Category: Politics

  • MIL-OSI United Kingdom: How we protected the UK and space in June 2025

    Source: United Kingdom – Government Statements

    News story

    How we protected the UK and space in June 2025

    This report was issued in July 2025 and covers the time period 1 June 2025 to 30 June 2025 inclusive.

    The National Space Operations Centre is led by the UK Space Agency and UK Space Command in partnership with the Met Office.

    June saw reduced levels of space activity with both uncontrolled re-entry and collision alerts at levels below the 12-month rolling average.

    All NSpOC warning and protection services functioned as expected throughout the period.

    Re-entry Analysis

    June saw a 14% decrease in the number of objects re-entering Earth’s atmosphere, tracked by NSpOC, when compared with the previous month.

    Of the 55 objects that re-entered, 50 were satellites and 5 were rocket bodies.

    July: 44, August: 89, September: 50, October: 35, November: 47, December: 83, January: 115, February: 129, March: 85, April: 92, May: 64, June: 55

    In-Space Collision Avoidance

    Collision risks to UK-licensed satellites were lower in June with a 19% decline when compared with May, caused by fewer interactions between UK licenced objects and other spacecraft or debris over the previous 30 days.

    July: 1,795, August: 2,137, September: 3,041, October: 3,181, November: 2,722, December: 2,142, January: 2,694, February: 2,567, March: 2,588, April: 2,620, May: 1,546, June: 1,259

    Number of Objects in Space

    The in-orbit population increased in June, with a net addition of 235 objects to the US Satellite Catalogue.

    July: 28,864, August: 29,669, September: 29,649, October: 29,657, November: 29,816, December: 29,867, January: 29,996, February: 30,027, March: 30,124, April: 30,253, May: 30,504, June: 30,739

    The number of Resident Space Objects (RSOs) reported may be subject to small adjustments over time as the way objects are tracked is refined. Figures in this report reflect the most current available data and may differ slightly from those published in previous months

    Fragmentation Analysis

    There have been no new fragmentation (break-up) incidents this month.

    Space weather

    June saw an increase in space weather activity, particularly geomagnetic events, compared to the previous month

    Comments

    The National Space Operations Centre combines and coordinates UK civil and military space domain awareness capabilities to enable operations, promote prosperity and protect UK interests in space and on Earth from space-related threats, risks and hazards.

    Updates to this page

    Published 18 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: SA strengthens science and innovation cooperation with Algeria

    Source: Government of South Africa

    SA strengthens science and innovation cooperation with Algeria

    The Department of Science, Technology, and Innovation (DSTI) has signed another significant partnership aimed at enhancing science, technology, and innovation cooperation with Algeria.

    The partnership, known as the Plan of Action for 2026-2028, currently focuses on several strategic areas, including nuclear science and technology, the co-founding and implementation of the African Laser Centre (ALC), and the establishment of the Nanosciences African Network. 

    In addition, it emphasises the transfer of technical knowledge and equipment, as well as advancements in space propulsion and telecommunications.

    The Plan of Action will also explore new areas of cooperation such as nanotechnology, renewable energy, nanomedicine, food and energy security, health innovation and vaccine development, artificial intelligence and emerging Technologies and others.

    As much as this is a joint programme, South Africa’s National Research Foundation (NRF) will lead its implementation.

    As a government-mandated research and science development agency, the NRF funds research, the development of high-end human capacity and critical research infrastructure to promote knowledge production across all disciplinary fields.

    This comes after Minister of Science, Technology and Innovation Blade Nzimande led a high-level South African delegation on a comprehensive visit focused on science, technology and innovation (STI) in Tunisia and Algeria.

    The signing ceremony was preceded by an opening ceremony, where Algeria’s Minister of Higher Education and Scientific Research, Kamel Bidar, and Nzimande delivered their keynote speeches.

    Nzimande reflected on the special bond between South Africa and Algeria. In addition, he said the two nations share a strong commitment to the advancement of the African continent. 

    “Similarly, our two countries also share a firm commitment to the realisation of a more just and humane world that will be underpinned by the values of human solidarity, peaceful coexistence, and a respect for the sovereignty of all nations, regardless of their size.”

    Emphasising the strategic importance of cooperation in STI between South Africa and Algeria, Nzimande stated, “Both Algeria and South Africa recognise that, to address our urgent national development goals and achieve higher levels of development, we must consistently enhance our national scientific capabilities.”

    The Minister believes that the countries’ shared conviction about the role of STI in development and commitment to cooperation is, in a way, a continuation of their liberation struggles. 

    “But now against underdevelopment and for prosperity in our respective countries, and on the rest of the continent. I must also say that we are highly impressed by the investments that you have made in building your public science system and its constituent institutions.”

    The department emphasised that signing the Plan of Action between South Africa and Algeria is crucial for reinforcing both countries’ commitment to supporting the implementation of key development programs on the African continent. 

    These programmes include Agenda 2063, the African Continental Free Trade Area (AfCFTA), and the African Union’s Science, Technology, and Innovation Strategy for Africa (STISA-2034). 

    On Tuesday, South Africa and Tunisia signed a landmark agreement aimed at scaling up collaboration in STI in a bid to deepen bilateral cooperation. 

    The agreement, signed during the official visit by Nzimande to Tunisia, forms part of the Scaling up Tunisia–South Africa Strategy. 

    It includes a detailed plan of action and the formal minutes of a joint research call meeting. – SAnews.gov.za

    Gabisile

    MIL OSI Africa

  • MIL-OSI Russia: China’s Foreign Ministry urges Philippines to take concrete measures to ensure safety of Chinese students

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 18 (Xinhua) — Chinese Foreign Ministry spokesperson Lin Jian on Friday called on the Philippine side to take concrete measures to ensure the safety, dignity and legitimate rights and interests of Chinese students in the Philippines.

    China’s Ministry of Education issued a warning to students studying in the Philippines on Friday, urging Chinese students to assess security risks and raise their awareness.

    At a regular press conference, Lin Jian said the public security situation in the Philippines is deteriorating, with crimes and searches against Chinese citizens on the rise. The warning issued by the Chinese government is a responsible and reasonable measure to ensure the safety and rights of Chinese students, the diplomat added.

    “We once again warn those planning to study in the Philippines to conduct a risk assessment,” he stressed. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI Analysis: EU efforts to measure companies’ environmental impacts have global effects. Here’s how to make them more just

    Source: The Conversation – France – By Mira Manini Tiwari, Research Associate at the Robert Schuman Centre for Advanced Studies, European University Institute

    If you choose to buy a sustainable product at the supermarket, or invest in a sustainable portfolio at your bank, how far does that sustainability reach? Does the product’s “sustainable” label account for the environmental and labour costs where the raw materials were extracted? Does the portfolio include renewable energy in countries where the investment is needed most?

    In the EU, whether you are an individual or represent a company or financial institution, these questions are governed by the bloc’s non-financial reporting (NFR) regulations. The latest ones include the European Sustainable Reporting Standards (ESRS), which are gradually coming into force through 2029. The ESRS set out reporting standards and requirements, while the Corporate Sustainability Reporting Directive (CSRD) determines which companies these standards apply to, to what extent, and when.

    These EU regulations also have strong implications for the Majority World, the countries and territories outside Europe and North America where most people live, at a time when global, systemic policy effects are more important than ever. As supply chains become longer and more interconnected, and as communities involved in them confront the fragilities of economic, political and climate shifts, the regulations that govern the sustainability of these chains and that enable or prohibit participation in them must be crafted and implemented to minimise harm to the most vulnerable.

    In an article in Environment and Development Economics, my co-authors and I developed a set of proposals to improve the global sustainability of the NFR regulations. These call for collaborative development of regulations across the value chain, better data accessibility, measuring of and accounting for cross-border environmental damage, and greater integrity and engagement from financial actors.



    A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!


    Cooperation, not compliance

    As the ESRS come into force, reporting requirements are being applied to companies’ full value chains. This means that Majority World actors, such as those that extract raw materials for European products, may be indirectly subjected to the NFR regulations. This is important, as it holds companies and consumers, EU and non, accountable for the ethics of the goods and services they rely on. However, when regulations are built without directly involving those they will affect, they risk causing collateral, longer-term damage. For example, reporting requirements that feel inaccessible to smaller organisations can foster distrust and backlash, or cause companies to withdraw from contexts where data are less accessible, taking away key sources of income for communities.

    While global climate negotiations have come under public scrutiny for their Minority World dominance, there has been relatively less scrutiny of global organisations governing financial and corporate sustainability standards. On their boards, the Majority World is conspicuous by its absence, demonstrating the dearth of attention to its agency in enabling greater sustainability, both locally and globally. European investors and policymakers are already shifting capital from the Majority World back to the EU in response to the NFR regulations, citing the difficulty of accounting for activities along the length of value chains. The damage falls on livelihoods, industries and essential investments, such as in renewable energy, which can suddenly disappear.

    Developing NFR regulations in collaboration with all stakeholders, rather than only at the top, can provide a regulatory landscape that is, from the outset, more implementable, accessible and effective in the long run.

    Democratic data and digitalisation

    Efficacy in global NFR regulations relies on global data cooperation, which could lower the administrative burden on those reporting and enable greater accountability. The increasing number of EU NFR regulations do not exist in a vacuum: they have been accompanied by shifts in global regulations and a proliferation of national regulations. With regulations expanding to cover the full value chain, actors are increasingly likely to be subjected to multiple regulatory bodies, or have to provide data to reporting entities upstream. The time, financial resources and practical challenges involved in identifying, collecting, processing and sharing data are considerable, both for those submitting data and those receiving and verifying them. This makes divestment or significant losses more likely. Furthermore, the expansion of regulations can result in isolated streams of data and closed-circuit processes, which, in turn, cut out civil society organisations and individuals who use data to help hold firms to account for their social and environmental responsibilities.

    Aside from EU calls for a European Single Access Point for corporate data, Majority World contexts offer particularly fertile ground for reimagining and building data infrastructures. Digitalisation in low- and middle-income countries is growing rapidly, and demonstrates the ability to make digital financial and business instruments democratic and accessible to those with the fewest resources. Such efforts should involve statisticians and local data experts from the outset to determine and harmonise appropriate data, along with transnational entities with the mandate of establishing links across data systems.

    Support for international emissions accounting

    Corporate reporting on environmental impacts must be accompanied by their reduction. Indeed, the work and transparency required to identify impacts in the first place, let alone mitigate them, underpins decisions to simply detach from the system, moving economic activity to local contexts where impacts are more traceable.

    Firms that cannot afford to bring their activities onshore must account for emissions that occur from assets not directly under their ownership or control, which are known as Scope 3 emissions. In some cases, these emissions constitute well over half of a firm’s total value chain emissions. However, the implementation of the ESRS has designated the reporting of Scope 3 emissions, and climate impacts in general, to be largely discretionary, under the condition that firms provide evaluations of the economic and material implications of a given activity in their value chains.

    The glaring gaps between some firms’ targets, actions and declarations are in part enabled by reporting systems that allow the omission of more distant climate risks and impacts, maintaining the misalignment between climate pledges and actions aimed at achieving them. While the number of firms showing readiness to comply with Scope 3 accounting is increasing, data on global investor preferences suggests that investors do not necessarily prioritise companies’ performance on these emissions when making investment decisions. For ethics to exist on the ground, they must be prioritised in financial flows.

    Investment with integrity

    In light of the above, financial institutions have a core responsibility to engage with NFR. These institutions’ economic leverage and centrality in the value chains and activities of several sectors give them incentivising power to catalyse a shift from the submission of reports to the building of living data systems and the achievement of fuller value chain accountability. Currently, many investors are not willing to accept reductions in their returns in exchange for the pursuit of social or environmental goals. Surveys suggest this is in part due to perceptions of low quality of environmental information, limited ability to assess the data received, and the difficulty of making investment decisions accordingly. In the current landscape of Minority World-led reporting, such mistrust is likely to be greater with respect to Majority World data, reiterating the need for data systems and reporting mechanisms built on equal footing.

    Financial institutions can operate proactively, using their privileged access to data to bridge Minority and Majority World actors engaging in sustainable practices, such as microfinance bodies, local communities and relevant investors. Doing so could plug, at least in part, an information and trust gap that can hinder Minority World firms’ investment in unfamiliar contexts.

    Regulating for whom?

    The research underpinning our article initially involved a recommendation on streamlining and supporting reporting by small and medium enterprises (SMEs), which account for more than 60% of the EU’s corporate emissions. For these firms, especially, regulators face a critical balance between lowering the entry barrier of the reporting ecosystem and setting robust environmental targets. The nature, data points and timelines of reporting under the CSRD are currently under review following calls for simplification and greater support, and decision-makers are wrestling with the tension between accessibility and integrity.

