP) factory in Sheffield, which will be focused on producing speciality steel and nickel parts for aerospace jet engines and energy industry products.

Delivering on the government’s economic growth mission at the heart of the Plan for Change, the investment will create good, well-paid jobs for local workers, with average salaries expected to be over £40,000 a year.

The news follows Deloitte’s latest survey of finance officers which has found the UK is the joint top location for investment in the world and data out this week from Make UK and BDO which finds that manufacturing in the UK has recovered to 2019, pre-pandemic, levels in every region.

The investment is a major boost to the government’s modern Industrial Strategy which launched last month and had identified opportunities in growth-driving sectors like this as priorities for government support. A vote of confidence in South Yorkshire’s world-class strengths in advanced manufacturing, clean energy and defence, it will back the growth corridor across the northern city regions.

Notably the investment will introduce new melting and superalloy forging capabilities – a new strategic manufacturing capability to the UK – which will reduce domestic producers’, such as Rolls Royce, reliance on imports.

These capabilities will aid the UK’s aspirations in aerospace, steel, nuclear and defence as set out in the modern Industrial Strategy, contribute resilience towards supply shocks and will help grow Sheffield’s manufacturing sector, which was valued at £1.4bn in 2023.

Minister for Investment Baroness Gustafsson CBE said:

Our modern Industrial Strategy is all about having more high paid jobs in the industries of the future, in communities right around the UK. This investment is a major vote of confidence in Sheffield’s world-class manufacturing sector and couldn’t match our ambitions better.

Our Steel Strategy later this year will set out further support we will take to boost the steel sector and encourage investments like this, and we look forward to hearing from Walsin Lihwa about their ambitious UK growth plans, delivering on our Plan for Change.

Once the forging facility is established, WL have also set out plans to set up a research and development centre in the UK in a next phase later in the decade, focused on strengthening the company’s capabilities in materials and digital technology innovation and contributing to a growing aerospace and defence cluster in South Yorkshire.

The centre will generate hundreds of new well-paid jobs and apprenticeships, with a range of future-proof skills and expertise in manufacturing operations, welding, melting, metallurgy, engineering, machining, material science, data analytics, and other high value career opportunities.

The Investment Minister, Baroness Gustafsson, attended the site today with WL’s Chairman, Yu-Lon Chiao, to celebrate the investment and to hear more about the company’s plans for UK growth.

Walsin Lihwa Chairman, Yu-Lon Chiao, said:

The United Kingdom possesses a vast market in aerospace, energy, and nuclear power sectors that is unparalleled by Taiwan. This investment marks a significant milestone in SMP’s development and underscores Walsin Lihwa’s firm determination for global expansion strategy.

Looking ahead, we plan to establish an R&D centre in the UK to further strengthen our capabilities in materials and digital technology innovation, while deepening our collaborative ties with the European market to jointly promote industrial upgrading and sustainable development.

Gareth Stace, Director-General, UK Steel, said:

The substantial investment that Special Melted Products is making in expanding its capability and capacity is tremendous news for local people, and UK plc. This is sign of trust in British steelmaking and manufacturing, pushing forward valuable investment plans and establishing skilled careers. Special Melted Products plans mean we are onshoring supply chains for industry giants like Rolls Royce, meaning investment goes directly back into UK jobs and the economy.

South Yorkshire’s Mayor, Oliver Coppard said:

Walsin Lihwa choosing to invest in SMP and build their new research and development centre in South Yorkshire is a huge vote of confidence in our region’s talent, innovation and expertise, and the advanced manufacturing ecosystem we’re creating here.

I promised to build a bigger and better economy in South Yorkshire, creating good jobs in the industries of the future. So I’m proud my office has been able to provide support that has helped to unlock this major investment, offering new jobs and opportunities, and bolstering our world leading steel industry.

We have always been known for our strengths in cutting-edge manufacturing technologies and industrial excellence. Walsin Lihwa’s investment builds on our legacy, reaffirming South Yorkshire’s place at the heart of UK high-value manufacturing and innovation.

Cllr Tom Hunt, Leader of Sheffield City Council, said:

This significant investment in Sheffield’s advanced manufacturing sector is a major milestone for our city and strengthens our global reputation for innovation and excellence.

The investment is a strong sign of recognition in our city’s capabilities, talent, and ambition. It will create new high-quality local jobs and training opportunities as next generation technologies are developed in Sheffield. We look forward to continuing to work closely with Walsin and Special Melted Products long into the future.

Notes to editors:

Advanced Manufacturing, Clean Energy and Defence are three of eight growth-driving sectors in the UK Government’s modern Industrial Strategy: a 10-year plan to make it quicker and easier for businesses to invest in the UK, provide them with certainty and stability to make long term decisions and ensure they benefit from the UK’s openness to the world.
Information on recent government actions to support the steel sector can be found here.
You can find all our recent and upcoming announcements relating to the Steel Strategy on our GOV.UK Collection page
Deloitte’s latest survey of UK Chief Financial Officers can be found here.
Make UK and BDO’s annual Regional Manufacturing Outlook report can be found here.
Walsin Lihwa will confirm the total investment figure in the coming weeks.

Published 17 July 2025

MIL OSI United Kingdom –

July 18, 2025

MIL-OSI Security: Charleston Woman Pleads Guilty to Aiding and Abetting Money Laundering in Relation to a COVID-19 Fraud Scheme

Source: US FBI

CHARLESTON, W.Va. – Shamiese Wright, 32, of Charleston, pleaded guilty to aiding and abetting monetary laundering.

According to court documents and statements made in court, Wright received $15,625 in proceeds from a criminally derived Paycheck Protection Plan (PPP) loan, guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). On April 19, 2021, co-defendant Kisha Sutton submitted a PPP loan application on Wright’s behalf, listing Wright as a self-employed individual who received $75,000 in gross income in 2020. The application was filed with an Internal Revenue Service (IRS) Form 1040, Schedule C Profit or Loss from Business, reflecting that Wright had earned $75,000 in 2020.

As part of her guilty plea, Wright admitted that she was not self-employed, that she never earned $75,000 in any year, and that the IRS Form 1040 submitted with her application was fraudulent and created solely to obtain the PPP loan.

A PPP lender in Florida approved Wright’s loan application, and $15,625 in fraudulent loan proceeds were electronically deposited in Wright’s personal bank account in Charleston on or about May 7, 2021. As part of her guilty plea, Wright admitted that she transferred $3,000 to Sutton from the fraudulent PPP loan proceeds using a digital wallet application between May 7, and May 21, 2021. Wright further admitted that the transfers were compensation for facilitating the submission of Wright’s fraudulent loan as they had agreed, and that she staggered her payments to Sutton and provided misleading transfer descriptions for them to conceal and disguise the nature and the source of the money. Wright spent the remainder of the fraudulent loan proceeds on personal expenses.

The CARES Act made forgivable PPP loans available to qualifying sole proprietors, independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other eligible expenses. Applicants were required to certify that they were in operation on February 15, 2020, and provide documentation showing their prior gross income from either 2019 or 2020.

