NewzIntel.com

Category: Politics

  • MIL-OSI USA: Governor Kehoe Requests Federal Disaster Declaration in Response to March 30-April 8 Severe Storms, Tornadoes, and Flooding

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, Governor Mike Kehoe requested that President Donald Trump approve a major disaster declaration to provide federal assistance in a total of 26 Missouri counties in response to the severe storms, tornadoes, and flooding that caused widespread destruction across the state from March 30 to April 8. Six deaths were confirmed due to severe storms during the period.   

    “Missouri has repeatedly been hit hard by severe storms, tornadoes, and flooding this year and the result has been widespread damage and destruction of homes, private property, and public infrastructure,” Governor Kehoe said. “While Missourians and faith-based and volunteer organizations have been supporting their neighbors and local and state government are working hard at recovery, the cost of these efforts – often because of repeated damage in the same counties – is beyond the capacity of local communities and the state to bear in full.”

    Eighteen of the 26 counties included in this request for a federal disaster declaration were also included in a federal disaster request made by Governor Kehoe on April 2, 2025.

    Based on the documented damage, Governor Kehoe is requesting FEMA Individual Assistance for the following 20 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Dunklin, Howell, Iron, Mississippi, New Madrid, Oregon, Ozark, Reynolds, Ripley, Scott, Shannon, Stoddard, Vernon, Washington, and Wayne.

    Individual Assistance would allow eligible residents to seek federal assistance for temporary housing, housing repairs, replacement of damaged belongings, vehicles, and other qualifying expenses.  

    Based on the documented damage and emergency response costs, Governor Kehoe is also requesting FEMA Public Assistance for the following 25 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Douglas, Dunklin, Howell, Iron, Madison, Maries, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Reynolds, Ripley, Scott, Shannon, Stoddard, Texas, Vernon, Wayne, and Webster.

    If approved, Public Assistance would allow local governments and qualifying nonprofit agencies to seek federal assistance for reimbursement of emergency response and recovery costs, including repair and replacement of damaged roads, bridges, and other public infrastructure.

    Joint damage assessments conducted by FEMA, SEMA, the U.S. Small Business Administration, and local officials estimate more than $25.5 million in emergency response costs and damage to public infrastructure.

    Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767. For additional resources and information about disaster recovery in Missouri, including general clean-up information, housing assistance, and mental health services, please visit recovery.mo.gov.

    ###

    MIL OSI USA News –

  • MIL-OSI: CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM AND THE REDEMPTION OF SUBORDINATED NOTES

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., May 01, 2025 (GLOBE NEWSWIRE) — California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that its Board of Directors has authorized an increase in the number of shares of the Company’s common stock that may be repurchased pursuant to its share repurchase program to 1.6 million shares, up from 550,000 shares when the program was first announced on June 15, 2023. The increase allows for the repurchase of approximately 4.9% of the Company’s outstanding shares of common stock. No stock has yet been repurchased through the original or increased repurchase program.

    “The increase in our share repurchase program demonstrates the conviction of our Board of Directors and management team to our relationship-based banking strategy, and our commitment to building long-term shareholder value,” said David Rainer, Executive Chairman of the Company and the Bank. “Our strong balance sheet and capital levels will allow us to be flexible in the opportunistic deployment of capital for share repurchases, as well as the repayment of outstanding callable subordinated debt.”

    Repurchases under the program may occur from time to time in open market transactions, in privately negotiated transactions, or by other means in accordance with federal securities laws and other restrictions. The Company intends to fund its repurchases from available working capital and cash provided by operating activities. The timing of repurchases, as well as the number of shares repurchased, will depend on a variety of factors, including price; trading volume; business, economic and general market conditions; and the terms of any Rule 10b5-1 plan adopted by the Company. The repurchase program has no expiration date and may be suspended, modified, or terminated at any time without prior notice.

    The Company also announces today that it has elected to, and expects to, redeem the $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, that it issued on May 28, 2020.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include expectations regarding opportunities to deploy capital for share repurchases, enhance shareholder value through share repurchases, and redeem our outstanding subordinated debt. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to our recently completed merger with the predecessor California BanCorp, including the risks that cost savings may be less than anticipate and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce
    kmccabe@bankcbc.com
    818.637.7065

    The MIL Network –

  • MIL-OSI: Fairfax India Holdings Corporation First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.

    Highlights for the first quarter of 2025 included the following:

    • The company recorded a net change in unrealized losses on investments of $222.9 million, principally from decreases in the fair values of the company’s publicly listed investments in IIFL Capital (formerly IIFL Securities) ($106.8 million), IIFL Finance ($64.5 million), Fairchem Organics ($28.1 million), 5paisa ($10.0 million) and CSB Bank ($9.9 million), and private company investment in Sanmar ($19.2 million) (primarily due to a decrease in the publicly traded share price of its subsidiary, Chemplast), partially offset by an increase in the fair value of the company’s private company investment in Seven Islands ($18.7 million).
    • On February 20, 2025 the company completed its previously announced investment of an additional 10.0% equity interest in Bangalore International Airport Limited (“BIAL”) for a purchase price of $255.0 million. In accordance with the agreement with Siemens Project Ventures GmbH (“Siemens”), the company paid an initial installment on the closing date and recognized a payable for securities purchased of $170.9 million, representing the second and third installments to be paid in the third quarters of 2025 and 2026, respectively.
    • In February 2025, the company also increased the borrowing limit of its revolving credit facility from

    $175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.

    Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
      (416) 367-4755
    Information on            
    CONSOLIDATED BALANCE SHEETS            
    as at March 31, 2025 and December 31, 2024            
    (unaudited – US$ thousands)            
      March 31, 2025
    		   December 31, 2024
    		  
    Assets    
    Cash and cash equivalents   21,616     59,322  
    Bonds   114,823     180,507  
    Common stocks   3,419,382     3,381,206  
    Total cash and investments   3,555,821     3,621,035  
                 
    Interest and dividends receivable   5,093     8,849  
    Income taxes refundable   175     174  
    Other assets   844     722  
    Total assets   3,561,933     3,630,780  
         
    Liabilities    
    Accounts payable and accrued liabilities   1,106     1,300  
    Accrued interest expense   2,736     8,611  
    Income taxes payable   1,547     5,379  
    Payable to related parties   9,434     10,099  
    Payable for securities purchased   170,850     —  
    Deferred income taxes   129,973     149,780  
    Borrowings   498,479     498,349  
    Total liabilities   814,125     673,518  
         
    Equity    
    Common shareholders’ equity   2,617,071     2,826,495  
    Non-controlling interests   130,737     130,767  
    Total equity   2,747,808     2,957,262  
        3,561,933     3,630,780  
                 
    Book value per share $       19.41   $ 20.96  
             
    Information on        
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands except per share amounts)        
      First quarter
      2025   2024  
    Income        
    Interest 3,196   5,038  
    Dividends 2,998   7,049  
    Net realized gains on investments 616   116,924  
    Net change in unrealized losses on investments (222,862 ) (410,927 )
    Net foreign exchange gains (losses) 3,245   (376 )
      (212,807 ) (282,292 )
    Expenses        
    Investment and advisory fees 9,399   9,484  
    General and administration expenses 1,648   2,536  
    Interest expense 6,755   6,380  
      17,802   18,400  
             
    Loss before income taxes (230,609 ) (300,692 )
    Recovery of income taxes (19,142 ) (7,483 )
    Net loss (211,467 ) (293,209 )
             
    Attributable to:        
    Shareholders of Fairfax India (211,224 ) (293,504 )
    Non-controlling interests (243 ) 295  
      (211,467 ) (293,209 )
                 
    Net loss per basic and diluted share $         (1.57 ) $    (2.17 )
    Shares outstanding (weighted average) 134,839,462   135,365,933  
             
             
             
    Information on        
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands)        
      First quarter
      2025   2024  
    Net loss (211,467 ) (293,209 )
    Other comprehensive income (loss), net of income taxes        
    Item that may be subsequently reclassified to net earnings (loss)        
    Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil) 2,046   (5,708 )
    Comprehensive loss (209,421 ) (298,917 )
             
    Attributable to:        
    Shareholders of Fairfax India (209,391 ) (298,926 )
    Non-controlling interests (30 ) 9  
      (209,421 ) (298,917 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.

    The MIL Network –

  • MIL-OSI: EZCORP Announces Retirement of $103.4 Million Convertible Notes

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn transactions in the United States and Latin America, announced today the retirement of its $103.4 million aggregate principal amount outstanding of 2.375% Convertible Senior Notes Due 2025 (the “2025 Notes”). The 2025 Notes were issued in 2018 with a maturity date of May 1, 2025.

    In connection with the Company’s election of physical settlement made in October 2024, holders had the right to convert their 2025 Notes into 62.8931 shares of EZCORP Class A Common Stock per $1,000 principal amount (equivalent to the conversion price of $15.90 per share) through April 30, 2025. Holders converted approximately $97.0 million in principal amount of the 2025 Notes into approximately 6.1 million shares of EZCORP Class A Common Stock. The Company repaid the remaining principal balance of the notes in cash of approximately $6.4 million, together with payments of interest and cash in lieu of fractional shares of $1.2 million.

    ABOUT EZCORP
    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

    Contact:
    Email: Investor_Relations@ezcorp.com
    Phone: (512) 314-2220

    The MIL Network –

  • MIL-OSI Economics: Apple reports second quarter results

    Source: Apple

    Headline: Apple reports second quarter results

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    MIL OSI Economics –

  • MIL-OSI USA: Lankford, Hudson Unveil Bill to End Biden-Era ‘Social Cost’ Climate Models, Supercharge Trump’s American Energy Agenda

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    WASHINGTON, DC — Senator James Lankford (R-OK) today introduced the Transparency and Honesty in Energy Regulations Act alongside Congressman Richard Hudson (R-NC), legislation that will eliminate the use of “social cost” metrics in federal rulemaking and reinforce President Donald Trump’s Unleashing American Energy executive order.
    “Under President Trump, American energy dominance is back, and states like Oklahoma are fueling the charge,” said Lankford. “This bill pushes back on the Biden Administration’s war on American energy producers by ensuring federal rulemaking is grounded in facts—not flawed models or political agendas. It’s a necessary step to restore transparency, rein in government overreach, and keep American energy competitive.”
    “The Biden-Harris Administration used every tool at their disposal to advance their radical green agenda,” said Hudson. “My bill ensures that going forward, no Administration can use inaccurate, unreliable standards to pass dangerous regulations.”
    Background
    The social cost of greenhouse gas metrics are theoretical measurements that try to put a price or economic impact on emissions. Measurement theories have been used by the federal government to determine the economic impact of potential federal regulations, even though they are unscientific and can result in more burdensome regulations.
    Lankford’s bill would prohibit the Environmental Protection Agency, the Department of Energy, the Interior Department, the Council on Environmental Quality, the Federal Energy Regulatory Commission, the Department of the Treasury, the Department of Agriculture, the Department of Commerce, and the Department of Health and Human Services from using the social cost of carbon, the social cost of methane, and social cost of nitrous oxide as rationales for their regulations.
    The Washington Reporter published an exclusive on the legislation, which you can read HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal, 259 Colleagues Reintroduce Historic Equality Act To Ban Discrimination Against LGBTQ+ Americans

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    May 01, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined 259 Members of Congress in reintroducing the bicameral Equality Act to push back against escalated attacks from the Trump Administration, MAGA Republicans, and state legislatures on the rights and freedoms of LGBTQ+ Americans nationwide.
    In states across the country, over 850 anti-LGBTQ+ bills have been filed so far this year—the most in U.S. history. The Equality Act is historic, comprehensive legislation to enshrine civil rights protections for our LGBTQ+ friends and neighbors in federal law.
    The Equality Act amends landmark federal anti-discrimination laws to explicitly add sexual orientation and gender identity to longstanding bans on discrimination in employment, housing, public accommodations, jury service, access to credit, federal funding, and more. It would also add protections against sex discrimination in parts of anti-discrimination laws where these protections had not been included previously, such as public accommodations and federal funding.
    “Donald Trump thinks attacking gay and transgender people makes him look tough, but Americans don’t like bullies,” said Murphy. “The Equality Act is simple. Every person deserves dignity, safety, and equality under our laws, no matter who they are, who they love or where they live.”
    “The LGBTQ+ community is under attack by the Trump Administration’s cruel and callous actions every day,” said Blumenthal. “The Equality Act ensures that everyone, regardless of who they are or who they love, is protected from discrimination everywhere, whether it’s in the workplace, going to school, or buying a house. LGBTQ+ Americans deserve to be free and safe from unjust and unfair treatment, and I am proud to stand with them in this fight.”
    Full text of the legislation can be found HERE. A summary of the legislation is available HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Management Approves the First Review New Staff Monitored-Program with Haiti

    Source: IMF – News in Russian

    May 1, 2025

    Staff Monitored Programs (SMPs) are informal arrangements between national authorities and IMF staff to monitor the authorities’ economic program. As such, they do not entail endorsement by the IMF Executive Board. SMP Staff reports are issued to the Board for information.

    • Management of the International Monetary Fund (IMF) has approved the First Review of the Staff-Monitored Program (SMP) with Haiti.
    • The SMP takes into account Haiti’s fragility and capacity constraints, linked to security. It is designed to support the authorities’ economic policy objectives and build a track record of reform implementation.
    • Fund management welcomes the authorities’ publication of the Governance Diagnostic Report.

    Washington, DC: Management of the International Monetary Fund (IMF) approved on April 15, 2025 the first review of Haiti’s Staff-Monitored Program (SMP). SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both global and country-specific shocks, which have worsened its fragility, since the negotiation of the SMP. Risks to the outlook are tilted to the downside and include worsening insecurity that would constrain further activity and the ability to implement reforms and attract aid and the foreign direct investment. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves. Therefore, restoration of security is the priority.

    Despite domestic and global difficulties, the authorities are firmly committed to implement this SMP and have managed to contain the impact of the various shocks, thereby averting even worse economic outcomes. Net international reserves were valued at over US$1.1 billion at the end of December 2024. Despite the political transition and insecurity both the Ministry of Finance and the Bank of the Republic of Haiti (the Central Bank) have remained continuously engaged. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee which meets with IMF staff on a continuous basis.