    Our work also included a recommendation that turns from the supply side, the focus of the preceding proposals, to the demand side: the data and sustainability literacy of the individual who walks into the supermarket to buy that sustainable product, or wants family investments to do more good than harm. Across sectors – public policy, investment and citizen engagement – resources must be dedicated to these literacies, so that actors are better placed to hold each other to account. Regulation becomes easily abstracted, reduced to figures and PDFs, databases and scores. Beneath each regulation is a world of citizens whose homes, livelihoods and health depend on them.

    The author was affiliated with the University of Siena during the period in which she and her colleagues did the original work for the scholarly article that is mentioned in this piece. The author’s affiliation came via a project that, overall, was financed by the Italian National Recovery and Resilience Plan (PNRR). The scholarly article and the present article were not outputs for the project.

    ref. EU efforts to measure companies’ environmental impacts have global effects. Here’s how to make them more just – https://theconversation.com/eu-efforts-to-measure-companies-environmental-impacts-have-global-effects-heres-how-to-make-them-more-just-261226

    MIL OSI Analysis

  • MIL-OSI Analysis: EU efforts to measure companies’ environmental impacts have global effects. Here’s how to make them more just

    Source: The Conversation – France – By Mira Manini Tiwari, Research Associate at the Robert Schuman Centre for Advanced Studies, European University Institute

    If you choose to buy a sustainable product at the supermarket, or invest in a sustainable portfolio at your bank, how far does that sustainability reach? Does the product’s “sustainable” label account for the environmental and labour costs where the raw materials were extracted? Does the portfolio include renewable energy in countries where the investment is needed most?

    In the EU, whether you are an individual or represent a company or financial institution, these questions are governed by the bloc’s non-financial reporting (NFR) regulations. The latest ones include the European Sustainable Reporting Standards (ESRS), which are gradually coming into force through 2029. The ESRS set out reporting standards and requirements, while the Corporate Sustainability Reporting Directive (CSRD) determines which companies these standards apply to, to what extent, and when.

    These EU regulations also have strong implications for the Majority World, the countries and territories outside Europe and North America where most people live, at a time when global, systemic policy effects are more important than ever. As supply chains become longer and more interconnected, and as communities involved in them confront the fragilities of economic, political and climate shifts, the regulations that govern the sustainability of these chains and that enable or prohibit participation in them must be crafted and implemented to minimise harm to the most vulnerable.

    In an article in Environment and Development Economics, my co-authors and I developed a set of proposals to improve the global sustainability of the NFR regulations. These call for collaborative development of regulations across the value chain, better data accessibility, measuring of and accounting for cross-border environmental damage, and greater integrity and engagement from financial actors.



    A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!


    Cooperation, not compliance

    As the ESRS come into force, reporting requirements are being applied to companies’ full value chains. This means that Majority World actors, such as those that extract raw materials for European products, may be indirectly subjected to the NFR regulations. This is important, as it holds companies and consumers, EU and non, accountable for the ethics of the goods and services they rely on. However, when regulations are built without directly involving those they will affect, they risk causing collateral, longer-term damage. For example, reporting requirements that feel inaccessible to smaller organisations can foster distrust and backlash, or cause companies to withdraw from contexts where data are less accessible, taking away key sources of income for communities.

    While global climate negotiations have come under public scrutiny for their Minority World dominance, there has been relatively less scrutiny of global organisations governing financial and corporate sustainability standards. On their boards, the Majority World is conspicuous by its absence, demonstrating the dearth of attention to its agency in enabling greater sustainability, both locally and globally. European investors and policymakers are already shifting capital from the Majority World back to the EU in response to the NFR regulations, citing the difficulty of accounting for activities along the length of value chains. The damage falls on livelihoods, industries and essential investments, such as in renewable energy, which can suddenly disappear.

    Developing NFR regulations in collaboration with all stakeholders, rather than only at the top, can provide a regulatory landscape that is, from the outset, more implementable, accessible and effective in the long run.

    Democratic data and digitalisation

    Efficacy in global NFR regulations relies on global data cooperation, which could lower the administrative burden on those reporting and enable greater accountability. The increasing number of EU NFR regulations do not exist in a vacuum: they have been accompanied by shifts in global regulations and a proliferation of national regulations. With regulations expanding to cover the full value chain, actors are increasingly likely to be subjected to multiple regulatory bodies, or have to provide data to reporting entities upstream. The time, financial resources and practical challenges involved in identifying, collecting, processing and sharing data are considerable, both for those submitting data and those receiving and verifying them. This makes divestment or significant losses more likely. Furthermore, the expansion of regulations can result in isolated streams of data and closed-circuit processes, which, in turn, cut out civil society organisations and individuals who use data to help hold firms to account for their social and environmental responsibilities.

    Aside from EU calls for a European Single Access Point for corporate data, Majority World contexts offer particularly fertile ground for reimagining and building data infrastructures. Digitalisation in low- and middle-income countries is growing rapidly, and demonstrates the ability to make digital financial and business instruments democratic and accessible to those with the fewest resources. Such efforts should involve statisticians and local data experts from the outset to determine and harmonise appropriate data, along with transnational entities with the mandate of establishing links across data systems.

    Support for international emissions accounting

    Corporate reporting on environmental impacts must be accompanied by their reduction. Indeed, the work and transparency required to identify impacts in the first place, let alone mitigate them, underpins decisions to simply detach from the system, moving economic activity to local contexts where impacts are more traceable.

    Firms that cannot afford to bring their activities onshore must account for emissions that occur from assets not directly under their ownership or control, which are known as Scope 3 emissions. In some cases, these emissions constitute well over half of a firm’s total value chain emissions. However, the implementation of the ESRS has designated the reporting of Scope 3 emissions, and climate impacts in general, to be largely discretionary, under the condition that firms provide evaluations of the economic and material implications of a given activity in their value chains.

    The glaring gaps between some firms’ targets, actions and declarations are in part enabled by reporting systems that allow the omission of more distant climate risks and impacts, maintaining the misalignment between climate pledges and actions aimed at achieving them. While the number of firms showing readiness to comply with Scope 3 accounting is increasing, data on global investor preferences suggests that investors do not necessarily prioritise companies’ performance on these emissions when making investment decisions. For ethics to exist on the ground, they must be prioritised in financial flows.

    Investment with integrity

    In light of the above, financial institutions have a core responsibility to engage with NFR. These institutions’ economic leverage and centrality in the value chains and activities of several sectors give them incentivising power to catalyse a shift from the submission of reports to the building of living data systems and the achievement of fuller value chain accountability. Currently, many investors are not willing to accept reductions in their returns in exchange for the pursuit of social or environmental goals. Surveys suggest this is in part due to perceptions of low quality of environmental information, limited ability to assess the data received, and the difficulty of making investment decisions accordingly. In the current landscape of Minority World-led reporting, such mistrust is likely to be greater with respect to Majority World data, reiterating the need for data systems and reporting mechanisms built on equal footing.

    Financial institutions can operate proactively, using their privileged access to data to bridge Minority and Majority World actors engaging in sustainable practices, such as microfinance bodies, local communities and relevant investors. Doing so could plug, at least in part, an information and trust gap that can hinder Minority World firms’ investment in unfamiliar contexts.

    Regulating for whom?

    The research underpinning our article initially involved a recommendation on streamlining and supporting reporting by small and medium enterprises (SMEs), which account for more than 60% of the EU’s corporate emissions. For these firms, especially, regulators face a critical balance between lowering the entry barrier of the reporting ecosystem and setting robust environmental targets. The nature, data points and timelines of reporting under the CSRD are currently under review following calls for simplification and greater support, and decision-makers are wrestling with the tension between accessibility and integrity.

    Our work also included a recommendation that turns from the supply side, the focus of the preceding proposals, to the demand side: the data and sustainability literacy of the individual who walks into the supermarket to buy that sustainable product, or wants family investments to do more good than harm. Across sectors – public policy, investment and citizen engagement – resources must be dedicated to these literacies, so that actors are better placed to hold each other to account. Regulation becomes easily abstracted, reduced to figures and PDFs, databases and scores. Beneath each regulation is a world of citizens whose homes, livelihoods and health depend on them.

    The author was affiliated with the University of Siena during the period in which she and her colleagues did the original work for the scholarly article that is mentioned in this piece. The author’s affiliation came via a project that, overall, was financed by the Italian National Recovery and Resilience Plan (PNRR). The scholarly article and the present article were not outputs for the project.

    ref. EU efforts to measure companies’ environmental impacts have global effects. Here’s how to make them more just – https://theconversation.com/eu-efforts-to-measure-companies-environmental-impacts-have-global-effects-heres-how-to-make-them-more-just-261226

    MIL OSI Analysis

  • MIL-OSI Analysis: Immigrants in Europe and North America earn 18% less than natives – here’s why

    Source: The Conversation – Global Perspectives – By Are Skeie Hermansen, Professor of Sociology, University of Oslo

    F Armstrong Photography/Shutterstock

    As many countries grapple with ageing populations, falling birthrates, labour shortages and fiscal pressures, the ability to successfully integrate immigrants is becoming an increasingly pressing matter.

    However, our new study found that salaries of immigrants in Europe and North America are nearly 18% lower than those of natives, as foreign-born workers struggle to access higher-paying jobs. To reach this conclusion, we analysed the salaries of 13.5 million people in nine immigrant-receiving countries: Canada, Denmark, France, Germany, the Netherlands, Norway, Spain, Sweden and the United States. Data was taken from the period of 2016 to 2019.

    Immigrants in these countries earned less primarily because they were unable to access higher-paying jobs. Three-quarters of the migrant pay gap was the result of a lack of access to well-paid jobs, while only one-quarter of the gap was attributed to pay differences between migrant and native-born workers in the same job.

    Spain has the largest gap, while Sweden’s is the smallest.
    Author’s own elaboration

    The high-income countries we examined in Europe and North America all face similar demographic challenges, with low fertility rates resulting in an ageing population and labour shortages. Pro-natalist policies are unlikely to change this demographic destiny, but sound immigration policies can help.

    Across these countries with vastly different labour market institutions and immigrant populations, a common theme emerged: countries are not making good use of immigrants’ human capital.

    Stark regional differences

    We found that immigrants earn 17.9% less than natives on average, although the pay gap varied widely by country. In Spain, a relatively recent large-scale receiver of immigrants, the pay gap was over 29%. In Sweden – a country where many employed immigrants find work in the public sector – it was just 7%. These results don’t include immigrants who are unemployed or in the informal economy.

    Where immigrants were born also mattered. The highest average overall pay gaps were for immigrants from sub-Saharan Africa (26.1%) and the Middle East and North Africa (23.7%). For immigrants from Europe, North America and other Western countries, the difference in average pay compared to natives was a much more modest 9%.

    Migrant pay gaps according to region of origin. The minus sign (−) before figures indicates that immigrants earn less than natives. Note that data for second-generation immigrants is unavailable in France, Spain and the US.
    Author’s own elaboration

    Our results suggest that the children of immigrants faced substantially better earning prospects than their parents. For the countries where second-generation data was available – Canada, Denmark, Germany, Netherlands, Norway and Sweden – the gap narrowed over time, and the children of immigrants had a substantially smaller earnings gap, earning an average of 5.7% less than workers with native-born parents.

    The struggle to access higher-paying jobs

    Beyond quantifying the gap, we wanted to understand the roots of pay disparities. To create better policies, it is important to know whether immigrants are paid less than natives when they’re doing the same job in the same company, or whether these differences arise because immigrants typically work in lower-paying jobs.

    By a wide margin, we found that immigrants end up working in lower-paying industries, occupations and companies; three-quarters of the gap was due to this type of labour-market sorting. The pay gap for the same work in the same company was just 4.6% on average across the nine countries.

    These differences represent a failure of immigration policy to incorporate immigrants, as immigrants are relegated to jobs where they cannot contribute to their full potential. Our analyses rule out that the lack of access to higher-paying jobs simply reflects a difference in skill between immigrants and native-born workers. We also found that the size of the pay gap and the key role of unequal access to well-paid jobs is similar for immigrants with and without a university education.

    This means that the immigrant-native pay gap in large part represents a market inefficiency and policy failure, with significant social consequences for both immigrants and immigrant-receiving countries.




    Leer más:
    What Britons and Europeans really think about immigration – new analysis


    Policy implications

    Although equal pay for equal work policies may seem like a viable solution, they won’t close the immigrant pay gap. This is because they only help those who have already secured work, but immigrants face barriers to employment that begin long before even applying for a job. This includes convoluted processes to validate university degrees or other qualifications, and exclusion from professional networks.

    The policy focus should therefore be on improving access to better jobs.