Wright is scheduled to be sentenced on October 29, 2025, and faces a maximum penalty of 20 years in prison, up to three years of supervised release, and a $500,000 fine. Wright also owes up to $18,736.73 in restitution.

Wright and Sutton, 44, of Jersey City, New Jersey, are among several individuals indicted by a federal grand jury on charges alleging they and others conspired, as well as aided and abetted one another, to obtain fraudulent PPP loans totaling $140,625. Co-defendants William Powell and Damisha Brown each pleaded guilty to conspiracy to commit bank fraud. Powell, 35, of Huntington, is scheduled to be sentenced on August 14, 2025 and Brown, 32, of Charleston, is scheduled to be sentenced on October 2, 2025. Co-defendant Jasmine Spencer, 32, of Charleston, pleaded guilty on March 25, 2025, to aiding and abetting bank fraud and is scheduled to be sentenced on August 21, 2025.

Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the West Virginia State Police – Bureau of Criminal Investigation (BCI), and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

United States District Judge Irene C. Berger presided over the hearing. Assistant United States Attorneys Jonathan T. Storage and Jennifer D. Gordon and former Assistant United States Attorney Holly Wilson have prosecuted the case.

Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-192.

MIL Security OSI –

July 18, 2025

MIL-OSI Security: Federal Jury Convicts New Jersey Woman for Crimes Related to COVID-19 Fraud Scheme

Source: US FBI

CHARLESTON, W.Va. – After two days of trial, a federal jury convicted Kisha Sutton, 44, of Jersey City, New Jersey, of aiding and abetting bank fraud (Count one) and aiding and abetting laundering of monetary instruments (Count two).

Evidence at trial proved that Sutton and co-defendant Shamiese Wright aided and abetted one another to obtain a fraudulent $15,625 Paycheck Protection Plan (PPP) loan on behalf of Wright, guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Sutton received $3,000 in fraudulent PPP loan proceeds from Wright as part of their scheme.

On April 19, 2021, Sutton submitted the PPP loan application on Wright’s behalf, listing Wright as a self-employed individual who received $75,000 in gross income in 2020. The application was filed with an Internal Revenue Service (IRS) Form 1040, Schedule C Profit or Loss from Business, reflecting that Wright had earned $75,000 in 2020. Evidence at trial showed that Wright was not self-employed, had never earned $75,000 in any year, had received unemployment benefits in 2020, and that the IRS Form 1040 submitted with Wright’s application was fraudulent and created solely to obtain the PPP loan.

A PPP lender in Florida approved Wright’s loan application, and $15,625 in fraudulent loan proceeds were electronically deposited in Wright’s personal bank account in Charleston on or about May 7, 2021. Wright transferred the $3,000 to Sutton from the fraudulent PPP loan proceeds using a digital wallet application between May 7, and May 21, 2021. Wright staggered her payments to Sutton and provided misleading transfer descriptions for them to conceal and disguise the nature and the source of the money.

The CARES Act made forgivable PPP loans available to qualifying sole proprietors, independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other eligible expenses. Applicants were required to certify that they were in operation on February 15, 2020, and provide documentation showing their prior gross income from either 2019 or 2020.

Sutton is scheduled to be sentenced on November 13, 2025, and faces a maximum penalty of 50 years in prison. Sutton owes restitution in an amount to be determined by the Court.

“The CARES Act offered emergency assistance to struggling small businesses that were impacted by the pandemic. The defendant chose to exploit that lifeline for personal enrichment,” said Acting United States Attorney Lisa G. Johnston. “The United States Attorney’s Office for the Southern District of West Virginia is glad to have played a significant role teaming with our law enforcement partners to hold the defendant accountable.”

Johnston commended the excellent investigative work of the Federal Bureau of Investigation (FBI), the West Virginia State Police – Bureau of Criminal Investigation (BCI), and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

Sutton and Wright and are among several individuals indicted by a federal grand jury on charges alleging they and others conspired, as well as aided and abetted one another, to obtain fraudulent PPP loans totaling $140,625. Wright, 32, of Charleston, pleaded guilty on July 14, 2025, to aiding and abetting the laundering of monetary instruments and is scheduled to be sentenced on October 29, 2025. William Powell and Damisha Brown each pleaded guilty to conspiracy to commit bank fraud. Powell, 35, of Huntington, is scheduled to be sentenced on August 14, 2025 and Brown, 32, of Charleston, is scheduled to be sentenced on October 2, 2025. Jasmine Spencer, 32, of Charleston, pleaded guilty on March 25, 2025, to aiding and abetting bank fraud and is scheduled to be sentenced on August 21, 2025.

United States District Judge Irene C. Berger presided over the jury trial. Assistant United States Attorneys Jonathan T. Storage and Jennifer D. Gordon and former Assistant United States Attorney Holly Wilson have prosecuted the case.

Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-192.

MIL Security OSI –

July 18, 2025

MIL-OSI USA: IAM Union Issues Statement on Delta Air Lines’ Settlement for Misuse of Taxpayer Pandemic Funds

Source: US GOIAM Union

WASHINGTON, July 16, 2025 – Brian Bryant, International President of the 600,000-member IAM Union, and Richie Johnsen, IAM Union Air Transport Territory General Vice President, issued the following statement in response to the U.S. Attorney’s Office for the Northern District of Georgia ordering Delta Air Lines to pay $8.1 million to settle alleged false claims act violations related to the Payroll Support Program:

“This settlement confirms what the IAM has said since 2020—Delta Air Lines took billions in taxpayer-funded relief money under the condition that workers’ jobs, pay and benefits would be protected, and then violated that agreement.

“The U.S. government has now validated our long-standing concerns: Delta’s actions were not just unethical but unlawful. The airline may not have reduced hourly wages, but it used mandatory unpaid leave and reduced scheduling to slash weekly and monthly pay, gutting the very protections the CARES Act was designed to uphold.

“In letters to the CEOs of Delta and JetBlue in 2020, 13 Senators led by Elizabeth Warren (D-MA) wrote, “Your workers supported relief for airlines on the condition that their jobs, pay, and benefits would be protected. On April 23, 2020, the International Association of Machinists and Aerospace Workers wrote you a letter opposing your mandatory time off policy, and noting that, ‘The IAM, along with the all the other AFL-CIO affiliated transportation unions, and Delta JetBlue workers, fought for the federal stimulus to protect airline workers and save the airline industry from the ravages of the novel coronavirus pandemic,’ but that your company is ‘using that good faith support of airline workers around the country and at every carrier to [undermine the interest of your own workforces].’

“Delta arrogantly ignored the law, its workers, and even direct appeals from members of Congress. This $8.1 million penalty is long overdue, but still falls short of fully compensating the workers and families who were financially harmed.

“This is just one of many reasons why the IAM is organizing Delta workers across the country. Without a union contract, Delta management alone holds the power. Delta workers deserve a real voice on the job, legal protections, and a union that will fight for them in moments like this.

“The IAM remains committed to holding any employer accountable for misuse of public funds at the expense of working people. This case should serve as a warning: workers’ rights are not optional, and corporations are not above the law.”

The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

The post IAM Union Issues Statement on Delta Air Lines’ Settlement for Misuse of Taxpayer Pandemic Funds appeared first on IAM Union.