    Implementation under the SMP has been broadly satisfactory and its objectives remain achievable. All quantitative targets have been met, with a comfortable margin. Of the seven structural benchmarks assessed under this review, six were implemented and one is expected to be met by June (due to constraints related to insecurity).

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds.

    An urgent government priority is re-starting the mobilization of revenue to support the country’s massive development needs and boost well-targeted spending. The measures under the SMP should help achieve these goals. Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by August 2025 would be important for demonstrating transparency.

    In addition to addressing insecurity, advancing governance reforms is paramount to help Haiti exit from fragility, ensure macroeconomic stability and build trust with the private sector and development partners. In this vein, the authorities’ publication of the Governance Diagnostic Report and action plan is commendable. The report should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/01/pr-25126-haiti-imf-approves-1st-review-new-staff-monitored-program

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Use caution, be fire safe this weekend

    People are asked to use caution over the next several days as a combination of warm, dry conditions and strong winds in much of southern B.C. are adding to elevated wildfire danger.

    The BC Wildfire Service urges people to postpone any open burning until the windy conditions pass and to use extra caution when camping in the backcountry.

    “We are expecting active weather in the coming days that could set the stage for dangerous wildfire conditions across the province,” said Ravi Parmar, Minister of Forests. “This is the time of year when we’re at the most risk for human-caused wildfires in B.C., most of which are entirely preventable. As the days get longer and nicer, with more people camping or working outside, we all have a role to play in reducing wildfire risk by remaining vigilant, cautious and informed.”

    People planning to have campfires should do so safely, following any local prohibitions. Tips include:

    • avoid having a campfire when it’s windy;
    • choose a proper fire pit or make a ring of rocks at least three metres from trees, shrubs, structures and debris; and
    • do not leave a campfire unattended for any amount of time.

    Open-burning prohibitions are expected to be in place in the coming weeks and will be updated as conditions change.

    Throughout the province, people are encouraged to stay up to date on current wildfire activity and check for road closures, evacuation alerts and orders, and weather conditions, and follow instructions from local governments or First Nations. People are also asked to do their part by reporting any wildfires even if they may have already been reported to either *5555 on a cellphone or 1 800 663-5555, toll-free.

    The BC Wildfire Service mobile app allows people to check the current wildfire situation, road conditions, evacuation information and weather forecasts. Users can also report new wildfires and submit photos, which helps inform BC Wildfire Service operational decision-making.

    Learn More:

    For BC Wildfire Service information and updates, visit: https://wildfiresituation.nrs.gov.bc.ca/dashboard

    For more information about how to FireSmart your home, visit: https://firesmartbc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Reinforcing legislation, refocusing health care

    [. Since then, significant changes have been made to both legislation and regulations to establish the refocused health care system. The proposed Health Statutes Amendment Act, 2025, would address all outstanding policy items and ensure a successfully refocused health care system.

    Under Bill 55, amendments are proposed to the Provincial Health Agencies Act, Hospitals Act, Protection of Persons in Care Act, Health Information Act and the Public Health Act.

    “A year and a half in, and we are in the final stages of refocusing Alberta’s health care system. The proposed changes will help us continue to improve the health care system for all Albertans.”

    Adriana LaGrange, Minister of Health

    Refocusing public health

    Throughout the public engagement sessions held across the province, Albertans and health care workers have stressed the need for a consistent and strategic approach to public health, which the current organizational structure doesn’t facilitate.

    As part of the health care system refocusing, Alberta’s government will transfer several public health functions that currently reside within Alberta Health Services to Primary Care Alberta later this year. Primary Care Alberta will oversee front-line public health services, such as communicable disease control, immunizations, newborn screening and health promotion.

    Additionally, key functions like policy development, public health inspections and surveillance will be moved to Alberta Health, and the province’s medical officers of health will move into the Office of the Chief Medical Officer of Health. Amendments to the Public Health Act will enable these transitions while ensuring these important functions are not interrupted and Albertans can rely on a consistent delivery of services.

    “Promoting and protecting the health of individuals, families and communities is foundational to Primary Care Alberta’s commitment to bringing the right care to patients where they are. I look forward to welcoming our front-line public health providers to the Primary Care Alberta team and working with these dedicated professionals to build a strong, unified health care system that improves health outcomes for all those who call Alberta home.”

    Kim Simmonds, president and CEO, Primary Care Alberta

    There will be no disruption to public health delivery in the province during the transition. Albertans will continue to access public health services as they always have. There will be no front-line job losses, and the collective bargaining process will be respected as this work moves forward.

    Other proposed amendments

    If passed, amendments will strengthen health foundations by streamlining governance functions like bylaw approval and board member appointment processes, bring clarity to public health’s role in the refocused system and ensure legislation accurately reflects how hospitals will be managed and operated.

    The new health shared services entity, which supports all four health services sectors, will provide oversight for health foundations in the refocused system. This is a natural fit for health foundations, as they work across all sectors. Legislation will also establish a clearer connection between health foundations and the communities they serve.

    The Government of Alberta takes all allegations of abuse in publicly funded care facilities seriously. A proposed amendment to the Protection of Persons in Care Act will provide additional capacity to complete investigations into allegations of abuse and is part of Alberta Health’s commitment to provide timely service and protect vulnerable adult Albertans in care.

    The Health Information Act is also being amended to provide the Ministry of Seniors, Community and Social Services with further powers to enable it to fulfil its mandate as the sector ministry for continuing care. This ensures the Ministry of Seniors, Community and Social Services can collect, use and disclose health information necessary to support the minister’s role as the sector minister responsible for continuing care in Alberta, including Assisted Living Alberta, the provincial health agency that became a legal entity on April 1 and will be operational later this year.

    Also proposed in this legislation is that sections of the Hospitals Act be repealed. Certain aspects of the Hospitals Act will be integrated into the Provincial Health Agencies Act and will ensure governance of the health system is under one statute. The Hospitals Act is outdated legislation that does not reflect current acute-care system governance or the introduction of new governance structures and ministerial roles. There will be no effects on the standards of care provided within hospitals by repealing portions of this act.

    Quick facts

    • Amendments to legislation would enable key policy shifts to support refocusing efforts, including:
      • Updating the oversight and governance for health foundations.
      • Ensuring hospital governance aligns with the health system refocusing direction.
      • Reorganizing the governance and planning for public health services.
      • Repealing references to regional health authorities, health regions and Alberta Health Services (AHS) in legislation (to be proclaimed in fall 2025, after AHS’ functions and responsibilities as the regional health authority have transitioned to other entities).
    • In spring 2024, the Health Statutes Amendment Act, 2024, passed, along with regulatory amendments to enable the stand up of the provincial health agencies.
    • In fall 2024, the Health Statutes Amendment Act, 2024 (No.2), amended the Provincial Health Agencies Act and its regulations, establishing AHS’ legal status as it transitions from a regional health authority to an acute-care service provider.
    • The Health Information Act was amended in fall 2024 to designate the Ministry of Seniors, Community and Social Services (SCSS) as a custodian under the act, meaning SCSS can access specific health information for the purpose of fulfilling its mandate.

    Related information

    • Streamlining the health care system for Albertans
    • Bill 55: Health Statutes Amendment Act, 2025

    Related news

    • Refocusing emergency services (March 10, 2025)
    • Refocusing continuing care for the future (Jan. 30, 2025)
    • Refocused health care: Continuing the conversation (Jan. 9, 2025)
    • Refocusing acute care leadership for the future (Jan. 8, 2025)
    • Ensuring a successfully refocused health system (Nov. 18, 2024)

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI Security: The Department of Justice Files Complaint Against Illinois for Encroaching on Federal Immigration Authority

    Source: United States Department of Justice

    WASHINGTON – The United States has filed a complaint against the state of Illinois, the Illinois Department of Labor (IDOL), Jane Flanagan, Director of IDOL, and Kwame Raoul, the Attorney General for the state of Illinois, alleging that the implementation of SB0508, which amended Illinois’s “Right to Privacy in the Workplace Act,” infringes on federal immigration authority. By imposing confusing rules during the employment verification process and threatening employers with penalties if they do not comply, SB0508 discourages and complicates the use of E-Verify and Form I-9 inspection requirements. E-Verify allows any U.S. employer to electronically confirm the employment eligibility of newly hired employees and Form I-9 is used to verify the identity and employment authorization of individuals.

    “This Department of Justice is committed to protecting American workers, employers, and enforcing federal immigration law,” said Attorney General Pamela Bondi. “Any state that incentivizes illegal immigration and makes it harder for federal authorities to do their job will face legal consequences from this Administration.”

    On day one, President Trump declared a “national emergency” at the southern border from the unprecedented illegal entry of aliens into the country. To stop this illegal immigration crisis, President Trump instructed the federal government to ensure “that employment authorization is not provided to any unauthorized alien in the United States.” In the wake of this national crisis, “[e]nforcing our Nation’s immigration laws” is paramount.

    Based on its enumerated constitutional and sovereign powers to conduct relations with foreign nations, the Federal Government has broad authority to establish immigration laws, the execution of which States cannot obstruct or take discriminatory actions against. Despite these prohibitions, the employment of unauthorized aliens by United States employers remains a substantial problem and encourages illegal entry into the country. Indeed, employment is one of the primary reasons aliens choose to enter the country illegally.

    The United States’ complaint alleges SB0508 violates the Supremacy Clause of the U.S. Constitution, along with laws enacted by Congress to combat the employment of illegal aliens, including the Immigration Reform and Control Act of 1986, which prohibits employers from knowingly hiring, recruiting, referring, or employing aliens without appropriate work authorization.

    Moreover, SB0508 imposes additional notification requirements on employers (at times delineating the time, place, and manner in which notification must be provided) and prohibitions that go beyond federal law. SB0508 also imposes sanctions on employers for failure to adhere to those requirements with civil fines as high as $10,000. Not only are these fines inconsistent with federal law, but such advance notice requirements could prompt an alien employee to not show up to work on the day of inspection or avoid detection by immigration authorities.

    The case is United States v. State of Illinois et al., No. 1:25-cv-04811 in U.S. District Court for the Northern District of Illinois.

    The claims asserted by the United States are allegations only, and there has been no determination of liability. 

    MIL Security OSI –

  • MIL-OSI Security: Brooklyn-Based Gang Associate Convicted of Racketeering, Drug Trafficking, and Committing a July 2020 Shooting

    Source: Office of United States Attorneys

    Defendant Trafficked Narcotics in Maine and Fired Eleven Shots Near a Brooklyn Playground, Injuring Two Victims

    Earlier today in federal court in Brooklyn, a federal jury convicted Demetrius Johnson on all counts of an indictment charging him with racketeering, narcotics trafficking, and firing a gun in connection with those crimes.  The defendant was an associate of a Brooklyn-based gang known as the “Bully Gang,” a violent street gang that operated in and around Bedford Stuyvesant. Today’s verdict followed a two-week trial before United States District Judge Brian M. Cogan.  When sentenced, the defendant faces a mandatory minimum of twenty years in prison and a maximum sentence of life.

    John J. Durham, United States Attorney for the Eastern District of New York; Bryan Miller, Special Agent-in-Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives, New York Field Division (ATF); and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdict.

    “Today’s verdict holds the defendant accountable for teaming up with a dangerous criminal enterprise that—in the defendant’s own words—was known for money and violence,” stated United States Attorney Durham.  “Along with other members and associates of the Brooklyn-based Bully Gang, the defendant trafficked massive quantities of deadly drugs up and down the East Coast between New York and Maine, where they were sold for substantial profit.  And when conflict arose during the drug operation, the defendant resorted to near-deadly violence, firing almost a dozen shots towards a playground and injuring two victims.  As a result of this investigation, more than 50 members and associates of the Bully Gang have been convicted for their crimes, showing that my Office and our law enforcement partners will not rest until violent criminal enterprises are fully dismantled.”

    “These convictions put an end to the reign of terror committed by this gang, shattering the myth that criminals can commit atrocious acts without consequence,” stated ATF Special Agent-in-Charge Miller.  “This is the result of a multi-year investigation involving multiple law enforcement agencies spanning multiple jurisdictions.  I commend our law enforcement partners—NYPD, NYC Department of Investigations, and our law enforcement partners in New Jersey, Massachusetts, Maine, and prosecutors with the U.S. Attorney’s Office—for their relentless efforts in making our communities safer.  In particular, I am proud of the men and women of ATF NY and the ATF/NYPD Joint Firearms Task Force, who fight every day to prevent violence in any form, and are committed to dismantling and disarming violent gangs that plague our streets.  ATF once again reaffirms its unwavering commitment to protecting the public from violent offenders.”

    “These convictions represent the culmination of an extensive investigation combined with a vigorous prosecution,” stated NYPD Commissioner Tisch.  “The stakes could not have been higher because these gang members were responsible for an assortment of despicable crimes, including murder, robbery, narcotics trafficking, money laundering, and bribery. A powerful message has been sent: Our city will not tolerate such criminal activity, and the NYPD and our law enforcement partners will keep working tirelessly to identify and investigate these enterprises and bring the individuals involved to justice.” 

    Johnson was convicted of participating in the Bully Gang’s years-long narcotics trafficking scheme, in which large quantities of drugs, including cocaine base and heroin, were transported from New York and New Jersey to Maine.  There, members and associates of the gang sold the drugs out of a rotating series of stash houses.  As proven at trial, the conspiracy was responsible for trafficking thousands of kilograms of narcotics and generating hundreds of thousands of dollars in cash.  Johnson personally sold drugs in connection with this Bully Gang racket and recruited other participants to join the scheme.  

    One of those participants was a former fellow gang member (“John Doe”), who Johnson enlisted to travel from Brooklyn to Maine to sell drugs.  In 2020, after John Doe returned from Maine, a dispute arose between the two over payment owed to John Doe in connection with the drug scheme.  On July 18, 2020, Johnson attempted to murder John Doe, who was seated on a bench at a Brooklyn playground with his one-year-old child. Johnson hit and injured both John Doe and a bystander.