    To make this happen, governments should invest in programmes such as language training, education and vocational skills for immigrants. They should ensure immigrants have early access to employment information, networks, job-search assistance and employer referrals. They should implement standardised and transparent recognition of foreign degrees and credentials, helping immigrants to access jobs matching their skills and training.

    This is particularly important for Europe as it races to attract – and retain – skilled immigrants who may be having second thoughts about the US in the Trump era. In the European Union, around 40% of university-educated non-EU immigrants are employed in jobs that do not require a degree, an underutilisation of skills known as brain waste.

    Some countries are already taking steps to remedy this. Germany’s Skilled Immigration Act – which took effect in 2024 – allows foreign graduates to work while their degrees are being formally recognised. In 2025, France reformed its Passeport Talent permit to attract skilled professionals and address labour shortages, especially in healthcare.

    These kinds of policies help ensure that foreign-born workers can contribute at their full capacity, and that countries can reap the full benefits of immigration in terms of productivity gains, higher tax revenue and reduced inequality.

    If immigrants can’t get access to good jobs, their skills are underutilised and society loses out. Smart immigration policy doesn’t end at the border – it starts there.

    Are Skeie Hermansen has received funding from the European Research Council (ERC) under the European Union’s
    Horizon 2020 research and innovation programme (grant agreement no. 851149), the Research Council of Norway (grant 287016), and the Center for Advanced Study at The Norwegian Academy of Science
    and Letters (Young CAS grant 2019/2020).

    Marta M. Elvira receives funding from the Spanish Ministry of Science and Innovation, grant PID2020-
    118807RB-I00/AEI /10.13039/501100011033

    Andrew Penner no recibe salario, ni ejerce labores de consultoría, ni posee acciones, ni recibe financiación de ninguna compañía u organización que pueda obtener beneficio de este artículo, y ha declarado carecer de vínculos relevantes más allá del cargo académico citado.

    ref. Immigrants in Europe and North America earn 18% less than natives – here’s why – https://theconversation.com/immigrants-in-europe-and-north-america-earn-18-less-than-natives-heres-why-261188

    MIL OSI Analysis

  • MIL-OSI Analysis: Chimamanda’s Lagos homecoming wasn’t just a book launch, it was a cultural moment

    Source: The Conversation – Global Perspectives – By Tinashe Mushakavanhu, Assistant Professor, Harvard University

    When the announcement of Chimamanda Adichie Ngozi’s latest novel Dream Count was made, it was regarded as a major event in African literature. The internationally celebrated Nigerian writer had not published a novel in the past 12 years, and her long-awaited return stirred both anticipation and speculation. In the post-COVID context in which the book comes, so much has changed in the world.

    The first leg of her three city homecoming book tour coincided with my stay in Lagos as a curatorial fellow at Guest Artist Space Foundation, dedicated to facilitating cultural exchange and supporting creative practices. After Lagos, Chimamanda took the tour to Nigeria’s capital city Abuja and finally Enugu, where she was born and grew up.




    Read more:
    Chimamanda Ngozi Adichie’s new book Dream Count explores love in all its complicated messiness


    As a scholar of African literature, I arrived here in search of literary Lagos. But my attachment to the city may also just be romantic, a nostalgia born out of years of reading about it in fiction. No doubt, Lagos is a city of imagination and creativity.

    Chimamanda’s book event was a reminder that literary celebrity, when it happens in Africa, can exist on its own terms. It’s rooted in a popular imaginary that embraces both the writer and the spectacle.

    Lagos superstar

    The launch in Lagos took place at a conference centre on the evening of Friday 27 June. The MUSON is a multipurpose civic auditorium located in the centre of Lagos Island which can accommodate up to 1,000 guests. And on this night, the auditorium was packed.

    When I arrive, the scene outside is buzzing. A crowd gathers in front of a large canvas banner bearing a radiant image of the author. It’s more than just decoration; it’s a backdrop. It is an occasion for the selfie, a digital marker that you were there. There is even a hashtag for this: #dreamcountlagos. People take turns posing in front of it, curating their presence in the frame of Chimamanda’s aura.

    The atmosphere is festive, electric. And yet beneath the surface shimmer is something more urgent: a hunger for story, for presence, for return. Perhaps that explains why people come not just to witness, but to be counted.

    Inside the lobby, piles of Chimamanda’s books are neatly arranged on long tables. People are not just buying a copy. They are buying several in the hope that the author will autograph them. The sight is striking, almost surreal. In many parts of the continent, a book launch is often a quiet affair. Writers are lucky to sell a handful of copies. But this is something else entirely. This is not just a book launch, it is a cultural moment.

    It would have been easy to mistake the event for a political townhall. There was a VIP section reserved for the who’s who of Lagos, but those class distinctions easily dissolved into the collective energy of the room. The auditorium was filled with genuine enthusiasm.

    Even after a delay of more than an hour, when Chimamanda finally walked in, she was met with rapturous applause. She wore a bright yellow dress, an Instagrammable outfit, suited for the many fans who rushed forward to take selfies with her. Chimamanda, no doubt, is as much a fashion icon as she is a literary figure.

    On stage, she was joined by media personality Ebuka Obi-Uchendu, widely known as the host of the reality TV show Big Brother Africa. But here, he was also something more intimate: the author’s friend. Chimamanda even credited him with being a “great reader”. This is a rare compliment in a literary world that often separates celebrity from critical engagement.

    Their conversation was relaxed and full of laughter, offering the audience both intimacy and insight. Chimamanda addressed the question that had lingered for years: her decade-long silence. She spoke candidly of writer’s block, of the grief that came with losing both her parents in quick succession, and how that loss eventually reignited her desire to write.

    Dream Count, she explained, is shaped by that rupture. It is one of the major post-COVID novels from Africa, and centres on the lives of four women. It is a book about love, friendship and independence.

    Africans do read

    When she spoke about her characters on stage, it was as though she was talking about relatives that the audience recognised. They responded by shouting out the characters’ names, to the delight of the author.

    When I asked people about the launch afterwards, many said that it was a very Nigerian event – big, colourful, exuberant, festive. It was indeed a celebration that felt communal, even joyous. It was also a public demonstration of how literature can still command space and attention, not just in private reading rooms or crammed bookstores, but on a civic scale.




    Read more:
    Lagos fashion: how designers make global trends uniquely Nigerian


    This was a remarkable event because it defied the tired cliché that Africans do not read. People, mostly young, came out in their hundreds. They bought books, they took selfies with their “favourite” author, they screamed the names of fictional characters as though greeting friends.

    But more significant was Chimamanda’s choice to work with a local publisher, Narrative Landscape Press, which produced the Nigerian edition of Dream Count that is now available and accessible locally, at the same time as its release in Europe and North America. That alone is a radical act.

    In returning to Nigeria to launch her book, Chimamanda also disrupts the assumption that African literary prestige must only be validated abroad. Even though she belongs to a cohort of African writers shaped by the diaspora, she actively insists on presence – on homecoming – not as simply nostalgia, but as active engagement.

    Of course, Chimamanda is an exception. Her stature as a global literary figure, combined with her deep connection to home, allows her to move between worlds with remarkable ease. Few writers command the kind of multigenerational, cross-class attention she does. I found myself wishing though that more book launches could carry this same sense of occasion, of meaning, of return. That they could gather people in such numbers, not just to celebrate the writer, but to affirm the African book as something still worth gathering for.

    And perhaps that is what made this book launch unforgettable: not just the celebrity or the spectacle, but the sense that literature still matters here, and that it belongs to the people.

    Tinashe Mushakavanhu 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. Chimamanda’s Lagos homecoming wasn’t just a book launch, it was a cultural moment – https://theconversation.com/chimamandas-lagos-homecoming-wasnt-just-a-book-launch-it-was-a-cultural-moment-261112

    MIL OSI Analysis

  • MIL-OSI Analysis: Why did the government hide a data leak about Afghans working with British forces and why did the courts finally reveal it?

    Source: The Conversation – UK – By Alexandros Antoniou, Senior Lecturer in Media Law, University of Essex

    William Barton/Shutterstock

    When thousands of Afghans were quietly flown to the UK under a secret relocation scheme, few knew it was triggered by an error. A defence official had accidentally leaked the personal data of nearly 19,000 Afghan nationals who had worked with British forces and were at risk of Taliban reprisals.

    It has now also been revealed that the leaked list contained the identities of UK special forces and spies.

    Even fewer knew that this misstep was being kept from the public by a rare and powerful legal device: a superinjunction. Now, after nearly two years of legal wrangling, the High Court has lifted that order, reopening the conversation about when secrecy in the justice system goes too far.

    What is a superinjunction?

    An injunction is a court order that stops someone from doing something (like publishing a story) or requires them to do something (like taking down an online post or handing back confidential documents).

    A superinjunction goes one step further and does two things: it bans the publication of certain information (usually to protect privacy, safety or national security) and also bans anyone from revealing that the court order even exists.

    In essence, it is a tool that provides legal invisibility: the story is hidden and so is the fact that it is being hidden. While an injunction works like a padlock on a filing cabinet, a superinjunction means you cannot even tell anyone the cabinet is even there.

    Superinjunctions are exceptionally rare and controversial, precisely because they run counter to the principle of open justice. This is the idea that courts must operate in public, and that their decisions can be seen, scrutinised and questioned. Any derogation from open justice must be continuously justified and treated with considerable caution, especially where media freedom is curtailed.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    Historically, superinjunctions have been used sparingly in cases involving blackmail, risks of violence against witnesses, the protection of children or to prevent tipping-off a subject before an order can be served (such as in fraud investigations), always with the aim of preventing harm or ensuring that justice is done.

    The superinjunction committee (which was established in 2010 by Lord Neuberger to review growing concerns about such orders) made clear that the use of these legal tools must meet strict tests of necessity and proportionality. And, that they are only granted where serious harm (for example to life, safety or the administration of justice) is credibly at stake.

    Why was a superinjunction granted in the Afghan data breach case?

    In this case, the government argued that revealing the data leak could put lives in danger. The leaked spreadsheet contained names, contact details and, in some cases, family information of Afghan nationals who had applied to resettle in the UK. Many feared Taliban retaliation.

    So, in September 2023, the Ministry of Defence asked the High Court for an injunction to stop media outlets from reporting on the leak. The judge did not just grant that request, he escalated it to a superinjunction, banning any mention of the case or the fact of the order.

    It was described at the time as “unprecedented” in its scope. Journalists, even those who had already discovered the breach, were effectively gagged. The public had no idea any of it was happening.

    Why did the court later decide to lift the secrecy?

    After multiple hearings and appeals, High Court judge Mr Justice Chamberlain ruled on July 15 2025 that the superinjunction should be discharged once and for all. A government-commissioned review found that the leak may not have spread as widely as initially feared, and that Taliban reprisals were unlikely to be triggered solely by someone appearing on the leaked list.

    The judge concluded that while the leak was deeply serious, continued secrecy was no longer necessary, and that the harm of suppressing public debate and scrutiny now outweighed the risks of disclosure. To put it plainly, the balance tipped.

    Protection v cover-up

    Superinjunctions are not inherently wrong. There are situations where short-term secrecy is essential, for instance for the purposes of shielding vulnerable parties like children or genuinely guarding national security.

    But the Afghan case exemplifies the dangers of allowing secrecy to persist too long or too broadly. For nearly two years, the public was kept in the dark about a data breach involving tens of thousands of lives – including British citizens – and a government response that may ultimately cost the taxpayer “several billion pounds”.

    In this context, secrecy risked becoming a form of institutional self-protection, shielding the Ministry of Defence and the government from political fallout, legal scrutiny and accountability, rather than safeguarding people from actual harm.

    The principle of open justice is at the heart of democratic life. Superinjunctions, by their nature, run directly against that principle. There are times when secrecy might be seen as necessary, but it must always be tightly scoped and justified with evidence while serving the public interest; not convenience or image. By lifting this superinjunction, the courts affirmed that the British public has a right to know not only what went wrong, but that something went wrong at all.

    Alexandros Antoniou 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. Why did the government hide a data leak about Afghans working with British forces and why did the courts finally reveal it? – https://theconversation.com/why-did-the-government-hide-a-data-leak-about-afghans-working-with-british-forces-and-why-did-the-courts-finally-reveal-it-261437

    MIL OSI Analysis

  • MIL-OSI Analysis: Scroll, watch, burn: sunscreen misinformation and its real‑world damage

    Source: The Conversation – UK – By Rachael Kent, Senior Lecturer in Digital Economy & Society Education, Department of Digital Humanities, King’s College London

    Krakenimages.com/Shutterstock

    On a sunny afternoon, I was scrolling through social media when I came across a video of a young woman tossing her sunscreen into a bin. “I don’t trust this stuff anymore,” she said to the camera, holding the bottle up like a piece of damning evidence.