MIL OSI USA News –

July 18, 2025

MIL-OSI: New AvidXchange Report Shows Finance Teams More Prepared Than in 2020—But Still Investing to Weather Uncertainty

Source: GlobeNewswire (MIL-OSI)

CHARLOTTE, N.C., July 17, 2025 (GLOBE NEWSWIRE) — AvidXchange, Inc. a leading provider in accounts payable (AP) automation software and payment solutions for mid-market businesses and their suppliers, today announced the results of its 2025 Economic Sentiment Survey, conducted via Pollfish.

The survey of 709 finance professionals reveals a key shift: 67% feel more prepared to handle today’s economic uncertainty than they did in 2020, crediting increased technology investment and hard-earned experience. Many are continuing to double down on digital tools to stay agile amid inflation, supply chain disruptions, and ongoing market volatility.

Economic Concerns Still Weigh Heavily

While confidence is growing, post-Covid hangover remains. 86% of finance professionals express concern about the current state of the economy, with nearly half taking actions like cutting discretionary spending. Additionally, 50% say they are “very concerned” about the likelihood of a recession, and 22% expect one to hit within the next 12 months.

Tariffs and inflation are also reshaping financial planning:

83% report supplier cost increases due to inflation
52% say tariffs have led to moderate forecast adjustments
Nearly 1 in 3 organizations are sharing those costs with customers

These findings reflect a market still in flux—and the pressure on finance leaders to respond swiftly and strategically.

Technology Fuels Financial Readiness

Despite uncertainty, tech investments are enabling confidence. Seven in 10 finance professionals say technology is critical to their ability to respond to changing conditions, and 72% say tools implemented early in the pandemic are paying off today.

In fact, 49% say they are more likely to invest in AI and automation specifically because of ongoing economic uncertainty. Top areas of focus include:

AI and machine learning (48%)
Data security and compliance tools (44%)
Collaboration and workflow tools (36%)

Finance teams are embracing technology not just to cut costs—but to enable smarter, faster decisions.

Finance Professionals Emerge as Strategic Partners

The survey findings point to a fundamental shift in how finance is viewed: from operational support to strategic leadership.

Nearly 30% of teams are conducting scenario planning and financial modeling, while 27% are focused on strengthening supplier relationships—clear signals of a proactive, future-focused mindset.

With better tools and a broader mandate, finance leaders are stepping into roles that directly shape business direction, resilience, and growth.

Momentum in a Shifting Economy

Though 52% of respondents expect volatility to continue into 2026, the overall tone is one of momentum. Finance professionals are moving from reactive to proactive, leaning into their role as stewards of strategy, stability, and innovation.

“Finance teams aren’t just adapting—they’re planning smarter, automating faster, and driving strategic decisions across the business,” said Dan Drees, President at AvidXchange. “This research reinforces what we’re seeing in the market—technology is a critical enabler for companies looking to drive efficiency and fuel growth.”

To read the full report visit https://www.avidxchange.com/resources/finance-teams-economic-volatility/.

About AvidXchange®
AvidXchange (Nasdaq: AVDX) is a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions specifically designed for mid-market businesses and their suppliers. With 25 years of industry experience, AvidXchange modernizes the way businesses manage their expenses and payments by offering AI-enhanced software coupled with support from experts. Empowering over 8,500 growth-driven businesses, AvidXchange increases efficiency, control, and visibility in financial operations and has securely processed payments to more than 1.3 million suppliers through its proprietary payment network over the past five years. For more information, visit avidxchange.com.

Media Contact:
Alexis Riddick
Public Relations Manager
pr@avidxchange.com

The MIL Network –

July 18, 2025

MIL-OSI: New AvidXchange Report Shows Finance Teams More Prepared Than in 2020—But Still Investing to Weather Uncertainty

Source: GlobeNewswire (MIL-OSI)

CHARLOTTE, N.C., July 17, 2025 (GLOBE NEWSWIRE) — AvidXchange, Inc. a leading provider in accounts payable (AP) automation software and payment solutions for mid-market businesses and their suppliers, today announced the results of its 2025 Economic Sentiment Survey, conducted via Pollfish.

The survey of 709 finance professionals reveals a key shift: 67% feel more prepared to handle today’s economic uncertainty than they did in 2020, crediting increased technology investment and hard-earned experience. Many are continuing to double down on digital tools to stay agile amid inflation, supply chain disruptions, and ongoing market volatility.

Economic Concerns Still Weigh Heavily

While confidence is growing, post-Covid hangover remains. 86% of finance professionals express concern about the current state of the economy, with nearly half taking actions like cutting discretionary spending. Additionally, 50% say they are “very concerned” about the likelihood of a recession, and 22% expect one to hit within the next 12 months.

Tariffs and inflation are also reshaping financial planning:

83% report supplier cost increases due to inflation
52% say tariffs have led to moderate forecast adjustments
Nearly 1 in 3 organizations are sharing those costs with customers

These findings reflect a market still in flux—and the pressure on finance leaders to respond swiftly and strategically.

Technology Fuels Financial Readiness

Despite uncertainty, tech investments are enabling confidence. Seven in 10 finance professionals say technology is critical to their ability to respond to changing conditions, and 72% say tools implemented early in the pandemic are paying off today.

In fact, 49% say they are more likely to invest in AI and automation specifically because of ongoing economic uncertainty. Top areas of focus include:

AI and machine learning (48%)
Data security and compliance tools (44%)
Collaboration and workflow tools (36%)

Finance teams are embracing technology not just to cut costs—but to enable smarter, faster decisions.

Finance Professionals Emerge as Strategic Partners

The survey findings point to a fundamental shift in how finance is viewed: from operational support to strategic leadership.

Nearly 30% of teams are conducting scenario planning and financial modeling, while 27% are focused on strengthening supplier relationships—clear signals of a proactive, future-focused mindset.

With better tools and a broader mandate, finance leaders are stepping into roles that directly shape business direction, resilience, and growth.

Momentum in a Shifting Economy

Though 52% of respondents expect volatility to continue into 2026, the overall tone is one of momentum. Finance professionals are moving from reactive to proactive, leaning into their role as stewards of strategy, stability, and innovation.

“Finance teams aren’t just adapting—they’re planning smarter, automating faster, and driving strategic decisions across the business,” said Dan Drees, President at AvidXchange. “This research reinforces what we’re seeing in the market—technology is a critical enabler for companies looking to drive efficiency and fuel growth.”

To read the full report visit https://www.avidxchange.com/resources/finance-teams-economic-volatility/.

About AvidXchange®
AvidXchange (Nasdaq: AVDX) is a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions specifically designed for mid-market businesses and their suppliers. With 25 years of industry experience, AvidXchange modernizes the way businesses manage their expenses and payments by offering AI-enhanced software coupled with support from experts. Empowering over 8,500 growth-driven businesses, AvidXchange increases efficiency, control, and visibility in financial operations and has securely processed payments to more than 1.3 million suppliers through its proprietary payment network over the past five years. For more information, visit avidxchange.com.