    Since 2020, 53 defendants have been publicly charged with a variety of crimes in connection with this investigation.  To date, 52 of those defendants have pled guilty or been convicted at trial.  One remains a fugitive.            

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Joy Lurinsky, Victor Zapana, and Michael J. Castiglione are in charge of the prosecution with the assistance of Special Agent Rebecca Sidhu and NYPD Detective Brian Hilt from the Office’s Criminal Investigations Unit and Paralegal Specialists Elizabeth Reed and Amara Mayo.

    The Defendant:

    DEMETRIUS JOHNSON (also known as “Q”)
    Age:  29
    Brooklyn, New York

    E.D.N.Y. Docket No.: 20-CR-239 (BMC)

    MIL Security OSI –

  • MIL-OSI USA: Senator Marshall, Rep. Tenney Introduce the No Subsidies for Gender Transition Procedures Act

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today introduced the No Subsidies for Gender Transition Procedures Act,a bill that would prohibit taxpayer funding for gender transition procedures covered by Medicaid, Medicare, the Children’s Health Insurance Program, and the Affordable Care Act. The bill also would deny the medical expense tax deduction for gender transition procedures. U.S. Representative Claudia Tenney (R-New York-24) introduced the House companion version of this bill.
    Due to the bill’s targeted approach toward altering the tax code and mandatory spending, Senator Marshall is advocating for this legislation to be included in the FY2025 budget reconciliation package. 
    “Americans overwhelmingly agree that hard-earned taxpayer dollars should not go toward paying for harmful gender transition procedures,” said Senator Marshall. “This legislation delivers on President Trump’s promise, eliminates taxpayer-funded transgender procedures on both minors and adults, and defends our nation’s values. As the reconciliation process continues, I urge my colleagues to support this commonsense legislation and ensure it is included in the One, Big, Beautiful Bill.” 
    “Taxpayers should never be forced to fund dangerous and irreversible gender transition surgeries. The No Subsidies for Gender Transition Procedures Act sets a sweeping precedent by applying to both adults and minors and applying to as many federal funding streams as possible,” said Representative Tenney. “This will ensure that regardless of the age of the individual looking to mutilate themself, the American taxpayer will not be forced to subsidize it. We are working to ensure that not a dime of federal funds can be used to pay for gender transition procedures.”
    This legislation is cosponsored by U.S. Senators Bill Cassidy (R-Louisiana), Mike Lee (R-Utah), and Pete Ricketts (R-Nebraska).
    “Americans don’t want tax dollars funding sex change operations for children,” said Dr. Cassidy. “Let’s use that money for real medical treatment, not to prop up gender ideology.”
    “Trans ideology is anti-science, anti-truth, and anti-child – our government cannot make American families complicit in these controversial medical procedures, especially against young and vulnerable people in our society,” said Senator Lee. “Our necessary legislation prevents taxpayer dollars from funding the gender transition regime through reimbursements, Medicare, Medicaid, and other avenues.”
    “American tax dollars should not fund gender reassignment surgery,” said Senator Ricketts. “This bill ends the misuse of tax dollars on these procedures. It also stops federal healthcare facilities from providing these procedures.”
    The legislation is supported by the American Principles Project.
    “Every year, the federal government subsidizes the transgender medical industry with our tax dollars, despite the vast majority of Americans opposing this horrific waste of taxpayer funding,” said Terry Schilling, President of American Principles Project. “The No Subsidies for Gender Transition Procedures Act would deal a serious blow to the woke trans agenda’s biological and fiscal insanity, and I am grateful for Senator Marshall’s leadership on this problem. It’s time for Congress to pass this important legislation.”
    Click HERE to read the full bill text.
    Background:

    By eliminating federal spending on transgender procedures, we can save American taxpayers $200 million.
    25 states and D.C. have Medicaid policies that explicitly cover transgender-related health care.
    Over 276,000 of the 1.3 million transgender adults are enrolled in Medicaid.
    In March of 2025, Senator Marshall introduced the End Taxpayer Funding of Gender Experimentation Act – similar legislation that prohibits the use of federal funding for gender transition procedures and bars federal healthcare facilities, physicians, and providers from providing such procedures.

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Colleagues Demand DOJ Reverse Cancellation of Hundreds of Public Safety Grants

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) led nearly 30 Democratic senators in sending a letter to the Department of Justice (DOJ) urging Attorney General Pam Bondi and Deputy Assistant Attorney General Maureen Henneberg to reverse the abrupt cancellation of hundreds of public safety grants that serve crime victims and improve public safety in communities across the country. The letter DOJ to provide information about its decision to cancel the grants. 
    “On April 22, the Department of Justice’s (DOJ) Office of Justice Programs (OJP) notified  hundreds of grant recipients across the country, without warning, that their funding had been  terminated, effective immediately. Many of these grants are authorized by Congress and support  programs that have enhanced public safety in communities rural and urban, affluent and poor,  Democratic and Republican. While this Administration continues to market itself as the  administration of law and order and public safety, DOJ has decided to defund programs that  prosecutors, police and sheriff’s departments, judges, mental health service providers,  academics, and more depend on to advance the Department’s longstanding ‘core mission of  keeping Americans safe and vigorously enforcing the law,’” the Senators wrote. 
    “Based on public reporting, outreach from grantees, and a DOJ Justice Management Division  (JMD) spreadsheet (Encl. 1), it appears that the Department defunded at least 365 public safety  grants on April 22, 2025. A review of this information reveals that these grants provide support  for victims of crime and resources for communities to ensure public safety,” the Senators continued.
    For example, with these grant terminations, the Department has defunded programs that support victims of crime, combat rape in prison, assist people with mental health disorders, reduce and prevent violence, and support successful reentry. These examples offer only a sample of the critical funding that DOJ abruptly terminated.
    “The magnitude of these defunding measures, Congress’ role in authorizing and appropriating  grant funds, and the negative impacts that the sudden termination of funding will have on public  safety in communities across the country, requires the immediate review of the processes and  decisions that led to the cancellation of these critical grants,” the Senators wrote.
    The Senators requested answers to nine questions about the cancellations, including whether the Department has reallocated the money to other programs and how officials determined which grants should be cancelled. 
    A DOJ JMD spreadsheet (Encl. 1) lists 365 grants that were terminated on April  22.
    Does this spreadsheet represent the entire universe of grants that were  terminated?  
    Are there grants that were terminated that are not reflected on the list? If so, provide the information in every column for these grants. 
    Which grants that were terminated on April 22 have since been restored? For each grant restored, please provide the reason for its restoration.  
    How were the grants that were terminated chosen? What were the factors  considered in making the determination to terminate? Where the affected grantees were state or local jurisdictions, did the political party of state or local officials in  those jurisdictions influence the determination to terminate? 
    Were there entire categories of grants that were terminated? If so, provide the  categories.  
    What is the legal basis for terminating grant funds that are statutorily required? 
    Has DOJ reallocated the funds it rescinded on April 22? Provide any specific  programs or purposes to which these funds will be reallocated. 
    Will DOJ terminate any more grants, from any of its funding components, that  have been obligated or are in cycle? If so, provide the grant-making component  and the grants that will be terminated or are under consideration to be terminated.  
    Was former Tesla employee turned-DOGE staffer Tarak Makecha solely  responsible for selecting which grants to terminate? Provide the names of all  individuals within DOJ who reviewed or approved the cancellation of the grants.  
    Did any White House officials review the grants to be terminated or otherwise  have any involvement in the decision to terminate the grants? Provide their names.
    “Additionally, we advise that the Department restore immediately the grants terminated on April 22. The cursory termination of these programs imperils the public safety of the victims and communities that rely on these critical resources,” the Senators concluded.
    The letter is cosigned by U.S. Senators Chuck Schumer (D-NY), Dick Durbin (D-IL), Mazie Hirono (D-HI), Chris Coons (D-DE), Amy Klobuchar (D-MN), Richard Blumenthal (D-CT), Alex Padilla (D-CA), Adam Schiff (D-CA), Sheldon Whitehouse (D-RI), Peter Welch (D-VT), Andy Kim (D-NJ), Elizabeth Warren (D-MA), Ruben Gallego (D-AZ), Raphael Warnock (D-GA), Tim Kaine (D-VA), Ben Ray Lujan (D-NM), Ron Wyden (D-OR), Kirsten Gillibrand (D-NY), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Maria Cantwell (D-WA), Ed Markey (D-MA), Jack Reed (D-RI), Bernie Sanders (I-VT), Gary Peters (D-MI), and Chris Murphy (D-CT). 
    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI USA: 05.01.2025 Sen. Cruz, Rep. Harshbarger Introduce USA Act

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Universal Savings Account Act, a bill that allows American families to save without the restrictions and penalties associated with traditional tax advantaged accounts.
    Sen. Cruz said, “A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.”
    Companion legislation was introduced in the House by Rep. Diana Harshbarger (R-Tenn.-1).
    Rep. Harshbarger said, “It’s an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend — without government interference or penalties. Washington shouldn’t be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence.”
    Read the full text of the bill here.
    BACKGROUND
    Universal saving accounts (USAs) are tax-advantaged savings vehicles with unrestricted use of funds, allowing participants to save, invest, and withdraw funds for any reason.
    This bill would allow the following:
    Distributions from Universal Savings Accounts are not subject to income tax, nor included in gross income.
    An initial contribution limit of $10,000, which increases by $500 every year, before capping at $25,000.
    No contribution limits based on income.
    Experts have found Universal Savings Accounts would boost savings for low-income households, allowing them to better withstand economic shocks, such as pandemics and recessions, and plan for major expenses, such as an expanded family, education, and housing needs.

    MIL OSI USA News –

  • MIL-OSI USA: Wicker, Bennet Introduce the American Infrastructure Bonds Act

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Michael Bennet, D-Colo., have introduced the American Infrastructure Bonds Act. This bipartisan legislation would help state and local governments finance critical infrastructure projects. The 2021 Bipartisan Infrastructure Law provided much-needed funding, but many rural communities continue to struggle with high interest rates that delay crucial projects. The American Infrastructure Bonds Act would address this challenge by establishing a taxable, direct-pay bond program, expanding investment opportunities for infrastructure improvements nationwide.
    “Local governments need flexibility to invest in the infrastructure their constituency needs, not be stifled by bureaucratic red tape. The American Infrastructure Bonds Act would establish a bond program to expand investment in infrastructure improvements nationwide. This legislation would help rural communities access affordable financing for the necessary infrastructure in their cities and towns,” said Senator Wicker.
    “To build an economy that works for every Coloradan, we have to invest in 21st-century American infrastructure,” said Senator Bennet. “American Infrastructure Bonds are a proven, successful model to expand investments to help state and local leaders build stronger and more resilient communities.”
    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI: Quaint Oak Bancorp, Inc. Announces First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.

    Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”

    Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”

    Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”

    Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”

    Mr. Strong concluded, “As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    Comparison of Quarter-over-Quarter Operating Results

    Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.

    The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.

    The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.

    The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.

    The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.

    The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.

    The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.

    Comparison of Financial Condition

    The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.

    Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.

    Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.

    Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.

    Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.

    Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

    Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.

    Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
          At March 31,       At December 31,  
          2025       2024  
          (Unaudited)       (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 48,859     $ 62,989  
    Investment in interest-earning time deposits     912       912  
    Investment securities available for sale at fair value     1,458       1,666  
    Loans held for sale     50,946       64,281  
    Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)     526,374       534,693  
    Accrued interest receivable     4,188       3,961  
    Investment in Federal Home Loan Bank stock, at cost     2,900       2,214  
    Bank-owned life insurance     4,477       4,447  
    Premises and equipment, net     1,586       1,626  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     65       77  
    Prepaid expenses and other assets     8,088       7,787  
    Total Assets   $ 650,368     $ 685,168  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 60,928     $ 59,783  
    Interest-bearing     446,654       493,469  
    Total deposits     507,582       553,252  
    Federal Home Loan Bank short-term borrowings     65,000       45,000  
    Federal Home Loan Bank long-term borrowings     –       2,855  
    Subordinated debt     8,000       22,000  
    Senior debt     9,487       –  
    Accrued interest payable     773       937  
    Advances from borrowers for taxes and insurance     2,044       3,122  
    Accrued expenses and other liabilities     5,218       5,385  
    Total Liabilities     598,104       632,551  
                     
    Total Stockholders’ Equity     52,264       52,617  
    Total Liabilities and Stockholders’ Equity   $ 650,368     $ 685,168  
    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Operations
    (In Thousands, except share data)
        For the Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Interest and Dividend Income                
    Interest on loans, including fees   $ 9,523     $ 11,232  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     403       890  
    Total Interest and Dividend Income     9,926       12,122  
                     
    Interest Expense                
    Interest on deposits     4,729       5,986  
    Interest on Federal Home Loan Bank short-term borrowings     479       –  
    Interest on Federal Home Loan Bank long-term borrowings     5       242  
    Interest on Federal Reserve Bank short-term borrowings     1       –  
    Interest on subordinated debt     452       484  
    Interest on senior debt     116       –  
    Total Interest Expense     5,782       6,712  
    Net Interest Income     4,144       5,410  
    Provision for Credit Losses – Loans     326       1,084  
    Provision for Credit Losses – Unfunded Commitments     115       52  
    Net Interest Income after Provision for Credit Losses     3,703       4,274  
                     
    Non-Interest Income                
    Mortgage banking, equipment lending and title abstract fees     146       206  
    Real estate sales commissions, net     –       4  
    Insurance commissions     185       152  
    Other fees and services charges     32       227  
    Net loan servicing income     4       2  
    Income from bank-owned life insurance     30       28  
    Net gain on sale of loans     1,056       935  
    Gain on the sale of SBA loans     307       28  
    Total Non-Interest Income     1,760       1,582  
                     
    Non-Interest Expense                
    Salaries and employee benefits     3,650       3,663  
    Directors’ fees and expenses     65       51  
    Occupancy and equipment     431       250  
    Data processing     402       263  
    Professional fees     223       141  
    FDIC deposit insurance assessment     121       173  
    Advertising     99       86  
    Amortization of other intangible     12       12  
    Other     541       486  
    Total Non-Interest Expense     5,544       5,125  
    (Loss) income from continuing operations before income taxes     (81 )     731  
    Income Taxes     2       264  
    Net (loss) income from continuing operations     (83 )     467  
    Income from discontinued operations     –       564  
    Income tax from discontinued operations     –       158  
    Net income from discontinued operations     –       406  
    Net (Loss) Income   $ (83 )   $ 873  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Per Common Share Data:                
    Earnings per share from continuing operations – basic   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – basic   $ –     $ 0.16  
    Earnings per share, net – basic   $ (0.03 )   $ 0.36  
    Average shares outstanding – basic     2,626,967       2,450,814  
    Earnings per share from continuing operations – diluted   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.16  
    Earnings per share, net – diluted   $ (0.03 )   $ 0.36  
    Average shares outstanding – diluted     2,626,967       2,450,814  
    Book value per share, end of period   $ 19.89     $ 20.84  
    Shares outstanding, end of period     2,627,397       2,407,048  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Selected Operating Ratios:                
    Average yield on interest-earning assets     6.30 %     6.63 %
    Average rate on interest-bearing liabilities     4.17 %     4.57 %
    Average interest rate spread     2.13 %     2.06 %
    Net interest margin     2.63 %     2.96 %
    Average interest-earning assets to average interest-bearing liabilities     113.59 %     124.57 %
    Efficiency ratio     70.40 %     73.29 %
                     
    Asset Quality Ratios (1):                
    Non-performing loans as a percent of total loans receivable, net     1.13 %     1.28 %
    Non-performing assets as a percent of total assets     0.91 %     1.00 %
    Allowance for credit losses as a percent of non-performing loans     107.45 %     97.24 %
    Allowance for credit losses as a percent of total loans receivable, net     1.20 %     1.23 %
    Texas Ratio (2)     9.22 %     11.96 %

      
    (1)  Asset quality ratios are end of period ratios.
    (2)  Total non-performing assets divided by tangible common equity plus the allowance for credit losses.