    The clip had been viewed over half a million times, with commenters applauding her for “ditching chemicals” and recommending homemade alternatives like coconut oil and zinc powder.

    In my research on the effect of digital technology on health, I’ve seen how posts like this can shape real-world behaviour. And anecdotally, dermatologists have reported seeing more patients with severe sunburns or suspicious moles who say they stopped using sunscreen after watching similar videos.

    Sunscreen misinformation created by social media influencers is spreading and this isn’t just a random trend. It’s being fuelled by the platforms designed to host influencer content.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    In my book, The Digital Health Self, I explain how social media platforms are not neutral arenas for sharing information. They are commercial ecosystems engineered to maximise engagement and time spent online – metrics that directly drive advertising revenue.

    Content that sparks emotion – outrage, fear, inspiration – is boosted to the top of your feed. That’s why posts questioning or rejecting science often spread further than measured, evidence-based advice.

    Health misinformation thrives in this environment. A personal story about throwing out sunscreen performs well because it’s dramatic and emotionally charged. Algorithms reward such content with higher visibility: likes, shares and comments all signal popularity.

    Each second a user spends watching or reacting gives the platform more data – and more opportunities to serve targeted ads. This is how health misinformation becomes profitable.

    In my work, I describe social media platforms as “unregulated public health platforms”. They influence what users see and believe about health, but unlike public health institutions, they’re not bound by standards for accuracy or harm reduction.

    If an influencer claims sunscreen is toxic, that message won’t be factchecked or flagged – it will often be amplified. Why? Because controversy fuels engagement.




    Read more:
    Misinformation lends itself to social contagion – here’s how to recognize and combat it


    I call this environment “the credibility arena”: a space where trust is built not through expertise, but through performance and aesthetic appeal. As I write in my book: “Trust is earned not by what is known, but by how well one narrates suffering, recovery, and resilience.”

    A creator crying on camera about “toxins” can feel more authentic to viewers than a calm, clinical explanation of ultraviolet radiation from a medical expert.

    This shift has real consequences. Ultraviolet rays are invisible, constant and damaging. They penetrate cloud cover and harm skin even on cool days.

    Decades of research, especially in countries like Australia with high skin cancer rates, show that regular use of broad-spectrum sunscreen dramatically reduces risk. And yet, myths spreading online are urging people to do the opposite: to abandon sunscreen as dangerous or unnecessary.

    This trend isn’t driven solely by individual creators. It’s embedded in how content is designed, framed and presented. Algorithms prioritise short, emotionally-charged videos. Interfaces highlight trending sounds and hashtags. Recommendation systems push users toward extreme or dramatic content.

    These features all shape what we see and how we interpret it. The “For You” page isn’t neutral. It’s engineered to keep you scrolling, and shock value outperforms nuance every time.

    That’s why videos about “ditching chemicals” thrive, even as posts on other aspects of women’s health are shadowbanned or suppressed. Shadowbanning refers to when a platform limits the visibility of content – making it harder to find, without informing the user – often due to vague or inconsistently applied moderation rules.

    The system rewards spectacle, not science. Once creators discover that a particular format, like tossing products into a bin, boosts engagement, it’s replicated over and over again. Visibility isn’t organic. It’s manufactured.

    Those who throw away their sunscreen often believe they’re doing the right thing. They’re drawn to creators who feel relatable, sincere and independent — especially when official health campaigns seem cold, patronising or out of touch. But the consequences can be serious. Sun damage accumulates silently, raising skin cancer risk with every hour spent unprotected.

    Sunscreen isn’t perfect. It needs to be reapplied properly and paired with shade and protective clothing. But the evidence for its effectiveness is clear and robust.

    The real danger lies in a system that not only allows misinformation to spread, but also incentivises it. A system in which false claims can boost an influencer’s reach and a platform’s revenue.




    Read more:
    Four ways you can design social media posts to combat health misinformation


    To resist harmful health trends, we need to understand the systems that promote them. In the case of sunscreen, rejecting protection isn’t just a personal decision – it’s a symptom of a digital culture that turns health into content, and often profits from the harm it causes.

    Rachael Kent 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. Scroll, watch, burn: sunscreen misinformation and its real‑world damage – https://theconversation.com/scroll-watch-burn-sunscreen-misinformation-and-its-real-world-damage-261137

    MIL OSI Analysis

  • MIL-OSI Analysis: Scroll, watch, burn: sunscreen misinformation and its real‑world damage

    Source: The Conversation – UK – By Rachael Kent, Senior Lecturer in Digital Economy & Society Education, Department of Digital Humanities, King’s College London

    Krakenimages.com/Shutterstock

    On a sunny afternoon, I was scrolling through social media when I came across a video of a young woman tossing her sunscreen into a bin. “I don’t trust this stuff anymore,” she said to the camera, holding the bottle up like a piece of damning evidence.

    The clip had been viewed over half a million times, with commenters applauding her for “ditching chemicals” and recommending homemade alternatives like coconut oil and zinc powder.

    In my research on the effect of digital technology on health, I’ve seen how posts like this can shape real-world behaviour. And anecdotally, dermatologists have reported seeing more patients with severe sunburns or suspicious moles who say they stopped using sunscreen after watching similar videos.

    Sunscreen misinformation created by social media influencers is spreading and this isn’t just a random trend. It’s being fuelled by the platforms designed to host influencer content.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    In my book, The Digital Health Self, I explain how social media platforms are not neutral arenas for sharing information. They are commercial ecosystems engineered to maximise engagement and time spent online – metrics that directly drive advertising revenue.

    Content that sparks emotion – outrage, fear, inspiration – is boosted to the top of your feed. That’s why posts questioning or rejecting science often spread further than measured, evidence-based advice.

    Health misinformation thrives in this environment. A personal story about throwing out sunscreen performs well because it’s dramatic and emotionally charged. Algorithms reward such content with higher visibility: likes, shares and comments all signal popularity.

    Each second a user spends watching or reacting gives the platform more data – and more opportunities to serve targeted ads. This is how health misinformation becomes profitable.

    In my work, I describe social media platforms as “unregulated public health platforms”. They influence what users see and believe about health, but unlike public health institutions, they’re not bound by standards for accuracy or harm reduction.

    If an influencer claims sunscreen is toxic, that message won’t be factchecked or flagged – it will often be amplified. Why? Because controversy fuels engagement.




    Read more:
    Misinformation lends itself to social contagion – here’s how to recognize and combat it


    I call this environment “the credibility arena”: a space where trust is built not through expertise, but through performance and aesthetic appeal. As I write in my book: “Trust is earned not by what is known, but by how well one narrates suffering, recovery, and resilience.”

    A creator crying on camera about “toxins” can feel more authentic to viewers than a calm, clinical explanation of ultraviolet radiation from a medical expert.

    This shift has real consequences. Ultraviolet rays are invisible, constant and damaging. They penetrate cloud cover and harm skin even on cool days.

    Decades of research, especially in countries like Australia with high skin cancer rates, show that regular use of broad-spectrum sunscreen dramatically reduces risk. And yet, myths spreading online are urging people to do the opposite: to abandon sunscreen as dangerous or unnecessary.

    This trend isn’t driven solely by individual creators. It’s embedded in how content is designed, framed and presented. Algorithms prioritise short, emotionally-charged videos. Interfaces highlight trending sounds and hashtags. Recommendation systems push users toward extreme or dramatic content.

    These features all shape what we see and how we interpret it. The “For You” page isn’t neutral. It’s engineered to keep you scrolling, and shock value outperforms nuance every time.

    That’s why videos about “ditching chemicals” thrive, even as posts on other aspects of women’s health are shadowbanned or suppressed. Shadowbanning refers to when a platform limits the visibility of content – making it harder to find, without informing the user – often due to vague or inconsistently applied moderation rules.

    The system rewards spectacle, not science. Once creators discover that a particular format, like tossing products into a bin, boosts engagement, it’s replicated over and over again. Visibility isn’t organic. It’s manufactured.

    Those who throw away their sunscreen often believe they’re doing the right thing. They’re drawn to creators who feel relatable, sincere and independent — especially when official health campaigns seem cold, patronising or out of touch. But the consequences can be serious. Sun damage accumulates silently, raising skin cancer risk with every hour spent unprotected.

    Sunscreen isn’t perfect. It needs to be reapplied properly and paired with shade and protective clothing. But the evidence for its effectiveness is clear and robust.

    The real danger lies in a system that not only allows misinformation to spread, but also incentivises it. A system in which false claims can boost an influencer’s reach and a platform’s revenue.




    Read more:
    Four ways you can design social media posts to combat health misinformation


    To resist harmful health trends, we need to understand the systems that promote them. In the case of sunscreen, rejecting protection isn’t just a personal decision – it’s a symptom of a digital culture that turns health into content, and often profits from the harm it causes.

    Rachael Kent 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. Scroll, watch, burn: sunscreen misinformation and its real‑world damage – https://theconversation.com/scroll-watch-burn-sunscreen-misinformation-and-its-real-world-damage-261137

    MIL OSI Analysis

  • MIL-OSI Russia: With the support of Rosneft, a Summer Project School has opened at the Moscow State University Gymnasium

    Translation. Region: Russian Federal

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    The ceremonial opening of the annual Summer Project School for students of Rosneft Classes took place at the University Gymnasium of Moscow State University named after M.V. Lomonosov. The training will involve 80 tenth-graders from 15 regions of Russia – they passed a competitive selection, which included multi-stage testing and a distance learning course.

    The Summer Project School is a joint project of Rosneft and Moscow State University, created to support talented youth. The event is being held for the fourth time. The training helps schoolchildren acquire basic knowledge in the field of project and research activities, as well as practical skills in team development and implementation of projects, including in key areas of the Company’s activities.

    For two weeks, schoolchildren will work in project groups in four areas: mathematics, engineering, geology and natural science. To get acquainted with the activities of Rosneft, schoolchildren will visit the Arctic Research Center, as well as the laboratories of the Company’s Joint Research and Development Center. Specialists will tell schoolchildren about Rosneft’s key scientific projects. In addition, the program includes visits to specialized faculties and museums of Lomonosov Moscow State University and Gubkin Russian State University of Oil and Gas.

    For the participants of the Summer School, trainings on the development of professional and personal skills, creative master classes, as well as sports and entertainment events will be organized.

    Career guidance events will help high school students decide on their future profession. Based on the results of their studies at the Summer School, students will present their own projects.

    Reference:

    In order to form an external personnel reserve and a constant influx of highly educated young specialists into the Company, in 2005 Rosneft created a corporate system of continuous education “School – College/University – Enterprise”.

    Today, with the Company’s support, 2.7 thousand schoolchildren in 20 regions of Russia study in Rosneft Classes. The training is conducted according to programs with in-depth study of mathematics, physics, chemistry and computer science with the involvement of the best teachers.

    Department of Information and AdvertisingPJSC NK RosneftJuly 18, 2025

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • 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 equity1, 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 assets1, 3     1.38 %     1.41 %     1.28 %     1.38 %     1.42 %     1.39 %     1.42 %
    Pre-tax, pre-provision operating return on average loans1, 3     1.82       1.89       1.72       1.83       1.83       1.86       1.83  
    Operating return on average assets1,3     1.00       0.96       0.93       1.00       0.91       0.98       0.93  
    Operating return on average tangible common equity1,3     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 %

    1Includes 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 %    

    1Total 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

  • 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 equity1, 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 assets1, 3     1.38 %     1.41 %     1.28 %     1.38 %     1.42 %     1.39 %     1.42 %
    Pre-tax, pre-provision operating return on average loans1, 3     1.82       1.89       1.72       1.83       1.83       1.86       1.83  
    Operating return on average assets1,3     1.00       0.96       0.93       1.00       0.91       0.98       0.93  
    Operating return on average tangible common equity1,3     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 %

    1Includes 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 %    

    1Total 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

  • India reaffirms commitment to ‘Pact for Future’ at UN dialogue

    Source: Government of India

    Source: Government of India (4)

    India reiterated its strong commitment to the Pact for the Future and its annexes, the Global Digital Compact (GDC) and the Declaration on Future Generations, during the third interactive informal dialogue held to review the pact.

    Describing the initiative as a vital step in the global community’s collective efforts to address emerging and long-term challenges, India emphasised the importance of inclusive, forward-looking international cooperation.

    The informal interactive dialogue on Thursday aimed to provide a platform for member States to exchange ideas and share practices, looking ahead to 2028 in the implementation of the pact.