Media Contact:
Alexis Riddick
Public Relations Manager
pr@avidxchange.com

The MIL Network –

July 18, 2025

MIL-OSI Africa: Mauritius: African Development Bank Urges Bold Reforms to Unlock Capital and Accelerate Sustainable Growth in 2025 Report

Source: APO

The African Development Bank (www.AfDB.org) has urged Mauritius to accelerate structural reforms to unlock its vast capital potential and advance long-term, sustainable growth. The Bank made the call during the launch of its 2025 Country Focus Report for Mauritius, titled “Making Mauritius’ Capital Work Better for its Development.”

The report notes that while Mauritius continues to post strong economic performance—recording real GDP growth of 4.9% in 2024, slightly down from 5% in 2023—structural constraints and external shocks continue to undermine the country’s growth trajectory. Key growth drivers in 2024 included construction, financial services, trade, and tourism, with arrivals reaching 1.38 million, representing 97% of pre-pandemic levels. On the demand side, consumption and investment were the primary drivers of growth.

Despite the persistent challenges, the report underscores Mauritius’ significant untapped potential. In 2020, the island nation’s total national wealth was estimated at over $96 billion—more than six times its GDP—comprising human, financial, natural, and produced capital. In addition, Mauritius’ vast ocean economy resources, within its 2.3 million km² Exclusive Economic Zone, offer immense opportunities for developing a sustainable blue economy.

Speaking at the launch event, Mahess Rawoteea, Deputy Financial Secretary at the Ministry of Finance, welcomed the recommendations in the report. “We are confident that the structural reforms outlined in the 2025–2026 Budget Speech will unlock significant investments, particularly in renewable energy, and contribute to higher GDP growth,” he said.

Rawoteea emphasized the central role of human capital in Mauritius’ development, while acknowledging persistent challenges such as education quality, skills mismatches, low female labor participation, demographic shifts, and youth emigration. He announced the establishment of a Climate Finance Unit within the Ministry of Finance to help bridge the country’s climate financing gap.

“Mauritius is undertaking institutional reforms to better mobilize domestic and foreign capital and promote sustainable development,” he added. “We are streamlining processes, enhancing transparency, and improving the ease of doing business. Environmental protection, including addressing beach erosion, is also a key priority.”

Rawoteea expressed appreciation for the African Development Bank’s support, particularly in mobilizing investments in renewable energy and the ocean economy—two sectors identified as future growth pillars.

In his keynote remarks, Prof. Kevin Urama, the Bank Group’s Chief Economist and Vice President for Economic Governance and Knowledge Management, emphasized Africa’s broader potential for transformation. “If Africa commits to investing in its own development and managing its assets efficiently, it can reduce external dependency and harness its enormous capital for transformative growth,” he said.

Urama cited weak tax administration and inefficiencies in revenue collection as major constraints to development, urging a fundamental rethink of public financial management across the continent.

Wolassa Kumo, the Bank’s Principal Country Economist for Mauritius presented an overview of the report. The launch event attracted senior government officials, development partners, private sector leaders, and civil society representatives.

Among those in attendance were Hervé Lohoues, the Bank’s Division Manager for the Country Economics Department covering Nigeria, East Africa and Southern Africa, and Nontle Kabanyane, the Bank’s Principal Country Programme Officer, who moderated a panel discussion.

The panel explored strategies for mobilizing domestic capital more effectively by strengthening institutions, improving regulatory frameworks, increasing transparency and accountability, and deepening regional trade integration. Panelists included:

Dr. Zyaad Boodoo, Ministry of Environment, Solid Waste Management and Climate Change (natural capital), Mauritius?
Mr. Sanjev Bhonoo, Principal Statistician, Statistics Mauritius (natural capital)
Mr. Ricaud M. Auckbur, Chief Technical Officer, Ministry of Education and Human Resources (human capital), Mauritius?
Ms. Zaahira Ebramjee, Head of National Economic Collaboration, Business Mauritius (business capital)
Mr. Vikram Ramful, Head of Listing, Stock Exchange of Mauritius (financial capital)

Click here (https://apo-opa.co/46KmHkM) to download the report.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Emeka Anuforo
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org

Media files

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MIL OSI Africa –

July 18, 2025

MIL-OSI United Kingdom: Treaty between the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany on friendship and bilateral cooperation

Source: United Kingdom – Executive Government & Departments

Press release

Treaty between the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany on friendship and bilateral cooperation

The United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany, hereinafter referred to as “the Parties”,

Guided by the desire to join forces for a prosperous, secure and sustainable future for their citizens and their open, democratic societies in the face of fundamental changes of the geopolitical environment;

Inspired by a common will to address the momentous new challenges to Euro-Atlantic security in an era characterised by increased strategic competition, challenges to the rules-based international order and challenges to their democracies from increasing hybrid threats;

Identifying the Russian Federation’s brutal war of aggression on the European continent as the most significant and direct threat to their security;

Convinced that they will better master these challenges by deepening their close cooperation as European neighbours and allies on the basis of the strong ties that connect their countries, peoples and governments and their shared history, values and interests;

Determined to join forces to assert these values and interests in close cooperation in a changing world, and to uphold peace and security for their citizens; convinced of the need to pursue a broad, integrated and multifaceted approach to their security;

Guided by their steadfast commitment to individual liberty, human rights, democracy, and the rule of law in open societies, and by their will to work together for the good of the European continent and of an international order based on shared rules, norms and principles;

Convinced that prosperity and security can only be guaranteed by limiting the increase of global average temperature to 1.5°C above pre-industrial levels and conserving biodiversity and ecosystems; recognising the importance of their free and open market economies and of delivering mutual growth, including through their trade and investment relationship, to provide high-quality jobs to their citizens and underpin their prosperity while ensuring growth aligns with their net zero commitments and a just transition;

Convinced of the imperative of international cooperation to seize the opportunities and mitigate the risks of technological change; reaffirming the critical role that science, innovation and technology as well as education play in contributing to their collective security and their sustainable economic growth and prosperity, and recognising the value of building cooperation in critical areas of science and technology that will shape their futures;

Recalling the Federal Republic of Germany’s membership in the European Union and the commitments and obligations resulting therefrom; and the legal framework for the relationship between the European Union and the United Kingdom of Great Britain and Northern Ireland underpinned by the Withdrawal Agreement, including the Windsor Framework, and the Trade and Cooperation Agreement; sharing the view that their cooperation is consistent with and benefits from the wider relationship of the European Union and the United Kingdom of Great Britain and Northern Ireland and that a positive development of the latter is in their shared interest;

Reaffirming their ironclad commitment to the Transatlantic Alliance as the bedrock of their security, based on shared values, and a shared commitment to the security of the Euro-Atlantic area, and underpinned by enhanced European contributions;

Commending the Agreement on Defence cooperation between the Ministry of Defence of the United Kingdom of Great Britain and Northern Ireland and the Federal Ministry of Defence of the Federal Republic of Germany, signed at Trinity House in London on 23 October 2024;

Mindful of the vital role, specific responsibilities and interests of municipalities, the German Länder, the German Bundestag and Bundesrat in the Federal Republic of Germany, and of the devolved governments, Parliaments and legislative assemblies and the Houses of Parliament in the United Kingdom of Great Britain and Northern Ireland,

HAVE AGREED AS FOLLOWS:

Chapter 1 Diplomacy, Security and Development

ARTICLE 1

The Parties shall consult each other on foreign and security policy matters to enable the closest cooperation across all shared priorities. They shall work together on their respective policies and seek to establish joint approaches, including with regard to their collaboration with global partners and in multilateral and other settings.
The Parties shall pursue deep exchanges on strategic aspects of security policy, including deterrence and defence, nuclear issues, arms control, non-proliferation, chemical, biological, radiological, nuclear threats space security, counter-terrorism and the broader international security architecture, in order to support the security of Europe and the world. They shall increase cooperation on intelligence and national security capabilities in order to contribute effectively to this goal.
The Parties shall deepen their cooperation to understand, counter and respond to threats and hostile actions by state and non-state actors. The Parties shall work together on their approaches to crisis management, consular support and conflict resolution and prevention.
The Parties emphasise the importance of close cooperation on sanctions policy and implementation, to strengthen their effectiveness.
Foreign Ministers shall hold an annual Strategic Dialogue. A Senior Level Officials Group shall meet annually to coordinate foreign, security and defence policy.

ARTICLE 2

The Parties shall strive to strengthen the Strategic Partnership between the United Kingdom of Great Britain and Northern Ireland and the European Union, including through the Security and Defence Partnership between the European Union and the United Kingdom of Great Britain and Northern Ireland. The Federal Republic of Germany affirms its deep and unwavering commitment to its role as a founding member of the European Union, which remains a foundation of its policy decisions.
The Parties shall seek to intensify the trilateral cooperation with the French Republic, as well as their cooperation with other partners, and within multilateral formats such as the G7 and the United Nations, in order to jointly address international challenges.

ARTICLE 3

(1) The Parties reaffirm their commitment to the North Atlantic Treaty Organisation as the foundation of their collective defence and to their obligations as stipulated in the North Atlantic Treaty of 4 April 1949, in particular Article 5. The Federal Republic of Germany reaffirms its deep commitment to its obligations as a member of the European Union, including paragraph 7 of Article 42 of the Treaty on European Union.

(2) The Parties shall work together as North Atlantic Treaty Organisation Allies to ensure the Alliance continues to strengthen collective deterrence and defence against all threats and from all directions and to enhance the European contribution to Europe’s own security. To this end, they shall coordinate their positions, including in the area of deterrence and defence, and ensure that increased contributions and investments deliver on their commitments. They commit to working towards fostering close and effective cooperation between the North Atlantic Treaty Organisation and the European Union.

Conscious of the close alignment of their vital interests and convinced that there is no strategic threat to one which would not be a strategic threat to the other, the Parties affirm as close Allies their deep commitment to each other’s defence and shall assist one another, including by military means, in case of an armed attack on the other.

ARTICLE 4

(1) The Parties share deep concern at the threats and challenges posed by hybrid threats and foreign interference from state actors and their proxies using increasingly aggressive actions to undermine their security and democratic values, and those of their Allies and partners. These include inter alia sabotage, malicious cyber activity, foreign information manipulation and interference and the malign use of emerging technologies such as artificial intelligence.

(2) The Parties shall work to strengthen resilience as well as build capacity and capability to detect, deter, disrupt, and respond to these threats. They acknowledge the key roles of the North Atlantic Treaty Organisation, the G7, and the European Union in this regard. To achieve this, the Parties shall consider means such as information sharing, the development of tools, coordination of disruption and response options, and exchanges of lessons learned and other means.

(3) The Parties shall continue to cooperate in the field of cyber diplomacy, cybersecurity and emerging technologies. They also agree to promote responsible behaviour in cyberspace.

ARTICLE 5

Guided by the principles of the Agenda 2030 for Sustainable Development and the Sustainable Development Goals, the Parties shall cooperate strategically on sustainable development, crisis prevention and response, peacebuilding, stabilisation and humanitarian assistance. They shall support strong coordination in the nexus between humanitarian, development and peace efforts. They shall work together on the protection and promotion of global public goods including climate, biodiversity, global health and education. Jointly they shall fight inequalities worldwide, including through the empowerment of women and girls. They will work together on anticipatory action to improve local resilience and promote inclusive and locally led responses to crises. Both countries shall contribute jointly to strengthening and reforming the multilateral system and the international financial architecture, making them more just, effective and sustainable and ensuring they deliver for the most vulnerable. They shall hold a regular intergovernmental dialogue on these topics.

ARTICLE 6

The Parties shall seek closer collaboration to address health threats and advance global health priorities including pandemic prevention, preparedness and response as well as anti-microbial resistance and the ‘One-Health’ approach. They shall work on these issues both bilaterally and via more coordinated, effective, and efficient global health institutions. The Parties shall share experiences to tackle common domestic health issues.

Chapter 2 Defence Cooperation

ARTICLE 7

(1) In this new era for enhanced European defence, the Parties share the strategic objective to reinforce Euro-Atlantic security and ensure effective deterrence against potential aggressors by building credible, resilient defence forces, strengthening their capability across all domains. The Parties shall seek to support their defence industries and enhance bilateral military interoperability, interchangeability and integration. They shall ensure their mutual support to the North Atlantic Treaty Organisation, committing to working together towards the vision of a peaceful and secure Euro-Atlantic area.

(2) The Parties remain committed to improving and further strengthening bilateral defence cooperation. They shall build a long-term partnership to improve and further enhance European defence, also with a view to enabling enhanced cooperation with Allies and partners.

(3) The Parties shall intensify their cooperation through joint political leadership, enhanced dialogue, and agreed mechanisms. They shall deepen their cooperation on deterrence and regularly review their collaboration in order to meet future threats across all domains: Land, Sea, Air, Space and Cyber.

(4) Sharing a special interest and focus on the northern and eastern flanks of the North Atlantic Treaty Organisation, the Parties shall work together, alongside their North Atlantic Treaty Organisation Allies, to strengthen deterrence and defence to these areas, coordinating their forces where possible.

(5) The Parties reaffirm their determination to meet their commitments as North Atlantic Treaty Organisation Allies, to be prepared for high-intensity and multi-domain collective defence. They shall provide such forces, capabilities, resources and infrastructure as are needed to enable the execution of the Defence Plans of the North Atlantic Treaty Organisation.

(6) The Parties shall seek to enhance industrial and capability cooperation through a long-term joint approach endeavouring to deliver effective military capabilities efficiently, minimising national constraints, and strengthening industrial competitiveness.

(7) The Parties shall endeavour to maintain a close dialogue on defence issues of mutual interest and global horizon-scanning, including on nuclear issues.

ARTICLE 8

(1) The Parties recognise the importance of having a reliable agenda with regard to transfers and exports in order to ensure the economic and political success of their industrial and intergovernmental cooperation and their respective competence to authorise the transfer or export, from their territory, of defence-related products from intergovernmental programmes or developed by their industries.