    The MIL Network –

  • MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Shreveport, Louisiana, May 01, 2025 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2025, of $748,000 compared to net income of $732,000 reported for the three months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2025 and for the three months ended March 31, 2024. The Company reported net income of $2.7 million for the nine months ended March 31, 2025, compared to $3.0 million for the nine months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.88 for the nine months ended March 31, 2025 compared to $0.97 and $0.95, respectively, for the nine months ended March 31, 2024.

     The Company reported the following highlights during the nine months ended March 31, 2025:

      ●  Book value per share increased to $17.55 at March 31, 2025 from $16.80 at June 30, 2024.
      ●  There were no advances from the FHLB at March 31, 2025 or June 30, 2024.
      ●  Other borrowings totaled $4.0 million at March 31, 2025 compared to $7.0 million at June 30, 2024.

    The increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from an increase of $270,000, or 6.1%, in net interest income, an increase of $32,000, or 6.3%, in non-interest income, and a decrease of $5,000, or 45.5%, in the provision for credit losses, partially offset by an increase of $260,000, or 6.5%, in non-interest expense and an increase of $31,000, or 17.6%, in the provision for income taxes. The increase in net interest income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $735,000, or 21.1%, in total interest expense, partially offset by a decrease of $465,000, or 5.9%, in total interest income. The Company’s average interest rate spread was 2.66% for the three months ended March 31, 2025, compared to 2.16% for the three months ended March 31, 2024. The Company’s net interest margin was 3.33% for the three months ended March 31, 2025, compared to 2.89% for the three months ended March 31, 2024.

    The decrease in net income for the nine months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from a decrease of $891,000, or 6.1%, in net interest income and an increase of $102,000, or 35.2%, in the provision for income taxes, partially offset by a decrease of $331,000, or 2.7%, in non-interest expense, an increase of $248,000, or 23.0%, in non-interest income, and an increase of $167,000 in the recovery of credit losses. The decrease in net interest income for the nine months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $1.2 million, or 5.1%, in total interest income, partially offset by a decrease of $329,000, or 3.5%, in total interest expense. The Company’s average interest rate spread was 2.44% for the nine months ended March 31, 2025, compared to 2.46% for the nine months ended March 31, 2024. The Company’s net interest margin was 3.14% for the nine months ended March 31, 2025, and the nine months ended March 31, 2024.

    The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

        For the Three Months Ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 459,828       5.94 %   $ 504,918       5.80 %
    Investment securities     95,706       2.44       104,646       2.21 %
    Interest-earning deposits     14,513       3.05       3,607       3.79 %
    Total interest-earning assets   $ 570,047       5.28 %   $ 613,171       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 94,375       1.75 %   $ 69,178       0.62 %
    NOW accounts     69,562       1.15       68,170       0.58 %
    Money market accounts     75,882       2.01       89,313       2.60 %
    Certificates of deposit     182,721       3.76       222,534       4.36 %
    Total interest-bearing deposits     422,540       2.57       449,195       2.86 %
    Other bank borrowings     4,000       7.71       9,448       8.73 %
    FHLB advances     –       –       5,956       5.87 %
    Total interest-bearing liabilities   $ 426,540       2.62 %   $ 464,599       3.02 %
        For the Nine months ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 460,972       5.90 %   $ 503,664       5.80 %
    Investment securities     96,395       2.24       109,255       2.38 %
    Interest-earning deposits     23,326       4.45       5,060       3.55  
    Total interest-earning assets   $ 580,693       5.24 %   $ 617,979       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 89,171       1.69 %   $ 73,676       0.46 %
    NOW accounts     71,022       1.17       67,145       0.47 %
    Money market accounts     76,828       2.20       98,021       2.44 %
    Certificates of deposit     191,936       4.04       209,985       4.05 %
    Total interest-bearing deposits     428,957       2.75       448,827       2.58 %
    Other bank borrowings     4,832       7.55       9,100       8.57 %
    FHLB advances     –       –       4,151       5.77 %
    Total interest-bearing liabilities   $ 433,789       2.80 %   $ 462,078       2.72 %

    The $32,000 increase in non-interest income for the three months ended March 31, 2025, compared to the prior year quarterly period, was primarily due to an increase of $27,000 in other non-interest income, an increase of $19,000 in service charges on deposit accounts, an increase of $11,000 in gain on sale of loans, and an increase of $1,000 in income on bank owned life insurance, partially offset by a decrease of $26,000 in gain on sale of securities. The $248,000 increase in non-interest income for the nine months ended March 31, 2025 compared to the prior year nine-month period was primarily due to a decrease of $149,000 in loss on sale of real estate, an increase of $115,000 in other non-interest income, an increase of $14,000 in service charges on deposit accounts, and an increase of $5,000 in income from bank owned life insurance, partially offset by an increase of $32,000 in loss on sale of securities, and a decrease of $3,000 in gain on sale of loans.

    The $260,000 increase in non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributable to increases of $414,000 in data processing expense, $77,000 in occupancy and equipment expense, $67,000 in audit and examination fees, $49,000 in professional fees, $40,000 in other non-interest expense, $15,000 in loan and collection expense, and $12,000 in deposit insurance premium expense. The increases were partially offset by decreases of $317,000 in compensation and benefits expense, $55,000 in advertising expense, $33,000 in franchise and bank shares tax expense, and $9,000 in amortization of core deposit intangible expense. The $331,000 decrease in non-interest expense for the nine months ended March 31, 2025, compared to the same nine-month period in 2024, is primarily attributable to decreases of $470,000 in compensation and benefits expense, $184,000 in franchise and bank shares tax expense, $179,000 in advertising expense, $65,000 in other non-interest expense, $47,000 in professional fees, $42,000 in amortization of core deposit intangible expense, $22,000 in deposit insurance premium expense, and $19,000 in loan and collection expense. The decreases were partially offset by increases of $594,000 in data processing expense, $86,000 in occupancy and equipment expense, and $17,000 in audit and examination fees. The increase in data processing expense resulted from a billing discrepancy with our core processor, which had failed to issue invoices for certain services dating back to December 2022. Upon discovery of the issue, we negotiated a discounted settlement to resolve the outstanding invoices.

    Total assets decreased $17.9 million, or 2.8%, from $637.5 million at June 30, 2024 to $619.6 million at March 31, 2025. The decrease in assets was comprised of decreases in net loans receivable of $12.6 million, or 2.7%, from $470.9 million at June 30, 2024 to $458.3 million at March 31, 2025, cash and cash equivalents of $4.5 million, or 12.9%, from $34.9 million at June 30, 2024 to $30.4 million at March 31, 2025, premises and equipment of $736,000, or 4.0%, from $18.3 million at June 30, 2024 to $17.6 million at March 31, 2025, loans-held-for-sale of $734,000, or 42.4%, from $1.7 million at June 30, 2024 to $999,000 at March 31, 2025, core deposit intangible of $216,000, or 18.0%, from $1.2 million at June 30, 2024 to $983,000 at March 31, 2025, investment securities of $102,000, or 0.1%, from $96.0 million at June 30, 2024 to $95.9 million at March 31, 2025, and partially offset by increases in real estate owned of $482,000, or 115.3% from $418,000 at June 30, 2024 to $900,000 at March 31, 2025, deferred tax asset of $186,000, or 15.7%, from $1.2 million at June 30, 2024 to $1.4 million at March 31, 2025, other assets of $178,000, or 13.2%, from $1.3 million at June 30, 2024 to $1.5 million at March 31, 2025, bank owned life insurance of $87,000, or 1.3%, from $6.8 million at June 30, 2024 to $6.9 million at March 31, 2025, and accrued interest receivable of $27,000, or 1.5%, from $1.78 million at June 30, 2024 to $1.8 million at March 31, 2025.

    Total liabilities decreased $19.8 million, or 3.4%, from $584.7 million at June 30, 2024 to $564.9 million at March 31, 2025. The decrease in liabilities was comprised of decreases in total deposits of $17.2 million, or 3.0%, from $574.0 million at June 30, 2024 to $556.8 million at March 31, 2025, other borrowings of $3.0 million, or 42.9%, from $7.0 million at June 30, 2024 to $4.0 million at March 31, 2025, advances from borrowers for taxes and insurance of $137,000, or 26.3%, from $521,000 at June 30, 2024 to $384,000 at March 31, 2025, and partially offset by an increase in other accrued expenses and liabilities of $577,000, or 18.1%, from $3.2 million at June 30, 2024 to $3.8 million at March 31, 2025. The decrease in deposits resulted from decreases in certificates of deposit of $32.5 million, or 15.1%, from $214.9 million at June 30, 2024 to $182.4 million at March 31, 2025, money market deposits of $5.7 million, or 6.6%, from $85.5 million at June 30, 2024 to $79.9 million at March 31, 2025, and non-interest deposits of $535,000, or 0.4%, from $130.3 million at June 30, 2024 to $129.8 million at March 31, 2025, partially offset by increases in savings deposits of $19.3 million, or 25.2%, from $76.6 million at June 30, 2024 to $96.0 million at March 31, 2025, and NOW accounts of $2.1 million, or 3.1%, from $66.6 million at June 30, 2024 to $68.7 million at March 31, 2025. The Company had no balances in brokered deposits at March 31, 2025 or June 30, 2024.

    At March 31, 2025, the Company had $3.0 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $1.9 million of non-performing assets at June 30, 2024, consisting of six one-to-four family residential loans, six home equity loans, two commercial non-real estate loans, two commercial real-estate loans, and one consumer loan at March 31, 2025, compared to five one-to-four family residential loans, four home equity loans, three commercial non-real estate loans, and three single-family residences in other real estate owned at June 30, 2024. At March 31, 2025 the Company had nine one-to-four family residential loans, six home equity loans, five commercial non-real-estate loans, two commercial real-estate loans, and two consumer loans classified as substandard, compared to six one-to-four family residential loans, five commercial non-real-estate loans, four home equity loans and one consumer loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at March 31, 2025 or June 30, 2024.