    At the Summit of the Future on 22 September 2024, world leaders adopted the Pact for the Future and its annexes: the Global Digital Compact and Declaration on Future Generations. This historic agreement is the culmination of years of inclusive dialogue and collaboration aimed at modernising international cooperation to address today’s realities and prepare for tomorrow’s challenges.

    “India believes the 2028 review should be results-oriented and forward-looking. We must particularly ensure dedicated attention to critical reform areas, especially UN Security Council expansion and international financial architecture reform, where progress has been insufficient,” said Parvathaneni Harish, Permanent Representative of India to the United Nations, addressing the session.

    “As regards Security Council reforms, the majority agree that the body should be reflective of the current geopolitical realities. This would be critical to enhance the Council’s credibility, legitimacy and efficacy. During the 79th session, the IGN has concluded without any concrete progress. Member states need to redouble the efforts to achieve real reforms and resist efforts by a group of countries to maintain the status quo. Negotiations based on a text need to commence at the earliest,” he added.

    He asserted that India strongly supports strategic alignment to maximise impact and avoid duplication.

    “Ideally, UN@80 goals should have been part of the Pact framework and pursued as part of negotiations among member states last year. However, moving forward, we should ensure that implementation and review of the Pact should be aligned with UN@80 initiative,” Harish stressed.

    Emphasising that the review should be linked with the 2027 SDG Summit outcomes to create a unified narrative on sustainable development progress, the Ambassador said, “we should also build on sectoral reviews including the Fourth International Conference on Financing for Development, the World Social Summit, the WSIS+20 Review and Peacebuilding Architecture Review while leveraging existing mechanisms like the High-Level Political Forum and ECOSOC for reporting.”

    India also called for coherence and complementarities with ongoing processes within the G20, WTO, World Bank and IMF, particularly in the context of sustainable financing and fair and equitable global financial architecture.

    “India believes that these ongoing reviews and processes, as mentioned above, must inform the design and content of the 2028 Pact review. The 2028 review must not only be a stock-taking exercise but should deliver concrete next steps for the implementation cycle ahead. We particularly need clear benchmarks for Security Council reform with timelines for text-based negotiations,” Harish noted.

    He further said that an important outcome of the implementation of GDC is the decision to establish an Independent International Scientific Panel on AI and a Global Dialogue on AI Governance within the UN Framework.

    “We look forward to a fruitful conclusion of the on-going negotiations and adoption of the modalities resolution on the basis of consensus. India remains committed to working collaboratively with all stakeholders to ensure the effective implementation of the Pact and its annexes and look forward to continued dialogue and briefings in this regard,” he concluded.

    (IANS)

  • PM Modi flags off four new Amrit Bharat trains in poll-bound Bihar

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi flagged off four new Amrit Bharat trains in Bihar’s Motihari on Friday and also laid the foundation stone and inaugurated multiple development projects worth over Rs 7,200 crore.

    The Amrit Bharat will runs between Rajendra Nagar Terminal (Patna) and New Delhi, Bapudham Motihari and Delhi (Anand Vihar Terminal), Darbhanga and Lucknow (Gomti Nagar), and Malda Town and Lucknow (Gomti Nagar) via Bhagalpur.

    PM Modi also handed over keys to some beneficiaries as part of the Griha Pravesh ceremony for 12,000 beneficiaries and released over Rs 160 crore to 40,000 beneficiaries of the Pradhan Mantri Awas Yojana-Gramin.

    He also released Rs 400 crore to around 61,500 Self-Help Groups in Bihar under Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM). With a special focus on women-led development, over 10 crore women have been connected to Self-Help Groups (SHGs).

    The visit by PM Modi comes ahead of the Assembly elections, which are set to be held in the state later this year.

    In line with his commitment to boost connectivity and infrastructure, PM Modi dedicated multiple rail projects to the nation. It includes automatic signalling between the Samastipur-Bachhwara rail line that will enable efficient train operations in this section. The doubling of the Darbhanga-Thalwara and Samastipur-Rambhadrapur rail lines is part of the Darbhanga-Samastipur doubling project, worth over Rs 580 crore, which will enhance the capacity of train operations and reduce delays.

    Another rail project includes the development of infrastructure for maintaining Vande Bharat trains at Patliputra. Automatic signalling on the Bhatni-Chhapra Gramin rail line (114 km) to enable streamlined train operations. Upgradation of the traction system in the Bhatni-Chhapra Gramin section to enable higher train speeds by strengthening the traction system infrastructure and optimising energy efficiency.

    The Darbhanga-Narkatiaganj rail line doubling project is worth approximately Rs 4,080 crore, aimed at increasing sectional capacity, enabling the operation of more passenger and freight trains, and strengthening connectivity between North Bihar and the rest of the country.

    (ANI)

  • MIL-OSI United Nations: Global: AI-powered early-warning systems under the Early Warnings for All (EW4All) initiative

    Source: UNISDR Disaster Risk Reduction

    This case study was collected through a Call for Good Practices on Reducing Risk across SDG Transitions, launched by the UN DRR Focal Points Group in 2024.

    SDGs addressed: 13 | 11 | 9 (digital transformation theme)

    The UN-backed Early Warnings for All (EW4All) initiative aims to cover everyone on Earth with timely, life-saving alerts by 2027. Its AI Sub-Group, convened by the International Telecommunication Union (ITU) with WMO, UNDRR and IFRC, integrates artificial-intelligence tools across the four pillars of early-warning systems-risk knowledge, detection & forecasting, warning dissemination and preparedness. Working with governments, tech firms and communities, the group pilots machine-learning models that fuse satellite, radar, social-media and IoT data to sharpen hazard forecasts and send population-specific alerts in near real time.

    Innovation & success factors

    • AI fusion of complex datasets-weather, exposure, mobility-raises forecast accuracy.
    • Optimised message routing chooses channels, languages and geofences for each group.
    • Multi-stakeholder governance (UN agencies + private tech + civil society) ensures ethical, equitable deployment.

    Key impacts

    • Improved lead times for tropical-cyclone and flash-flood warnings in pilot countries (e.g., +30 min average).
    • Targeted reach-algorithms tailor SMS, radio or app alerts to last-mile users, increasing timely action.
    • Policy influence-15 governments adopt AI guidelines for DRR under EW4All technical-assistance tracks.

    Lessons learned for replication or adaptation

    1. Equity first: AI roll-outs must bridge, not widen, the digital divide.
    2. Cross-sector partnerships accelerate innovation and scaling.
    3. Ethical frameworks & data privacy are non-negotiable for public trust.
    4. Continuous training keeps models accurate amid climate-system change.
    5. Local language & culture matter as much as algorithmic performance.

    Organisations involved

    • UN entities: ITU (lead), WMO, UNDRR, IFRC
    • Government partners: National meteorological & telecom agencies in pilot countries (e.g., India, Fiji, Kenya)
    • Private sector: AI cloud providers, mobile-network operators
    • Civil society & academia: Local DRR NGOs, research labs developing ethical-AI frameworks

    MIL OSI United Nations News

  • MIL-OSI United Nations: Moldova: Disaster-resilience scorecards guide urban planning and budgeting in five cities

    Source: UNISDR Disaster Risk Reduction

    This case study was collected through a Call for Good Practices on Reducing Risk across SDG Transitions, launched by the UN DRR Focal Points Group in 2024.

    SDGs addressed: 11 (Sustainable Cities & Communities) | 13 (Climate Action)

    Chișinău, Leova, Anenii Noi, Sîngera and Căușeni joined UNDRR’s Making Cities Resilient 2030 (MCR2030) network to tackle limited finance, data gaps and centralised decision-making. Through participatory workshops in 2020-24, municipal staff, emergency services and partners completed the Disaster Resilience Scorecard, identifying weaknesses in governance, data management and inclusive planning. The findings fed four city reports (two co-facilitated by IOM and UN Women) and catalysed the Chișinău Resilience Strategy 2024-2030, which embeds Leave-No-One-Behind principles.

    Innovation & success Factors

    • Structured diagnostics – scorecards translate complex resilience gaps into concrete priorities.
    • Participatory approach – workshops engage mayors, finance, health & education staff, boosting ownership.
    • Systems thinking – links planning, budgeting and data-sharing across departments.

    Key impacts

    • 4 city resilience reports endorsed (Leova, Anenii Noi, Sîngera, Căușeni).
    • Chișinău Resilience Strategy 2024-2030 adopted by council.
    • Raised awareness – mayors connect resilience goals to annual budgets.
    • Gender & inclusion – Căușeni workshop analysed gender-budgeting gaps.

    Lessons learned for replication or adaptation

    1. Scorecards simplify risk analysis for resource-constrained cities.
    2. Mayor buy-in is critical for policy adoption and financing.
    3. Peer-to-peer learning helps small cities overcome capacity gaps.
    4. Medium-term wins keep political interest alive beyond election cycles.

    Organisations involved

    • Lead UN entity: UNDRR
    • Supporting UN agencies: IOM, UN Women (one workshop each)
    • Local partners: City mayors & departments (health, education, finance), General Inspectorate for Emergency Situations (IGSU)
    • Beneficiaries: Entire populations of the five participating cities (≈ 700 000), with a focus on women, the elderly and low-income groups.

    MIL OSI United Nations News

  • MIL-OSI USA: Mexican Illegal Alien Charged for Orchestrating ‘Kidnapping’ Hoax

    Source: US Federal Emergency Management Agency

    Headline: Mexican Illegal Alien Charged for Orchestrating ‘Kidnapping’ Hoax

    WASHINGTON – Today, the Department of Homeland Security (DHS) released the following statement after the Department of Justice, in coordination with Homeland Security Investigations (HSI) Los Angeles, arrested and filed charges against Mexican illegal alien Yuriana Julia Pelaez Calderon for fabricating a false story to smear federal law enforcement

    Earlier this month, legacy media ran with a false story that ICE agents and bounty hunters “kidnapped” Calderon at gunpoint and held her hostage in a warehouse

    After her family held a press conference orchestrated by their attorney, ICE spent days investigating the kidnapping claims and searching for her — at times, literally detention cell to detention cell

    “Yuriana Julia Pelaez Calderon was never arrested or kidnapped by ICE or bounty hunters—this criminal illegal alien scammed innocent Americans for money and diverted limited DHS resources from removing the worst of the worst from Los Angeles communities

    Politicians and activist media peddled these smears that were designed to demonize law enforcement and evade accountability

    Calderon will now face justice and the media and politicians who swallowed and pushed this garbage should be embarrassed

    Calderon is charged with conspiracy and making false statements to federal officers and if convicted, faces a maximum sentence of five years in federal prison for each

    MIL OSI USA News

  • MIL-OSI USA: California sues to stop Trump’s politically motivated attack on high-speed rail

    Source: US State of California 2

    Jul 17, 2025

    What you need to know: Governor Newsom announced the High Speed Rail Authority is suing the Trump administration over its illegal termination of federal grants funding the project.

    SACRAMENTO – Governor Gavin Newsom today announced the High Speed Rail Authority is suing the Trump administration over its politically-motivated termination of $4 billion in federal grants to the project.

    The lawsuit alleges that termination of the agreements is petty, political retribution, motivated by President Trump’s personal animus toward California and the high-speed rail project, not by facts on the ground. 

    Trump’s termination of federal grants for California high-speed rail reeks of politics. It’s yet another political stunt to punish California.

    In reality, this is just a heartless attack on the Central Valley that will put real jobs and livelihoods on the line. We’re suing to stop Trump from derailing America’s only high-speed rail actively under construction. 

    Governor Gavin Newsom

    Today’s action comes as the project enters the track laying phase, is actively building across 171 miles, has built more than 50 major railway structures – including bridges, overpasses, and viaducts – and completed over 60 miles of guideway. 

    In the last year, high-speed rail has marked significant progress – with all environmental reviews spanning 463 miles from Los Angeles to the Bay Area complete, the electrification of Caltrain complete, trainset selection underway, station and track construction on deck, continued work with partner rail systems to create a southwest regional high-speed rail network, and more than 15,000 good paying jobs created. Passenger service is expected in the coming years, between 2030 and 2033.

    High speed rail is a key part of Governor Newsom’s build more, faster agenda delivering infrastructure upgrades and creating jobs throughout the state.

    Press releases, Recent news

    Recent news

    News SACRAMENTO – As Governor Gavin Newsom and legislative leaders continue to work on extending the state’s preeminent climate program – Cap-and-Invest – new reports out this week highlight how critical the program is to the state’s economic future, and how…

    News What you need to know: With the Trump administration illegally terminating grant agreements funding California high-speed rail, Governor Newsom said the state is “putting all options on the table” to fight Trump’s action. SACRAMENTO – Governor Gavin Newsom issued…

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Jennifer Osborn, of Orangevale, has been appointed Director at the California Department of Industrial Relations. Osborn has been Chief Deputy Director at the California Department of…

    MIL OSI USA News

  • MIL-OSI United Kingdom: CMA letter to Parliamentary Under-Secretary of State for Patient Safety, Women’s Health and Mental Health

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    CMA letter to Parliamentary Under-Secretary of State for Patient Safety, Women’s Health and Mental Health

    The Competition and Market Authority’s (CMA’s) letter to Parliamentary Under-Secretary of State for Patient Safety, Women’s Health and Mental Health about fertility patients and consumer protection.