(2) Recognising the joint and unanimous invitation dated 25 June 2025 from the contracting parties of the Agreement on Defence Export Controls concluded by the French Republic, the Federal Republic of Germany and the Kingdom of Spain on 17 September 2021 (the “Agreement on Defence Export Controls ”) to the United Kingdom of Great Britain and Northern Ireland to accede to such Agreement on Defence Export Controls, the Parties agree to preliminarily apply as between them, in their cooperation on defence export controls, Articles 1 to 5 and Annexes 1 to 3 of the Agreement on Defence Export Controls until the date on which the United Kingdom of Great Britain and Northern Ireland accedes to such Agreement on Defence Export Controls.

(3) In the event that the United Kingdom of Great Britain and Northern Ireland accedes to the Agreement on Defence Export Controls, paragraph 2 of the present Article shall cease to have effect.

Chapter 3 Internal Security, Justice and Migration

ARTICLE 9

The Parties shall cooperate closely and equitably to counter state and non-state threats to their internal security, including to critical infrastructure, making best use of all suitable policy, legal, operational, diplomatic and technological tools and mechanisms and ensuring that law enforcement bodies and intelligence agencies have the right tools and capabilities.
The Parties shall work together bilaterally and through multilateral organisations to improve their law enforcement capabilities. They shall work with INTERPOL to support the integrity of the international system and prevent abuse by malign actors. They acknowledge the vital role of European Union agencies, such as Europol and Eurojust, in this regard. They shall consider further ways to strengthen their response to organised crime and terrorism, noting the challenges posed by hybrid threats.

(3) The Parties agree that it is in their common interest to cooperate closely on preventing and countering transnational serious and organised crime, including criminal offences falling within the jurisdiction of the customs authorities. They re-confirm their cooperation in the joint efforts to strengthen anti-money laundering and counter the financing of terrorism and their fight against illicit financial flows and other shared organised crime threats, such as drug trafficking.

(4) The Parties shall continue to hold a Home Affairs Dialogue at senior official level at least annually which covers the full range of Home Affairs issues, including tackling serious and organised crime, including migrant smuggling, and border security. The Parties shall pursue a comparable bilateral exchange on criminal offences falling within the jurisdiction of the customs authorities.

(5) The Parties shall strengthen collaboration to counter terrorist threats to both their countries, including on protective security measures against emerging threats.

ARTICLE 10

(1) The Parties are committed to fostering the most effective cooperation in criminal justice matters between the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany.

(2) The Parties shall work to intensify collaboration on the rule of law, including in its promotion overseas, and exchange learning on the modernisation of their domestic justice systems.

(3) The Parties shall share information, best practice and technical assistance in civil and family matters.

ARTICLE 11

(1) Recognising the challenge from irregular migration and global pressures, the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany commit to being active leaders in the global conversation on migration, asylum and borders. The Parties shall cooperate in the joint fight against organised cross-border crime involving migrant smuggling and trafficking in persons. They will support the provision of mutual legal assistance and the prosecution of offenders involved in the smuggling of migrants into and between the two countries. The Parties affirm their joint commitment to border security and regulated migration systems.

(2) The Parties shall deepen comprehensive partnerships with countries of origin and transit to address the upstream drivers of irregular migration, including by meeting humanitarian needs, providing education and skills training, boosting employment, and building resilience to conflict and climate change. The Parties recognise that safe and legal pathways in line with national competences are important for regular and orderly migration. Both Parties support a safe, regulated migration system, and share a firm commitment to international law and human rights standards.

Chapter 4 Economic Growth, Resilience and Competitiveness

ARTICLE 12

The Parties shall work together to support economic growth, job creation, digital transition and innovation. This includes delivering a just industrial transformation that enables a sustainable and carbon-neutral future and takes into account the needs of future generations. They shall therefore identify vulnerabilities and collaborate on policies.
The Parties acknowledge strong business-to-business and people-to-people ties, including many Small and Medium Enterprises, as the foundation of their economic relationship, and agree to take forward joint work in the field of promoting trade and investment, to further build value chains between their countries.
The Parties shall work together to deliver their shared ambition of mobilising investment in opportunities that will grow their economies. In doing so, they shall take into consideration the important role of private sector investment and the benefits of coordinating activities between public financial institutions.
The Parties recognise the need to strengthen the multilateral trading system particularly by supporting reform of the World Trade Organisation including through discussions in relevant international fora such as the G7 and G20.

(5) The Parties agree to continue the structured annual dialogue between their ministries of finance, and explore further opportunities to support exchanges between economic experts.

ARTICLE 13

The Parties, acknowledging the strength and complementarity of their economies as well as the importance of a favourable business environment, commit to working with business to drive growth and strengthen the business, commercial and industrial links between the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany. The Parties shall focus their cooperation particularly on those areas where it will be most effective in securing the future competitiveness of their economies.
The Parties shall work jointly to take full advantage of the significant economic opportunities arising from the green transition, including in particular the renewable energy potential in the North Sea.
The Parties recognise the importance of long-term industrial cooperation and shall work together to identify opportunities for coordination and cooperation in the context of their industrial transformations.
The Parties shall enhance transport connectivity and collaborate in the field of sustainable, innovative and universally accessible transport solutions and mobility, including cooperation to support the decarbonisation of transport. To this end, they will seek to facilitate direct long distance rail passenger services between their countries.
The Parties share the common goal of strengthening the international competitiveness of their aerospace industries and at the same time significantly reducing the climate impact of aviation. Therefore, the Parties agree to further strengthen the existing bilateral activities in the field of aerospace research and to engage in consultations between the ministries and their national research institutions on a regular basis.
The Parties’ responsible ministries agree to a structured exchange to address the issues of inclusive and sustainable employment and social policy, just transition of the economy, society and the work environment, and ethical principles and shared values in the context of digital transformation, ensuring that digitalisation and the evolving digital society meet the rights and needs of citizens and the work environment in both countries.
The Parties shall work together to enhance their domestic housing policies, to promote innovative approaches to sustainable construction and buildings, and to share best practice on urban matters, with a view to achieving cities that are socially, ecologically, and economically balanced They shall cooperate in multilateral settings on these matters.

ARTICLE 14

The Parties commit to working together to safeguard economic stability. They shall strive to strengthen economic resilience to safeguard and protect their national security and deliver secure, sustainable and resilient growth. They shall increase dialogue on economic security to enhance cooperation on priorities such as supply chain resilience, including for critical raw materials, critical technology and critical infrastructure as well as protective toolkits.

ARTICLE 15

(1) The Parties shall intensify their cooperation in the field of science, technology, research and innovation, including in critical and emerging areas and research security. The Parties agree to consider funding channels and other means to develop joint bilateral and multilateral activities.

(2) The Parties shall place special emphasis on their cooperation on innovative or disruptive technologies, ensuring they are able to capitalise more effectively on their strengths in basic and applied research to enable their businesses to grow through the development and commercialisation of new products, processes and services.

(3) The Parties shall promote the global development and deployment of technologies, with particular attention to ensuring the secure and responsible advancement of fields such as artificial intelligence or space.

(4) The Parties agree to regular and structured exchanges on science, innovation and technology, building on existing structures including the Science, Innovation and Technology Dialogue. The Parties commit to cooperate on current and future challenges across research and innovation, and emerging and critical technologies. This cooperation will include promoting technology development and adoption, international governance, competition policy, sustainability and exchanges on regulatory issues consistent with national competence.