    Shareholders’ equity increased $1.9 million, or 3.6%, from $52.8 million at June 30, 2024 to $54.7 million at March 31, 2025. The increase in shareholders’ equity was comprised of net income for the nine-month period of $2.7 million, a decrease in the Company’s accumulated other comprehensive loss of $559,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $370,000, and proceeds from the issuance of common stock from the exercise of stock options of $19,000, partially offset by dividends paid totaling $1.2 million, and stock repurchases of $517,000.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED BALANCE SHEETS
    (In thousands except share and per share data)    		  
                     
        March 31, 2025     June 30, 2024  
        (Unaudited)          
    ASSETS                
                     
    Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,197 and $25,505 at March 31, 2025 and June 30, 2024, Respectively)   $ 30,439     $ 34,948  
    Securities Available-for-Sale (amortized cost March 31, 2025: $34,751; June 30, 2024: $30,348, Respectively)     32,149       27,037  
    Securities Held-to-Maturity (fair value March 31, 2025: $52,428; June 30, 2024: $54,450, Respectively)     63,066       67,302  
    Other Securities     636       1,614  
    Loans Held-for-Sale     999       1,733  
    Loans Receivable, Net of Allowance for Credit Losses (March 31, 2025:  $4,632; June 30, 2024: $4,574, Respectively)     458,301       470,852  
    Accrued Interest Receivable     1,802       1,775  
    Premises and Equipment, Net     17,567       18,303  
    Bank Owned Life Insurance     6,897       6,810  
    Goodwill     2,990       2,990  
    Core Deposit Intangible     983       1,199  
    Deferred Tax Asset     1,367       1,181  
    Real Estate Owned     900       418  
    Other Assets     1,528       1,350  
                     
    Total Assets   $ 619,624     $ 637,512  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
                     
    LIABILITIES                
                     
    Deposits:                
    Non-interest bearing   $ 129,799     $ 130,334  
    Interest-bearing     426,964       443,673  
    Total Deposits     556,763       574,007  
    Advances from Borrowers for Taxes and Insurance     384       521  
    Other Borrowings     4,000       7,000  
    Other Accrued Expenses and Liabilities     3,758       3,181  
                     
    Total Liabilities     564,905       584,709  
                     
    SHAREHOLDERS’ EQUITY                
                     
    Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding      –        –  
    Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,118,764 and 3,142,168 Shares Issued and Outstanding at March 31, 2025 and June 30, 2024, Respectively     32       32  
    Additional Paid-in Capital     42,055       41,739  
    Unearned ESOP Stock     (336 )     (408 )
    Retained Earnings     15,024       14,055  
    Accumulated Other Comprehensive Loss     (2,056 )     (2,615 )
                     
    Total Shareholders’ Equity     54,719       52,803  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 619,624     $ 637,512  
    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 6,740     $ 7,281     $ 20,426     $ 21,952  
    Investment securities     83       124       213       573  
    Mortgage-backed securities     493       451       1,406       1,384  
    Other interest-earning assets     109       34       779       135  
    Total interest income     7,425       7,890       22,824       24,044  
    Interest expense                                
    Deposits     2,675       3,194       8,851       8,688  
    Federal Home Loan Bank borrowings     –       87       –       180  
    Other bank borrowings     76       205       274       586  
    Total interest expense     2,751       3,486       9,125       9,454  
    Net interest income     4,674       4,404       13,699       14,590  
                                     
    Provision for (recovery of) credit losses     6       11       (172 )     (5 )
    Net interest income after provision for credit losses     4,668       4,393       13,871       14,595  
                                     
    Non-interest income                                
    Gain on sale of loans     80       69       181       184  
    Loss on sale of real estate     –       –       (266 )     (415 )
    Gain(Loss) on sale of securities     –       26       (6 )     26  
    Income on Bank-Owned Life Insurance     29       28       87       82  
    Service charges on deposit accounts     382       363       1,165       1,151  
    Other income     47       20       165       50  
    Total non-interest income     538       506       1,326       1,078  
                                     
                                     
    Non-interest expense                                
    Compensation and benefits     2,136       2,453       6,667       7,137  
    Occupancy and equipment     610       533       1,711       1,625  
    Data processing     553       139       1,107       513  
    Audit and examination fees     150       83       473       456  
    Franchise and bank shares tax     135       168       304       488  
    Advertising     22       77       123       302  
    Professional fees     145       96       396       443  
    Loan and collection     46       31       104       123  
    Amortization Core Deposit Intangible     70       79       216       258  
    Deposit insurance premium     102       90       267       289  
    Other expenses     282       242       729       794  
    Total non-interest expense     4,251       3,991       12,097       12,428  
    Income before income taxes     955       908       3,100       3,245  
    Provision for income tax expense     207       176       392       290  
                                     
    NET INCOME   $ 748     $ 732     $ 2,708     $ 2,955  
                                     
    EARNINGS PER SHARE                                
    Basic   $ 0.24     $ 0.24     $ 0.88     $ 0.97  
    Diluted   $ 0.24     $ 0.24     $ 0.88     $ 0.95  
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
                                     
    Selected Operating Ratios(1):                                
    Average interest rate spread     2.66 %     2.16 %     2.44 %     2.46 %
    Net interest margin     3.33 %     2.89 %     3.14 %     3.14 %
    Return on average assets     0.50 %     0.45 %     0.58 %     0.60 %
    Return on average equity     5.59 %     5.62 %     6.85 %     7.64 %
                                     
    Asset Quality Ratios(2):                                
    Non-performing assets as a percent of total assets     0.49 %     0.37 %     0.49 %     0.37 %
    Allowance for credit losses as a percent of non-performing loans     215.44 %     203.11 %     215.44 %     203.11 %
    Allowance for credit losses as a percent of total loans receivable     1.00 %     0.97 %     1.00 %     0.97 %
                                     
    Per Share Data:                                
    Shares outstanding at period end     3,118,764       3,145,236       3,118,764       3,145,236  
    Weighted average shares outstanding:                                
    Basic     3,061,928       3,047,335       3,062,511       3,039,907  
    Diluted     3,087,624       3,091,011       3,081,233       3,095,817  
    Book value per share at period end   $ 17.55     $ 16.71     $ 17.55     $ 16.71  
     ______________                                
    (1) Ratios for the three and nine month periods are annualized.                                
    (2) Asset quality ratios are end of period ratios.                                

    The MIL Network –

  • MIL-OSI USA: Lawler Leads Bipartisan Effort to Curb Federal Use of Toxic PFAS Chemicals

    Source: US Congressman Mike Lawler (R, NY-17)

    Washington, D.C. – 4/30/2025… Today, Reps. Mike Lawler (NY-17), Haley Stevens (MI-11), Brian Fitzpatrick (PA-01), Chris Pappas (NH-01), and Pat Ryan (NY-18) introduced the PFAS-Free Procurement Act, a bill aimed at reducing harmful chemical exposure by prohibiting the procurement of products containing perfluorooctane sulfonate (PFOS) or perfluorooctanoic acid (PFOA), commonly known as PFAS. 

    These chemicals are linked to a variety of health issues, including cancer, liver damage, and developmental harm. The bill prioritizes the procurement of safer, PFAS-free products. The bill prohibits federal agencies from renewing or entering into contracts for products containing PFOS or PFOA, including nonstick cookware, cooking utensils, furniture, carpets, and rugs treated with stain-resistant coatings. The legislation takes effect six months after enactment and will apply to all contracts entered into after that date.

    “Across New York and the nation, communities grapple with the long-term consequences of PFAS contamination, threats to public health, drinking water, and environmental safety. As stewards of taxpayer dollars, we have a responsibility to ensure the federal government is not perpetuating this crisis through its procurement practices. The PFAS-Free Procurement Act takes a measured, forward-looking approach that protects public health, encourages safer alternatives, and leverages the purchasing power of the federal government to drive meaningful change,” said Congressman Lawler (NY-17).

    “In Michigan, PFAS contamination has touched nearly every corner of our state. Our communities have led the charge in confronting these harmful substances, and now it is time for the federal government to do the same. The bipartisan and bicameral PFAS-Free Procurement Act extends the Department of Defense’s sensible prohibition on PFAS products to most federal acquisitions. This common-sense, bipartisan bill will protect Michigan communities and take a bold step toward eliminating these harmful, forever chemicals from our daily lives,” said Congresswoman Stevens (MI-11).

    “The federal government shouldn’t be fueling the PFAS crisis—it should be leading the fight to end it. The PFAS-Free Procurement Act sets a clear standard: safer products, stronger accountability, and a healthier future. As Co-Chair of the PFAS Task Force, I’ll keep pushing for real reforms that put public health and environmental responsibility first,” said Congressman Fitzpatrick (PA-01).

    “PFAS and other toxic forever chemicals continue to pose health risks to Granite Staters and communities nationwide. We must take comprehensive and commonsense action to combat PFAS contamination and ensure the well-being of Americans. This bipartisan legislation would require federal agencies to prioritize procuring PFAS-free products to protect federal employees and individuals who visit federal facilities, like veterans at the VA and seniors at Social Security offices. The federal government should be a leader in addressing PFAS contamination, and this bipartisan legislation is an important step forward,” said Congressman Pappas (NH-01).

    “Our communities have suffered from exposure to PFAS for too long – I refuse to let your kids or mine be exposed to these toxins any longer,” said Congressman Pat Ryan (NY-18). “I’m proud to be leading the fight against PFAS exposures, and am excited to join my colleagues in supporting this vital legislation to ban the purchasing of PFAS-contaminated materials in federal buildings, protecting families, kids, and seniors from further exposure.”

    Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

    ###

    Full text of the bill can be found HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

    In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region. 

    “It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

    “Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

    “As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.” 

    “Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

    The full text of the letter is included below:

    Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

    We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

    We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

    In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

    As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

    Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

    Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

    Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

    Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Gabe Amo, Congresswoman Lizzie Fletcher, and Congressman Mike Quigley Introduce Legislation To Reverse Trump Administration Decision Allowing Federal Agencies To Ban Public Input

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

    Washington, D.C.—Today, Congresswoman Lizzie Fletcher (TX-07), Congressman Mike Quigley (IL-05), and Congressman Gabe Amo (RI-01) introduced a resolution opposing the U.S. Department of Health and Human Services’ (HHS) proposal to limit public notice and public comment for proposed rules. Senator Ron Wyden (D-OR), Senator Ed Markey (D-MA), and Senator Angus King (I-ME) introduced this legislation in the U.S. Senate today.

    “For more than half a century, the Department of Health and Human Services — under Democratic and Republican administrations alike — has allowed the American people to weigh in on proposed rules that would affect public property, loans, grants, benefits, and contracts,” said Congressman Gabe Amo. “Secretary Kennedy committed to ‘radical transparency’ during his confirmation hearing, yet his decision to end this public input would eviscerate transparency, undermine public participation, and allow the department to operate in secret. President Trump and Secretary Kennedy’s push to rescind basic transparency in public health begs the question — what are they trying to hide?”

    “For decades, HHS has engaged with the public about policies that directly affect their lives and livelihoods,” said Congresswoman Lizzie Fletcher.  “As a result of this input, Democratic and Republican administrations alike have modified proposed rules in response to the issues and concerns exposed through this public comment process, often clarifying a rule’s intended meaning and correcting unforeseen errors.  Banning public comment not only reduces transparency and accountability in the HHS decision-making process, creating uncertainty for health care providers, research institutions, and advocacy groups in grantmaking processes, it also excludes the people from their government. That’s why I am glad to introduce this legislation in the House with Congressman Mike Quigley and Congressman Gabe Amo in partnership with Senator Ron Wyden, Senator Ed Markey, and Senator Angus King to reaffirm the importance of public engagement in our health care and of the people in our government.”

    “For an administration that claims to be transparent, Trump and RFK’s choice to insulate HHS from public input is repugnant,” said Congressman Mike Quigley. “This change reverses years of HHS precedent. As Founder of the Transparency Caucus, I’m proud to lead this resolution to preserve public involvement in HHS decisions.”

    In 1971, HHS adopted the Richardson Waiver to ensure that public notice and comment procedures for HHS would include rules related to public property, loans, grants, benefits, and contracts.  The 1971 directive built on legal requirements laid out by the Administrative Procedure Act of 1946 (APA) to allow the public greater input in agency matters.  On March 3, HHS Secretary Robert F. Kennedy announced that HHS would rescind this longstanding policy to solicit public comments on proposed rules, effective immediately.

    AFSCME, AFT: Education, Healthcare, Public Services, AI Arthritis, Alliance for Aging Research, America’s Essential Hospitals, American Academy of Family Physicians (AAFP), American Academy of Pediatrics (AAP), American Cancer Society Cancer Action Network, American College of Obstetricians and Gynecologists (ACOG), American Federation for Aging Research, American Kidney Fund, American Lung Association, Arthritis Foundation, Association of American Medical Colleges, Asthma and Allergy Foundation of America, CancerCare, Caring Across Generations, Center for Medicare Advocacy, Center for Reproductive Rights, Center for Reproductive Rights, Children’s Hospital Association, Community Catalyst, Cystic Fibrosis Foundation, Daily Voice National, Epilepsy Foundation of America, Families USA, Geriatric Circle, Gerontological Society of America, Gillette Children’s, Immune Deficiency Foundation, Justice in Aging, Large Urology Group Practice Association, LeadingAge, Medicare Rights Center, Muscular Dystrophy Association, National Bleeding Disorders Foundation, National Bleeding Disorders Foundation, National Consumer Voice for Quality Long-Term Care, National Family Planning & Reproductive Health Association, National Health Council, National Health Law Program, National Kidney Foundation, National MS Society, National Nurses United, National Organization for Rare Disorders, National Partnership for Healthcare and Hospice Innovation, National Partnership for Women & Families, National Patient Advocate Foundation, National Rural Health Association, National Women’s Law Center Action Fund, PHI National, Planned Parenthood Federation of America, Protect Our Care, SEIU, Susan G. Komen, and the United Steelworkers (USW) have endorsed the resolution.

    To read the full text of the resolution, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Orders Flags to Fly at Half-Staff in Honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, in honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman, Governor Mike Kehoe ordered U.S. and Missouri flags be flown at half-staff at government buildings in Cass, Clay, Jackson, and Platte counties, the Fire Fighters Memorial of Missouri in Kingdom City, and firehouses statewide on Friday, May 2, 2025, from sunrise to sunset.

    “Graham Hoffman was a young man who was full of compassion, a desire to help others, and a dedication to saving lives,” Governor Kehoe said. “This past weekend, as he worked an overtime shift, Firefighter/Paramedic Hoffman’s life was tragically cut short by senseless violence as he treated a patient. We pray for Graham’s loved ones and the entire Kansas City Fire Department family as we mourn the loss of this young first responder.”

    Early on the morning of April 27, Firefighter/Paramedic Hoffman, 29, was stabbed and mortally wounded by a patient as she was being transported to a local hospital.

    The flags will be held at half-staff on the day Firefighter/Paramedic Hoffman is laid to rest. To view the Governor’s proclamation, click here.

    ###

    MIL OSI USA News –

  • MIL-OSI: OptimizeRx Releases 2025 Environmental, Social, and Governance (ESG) Report

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., May 01, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, has published its Environmental, Social and Governance (ESG) report for 2025.

    As a company focused on optimizing meaningful engagement opportunities at critical junctures of the healthcare journey, we remain dedicated to aligning our mission with our responsibilities as a corporate citizen.

    “Our stakeholders continue to expect us to transparently disclose our commitment to environmental, social, and governance responsibilities,” stated Marion Odence-Ford, Chief Legal Officer & Chief Human Resources Officer. “During calendar year 2024, we enhanced our disclosures on a wide range of ESG topics. We improved our Institutional Shareholder Services (ISS) ESG rating, moving from the seventh decile to the first decile and earning prime status. We are proud of our achievements and look forward to realizing more progress in the years to come.”