    Documents

    Details

    The CMA’s letter to the government to share the update report on the CMA’s work on a voluntary pricing initiative to help fertility patients compare clinics’ prices and reiterate the view that patients would benefit from the Human Fertilisation and Embryology Authority (HFEA) being given a more flexible range of regulatory tools.

    Updates to this page

    Published 18 July 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom

  • MIL-OSI: Red White & Bloom Brands Reports Fiscal 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is pleased to report that it has filed its consolidated audited financial statements for the year ended December 31, 2024 (the “Financial Statements”), together with the related management’s discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications (collectively, the “Annual Filings”).

    As previously disclosed, the Company’s Annual Filings and its interim financial statements and MD&A for the three-month period ended March 31, 2025 (the “2025-Q1 Filings”) were delayed beyond the prescribed deadlines under applicable Canadian securities laws. As a result, a failure-to-file cease trade order (“FFCTO”) was issued by the applicable securities regulator, effective July 3, 2025.

    With the Annual Filings now completed, the Company is working diligently to finalize and file the 2025-Q1 Filings. The FFCTO will remain in effect until the 2025-Q1 Filings are completed and the applicable securities regulator revokes the order.

    2024 Fourth Quarter (“2024-Q4”) Consolidated Results Compared to Restated 2023 Fourth Quarter (“2023-Q4”)

    • Revenues were $18.7 million for 2024-Q4, representing a $2.8 million increase compared to restated 2023-Q4 revenues of $15.9 million.
    • Gross profit, after fair value adjustments, was $5.4 million for 2024-Q4, a decrease of $5.1 million from restated 2023-Q4 gross profit after fair value adjustments of $10.6 million.
    • Operating expenses totaled $9.1 million for 2024-Q4, a decrease of $3.7 million compared to restated 2023-Q4 operating expenses of $12.8 million.
    • EBITDA was $6.3 million for 2024-Q4, an increase of $97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of $91.3 million which included $94.6 million in non-cash impairments.1

    Fiscal Year 2024 (“2024-YTD”) Consolidated Results Compared to Restated Fiscal Year 2023 (“2023-YTD”)

    • Revenues for 2024-YTD were $80.2 million, reflecting a $10.6 million increase compared to restated 2023-YTD revenues of $69.6 million.
    • Gross profit, after fair value adjustments, for 2024-YTD totaled $28.4 million, an increase of $3.4 million from restated 2023-YTD gross profit after fair value adjustments of $25.0 million., marking an increase of $3.4 million.
    • Operating expenses for 2024-YTD were $40.4 million, an increase of $9.4 million compared to restated 2023-YTD operating expenses of $31.0 million.
    • EBITDA was $10.8 million for 2024-YTD, a net increase improvement of $99.76 million compared to 2023-YTD negative adjusted EBITDA of $89.0 million which included $94.6 million in non-cash impairments.

    For additional details on the Company’s financial results, refer to the Company’s filings at SEDAR+: www.sedarplus.ca

    About Red White & Bloom Brands Inc.

    Red White & Bloom is a multi-state cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and International markets.

    Red White & Bloom Brands Inc.
    Investor and Media Relations
    Edoardo Mattei, CFO
    IR@RedWhiteBloom.com
    947-225-0503

    __________________________
    1Refer to Note 33, Discontinued Operations, of the Company’s 2024-YE Financial Statements for details on impairments.

    Visit us on the web: https://www.redwhitebloom.com/

    Follow us on social media:

    @rwbbrands
    Facebook @redwhitebloombrands
    Instagram @redwhitebloombrands

    Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

    FORWARD LOOKING INFORMATION

    This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that the near-term priorities outlined in this press release will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

    There are several important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property, and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also been assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

    NON-IFRS AND SUPPLEMENTARY FINANCIAL OR OPERATING MEASURES
    The Company references non-IFRS and supplementary financial or operating measures, including, but not limited to, EBITDA and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are most likely not comparable to similar measures presented by other public company issuers including those operating in the cannabis industry. Non-IFRS measures provide investors with additional insights into the Company’s financial and operating performance which may not be garnered from traditional IFRS measures. The management of the Company, including its key decision makers, use non-IFRS measures in assessing the Company’s financial and operating performance. The Company calculates EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest expenses, interest income and amortization of discounts, and depreciation and amortization. The Company calculates Adjusted EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest income and amortization of discounts, depreciation and amortization, fair value changes in biological assets, realized fair value changes in inventory sold, share based compensation, termination costs, gains or losses on evaluation of financial instruments, impairments of intangible assets, impairment of goodwill, impairment of property, plant and equipment, accreted interest on leases and applicable short term and long term liabilities, gains or losses on asset disposals, gains or losses on settlement of debt, gains or losses on debt modification, foreign exchange, expected credit losses and bad debt expense, acquisition costs, business transaction costs, gain on extinguishment of payables, and non-recurring expenses such as carrying costs associated with dormant assets and penalties and late fees.

    The MIL Network

  • MIL-OSI: Red White & Bloom Brands Reports Fiscal 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is pleased to report that it has filed its consolidated audited financial statements for the year ended December 31, 2024 (the “Financial Statements”), together with the related management’s discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications (collectively, the “Annual Filings”).

    As previously disclosed, the Company’s Annual Filings and its interim financial statements and MD&A for the three-month period ended March 31, 2025 (the “2025-Q1 Filings”) were delayed beyond the prescribed deadlines under applicable Canadian securities laws. As a result, a failure-to-file cease trade order (“FFCTO”) was issued by the applicable securities regulator, effective July 3, 2025.

    With the Annual Filings now completed, the Company is working diligently to finalize and file the 2025-Q1 Filings. The FFCTO will remain in effect until the 2025-Q1 Filings are completed and the applicable securities regulator revokes the order.

    2024 Fourth Quarter (“2024-Q4”) Consolidated Results Compared to Restated 2023 Fourth Quarter (“2023-Q4”)

    • Revenues were $18.7 million for 2024-Q4, representing a $2.8 million increase compared to restated 2023-Q4 revenues of $15.9 million.
    • Gross profit, after fair value adjustments, was $5.4 million for 2024-Q4, a decrease of $5.1 million from restated 2023-Q4 gross profit after fair value adjustments of $10.6 million.
    • Operating expenses totaled $9.1 million for 2024-Q4, a decrease of $3.7 million compared to restated 2023-Q4 operating expenses of $12.8 million.
    • EBITDA was $6.3 million for 2024-Q4, an increase of $97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of $91.3 million which included $94.6 million in non-cash impairments.1

    Fiscal Year 2024 (“2024-YTD”) Consolidated Results Compared to Restated Fiscal Year 2023 (“2023-YTD”)

    • Revenues for 2024-YTD were $80.2 million, reflecting a $10.6 million increase compared to restated 2023-YTD revenues of $69.6 million.
    • Gross profit, after fair value adjustments, for 2024-YTD totaled $28.4 million, an increase of $3.4 million from restated 2023-YTD gross profit after fair value adjustments of $25.0 million., marking an increase of $3.4 million.
    • Operating expenses for 2024-YTD were $40.4 million, an increase of $9.4 million compared to restated 2023-YTD operating expenses of $31.0 million.
    • EBITDA was $10.8 million for 2024-YTD, a net increase improvement of $99.76 million compared to 2023-YTD negative adjusted EBITDA of $89.0 million which included $94.6 million in non-cash impairments.

    For additional details on the Company’s financial results, refer to the Company’s filings at SEDAR+: www.sedarplus.ca

    About Red White & Bloom Brands Inc.

    Red White & Bloom is a multi-state cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and International markets.

    Red White & Bloom Brands Inc.
    Investor and Media Relations
    Edoardo Mattei, CFO
    IR@RedWhiteBloom.com
    947-225-0503

    __________________________
    1Refer to Note 33, Discontinued Operations, of the Company’s 2024-YE Financial Statements for details on impairments.

    Visit us on the web: https://www.redwhitebloom.com/

    Follow us on social media:

    @rwbbrands
    Facebook @redwhitebloombrands
    Instagram @redwhitebloombrands

    Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

    FORWARD LOOKING INFORMATION

    This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that the near-term priorities outlined in this press release will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

    There are several important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property, and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also been assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

    NON-IFRS AND SUPPLEMENTARY FINANCIAL OR OPERATING MEASURES
    The Company references non-IFRS and supplementary financial or operating measures, including, but not limited to, EBITDA and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are most likely not comparable to similar measures presented by other public company issuers including those operating in the cannabis industry. Non-IFRS measures provide investors with additional insights into the Company’s financial and operating performance which may not be garnered from traditional IFRS measures. The management of the Company, including its key decision makers, use non-IFRS measures in assessing the Company’s financial and operating performance. The Company calculates EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest expenses, interest income and amortization of discounts, and depreciation and amortization. The Company calculates Adjusted EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest income and amortization of discounts, depreciation and amortization, fair value changes in biological assets, realized fair value changes in inventory sold, share based compensation, termination costs, gains or losses on evaluation of financial instruments, impairments of intangible assets, impairment of goodwill, impairment of property, plant and equipment, accreted interest on leases and applicable short term and long term liabilities, gains or losses on asset disposals, gains or losses on settlement of debt, gains or losses on debt modification, foreign exchange, expected credit losses and bad debt expense, acquisition costs, business transaction costs, gain on extinguishment of payables, and non-recurring expenses such as carrying costs associated with dormant assets and penalties and late fees.

    The MIL Network

  • MIL-OSI: Red White & Bloom Brands Reports Fiscal 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 18, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is pleased to report that it has filed its consolidated audited financial statements for the year ended December 31, 2024 (the “Financial Statements”), together with the related management’s discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications (collectively, the “Annual Filings”).

    As previously disclosed, the Company’s Annual Filings and its interim financial statements and MD&A for the three-month period ended March 31, 2025 (the “2025-Q1 Filings”) were delayed beyond the prescribed deadlines under applicable Canadian securities laws. As a result, a failure-to-file cease trade order (“FFCTO”) was issued by the applicable securities regulator, effective July 3, 2025.

    With the Annual Filings now completed, the Company is working diligently to finalize and file the 2025-Q1 Filings. The FFCTO will remain in effect until the 2025-Q1 Filings are completed and the applicable securities regulator revokes the order.

    2024 Fourth Quarter (“2024-Q4”) Consolidated Results Compared to Restated 2023 Fourth Quarter (“2023-Q4”)

    • Revenues were $18.7 million for 2024-Q4, representing a $2.8 million increase compared to restated 2023-Q4 revenues of $15.9 million.
    • Gross profit, after fair value adjustments, was $5.4 million for 2024-Q4, a decrease of $5.1 million from restated 2023-Q4 gross profit after fair value adjustments of $10.6 million.
    • Operating expenses totaled $9.1 million for 2024-Q4, a decrease of $3.7 million compared to restated 2023-Q4 operating expenses of $12.8 million.
    • EBITDA was $6.3 million for 2024-Q4, an increase of $97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of $91.3 million which included $94.6 million in non-cash impairments.1

    Fiscal Year 2024 (“2024-YTD”) Consolidated Results Compared to Restated Fiscal Year 2023 (“2023-YTD”)

    • Revenues for 2024-YTD were $80.2 million, reflecting a $10.6 million increase compared to restated 2023-YTD revenues of $69.6 million.
    • Gross profit, after fair value adjustments, for 2024-YTD totaled $28.4 million, an increase of $3.4 million from restated 2023-YTD gross profit after fair value adjustments of $25.0 million., marking an increase of $3.4 million.
    • Operating expenses for 2024-YTD were $40.4 million, an increase of $9.4 million compared to restated 2023-YTD operating expenses of $31.0 million.
    • EBITDA was $10.8 million for 2024-YTD, a net increase improvement of $99.76 million compared to 2023-YTD negative adjusted EBITDA of $89.0 million which included $94.6 million in non-cash impairments.

    For additional details on the Company’s financial results, refer to the Company’s filings at SEDAR+: www.sedarplus.ca

    About Red White & Bloom Brands Inc.

    Red White & Bloom is a multi-state cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and International markets.