ARTICLE 16

(1) The Parties shall intensify their cooperation in the field of digitalisation and modernisation of the state, including digitalisation of society, economy, science, government and public administration. The Parties agree to consider funding channels and other means to develop joint bilateral and multilateral activities.

(2) The Parties agree to regular and structured exchanges on digitalisation and the modernisation of the state, building on existing structures including a dialogue on digital policy. The Parties commit to cooperate on current and future challenges across digital and data affairs, digitalisation of the state and digital sovereignty.

Chapter 5 Open and Resilient Societies

ARTICLE 17

The Parties shall cooperate on strategies for strengthening the resilience of their democracies in order to build resilient societies which are able to contribute to their countries’ security and to withstand the increasing attempts of interference and manipulation.
The Parties shall deepen their cooperation in the fight against all forms of hate crime, whilst promoting freedom of expression and freedom of religion or belief.

ARTICLE 18

The Parties shall strive to reduce obstacles in order to promote exchanges between their citizens on all levels. They shall work towards strengthening people-to-people contacts. The Parties shall promote smoother border fluidity and will provide each other’s citizens access to automated border technology.
Particular focus shall be placed on increasing exchange between young people. The Parties value bilateral school and youth exchanges, and shall facilitate such exchanges, supporting the development of relevant structures and initiatives, such as the “UK-German Connection”.
The Parties recognise the importance of vocational training, university education and learning opportunities such as internships. The Parties shall jointly endeavour to increase exchanges within their own legislative frameworks with regard to education, skills and training.
The Parties shall promote closer relations in all fields of cultural expression, including activities to promote dialogue and cooperation to share best practice between cultural institutions; close cooperation of the British Council and Goethe-Institut; and establishment of an intergovernmental Working Group on Creative Technology.
The Parties acknowledge the important role of civil society and they shall strive to support the work of educational institutions, cultural bodies and political organisations.
The Parties shall use the annual meetings of the Cultural Commission to the ends of this Article.

Chapter 6 Climate, Energy, Nature, Environment and Agriculture

ARTICLE 19

The Parties shall further deepen their bilateral and multilateral cooperation to mitigate the effects of climate change and to pursue efforts to limit the increase of global average temperature to 1.5°C above pre-industrial levels, including through implementation of the Paris Agreement, the Outcome of the first Global Stocktake adopted at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28) and the Glasgow Climate Pact adopted at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 26).
The Parties shall enhance their climate foreign policy collaboration and cooperation, including through the UK-Germany Climate Diplomacy Dialogue, to make financial flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development, address the interplay between climate, environment, peace, and security, and support developing countries to decarbonise their economies and adapt to the adverse effects of climate change.
Recognising the significant societal, environmental economic, and geopolitical impacts of the global energy transition and the shift towards climate neutrality, the Parties shall intensify their dialogue to anticipate and address emerging foreign policy and security challenges.

ARTICLE 20

The Parties intend to work together under the Joint Declaration of Cooperation on Energy and Climate, including the Hydrogen Partnership, to realise their shared ambitions regarding: renewable energy; the role of hydrogen, in particular from renewable sources; carbon capture utilisation and storage, in particular in hard-to-abate sectors; energy security; net zero strategies and policies; and green transition. The scope and priorities for this work shall be reviewed by annual senior official and ministerial meetings.
The Parties shall work together to achieve their respective domestic emissions reductions targets, to enhance domestic and global just energy transition resilience and security, including by improving energy and resource efficiency, and to provide secure, sustainable and affordable clean energy derived from renewable sources, in an effort to implement the goals laid out in the Paris Agreement and in the 2030 Agenda for Sustainable Development.
Recognising their leading role in the North Seas, they shall work together to accelerate the development of offshore wind energy, electricity, hydrogen and carbon dioxide infrastructures.

ARTICLE 21

The Parties shall cooperate bilaterally and multilaterally to promote environmental protection and halt and reverse biodiversity loss in line with the Kunming-Montreal Global Biodiversity Framework, including through restoring nature, halting and reversing deforestation, protecting the ocean, reducing plastic, chemical and air pollution and pursuing nature-based solutions.
The Parties shall work together to promote resilient and sustainable agriculture and food systems internationally, including high animal welfare standards. They shall focus in particular on achieving global food security and nutrition including as a means of pursuing global stability and security.

Chapter 7 Forms of Cooperation

ARTICLE 22

The Parties agree to hold government ministerial consultations led by Heads of Government every two years, which shall endorse an Implementation Plan of projects under the Treaty for the following two-year period. The venue for the consultations shall alternate between the two countries. Ministerial level dialogues on individual policy themes shall take place whenever both Parties deem appropriate. The Parties’ foreign ministries shall meet annually to review the bilateral relationship in accordance with the provisions of this Treaty.

ARTICLE 23

Existing cooperation agreements and Memoranda of Understanding between line ministries shall be continued and pursued in the framework of this Treaty.

Final Provisions

ARTICLE 24

This Treaty and its application shall be without prejudice to the Parties’ obligations stemming from international law and, in respect of the Federal Republic of Germany, its obligations stemming from its European Union membership. Nothing in this Treaty shall affect the Federal Republic of Germany’s obligations under European Union law.

ARTICLE 25

This Treaty shall apply:

(a) to the territory of the Federal Republic of Germany; and

(b) to the territory of the United Kingdom of Great Britain and Northern Ireland, and may be extended to any or all of the Bailiwick of Guernsey, the Bailiwick of Jersey, and the Isle of Man by mutual agreement between the Parties by exchange of notes.

ARTICLE 26

The Parties may agree, in writing, to amend this Treaty. Such amendments shall enter into force in accordance with Article 30.

ARTICLE 27

(1) A Party may terminate this Treaty by giving the other Party notice in writing. Such termination shall take effect six months after the date of the notification, or on such date as the Parties may agree.

(2) Either Party may request consultations regarding whether the termination of this Treaty should take effect on a date later than that provided in paragraph 1.

ARTICLE 28

Any disputes concerning the interpretation, application or implementation of the Treaty shall be resolved solely by negotiation between the Parties.

ARTICLE 29

Registration of this Treaty with the Secretariat of the United Nations, in accordance with Article 102 of the Charter of the United Nations, shall be initiated by the United Kingdom of Great Britain and Northern Ireland immediately following its entry into force. The Federal Republic of Germany shall be informed of registration, and of the United Nations registration number, as soon as this has been confirmed by the Secretariat of the United Nations.

ARTICLE 30

(1) The present Treaty is subject to ratification; the instruments of ratification shall be exchanged as soon as possible.

(2) The present Treaty shall enter into force on the date of the exchange of the instruments of ratification.