    ESG Report Highlights:

    Governance:

    • The pursuit of responsible governance is a top-down endeavor, and the Company’s Board of Directors and the Nominating & Governance Committee have worked closely with the Executive Team to ensure our business strategies and practices align with our corporate governance policies.
    • Our annual double-materiality survey has identified a clear three-year trend in the topics our stakeholders care about most. These topics are clustered in three main areas:
      • Data Protection: Customer Privacy and Data & Cybersecurity;
      • Ethics and Governance: Business Ethics, Responsible Marketing & Advertising, Corporate Governance, and Anti-Competitive Behavior; and
      • Human Capital: Human Capital & Resources, Labor Practices & Management, and Talent Acquisition & Retention.

    Planet:

    • This year’s ESG Report continues to build on past successes, adding additional detail in the form of a methodology appendix, more comprehensive data on Scope 1 emissions, and reporting on additional individual greenhouse gases.

    People:

    • OptimizeRx continues to believe that impartiality in employment practices is an essential part of our business and is necessary to contribute to a culture of respect. We provide merit-based opportunities to all individuals without regard to age, race, color, national origin, ancestry, citizenship, religion, gender, sexual orientation or gender identity.
    • We prioritize recruiting, retaining, and incentivizing a highly qualified workforce as the success of OptimizeRx is dependent on the skills, experience, and efforts of our employees. We also believe that contributions stemming from each employee’s cultural, economic and social background, experience, and thought are essential in making our Company stronger. Collaboration drawn from a range of perspectives enhances decision-making, sparks innovation, and drives better business outcomes. An inclusive culture boosts employee engagement, attracts top talent, and reduces turnover which furthers long-term success.
    • This year, the Company introduced the SPARK employee recognition program to recognize and celebrate Sustained Excellence, Positive Impact, Accountability, Resilience and Kindness.
    • Another recent initiative includes a Competency Model to clearly define competency levels and expectations for skills, knowledge and experience, and to provide department-specific career progression visuals, to guide each employee’s growth and success.

    Prosperity:

    • We remain vigilant in our quest to turn healthcare challenges into opportunities. Not only do these opportunities present us with new ways to grow and learn, but also to do better for our customers, employees, and the patients we impact, because increasing stakeholder value also drives shareholder value.
    • The Company has seen strong adoption of its Dynamic Audience Activation Platform (DAAP), an AI-enabled platform that delivers predictive and privacy-safe marketing solutions that connects life sciences, HCPs and patients across the most robust network of personal and clinical platforms.
    • The 2024 integration of the consumer-focused solutions of Healthy Offers, Inc. (dba Medicx Health), strengthens our ability to deliver on our mission across expanded stakeholder groups with our increased data and analytics capabilities.

    To read OptimizeRx’s full ESG report, please visit the Company’s governance page on its website or click here.

    About OptimizeRx
    OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

    Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

    Important Cautions Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

    OptimizeRx Contact 
    Andy D’Silva, SVP Corporate Finance   
    adsilva@optimizerx.com   
      
    Investor Relations Contact
    Steven Halper
    LifeSci Advisors, LLC
    shalper@lifesciadvisors.com

    The MIL Network –

  • MIL-OSI: Trisura Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2025.

    David Clare, President and CEO of Trisura, stated,

    “In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.

    Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.

    Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.”

    Highlights

    • Operating ROE(1) of 18.4% was strong, reflecting profitability from core operations, while ROE(1) was 15.0% in the quarter.
    • BVPS(2) of $17.16 increased 23.5% over Q1 2024 demonstrating consistent expansion in book value.
    • Operating net income(3) was $34.2 million in the quarter, which increased over the prior year as a result of growth in the business. Net income of $29.0 million was lower than Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Operating EPS(1) of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations(4) through continued growth and profitability. EPS of $0.60 in the quarter decreased from Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Combined ratio(1) for the quarter was 82.7%, reflecting a strong underwriting performance across the portfolio.
    • GPW(2) of $711.7 million, decreased by 1.6% compared to Q1 2024, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in our Primary lines(5). Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income(3).
    • Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.
      Q1 2025 Q1 2024 $ variance % variance
    GPW 711,671   723,130   (11,458 ) (1.6% )
    Net insurance revenue(3) 172,711   153,054   19,657   12.8%  
             
    Underwriting income 29,862   29,359   503   1.7%  
    Net investment income 18,197   16,753   1,444   8.6%  
             
    Operating net income 34,170   33,188   982   3.0%  
    Net income 28,990   36,433   (7,443 ) (20.4% )
             
    Loss ratio(1) 31.5%   31.6%   n/a (0.1pts)
    Expense ratio(1) 51.2%   49.2%   n/a 2.0pts
    Combined ratio 82.7%   80.8%   n/a 1.9pts
             
    OEPS – diluted – in dollars 0.70   0.68   0.02   2.9%  
    EPS – diluted – in dollars 0.60   0.75   (0.15 ) (20.0% )
    BVPS – in dollars 17.16   13.89   3.27   23.5%  
    Debt-to-capital ratio(2) 10.7%   10.2%   n/a 0.5pts
    Operating ROE 18.4%   20.0%   n/a (1.6pts)
    ROE 15.0%   15.3%   n/a (0.3pts)

    Insurance Operations

    • Net insurance revenue of $172.7 million, increased by 12.8% compared to Q1 2024, reflecting growth in the business, driven by growth in our Primary Lines.
    • Underwriting income of $29.9 million, increased by 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher Combined ratio.
    • The consolidated Combined ratio was 82.7% for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher Expense ratio but a lower Loss ratio.

    Investments

    • Net investment income rose 8.6% in the quarter compared to Q1 2024. The portfolio benefited from growth in the business.

    Capital

    • The Minimum Capital Test ratio(6) of our regulated Canadian subsidiary was 273% as at March 31, 2025 (276% as at December 31, 2024), which comfortably exceeded regulatory requirements(7) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(8) of the regulated US insurance companies were in excess of the various company action levels of the states in which they are licensed.
    • Consolidated debt-to-capital ratio of 10.7% as at March 31, 2025 is below our long-term target of 20.0%.

    Earnings Conference Call

    Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, May 2nd, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/tzhsg4ir

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Non-IFRS Financial Measures and other Financial Measures

    We report certain financial information using non-IFRS financial measures, non-IFRS ratios and supplementary financial measures that we use to measure and evaluate the performance of our business. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. They are used by management and financial analysts to assess our performance.

    Further, they provide users with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business.

    These metrics are operating performance measures that highlight trends in our core business or are required ratios used to measure compliance with OSFI and other regulatory standards. Our Company also believes that securities analysts, investors and other interested parties use these operating metrics to compare our Company’s performance against others in the specialty insurance industry. Our Company’s management also uses these operating metrics and other financial measures in order to facilitate operating performance comparisons from period to period. Such operating metrics and other financial measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For more information about these supplementary financial measures, Non-IFRS financial measures, and Non-IFRS ratios, including definitions and explanations of how these measures provide useful information, refer to Section 8 – Accounting and Disclosure matters in our Q1 2025 MD&A , which is available on our website at http://www.trisura.com and on SEDAR+ at www.sedarplus.ca.

    Table 1 – Reconciliation of Operating net income to reported Net income and OEPS: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q1 2025 Q1 2024
    Operating net income 34,170   33,188  
    Impact of Exited lines 111   –  
    Loss from run-off program –   (3,714 )
    Impact of movement in yield curve in Net insurance finance income (expenses) (3,569 ) 437  
    Impact of SBC 1,199   (2,923 )
    Net (gains) losses (4,547 ) 10,446  
    Tax impact of above items 1,626   (1,001 )
    Non-operating results, net of tax (5,180 ) 3,245  
    Net income 28,990   36,433  
         
    Operating net income 34,170   33,188  
    Weighted-average number of common shares outstanding – diluted
    (in thousands of shares)    		 48,472   48,456  
    Operating EPS – diluted (in dollars) 0.70   0.68  


    Table 2 – Reconciliation of Insurance service result to Underwriting income – Consolidated

    Financial statements line item 1   2 3   4   5   6   7 MD&A line item
    For the three months ended March 31, 2025
    Insurance revenue 779,606   (601,048 ) – –   –   (5,847 ) –   – 172,711   Net insurance revenue
    Insurance service expenses (585,213 ) 444,725   5,461 (10,649 ) (6,478 ) 5,736   3,569   – (142,849 ) Sum of Net claims ($54,345) and Net expenses ($88,504)
    Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323   – –   –   –   –   – –   n/a
    Insurance service result 38,070   –   5,461 (10,649 ) (6,478 ) (111 ) 3,569   – 29,862   Underwriting income
    For the three months ended March 31, 2024
    Insurance revenue 744,266   (594,773 ) – –   –   –   –   3,561 153,054   Net insurance revenue
    Insurance service expenses (580,940 ) 466,895   5,345 (10,853 ) (3,858 ) –   (437 ) 153 (123,695 ) Sum of Net claims ($48,406) and Net expenses ($75,289)
    Net income (expenses) from reinsurance contracts assets (127,878 ) 127,878   – –   –   –   –   – –   n/a
    Insurance service result 35,448   –   5,345 (10,853 ) (3,858 ) –   (437 ) 3,714 29,359   Underwriting income
    Reconciling items in the table above:
    1 Net of reinsurance impact
    2 Other income
    3 Other operating expenses related to Trisura Specialty and Trisura US Programs
    4 Net insurance finance income (expenses)
    5 Impact of Exited lines
    6 Movement in yield curve in Net insurance finance income (expenses)
    7 Loss from run-off program


    Table 3 – ROE and Operating LTM ROE    : a measure of the Company’s use of equity.

      Q1 2025 Q1 2024
    LTM net income 111,472   89,398  
    LTM average equity 742,056   583,798  
    ROE 15.0%   15.3%  
    Operating LTM net income 136,831   116,819  
    Operating LTM ROE 18.4%   20.0%  


    Table 4 – Reconciliation of Average equity    (9)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q1 2025
    		 Q1 2024
    Average equity 741,016   587,336  
    Adjustments: days in quarter proration 1,040   (3,538 )
    LTM average equity 742,056   583,798  


    Table 5 – Combined ratio – Consolidated:     Combined ratio is used to evaluate underlying profitability relative to Net insurance revenue in a given period.

       Q1 2025 Q1 2024
    Net insurance revenue, as presented in Table 2 172,711   153,054  
    Net claims, as presented in Table 2 (54,345 ) (48,406 )
    Net expenses, as presented in Table 2 (88,504 ) (75,289 )
    Underwriting income 29,862   29,359  
         
    Loss ratio 31.5%   31.6%  
    Expense ratio 51.2%   49.2%  
    Combined ratio 82.7%   80.8%  


    Footnotes

    (1) These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.

    (2) This is a supplementary financial measure. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (3) These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (4) See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (5) Primary lines are lines of insurance business such as Surety, Corporate Insurance, and Warranty.

    (6) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (7) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (8) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (9) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Reports First Quarter 2025 Results and Declares Increase in Regular Quarterly Dividend to $0.32 per Share and New Share Repurchase Authorization of $125 Million

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., May 01, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its first quarter ended March 31, 2025.

    Financial Highlights:
    (All comparisons vs. the first quarter of 2024).

    • Net income per diluted share decreased by 53%, from $1.11 to $0.52;
    • Adjusted net income per diluted share increased 30%, from $0.67 to $0.87;
    • Gross premiums written increased 1%, from $210.9 million to $212.1 million;
    • Net premiums earned decreased 1%, from $184.9 million to $183.0 million;
    • Underwriting expense ratio improved from 25.0% to 23.4%;
    • Net investment income increased 20%, from $26.8 million to $32.1 million;
    • Record number of ending policies in-force of 133,121, a 4% increase; and
    • Returned $27.5 million to stockholders through a combination of share repurchases and regular quarterly dividends.

    Management Commentary

    Chief Executive Officer Katherine Antonello commented: “First quarter net premiums earned were flat compared to 2024, driven by higher renewal premiums offset by lower new business and a reduction in audit premiums. Rate increases and underwriting actions taken to maintain our underwriting profitability targets in certain states impacted new business premiums, while final audit premiums decreased in-line with the moderation of employment and wage growth. We have identified several refinements in our underwriting and pricing approach that we believe will allow us to maintain our underwriting discipline but also return to moderate new business growth. Our appetite expansion effort continues to identify areas of profitable growth, and our success has given us the confidence to accelerate this effort. We again ended the period with another record number of policies in-force, which were up 4% year-over-year.

    We recorded our current accident year loss and LAE ratio on voluntary business at 66.0%, slightly above the 64.0% we maintained throughout 2024. As was the case in the first quarter of 2024, a full actuarial study was not performed, and the amount of indicated net prior year loss reserve development was consistent with our expectations. We will evaluate our prior year reserves in more detail at mid-year when we routinely perform a full reserve study.

    Our commission expense ratio was 12.6%, versus 13.6% a year ago. We continue to see improvement in our underwriting expense ratio, which decreased to 23.4%, from 25.0% a year ago.

    Our net investment income was $32.1 million, up 20% from a year ago. The increase was primarily due to returns from our investments in limited partnerships.

    Lastly, we raised our regular quarterly dividend to $0.32 per share, an increase of 7%, and announced a new $125.0 million share repurchase plan after exhausting the former plan prior to its scheduled expiration. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

    Summary of First Quarter 2025 Results

    (All comparisons vs. the first quarter of 2024, unless otherwise noted).

    Gross premiums written were $212.1 million, an increase of 1%. The increase was due to strong retention in renewal business writings partially offset by a decline in new business writings and lower final audit premiums. Net premiums earned were $183.0 million, a decrease of 1%.

    Losses and loss adjustment expenses were $120.7 million, an increase of 4%. The increase was primarily due to a higher current accident year loss and loss adjustment expense estimate. The Company’s loss and loss adjustment expense ratio was 66.0% (66.8% excluding LPT), versus 63.0% (64.1% excluding LPT).

    Commission expense was $23.0 million, a decrease of 8%. The Company’s commission expense ratio was 12.6%, versus 13.6% a year ago. The decrease was primarily due to a release of commissions payable associated with non-performing policies sent to collections.

    Underwriting expenses were $42.9 million, a decrease of 7%. The Company’s underwriting expense ratio was 23.4%, versus 25.0% a year ago. The decrease primarily related to lower bad debt expense and compensation-related expenses.