    Red White & Bloom Brands Inc.
    Investor and Media Relations
    Edoardo Mattei, CFO
    IR@RedWhiteBloom.com
    947-225-0503

    __________________________
    1Refer to Note 33, Discontinued Operations, of the Company’s 2024-YE Financial Statements for details on impairments.

    Visit us on the web: https://www.redwhitebloom.com/

    Follow us on social media:

    @rwbbrands
    Facebook @redwhitebloombrands
    Instagram @redwhitebloombrands

    Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

    FORWARD LOOKING INFORMATION

    This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that the near-term priorities outlined in this press release will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, market size, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

    There are several important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property, and reliable supply chains; risks related to the Company and its business generally; risks related to regulatory approvals. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also been assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

    NON-IFRS AND SUPPLEMENTARY FINANCIAL OR OPERATING MEASURES
    The Company references non-IFRS and supplementary financial or operating measures, including, but not limited to, EBITDA and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are most likely not comparable to similar measures presented by other public company issuers including those operating in the cannabis industry. Non-IFRS measures provide investors with additional insights into the Company’s financial and operating performance which may not be garnered from traditional IFRS measures. The management of the Company, including its key decision makers, use non-IFRS measures in assessing the Company’s financial and operating performance. The Company calculates EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest expenses, interest income and amortization of discounts, and depreciation and amortization. The Company calculates Adjusted EBITDA as net income or loss excluding current and deferred income tax expense, finance expense, interest income and amortization of discounts, depreciation and amortization, fair value changes in biological assets, realized fair value changes in inventory sold, share based compensation, termination costs, gains or losses on evaluation of financial instruments, impairments of intangible assets, impairment of goodwill, impairment of property, plant and equipment, accreted interest on leases and applicable short term and long term liabilities, gains or losses on asset disposals, gains or losses on settlement of debt, gains or losses on debt modification, foreign exchange, expected credit losses and bad debt expense, acquisition costs, business transaction costs, gain on extinguishment of payables, and non-recurring expenses such as carrying costs associated with dormant assets and penalties and late fees.

    The MIL Network

  • MIL-Evening Report: From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025

    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

    AUSPIC

    John Owen Stone AO was a legendary leader of the Commonwealth Treasury. He was secretary (departmental head) from January 1979 to September 1984 but was an intellectual driving force before then as deputy secretary from 1971 to 1978.

    Over those years he dealt with eight treasurers: Billy Snedden, Gough Whitlam, Frank Crean, Jim Cairns, Bill Hayden, Phillip Lynch, John Howard and Paul Keating.

    It is a sign of his influence that those years were dubbed the “Stone Age” by South Australian Premier Don Dunstan and others.

    Former Defence Department heads Arthur Tange and Tony Ayers were at various times called the “last of the mandarins” but Stone is probably truly the last.

    In 1978 journalist Paul Kelly called Stone “one of the two men who ran the nation”, the other being then prime minister Malcolm Fraser.

    It is hard to think of any later public servant about whom that could be said.

    Stone’s entry in the Senate’s biographical dictionary captures him well:

    he could be charming, witty and flattering, but he is often decried as being obstinate and arrogant.

    A Reserve Bank official is said to have said “I wish I was as certain about one thing as John Stone is about everything.”

    This obduracy cemented the Treasury’s reputation for arrogance and weakened its influence.

    Early years – from physics to economics

    John was born in 1929, the elder of two sons of a farmer and a primary school teacher. His childhood was spent in the Western Australian wheat belt. But after his parents divorced when he was 12, he moved with his mother to Perth.

    He attended Perth Modern School where contemporaries included Bob Hawke, Rolf Harris and Maxwell Newton.

    He graduated with first-class honours from the University of Western Australia in 1950, majoring in mathematical physics, and served as president of the students’ association.

    While there he met Billy Snedden, who two decades later would be Prime Minister William McMahon’s treasurer and with whom Stone would work as treasury deputy secretary.

    In 1951 he won a Rhodes scholarship. He initially enrolled for a physics degree at Oxford, but switched to economics, graduating with a Bachelor of Arts in Politics, Philosophy and Economics.

    He joined Australia’s Treasury, initially in its London office, in 1954. The same year he married Nancy Hardwick, a biochemical researcher, and they would have five children.

    The mandarin who put Treasury first

    Stone was an admirer of fellow Rhodes scholar Sir Roland Wilson, the longest-serving Treasury secretary with doctorates from Oxford and Chicago.

    Along with Wilson, Stone was a strong critic of the 1965 report of the Committee of Economic Inquiry known as the Vernon Report which called for greater planning and an independent economic advisory committee whose advice would have rivalled Treasury’s and succeeded in having Prime Minister Menzies reject it.

    In the late 1960s as treasury’s representative he was an executive director at the International Monetary Fund and defied his treasurer William McMahon by voting against the introduction of Special Drawing Rights that gave members rights over other members’ reserves.

    Stone believed that was why he was passed over for the secretary’s position when Frederick Wheeler was appointed in 1971.

    At treasury in the 1970s, Stone publicly clashed with members of a global environmental group called the Club of Rome about whether there were environmental limits to economic growth.

    During a public meeting in Canberra in 1973, he argued the world would not run out of the resources it needed because price rises would create incentives to use them more efficiently and develop substitutes.

    These ideas permeated the treasury’s second economic research paper called Economic Growth – is it Worth Having? which he heavily influenced.

    Stone claimed to have personally drafted the words in Treasurer Bill Hayden’s 1975 budget statement that said Australia was

    no longer operating in that simple Keynesian world in which some reduction in unemployment could, apparently, always be purchased at the cost of some more inflation.

    Stone was the driving force behind the subsequent Fraser government’s mantra of “fight inflation first”.

    As a senior Treasury officer, Stone was often openly contemptuous of politicians. He would share these views with journalists at the bar of the Hotel Canberra and in later years at the bar of the National Press Club.

    He was particularly critical when politicians had the temerity to take advice from what he termed “meretricious players” from outside the treasury.

    This attitude led Stone to oppose even the sort of free-market measures he might be expected to like when they were advocated by someone else.

    He unsuccessfully opposed the Whitlam government’s cuts to tariffs in 1973 and some of the recommendations of the Campbell Committee of Inquiry into Australia’s financial system in 1981.

    Fraser is said to have said Stone “believes in the deregulation of everything he does not regulate”.

    Stone also opposed the Hawke government’s decision to float the dollar in 1983.

    He argued the timing was wrong and that the dollar would appreciate, weakening the economy. After rising for a short time, the dollar actually depreciated and the economy performed strongly.

    Ludicrously, Stone denied having ever opposed it.

    Many in the Labor Party had wanted Stone sacked when it came to power in 1983, but Keating kept him on, partly to reassure financial markets. As Keating’s confidence in his own judgement grew, Stone’s influence waned.

    Stone announced his resignation just before the August 1984 budget and made a scathing attack on many of the government’s policies in his 1984 Shann Memorial Lecture at the University of Western Australia.




    Read more:
    Happy birthday AUD: how our Australian dollar was floated, 40 years ago this week


    Politics post-treasury

    Stone isn’t the only treasury official to have gone into politics. Leslie Bury even became treasurer. Jim Short and Arthur Sinodinos became assistant treasurers.

    But Stone was the only former head of the treasury to enter politics. He served as a National Party Senator for Queensland from 1987 to 1990, having been part of the Joh for Canberra campaign which had as its organising principle the anointing of Queensland Premier Joh Bjelke-Petersen as prime minister.

    He was the Senate running mate to Sir Joh’s wife Flo Bjelke-Petersen.

    Stone was twice the Coalition’s finance spokesman, but he was something of a loose cannon. John Howard dropped him from the front bench for a time after he said “Asian immigration has to be slowed”.

    He apparently held ambitions to be treasurer. In 1990 he resigned from the Senate to contest a seat in the House of Representatives that would have made that easier given treasurers are traditionally members of the lower house.

    Stone failed to win it. He then reneged on an earlier promise by nominating to return to his Senate seat. Faced with uproar in the party, he withdrew and his meteoric political career was over.

    He co-founded the HR Nicholls Society, which pressed for the deregulation of industrial relations laws, and the Samuel Griffith Society which concerned itself with states’ rights.

    Stone was active in the Institute of Public Affairs and wrote frequently in Quadrant. He opposed republicanism, centralism, trade unionism, multiculturalism and climate action.

    He died aged 96 and is survived by five children.

    John Hawkins was a senior economist at the Australian Treasury where he wrote a series of biographical essays on Australian treasurers.

    Selwyn Cornish is the Reserve Bank of Australia historian and a former Australian Treasury official.

    ref. From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025 – https://theconversation.com/from-stone-age-treasury-boss-to-national-party-senator-john-stone-1929-2025-216360

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025

    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

    AUSPIC

    John Owen Stone AO was a legendary leader of the Commonwealth Treasury. He was secretary (departmental head) from January 1979 to September 1984 but was an intellectual driving force before then as deputy secretary from 1971 to 1978.

    Over those years he dealt with eight treasurers: Billy Snedden, Gough Whitlam, Frank Crean, Jim Cairns, Bill Hayden, Phillip Lynch, John Howard and Paul Keating.

    It is a sign of his influence that those years were dubbed the “Stone Age” by South Australian Premier Don Dunstan and others.

    Former Defence Department heads Arthur Tange and Tony Ayers were at various times called the “last of the mandarins” but Stone is probably truly the last.

    In 1978 journalist Paul Kelly called Stone “one of the two men who ran the nation”, the other being then prime minister Malcolm Fraser.

    It is hard to think of any later public servant about whom that could be said.

    Stone’s entry in the Senate’s biographical dictionary captures him well:

    he could be charming, witty and flattering, but he is often decried as being obstinate and arrogant.

    A Reserve Bank official is said to have said “I wish I was as certain about one thing as John Stone is about everything.”

    This obduracy cemented the Treasury’s reputation for arrogance and weakened its influence.

    Early years – from physics to economics

    John was born in 1929, the elder of two sons of a farmer and a primary school teacher. His childhood was spent in the Western Australian wheat belt. But after his parents divorced when he was 12, he moved with his mother to Perth.

    He attended Perth Modern School where contemporaries included Bob Hawke, Rolf Harris and Maxwell Newton.

    He graduated with first-class honours from the University of Western Australia in 1950, majoring in mathematical physics, and served as president of the students’ association.

    While there he met Billy Snedden, who two decades later would be Prime Minister William McMahon’s treasurer and with whom Stone would work as treasury deputy secretary.

    In 1951 he won a Rhodes scholarship. He initially enrolled for a physics degree at Oxford, but switched to economics, graduating with a Bachelor of Arts in Politics, Philosophy and Economics.

    He joined Australia’s Treasury, initially in its London office, in 1954. The same year he married Nancy Hardwick, a biochemical researcher, and they would have five children.

    The mandarin who put Treasury first

    Stone was an admirer of fellow Rhodes scholar Sir Roland Wilson, the longest-serving Treasury secretary with doctorates from Oxford and Chicago.

    Along with Wilson, Stone was a strong critic of the 1965 report of the Committee of Economic Inquiry known as the Vernon Report which called for greater planning and an independent economic advisory committee whose advice would have rivalled Treasury’s and succeeded in having Prime Minister Menzies reject it.

    In the late 1960s as treasury’s representative he was an executive director at the International Monetary Fund and defied his treasurer William McMahon by voting against the introduction of Special Drawing Rights that gave members rights over other members’ reserves.

    Stone believed that was why he was passed over for the secretary’s position when Frederick Wheeler was appointed in 1971.

    At treasury in the 1970s, Stone publicly clashed with members of a global environmental group called the Club of Rome about whether there were environmental limits to economic growth.

    During a public meeting in Canberra in 1973, he argued the world would not run out of the resources it needed because price rises would create incentives to use them more efficiently and develop substitutes.

    These ideas permeated the treasury’s second economic research paper called Economic Growth – is it Worth Having? which he heavily influenced.

    Stone claimed to have personally drafted the words in Treasurer Bill Hayden’s 1975 budget statement that said Australia was

    no longer operating in that simple Keynesian world in which some reduction in unemployment could, apparently, always be purchased at the cost of some more inflation.

    Stone was the driving force behind the subsequent Fraser government’s mantra of “fight inflation first”.

    As a senior Treasury officer, Stone was often openly contemptuous of politicians. He would share these views with journalists at the bar of the Hotel Canberra and in later years at the bar of the National Press Club.

    He was particularly critical when politicians had the temerity to take advice from what he termed “meretricious players” from outside the treasury.

    This attitude led Stone to oppose even the sort of free-market measures he might be expected to like when they were advocated by someone else.

    He unsuccessfully opposed the Whitlam government’s cuts to tariffs in 1973 and some of the recommendations of the Campbell Committee of Inquiry into Australia’s financial system in 1981.