Published 17 July 2025

MIL OSI United Kingdom –

July 18, 2025

MIL-OSI Asia-Pac: Hong Kong’s COVID-19 activity declines to low level and private doctors will no longer be provided with free COVID-19 drugs

Source: Hong Kong Government special administrative region – 4

The Centre for Health Protection (CHP) of the Department of Health (DH) today (July 17) said that the recent periodic upsurge of COVID-19 in Hong Kong has ended, with relevant indicators declining to the low levels recorded before April this year. In view of the fact that COVID-19 has been managed in the same way as an upper respiratory tract illness and in response to the significant decrease in the demand for COVID-19 oral antiviral drugs, the special arrangement of providing free oral antiviral drugs to private doctors for prescribing to eligible patients, which has been in place during the pandemic, will be discontinued on July 29. The Government reminded the private doctors to make their own arrangements with the relevant drug dealer if they intend to provide patients with locally registered COVID-19 oral antiviral drugs. Meanwhile, the public medical service will continue to prescribe COVID-19 oral antiviral drugs to patients with clinical needs in accordance with the arrangement for general drugs.

End of COVID-19’s periodic upsurge

There was a drastic upsurge in the level of COVID-19 activity in Hong Kong since April of this year, reaching its peak in mid-May. According to the latest surveillance data (as of the week ending July 12), all indicators of COVID-19 activity have dropped back to the low levels recorded before April. For sewage surveillance, the per capita viral load of SARS-CoV-2 virus decreased from around 770 000 copy/litre in mid-May to around 140 000 copy/litre in the most recent week; the percentage of respiratory samples tested positive for the SARS-CoV-2 virus also dropped from a peak of 13.80 per cent to 2.53 per cent in the most recent week.

COVID-19 oral antiviral drugs

COVID-19 has become a common respiratory viral infection. For the general public, symptoms of SARS-CoV-2 infections are generally mild. Meanwhile, the monthly average number of treatment courses of COVID-19 oral antiviral drugs prescribed by private doctors to eligible COVID-19 confirmed patients this year has dropped significantly compared to the past two years. Taking into account the above factors, the Government will end the special arrangement on July 29. This arrangement provided private doctors with free COVID-19 oral antiviral drugs for prescribing to eligible patients during the pandemic. Private doctors can still provide free prescriptions to eligible COVID-19 confirmed patients on or before July 28.

The Government reminded private doctors that if they intend to provide patients with COVID-19 oral antiviral drug registered in Hong Kong, they can order them directly from the drug dealer, prescribe the drug to patients and charge them. Members of the public with clinical needs may continue to make appointments for general out-patient clinic (GOPC) services through the GOPC Telephone Appointment System or the “Book GOPC” function on the Hospital Authority’s (HA) one-stop mobile application “HA Go”. GOPCs under the HA will continue to prescribe the relevant drugs to eligible COVID-19 confirmed patients with clinical needs according to their treatment guidelines. For more details of the GOPC services, please visit the GOPC website: www.ha.org.hk/goto/gopc/en.

During the COVID-19 pandemic, the Government has been providing two COVID-19 oral antiviral drugs, procured by the HA, to private doctors for free prescription to eligible COVID-19 confirmed patients with clinical needs since April 2022. This arrangement was intended to mobilise all available healthcare manpower, including private doctors, for anti-epidemic support during the raging epidemic. Private doctors who have registered with the Electronic Health Record Sharing System could request the provision of the COVID-19 oral antiviral drugs via a dedicated online platform. They must follow the relevant treatment guidelines set out by the HA and are not allowed to charge their patients any fees for the COVID-19 oral antiviral drugs. As of June 30 this year, approximately 200 000 treatment courses were prescribed by private doctors to eligible COVID-19 confirmed patients for free.

Severe COVID-19 cases primarily affect the elderly, the children and individuals with underlying illnesses. Scientific data has conclusively proven that the COVID-19 vaccine is effective in minimising the risk of severe disease or death. Members of the public who have not received the initial dose of the COVID-19 vaccine (including infants and children) should get vaccinated timely. Those at high risk should receive a booster dose as soon as possible. For more information on COVID-19 vaccination, please visit COVID-19 Vaccination Programme webpage. Although the periodic upsurge of COVID-19 has ended, there has been an upward trend in local influenza activity in Hong Kong recently. Members of the public should remain vigilant and maintain stringent personal, environmental and hand hygiene at all times.

MIL OSI Asia Pacific News –

July 18, 2025

MIL-OSI Africa: Benin Can Mobilize More Domestic Resources to Drive Inclusive Growth and Equity

Source: APO

.

More inclusive growth path, taxation and spending adapted to vulnerable populations could further accelerate efforts to reduce poverty and inequality, notes the latest edition of the Benin Economic Outlook report.

The first part of the report, Raising Domestic Revenue Mobilization while Protecting the Poor, analyzes recent economic developments and presents the country’s medium-term prospects. In 2024, Benin’s economic growth reached 7.5%, its highest level since 1990, thanks to the strong performance of the services and industrial sectors. Poverty fell by 2.2 percentage points, from 33.2% in 2023 to 31% in 2024.

Continued fiscal consolidation helped achieve the West African Economic Monetary Union –WAEMU– fiscal deficit target of 3% in 2024 and reduce the debt, thereby helping to improve the country’s debt profile. Benin is on the verge of integrating into global value chains with the development of the Glo-Djigbé industrial zone (GDIZ). Despite heightened global trade uncertainties and volatile trade relations with neighboring countries, economic growth is projected to average 7.1% over 2025-2027. The dynamism of economic activity added to the moderation in inflation should support a decline in poverty to 22.3% in 2027.

“Continued efforts to mobilize domestic resources and a rebalancing of the composition of debt in favor of domestic debt, in line with medium-term revenue mobilization and debt strategies, should enable Benin to maintain its macroeconomic stability, which is critical for attracting private investment and supporting the ongoing economic transformation.” says Mamadou Tanou Baldé, World Bank Economist and Lead author of the report.

The second part of the report focuses on domestic revenue mobilization while protecting the poor. The simplification of tax policy and the digitization of tax collection processes have improved the quality of services and secured revenue collection. Revenue mobilization in Benin has steadily increased since 2016 and has demonstrated resilience in the face of various shocks, including border closures with some neighboring countries, the COVID-19 pandemic, the rising cost of living in 2022, and insecurity. Tax revenue, the main driver of revenue growth, increased from 9.2% of GDP in 2016 to 13.2% in 2024, an increase of 4% over the period. Despite this progress, the gap with its peers remains and Benin needs to increase domestic revenue mobilization to finance its development plan. While Benin’s fiscal system reduces inequality by 3 Gini points, an improvement in the fiscal system, including a mix of more targeted taxes and transfers, could lift more than 100,000 people out of poverty each year while continuing to mobilize more resources.

“To improve the situation, Benin should strengthen social safety nets, implement more progressive taxation and increase social spending more targeted at the poorest to improve the redistributive impact of its fiscal policies,” adds Arthur Alik-Lagrange, World Bank Lead Economist and co-author of the report.

Distributed by APO Group on behalf of The World Bank Group.

MIL OSI Africa –

July 17, 2025

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Commissioner’s foreword

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Treaty between the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Germany on friendship and bilateral cooperation

Chapter 1

Diplomacy, Security and Development

Chapter 2

Defence Cooperation

Chapter 3

Internal Security, Justice and Migration

Chapter 4

Economic Growth, Resilience and Competitiveness

Chapter 5

Open and Resilient Societies

Chapter 6

Climate, Energy, Nature, Environment and Agriculture

Chapter 7

Forms of Cooperation

Final Provisions

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