    Net investment income was $32.1 million, an increase of 20%. The increase was primarily due to returns from our investments in private equity limited partnerships, along with higher book yields on our fixed maturity securities.

    Net realized and unrealized (losses) gains on investments reflected on the income statement were $(12.8) million, versus $11.4 million.

    Income tax expense was $3.1 million (19.5% effective rate), versus $7.0 million (19.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

    The Company’s book value per share including the deferred gain of $48.25 increased 12.3% year-over-year and 2.5% during the first quarter of 2025, computed after considering dividends declared. During the first quarter this measure was favorably impacted by $21.1 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) partially offset by $9.2 million of net after tax unrealized losses arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share of $50.75 increased by 8.5% year-over-year and 1.0% during the first quarter of 2025, computed after considering dividends declared.

    Second Quarter 2025 Dividend Declaration

    On April 30, 2025, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.32. The dividend is payable on May 28, 2025 to stockholders of record as of May 14, 2025.

    Stock Repurchases and New Stock Repurchase Authorization

    During the first quarter of 2025, the Company repurchased 406,101 shares of its common stock at an average price of $49.69 per share. During the period from April 1, 2025 through April 29, 2025, the Company repurchased a further 170,000 shares of its common stock at an average price of $48.35 per share.

    On April 30, 2025, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 6, 2025 through December 31, 2026. The new program replaces a similar program that was scheduled to expire on July 31, 2025, but its repurchase authorization has been exhausted.

    Earnings Conference Call and Webcast

    The Company will host a conference call on Friday, May 2, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

    To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

    The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

    Reconciliation of Non-GAAP Financial Measures to GAAP

    The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

    Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Filings with the SEC

    The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

    About Employers Holdings, Inc.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact Information

    Michael Pedraja (775) 327-2706 or mpedraja@employers.com

         
    EMPLOYERS HOLDINGS, INC.
    Table of Contents
         
    Page    
         
    1   Consolidated Financial Highlights
         
    2   Summary Consolidated Balance Sheets
         
    3   Summary Consolidated Income Statements
         
    4   Return on Equity
         
    5   Combined Ratios
         
    6   Roll-forward of Unpaid Losses and LAE
         
    7   Consolidated Investment Portfolio
         
    8   Book Value Per Share
         
    9   Earnings Per Share
         
    10   Non-GAAP Financial Measures
         
       
    EMPLOYERS HOLDINGS, INC.
    Consolidated Financial Highlights (unaudited)
    $ in millions, except per share amounts
       
      Three Months Ended
      March 31,
        2025       2024     % change
    Selected financial highlights:          
    Gross premiums written $ 212.1     $ 210.9     1 %
    Net premiums written   210.3       209.1     1  
    Net premiums earned   183.0       184.9     (1 )
    Net investment income   32.1       26.8     20  
    Net income excluding LPT(1)   11.2       26.2     (57 )
    Adjusted net income(1)   21.3       17.2     24  
    Net Income before income taxes   15.9       35.3     (55 )
    Net Income   12.8       28.3     (55 )
    Comprehensive income   34.6       17.4     99  
    Total assets   3,556.9       3,562.8     —  
    Stockholders’ equity   1,075.7       1,018.9     6  
    Stockholders’ equity including the Deferred Gain(2)   1,168.1       1,116.1     5  
    Adjusted stockholders’ equity(2)   1,228.8       1,213.0     1  
    Annualized adjusted return on stockholders’ equity(3)   6.9 %     5.7 %   21 %
    Amounts per share:          
    Cash dividends declared per share $ 0.30     $ 0.28     7 %
    Earnings per diluted share(4)   0.52       1.11     (53 )
    Earnings per diluted share excluding LPT(4)   0.46       1.03     (55 )
    Adjusted earnings per diluted share(4)   0.87       0.67     30  
    Book value per share(2)   44.43       40.20     11  
    Book value per share including the Deferred Gain(2)   48.25       44.04     10  
    Adjusted book value per share(2)   50.75       47.86     6  
    Combined ratio excluding LPT:(5):          
    Loss and loss adjustment expense ratio:          
    Current Year   66.1 %     64.2 %    
    Prior Year   0.7       (0.1 )    
    Loss and loss adjustment expense ratio   66.8 %     64.1 %    
    Commission expense ratio   12.6 %     13.6 %    
    Underwriting expense ratio   23.4 %     25.0 %    
    Combined ratio excluding LPT   102.8 %     102.7 %    
    (1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
             
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Balance Sheets (unaudited)
    $ in millions, except per share amounts
             
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Investments, cash and cash equivalents   $ 2,537.6     $ 2,532.4  
    Accrued investment income     14.6       15.7  
    Premiums receivable, net     377.0       361.3  
    Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE     412.9       417.8  
    Deferred policy acquisition costs     63.8       59.6  
    Deferred income tax asset, net     35.0       38.3  
    Other assets     116.0       116.2  
    Total assets   $ 3,556.9     $ 3,541.3  
             
    LIABILITIES        
    Unpaid losses and LAE   $ 1,792.6     $ 1,808.2  
    Unearned premiums     428.0       402.2  
    Commissions and premium taxes payable     60.3       65.8  
    Deferred Gain     92.4       94.0  
    Other liabilities     107.9       102.4  
    Total liabilities   $ 2,481.2     $ 2,472.6  
             
    STOCKHOLDERS’ EQUITY        
    Common stock and additional paid-in capital   $ 424.7     $ 424.8  
    Retained earnings     1,478.5       1,472.9  
    Accumulated other comprehensive loss     (60.7 )     (82.5 )
    Treasury stock, at cost     (766.8 )     (746.5 )
    Total stockholders’ equity     1,075.7       1,068.7  
    Total liabilities and stockholders’ equity   $ 3,556.9     $ 3,541.3  
             
    Stockholders’ equity including the Deferred Gain (1)   $ 1,168.1     $ 1,162.7  
    Adjusted stockholders’ equity (1)     1,228.8       1,245.2  
    Book value per share (1)   $ 44.43     $ 43.52  
    Book value per share including the Deferred Gain(1)     48.25       47.35  
    Adjusted book value per share (1)     50.75       50.71  
    (1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Income Statements (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025       2024  
    Revenues:  
    Net premiums earned $ 183.0     $ 184.9  
    Net investment income   32.1       26.8  
    Net realized and unrealized (losses) gains on investments(1)   (12.8 )     11.4  
    Other income   0.3       —  
    Total revenues   202.6       223.1  
    Expenses:      
    Losses and LAE incurred   (120.7 )     (116.5 )
    Commission expense   (23.0 )     (25.1 )
    Underwriting expenses   (42.9 )     (46.2 )
    Interest and financing expenses   (0.1 )     —  
    Total expenses   (186.7 )     (187.8 )
    Net income before income taxes   15.9       35.3  
    Income tax expense   (3.1 )     (7.0 )
    Net Income   12.8       28.3  
    Unrealized AFS investment gains (losses) arising during the period, net of tax(2)   21.1       (11.6 )
    Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)   0.7       0.7  
    Total comprehensive income $ 34.6     $ 17.4  
    Net Income $ 12.8     $ 28.3  
    Amortization of the Deferred Gain – losses   (1.6 )     (1.5 )
    Amortization of the Deferred Gain – contingent commission   —       (0.4 )
    LPT contingent commission adjustments   —       (0.2 )
    Net income excluding LPT Agreement (3)   11.2       26.2  
    Net realized and unrealized losses (gains) on investments   12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income   (2.7 )     2.4  
    Adjusted net income $ 21.3     $ 17.2  
    (1) Includes unrealized (losses) gains on equity securities and other investments of $(11.7) million and $12.7 million for the three months ended March 31, 2025 and 2024, respectively.
    (2) AFS = Available for Sale securities.
    (3) See Page 10 regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Return on Equity (unaudited)
    $ in millions
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) B   21.3       17.2  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Stockholders’ equity – beginning of period     1,068.7       1,013.9  
    Average stockholders’ equity C   1,072.2       1,016.4  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Deferred Gain – end of period     92.4       97.2  
    Accumulated other comprehensive loss – end of period     76.8       122.6  
    Income taxes related to accumulated other comprehensive loss – end of period     (16.1 )     (25.7 )
    Adjusted stockholders’ equity – end of period     1,228.8       1,213.0  
    Adjusted stockholders’ equity – beginning of period     1,245.2       1,199.1  
    Average adjusted stockholders’ equity (1) D   1,237.0       1,206.1  
             
    Return on stockholders’ equity A / C   1.2 %     2.8 %
    Annualized return on stockholders’ equity     4.8       11.1  
             
    Adjusted return on stockholders’ equity (1) B / D   1.7 %     1.4 %
    Annualized adjusted return on stockholders’ equity (1)     6.9       5.7  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Combined Ratios (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net premiums earned A $ 183.0     $ 184.9  
    Losses and LAE incurred B   120.7       116.5  
    Amortization of deferred reinsurance gain – losses     1.6       1.5  
    Amortization of deferred reinsurance gain – contingent commission     —       0.4  
    LPT contingent commission adjustments     —       0.2  
    Losses and LAE excluding LPT(1) C   122.3       118.6  
    Prior year loss reserve development     1.3       (0.1 )
    Losses and LAE excluding LPT – current accident year D $ 121.0     $ 118.7  
    Commission expense E $ 23.0     $ 25.1  
    Underwriting expenses F $ 42.9     $ 46.2  
    GAAP combined ratio:        
    Loss and LAE ratio B/A   66.0 %     63.0 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    GAAP combined ratio     102.0 %     101.6 %
    Combined ratio excluding LPT:(1)        
    Loss and LAE ratio excluding LPT C/A   66.8 %     64.1 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT     102.8 %     102.7 %
    Combined ratio excluding LPT: current accident year:(1)        
    Loss and LAE ratio excluding LPT D/A   66.1 %     64.2 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT: current accident year     102.1 %     102.8 %
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Roll-forward of Unpaid Losses and LAE (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025     2024  
       
    Unpaid losses and LAE at beginning of period $ 1,808.2   $ 1,884.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   412.4     428.4  
    Net unpaid losses and LAE at beginning of period   1,395.8     1,456.1  
    Losses and LAE incurred:      
    Current year losses   121.0     118.7  
    Prior year losses   1.3     (0.1 )
    Total losses incurred   122.3     118.6  
    Losses and LAE paid:      
    Current year losses   8.0     6.8  
    Prior year losses   124.6     117.4  
    Total paid losses   132.6     124.2  
    Net unpaid losses and LAE at end of period   1,385.5     1,450.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   407.1     424.0  
    Unpaid losses and LAE at end of period $ 1,792.6   $ 1,874.5  
                 

    Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.6 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.

     
    EMPLOYERS HOLDINGS, INC.
    Consolidated Investment Portfolio (unaudited)
    $ in millions
             
        March 31, 2025   December 31, 2024
    Investment Positions:   Cost or Amortized
    Cost (1)    		   Net Unrealized Gain (Loss)   Fair Value   %   Fair Value   %
    Fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   82 %   $ 2,097.4   83 %
    Equity securities     151.4     102.7       254.2   10       259.8   10  
    Short-term investments     —     —       —   —       0.1   —  
    Other invested assets     85.0     10.4       95.4   4       106.6   4  
    Cash and cash equivalents     100.4     —       100.4   4       68.3   3  
    Restricted cash and cash equivalents     0.2     —       0.2   —       0.2   —  
    Total investments and cash   $ 2,502.7   $ 36.2     $ 2,537.6   100 %   $ 2,532.4   100 %
                             
    Breakout of Fixed Maturity Securities:                        
    U.S. Treasuries and agencies   $ 68.0   $ (0.9 )   $ 67.1   3 %   $ 59.3   3 %
    States and municipalities     161.3     (1.6 )     159.7   8       159.3   8  
    Corporate securities     821.8     (33.6 )     788.0   38       803.0   38  
    Mortgage-backed securities     727.1     (36.8 )     689.9   33       684.9   33  
    Asset-backed securities     212.3     —       212.3   10       214.0   10  
    Collateralized loan obligations     26.4     (0.2 )     26.2   1       35.3   2  
    Bank loans and other     148.8     (3.8 )     144.2   7       141.6   7  
    Total fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   100 %   $ 2,097.4   100 %
    Weighted average book yield     4.5%       4.5%
    Average credit quality (S&P)     A+       A+
    Duration     4.3       4.5
    (1) Amortized cost excludes allowance for current expected credit losses of $1.4 million.
       