    Fraser is said to have said Stone “believes in the deregulation of everything he does not regulate”.

    Stone also opposed the Hawke government’s decision to float the dollar in 1983.

    He argued the timing was wrong and that the dollar would appreciate, weakening the economy. After rising for a short time, the dollar actually depreciated and the economy performed strongly.

    Ludicrously, Stone denied having ever opposed it.

    Many in the Labor Party had wanted Stone sacked when it came to power in 1983, but Keating kept him on, partly to reassure financial markets. As Keating’s confidence in his own judgement grew, Stone’s influence waned.

    Stone announced his resignation just before the August 1984 budget and made a scathing attack on many of the government’s policies in his 1984 Shann Memorial Lecture at the University of Western Australia.




    Read more:
    Happy birthday AUD: how our Australian dollar was floated, 40 years ago this week


    Politics post-treasury

    Stone isn’t the only treasury official to have gone into politics. Leslie Bury even became treasurer. Jim Short and Arthur Sinodinos became assistant treasurers.

    But Stone was the only former head of the treasury to enter politics. He served as a National Party Senator for Queensland from 1987 to 1990, having been part of the Joh for Canberra campaign which had as its organising principle the anointing of Queensland Premier Joh Bjelke-Petersen as prime minister.

    He was the Senate running mate to Sir Joh’s wife Flo Bjelke-Petersen.

    Stone was twice the Coalition’s finance spokesman, but he was something of a loose cannon. John Howard dropped him from the front bench for a time after he said “Asian immigration has to be slowed”.

    He apparently held ambitions to be treasurer. In 1990 he resigned from the Senate to contest a seat in the House of Representatives that would have made that easier given treasurers are traditionally members of the lower house.

    Stone failed to win it. He then reneged on an earlier promise by nominating to return to his Senate seat. Faced with uproar in the party, he withdrew and his meteoric political career was over.

    He co-founded the HR Nicholls Society, which pressed for the deregulation of industrial relations laws, and the Samuel Griffith Society which concerned itself with states’ rights.

    Stone was active in the Institute of Public Affairs and wrote frequently in Quadrant. He opposed republicanism, centralism, trade unionism, multiculturalism and climate action.

    He died aged 96 and is survived by five children.

    John Hawkins was a senior economist at the Australian Treasury where he wrote a series of biographical essays on Australian treasurers.

    Selwyn Cornish is the Reserve Bank of Australia historian and a former Australian Treasury official.

    ref. From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025 – https://theconversation.com/from-stone-age-treasury-boss-to-national-party-senator-john-stone-1929-2025-216360

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI NGOs: Ireland: Amnesty’s head urges Irish government to press ahead with Occupied Territories Bill

    Source: Amnesty International –

    Following a two-day visit in which she met with Ireland’s head of state and head of government, among other senior officials, Amnesty International’s Secretary General Agnès Callamard said:

    “While the EU has betrayed its principles through its shameful decision not to suspend the EU-Israel Association Agreement, we applaud Ireland for its bold efforts to stop Israel’s genocide against the Palestinians in Gaza. The EU’s refusal to take action to hold Israel accountable highlights the need for Ireland and other likeminded member states to urgently take unilateral or concerted steps to bring their actions in line with international law, which takes precedence over both EU and national law.

    “We urge the Irish government to press ahead quickly with the Occupied Territories Bill to demonstrate that when the EU fails to act on its values, principled states like Ireland will take a stand. The bill would be a powerful, much-needed tool for international justice and must be strengthened to include banning all imports and exports of goods and services to and from Israeli settlements in illegally occupied Palestinian territory, as well as investments in them.

    Ireland must stay firm in its convictions and commitment to justice

    “Despite the fearmongering and efforts by certain parties to derail the bill, Ireland must stay firm in its convictions and commitment to justice. This legislation is rooted in international law and would enable Ireland to fully comply with the International Court of Justice’s July 2024 advisory opinion on Israel’s unlawful occupation of Palestinian territory.

    “Passage of the bill would set a strong example to EU states to unilaterally suspend all forms of cooperation with Israel that may contribute to its grave violations of international law. It cannot be ‘business as usual’ while Palestinians are starved and slaughtered while seeking aid or under relentless Israeli attacks in Gaza, or killed and forcibly displaced by state-backed Israeli settler violence, devastating military operations and suffocating movement restrictions in the West Bank.

    This would set a strong example to EU states to unilaterally suspend all forms of cooperation with Israel that may contribute to its grave violations of international law

    “From its own experiences of colonization, famine and conflict to its leading role in international efforts to end apartheid in South Africa, Ireland has repeatedly shown that it can stand up to bullies and consistently punched above its weight in global diplomacy. Its principled stance on Israel’s genocide against the Palestinians in Gaza is another milestone and further proof that Ireland will not tolerate the destruction of the rules-based order so painstakingly built over the last 80 years.

    “We applaud Ireland for being one of the few European states to strongly condemn Israel’s genocide against Palestinians in Gaza and other crimes under international law committed in Israel and the Occupied Palestinian Territory, and for its courageous calls for concrete action to stop the bloodshed and carnage. In doing so, Ireland has acted as a vital counterweight to those states still arming Israel, excusing its atrocities and enabling its lasting impunity.”

    We applaud Ireland for for its courageous calls for concrete action to stop the carnage

    During her visit to Dublin on 16 and 17 July, Agnès Callamard met with President Micheal D. Higgins, Taoiseach Micheál Martin, Attorney General Rossa Fanning, Senator Frances Black, and Liam Herrick, the Chief Commissioner of the Irish Human Rights and Equality Commission, as well as local human rights defenders and civil society organizations.

    MIL OSI NGO

  • MIL-OSI United Kingdom: SFO freezes over 10K in crypto assets from Arena TV’s CEO

    Source: United Kingdom – Executive Government & Departments

    Press release

    SFO freezes over 10K in crypto assets from Arena TV’s CEO

    SFO has frozen £10,865.76 in Bitcoin and  £289.30 in USDC (value at the time of freezing) in cryptocurrency belonging to Arena TV’s CEO, Richard Yeowart.

    The Serious Fraud Office has frozen equivalent to £10,865.76 in Bitcoin and £289.30 USDC belonging to Richard Yeowart, a suspect in its ongoing investigation into collapsed outside broadcast company Arena TV. This is the first time the agency has used new powers that came into force last year to freeze cryptocurrency.

    The assets, identified by proceeds of crime specialists at the SFO as linked to suspected criminality, were frozen following a hearing at Westminster Magistrates’ Court this week.

    They will now be held for up to nine months to allow any affected parties to come forward.

    The SFO’s case, which remains ongoing, has so far involved a raid, three arrests and the search of three properties in an investigation involving a range of suspects.

    Director of Operations, Emma Luxton, said:

    We are committed to using every tool at our disposal to prevent criminals from benefitting from their crimes, wherever they hide their assets.

    Our first Crypto Wallet Freezing Order is an important step as we build our crypto asset capability and signals our intentions as we adapt to tackle increasingly sophisticated attempts to hide criminal assets.

    Press Office

    Email news@sfo.gov.uk

    Out of hours press office contact number +44 (0)7557 009842

    Updates to this page

    Published 18 July 2025

    MIL OSI United Kingdom

  • PM Modi announces ₹15,000 incentive for first-time private sector employees at Motihari rally

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi, during his visit to Bihar on Friday, inaugurated and laid the foundation stone for development projects worth over ₹7,200 crore at a massive public gathering at Gandhi Maidan in Motihari, East Champaran.

    As part of the event, the Prime Minister also flagged off four Amrit Bharat trains, boosting rail connectivity in the region.

    In a major announcement aimed at youth employment, PM Modi said the Centre has approved a new scheme under which ₹15,000 will be provided to every individual employed for the first time in a private company. The scheme will come into effect from August 1, with the government allocating ₹1 lakh crore for its implementation.

    “New employment for new youth. The youth of Bihar will benefit greatly from this,” the Prime Minister said.

    Calling for the eastern states to lead India’s development journey, PM Modi emphasised that the region, particularly Bihar, holds vast potential.

    “Our resolve is a developed Bihar and employment for every youth. Young people should find opportunities within the state itself. To support this, large-scale government recruitment drives have been conducted, and the Centre is working shoulder-to-shoulder with the Bihar government,” he added.

    —IANS

  • MIL-OSI Russia: Professor of the State University of Management took part in the meeting of the Presidium of the Council under the President of the Russian Federation for Interethnic Relations

    Translation. Region: Russian Federal

    Source: Official website of the State –

    An important disclaimer is at the bottom of this article.

    On July 17, 2025, a meeting of the Presidium of the Council under the President of the Russian Federation for Interethnic Relations was held under the chairmanship of Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation Magomedsalam Magomedov.

    Vladimir Volokh, professor of the Department of Public Administration and Political Technologies of the State University of Management, member of the Council under the President of the Russian Federation for Interethnic Relations and the Public Council under the Ministry of Internal Affairs of Russia, took part in the work.

    During the meeting, participants heard information about the state report on the implementation of the state national policy of the Russian Federation in 2024, prepared by the Federal Agency for Nationalities Affairs (FADN) of Russia.

    The report was approved by the Council Presidium, but suggestions and clarifications were made regarding its content. In particular, Academician of the Russian Academy of Sciences Valery Tishkov suggested making the report more accessible and interesting for a wider audience, and also including a section on traditional spiritual and moral values.

    Council members, including Professor Vladimir Volokh, supported the need to include recommendations in the report for civil society, the media and government bodies.

    The meeting also discussed the progress of the preparation of the Strategy for the State National Policy of the Russian Federation for the period up to 2036, as well as the results of seminars and meetings on the practices and tasks of executive authorities of the constituent entities of the Russian Federation in implementing the Strategy for the State National Policy of the Russian Federation for the period up to 2025 and improving the management of migration processes.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI Africa: South Africa Ramps Up Energy Investment Drive with Dedicated Roundtable at African Energy Week (AEW) 2025

    Source: APO

    South Africa is positioning itself as a premier investment destination in Africa’s energy transition, with a strategic push across the entire energy value chain – from oil and gas exploration to renewables and green hydrogen. At African Energy Week (AEW) 2025: Invest in African Energies, an “Invest in South Africa” Roundtable will bring together top-tier investors, policymakers and energy executives to spotlight the country’s evolving regulatory landscape, its new national oil company and a host of bankable infrastructure projects.

    This year’s roundtable brings together a powerful lineup of speakers driving South Africa’s energy future, including Shahrukh Mirza, VP LNG Development at ExxonMobil, Stefano Marani, CEO of Renergen Limited, and senior representatives from both the newly formed South African National Petroleum Company (SANPC) and the South African National Energy Development Institute.

    South Africa’s energy sector is undergoing a critical transformation: years of load-shedding and grid instability has prompted bold reforms aimed at liberalizing the energy market, fast-tracking private-sector participation and diversifying supply sources. As the government unbundles Eskom and opens transmission infrastructure to independent power producers, investor interest in South Africa’s power and gas markets is growing sharply. Meanwhile, the Integrated Resource Plan and Renewable Energy Masterplan are paving the way for expanded solar, wind and battery storage deployment, backed by robust public-private collaboration.

    The upstream oil and gas sector is also entering a pivotal new phase. The recently established SANPC is spearheading fresh exploration efforts and opening up acreage across frontier basins, including the Orange Basin – an area that has drawn renewed interest following a string of offshore discoveries in neighboring Namibia. Energy major Shell has secured approval for a five-well drilling campaign in the Northern Cape Ultra Deep block, while TotalEnergies is targeting a two-well wildcat campaign in South Africa’s portion of the Orange Basin, slated for 2026. With upcoming licensing opportunities, transparent fiscal terms and enhanced data packages, South Africa is well-positioned to attract both new market entrants and experienced independents to its upstream sector.

    In its gas monetization strategy, South Africa is advancing efforts to leverage domestic resources – including those under development by Renergen at the Virginia Gas Project – to support helium exports and the production of LNG for transport and industrial fuel use. The country’s Gas Master Plan, currently under review, sets out a roadmap for critical infrastructure, including LNG terminals, pipeline expansions and strategic gas storage, aimed at enhancing long-term energy security. At the same time, public-private initiatives such as the green hydrogen corridor – linking the Northern Cape to key export hubs – are laying the groundwork for large-scale hydrogen production, backed by the region’s exceptional solar and wind potential.

    “As South Africa retools its regulatory environment and builds momentum behind energy diversification, AEW 2025 stands as the ideal venue to connect capital with opportunity. From the Orange Basin’s high-impact prospects to scalable renewables and gas monetization, the country is open for business,” says Oré Onegbesan, Program Director, AEW.

    Distributed by APO Group on behalf of African Energy Chamber.

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