                     
    EMPLOYERS HOLDINGS, INC.
    Book Value Per Share (unaudited)
    $ in millions, except per share amounts
                     
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   December 31, 2023
    Numerators:                
    Stockholders’ equity A $ 1,075.7     $ 1,068.7     $ 1,018.9     $ 1,013.9  
    Plus: Deferred Gain     92.4       94.0       97.2       99.2  
    Stockholders’ equity including the Deferred Gain (1) B   1,168.1       1,162.7       1,116.1       1,113.1  
    Accumulated other comprehensive loss     76.8       104.5       122.6       108.9  
    Income taxes related to accumulated other comprehensive loss     (16.1 )     (22.0 )     (25.7 )     (22.9 )
    Adjusted stockholders’ equity (1) C $ 1,228.8     $ 1,245.2     $ 1,213.0     $ 1,199.1  
                     
    Denominator (shares outstanding) D   24,210,602       24,556,706       25,343,504       25,369,753  
                     
    Book value per share (1) A / D $ 44.43     $ 43.52     $ 40.20     $ 39.96  
    Book value per share including the Deferred Gain(1) B / D   48.25       47.35       44.04       43.88  
    Adjusted book value per share (1) C / D   50.75       50.71       47.86       47.26  
                     
    Year-over-year change in: (2)                
    Book value per share     13.5 %     11.9 %     14.5 %     18.1 %
    Book value per share including the Deferred Gain     12.3       10.6       13.1       16.3  
    Adjusted book value per share     8.5       9.8       10.8       10.5  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.20, $1.18, $1.12 and $1.10 for the twelve month periods ended March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
       
         
    EMPLOYERS HOLDINGS, INC.
    Earnings Per Share (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
    Numerators:        
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net income excluding LPT (1) B   11.2       26.2  
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) C $ 21.3     $ 17.2  
             
    Denominators:        
    Average common shares outstanding (basic) D   24,398,610       25,345,942  
    Average common shares outstanding (diluted) E   24,606,572       25,535,971  
             
    Earnings per share:        
    Basic A / D $ 0.52     $ 1.12  
    Diluted A / E   0.52       1.11  
             
    Earnings per share excluding LPT: (1)        
    Basic B / D $ 0.46     $ 1.03  
    Diluted B / E   0.46       1.03  
             
    Adjusted earnings per share: (1)        
    Basic C / D $ 0.87     $ 0.68  
    Diluted C / E   0.87       0.67  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       

    Non-GAAP Financial Measures

    Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

    Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

    Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

    Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

    Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

    Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

    Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

    Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

    The MIL Network –

  • MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

    • Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
    • Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
    • Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
    • Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
    • Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
    • Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.
    Earnings Highlights Three Months Ended
    ($ in thousands, except per share & ratios) Mar. 2025 Mar. 2024 % Change
    Operating revenue $ 15,386   $ 13,131   17.2 %
    Interest income   17,372     15,300   13.5 %
    Interest expense   6,093     6,120   -0.4 %
    Net interest income   11,279     9,180   22.9 %
    Provision for credit losses   387     –   N/M
    Noninterest income   4,107     3,951   3.9 %
    Noninterest expense   12,410     10,282   20.7 %
    Net income   2,158     2,368   -8.9 %
    Merger adjusted Earnings per diluted share   0.42     0.33   27.3 %
    Earnings per diluted share   0.33     0.35   -5.7 %
    Merger adjusted Return on Avg. Assets   0.76 %   0.67%   13.4 %
    Return on average assets   0.60 %   0.71%   -15.5 %
    Merger adjusted Return on Avg. Equity   8.35 %   7.26%   15.0 %
    Return on average equity   6.63 %   7.72%   -14.1 %

    “Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

    Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

    RESULTS OF OPERATIONS

    Consolidated Revenue

    In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

    Mortgage Loan Business

    Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.

                 
    Mortgage Banking            
    ($ in thousands) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Mortgage originations $ 39,775   $ 72,534   $ 70,715   $ 75,110   $ 42,912   $ (3,137 )
    Mortgage sales   39,279     62,301     61,271     55,835     36,623     2,656  
    Mortgage servicing portfolio   1,432,184     1,427,318     1,406,273     1,389,805     1,371,713     60,471  
    Mortgage servicing rights   14,965     14,868     14,357     14,548     14,191     774  
                 
                 
    Revenue            
    Loan servicing fees   894     886     874     862     855     39  
    OMSR amortization   (294 )   (358 )   (370 )   (335 )   (273 )   (21 )
    Net administrative fees   600     528     504     527     582     18  
    OMSR valuation adjustment   11     288     (465 )   38     181     (170 )
    Net loan servicing fees   611     816     39     565     763     (152 )
    Gain on sale of mortgages   849     1,196     1,311     1,277     781     68  
    Mortgage banking revenue, net $ 1,460   $ 2,012   $ 1,350   $ 1,842   $ 1,544   $ (84 )
                 

    Noninterest Income and Noninterest Expense

    “Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.

                   
    Noninterest Income/Noninterest Expense          
    ($ in thousands, except ratios)   Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Noninterest Income (NII)   $ 4,107   $ 4,557   $ 4,123   $ 4,386   $ 3,951   $ 156  
    NII / Total Revenue     26.7%     29.5%     28.8%     31.5%     30.1%     -3.4%  
    NII / Average Assets     1.1%     1.3%     1.2%     1.3%     1.2%     -0.1%  
    Total Revenue Growth     17.2%     2.2%     4.5%     -0.6%     -6.1%     23.3%  
                                           
    Noninterest Expense (NIE)   $ 12,410   $ 11,003   $ 11,003   $ 10,671   $ 10,282   $ 2,128  
    Efficiency Ratio     80.0%     71.1%     76.8%     75.9%     78.2%     1.8%  
    NIE / Average Assets     3.4%     3.2%     3.2%     3.2%     3.1%     0.3%  
    Net Noninterest Expense/Avg. Assets   -2.3%     -1.9%     -2.0%     -1.9%     -1.9%     -0.4%  
    Total Expense Growth     20.7%     6.1%     5.0%     3.2%     -4.6%     25.3%  

    Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

    “Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

    Balance Sheet

    As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

    Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

    During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

    “As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”

                 
    Loan Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Commercial $ 125,878   $ 124,764   $ 123,821   $ 123,287   $ 120,016   $ 5,862  
    % of Total   11.6%     11.9%     12.0%     12.3%     12.1%     4.9%  
    Commercial RE   509,518     479,573     459,449     434,967     429,362     80,156  
    % of Total   46.8%     45.8%     44.6%     43.3%     43.3%     18.7%  
    Agriculture   61,443     64,680     64,887     64,329     62,365     (922 )
    % of Total   5.6%     6.2%     6.3%     6.4%     6.3%     -1.5%  
    Residential RE   319,307     308,378     314,010     316,233     314,668     4,639  
    % of Total   29.3%     29.5%     30.5%     31.5%     31.7%     1.5%  
    Consumer & Other   72,128     69,340     67,788     66,574     65,141     6,987  
    % of Total   6.6%     6.6%     6.6%     6.6%     6.6%     10.7%  
    Total Loans $ 1,088,274   $ 1,046,735   $ 1,029,955   $ 1,005,390   $ 991,552   $ 96,722  
    Total Growth Percentage                 9.8%  
                 
                 
    Deposit Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Non-Int DDA $ 240,446   $ 232,155   $ 222,425   $ 208,244   $ 219,395   $ 21,051  
    % of Total   18.9%     20.1%     19.2%     18.7%     19.7%     9.6%  
    Interest DDA   208,583     201,085     202,097     190,857     169,171     39,412  
    % of Total   16.4%     17.4%     17.4%     17.1%     15.2%     23.3%  
    Savings   285,902     237,987     241,761     231,855     244,157     41,745  
    % of Total   22.5%     20.6%     20.8%     20.8%     21.9%     17.1%  
    Money Market   257,013     222,161     228,182     225,650     221,362     35,651  
    % of Total   20.2%     19.3%     19.7%     20.2%     19.9%     16.1%  
    Time Deposits   279,276     259,217     265,068     258,582     258,257     21,019  
    % of Total   22.0%     22.5%     22.9%     23.2%     23.2%     8.1%  
    Total Deposits $ 1,271,220   $ 1,152,605   $ 1,159,533   $ 1,115,188   $ 1,112,342   $ 158,878  
    Total Growth Percentage                 14.3%  
                 

    Asset Quality

    As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

    The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

    “Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”

                 
    Nonperforming Assets                
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024   Annual
    Change
    Commercial & Agriculture $ 3,418   $ 2,927   $ 2,899   $ 2,781   $ 897   $ 2,521  
    % of Total Com./Ag. loans   1.82%     1.55%     1.54%     1.48%     0.49%     281.0%  
    Commercial RE   798     807     813     475     49     749  
    % of Total CRE loans   0.16%     0.17%     0.18%     0.11%     0.01%     1528.6%  
    Residential RE   1,608     1,539     1,536     1,247     1,295     313  
    % of Total Res. RE loans   0.50%     0.50%     0.49%     0.39%     0.41%     24.2%  
    Consumer & Other   227     243     270     231     193     34  
    % of Total Con./Oth. loans   0.31%     0.35%     0.40%     0.35%     0.30%     17.6%  
    Total Nonaccruing Loans   6,051     5,516     5,518     4,734     2,434     3,617  
    % of Total loans   0.56%     0.53%     0.54%     0.47%     0.25%     148.6%  
    Foreclosed Assets and Other Assets   73     –     –     510     510     (437 )
    Total Change (%)             -85.7%  
    Total Nonperforming Assets $ 6,124   $ 5,516   $ 5,518   $ 5,244   $ 2,944   $ 3,180  
    % of Total assets   0.41%     0.40%     0.40%     0.39%     0.22%     108.02%  


    Webcast and Conference Call

    The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

    About SB Financial Group

    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Forward-Looking Statements

    Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and
    Chief Executive Officer
    Mark.Klein@YourStateBank.com

    Anthony V. Cosentino
    Executive Vice President and
    Chief Financial Officer
    Tony.Cosentino@YourStateBank.com

        SB FINANCIAL GROUP, INC.
        CONSOLIDATED BALANCE SHEETS – (Unaudited)
                               
              March   December   September   June   March
          ($ in thousands)     2025       2024       2024       2024       2024  
                               
    ASSETS                    
      Cash and due from banks   $ 105,145     $ 25,928     $ 49,348     $ 21,983     $ 26,602  
      Interest bearing time deposits     1,565       1,565       1,706       2,417       2,417  
      Available-for-sale securities     199,721       201,587       211,511       207,856       213,239  
      Loans held for sale     4,286       6,770       8,927       7,864       4,730  
      Loans, net of unearned income     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
      Allowance for credit losses     (15,391 )     (15,096 )     (15,278 )     (15,612 )     (15,643 )
      Premises and equipment, net     21,875       20,456       20,715       20,860       20,985  
      Federal Reserve and FHLB Stock, at cost     5,340       5,223       5,223       5,204       6,512  
      Foreclosed assets and other assets     73       –       –       510       510  
      Interest receivable     5,072       4,908       4,842       4,818       3,706  
      Goodwill     27,158       23,239       23,239       23,239       23,239  
      Cash value of life insurance     30,871       30,685       30,488       30,294       30,103  
      Mortgage servicing rights     14,965       14,868       14,357       14,548       14,191  
      Other assets     12,048       12,649       8,916       12,815       13,869  
                               
          Total assets   $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
                               
                               
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
      Deposits                    
        Non interest bearing demand   $ 240,446     $ 232,155     $ 222,425     $ 208,244     $ 219,395  
        Interest bearing demand     208,583       201,085       202,097       190,857       169,171  
        Savings     285,902       237,987       241,761       231,855       244,157  
        Money market     257,013       222,161       228,182       225,650       221,362  
        Time deposits     279,276       259,217       265,068       258,582       258,257  
                               
          Total deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
                               
      Short-term borrowings     11,058       10,585       15,240       15,178       12,916  
      Federal Home Loan Bank advances     35,000       35,000       35,000       35,000       35,000  
      Trust preferred securities     10,310       10,310       10,310       10,310       10,310  
      Subordinated debt net of issuance costs     19,702       19,690       19,678       19,666       19,654  
      Interest payable     2,634       2,351       3,374       2,944       2,772  
      Other liabilities     19,552       21,468       17,973       18,421       19,295  
                               
          Total liabilities     1,369,476       1,252,009       1,261,108       1,216,707       1,212,289  
                               
      Shareholders’ Equity                    
        Common stock     61,319       61,319       61,319       61,319       61,319  
        Additional paid-in capital     14,955       15,194       15,090       15,195       14,978  
        Retained earnings     117,397       116,186       113,515       112,104       109,938  
        Accumulated other comprehensive loss     (26,872 )     (30,234 )     (24,870 )     (31,801 )     (31,547 )
        Treasury stock     (35,273 )     (34,957 )     (32,213 )     (31,338 )     (30,965 )
                               
          Total shareholders’ equity     131,526       127,508       132,841       125,479       123,723  
                               
          Total liabilities and shareholders’ equity $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)
                             
    ($ in thousands, except per share & ratios)   At and for the Three Months Ended
                             
            March   December   September   June   March
    Interest income      2025     2024       2024     2024       2024  
      Loans                    
      Taxable   $ 15,244   $ 14,920     $ 14,513   $ 13,883     $ 13,547  
      Tax exempt     115     122       127     124       123  
      Securities                    
      Taxable     1,169     1,178       1,192     1,226       1,274  
      Tax exempt     38     35       37     37       37  
      Other interest income     806     592       679     384       319  
                             
        Total interest income     17,372     16,847       16,548     15,654       15,300  
                             
    Interest expense                      
      Deposits     5,352     5,169       5,568     5,208       5,090  
      Repurchase agreements & other     24     41       43     36       34  
      Federal Home Loan Bank advances   362     369       369     370       613  
      Trust preferred securities     160     177       187     187       188  
      Subordinated debt     195     194       195     194       195  
                             
        Total interest expense     6,093     5,950       6,362     5,995       6,120  
                             
                             
    Net interest income     11,279     10,897       10,186     9,659       9,180  
                             
      Provision for credit losses     387     (76 )     200     –       –  
                             
    Net interest income after provision                    
      for loan losses       10,892     10,973       9,986     9,659       9,180  
                             
    Noninterest income                    
      Wealth management fees     864     916       882     848       865  
      Customer service fees     879     842       870     875       880  
      Gain on sale of mtg. loans & OMSR   849     1,196       1,311     1,277       781  
      Mortgage loan servicing fees, net     611     816       39     565       763  
      Gain on sale of non-mortgage loans   15     10       20     105       10  
      Title insurance revenue     397     478       485     406       266  
      Net gain on sales of securities     –     –       –     –       –  
      Gain (loss) on sale of assets     –     –       200     –       –  
      Other     492     299       316     310       386  
                             
        Total noninterest income     4,107     4,557       4,123     4,386       3,951  
                             
    Noninterest expense                    
      Salaries and employee benefits     6,237     6,185       6,057     6,009       5,352  
      Net occupancy expense     893     702       706     707       769  
      Equipment expense     1,072     1,127       1,069     1,060       1,077  
      Data processing fees     1,439     821       758     727       769  
      Professional fees     1,034     895       659     615       758  
      Marketing expense     165     207       241     176       197  
      Telephone and communication expense     139     136       128     156       105  
      Postage and delivery expense     137     116       145     89       97  
      State, local and other taxes     224     224       208     230       245  
      Employee expense     174     168       228     159       178  
      Other expenses     896     422       804     743       735  
                             
        Total noninterest expense     12,410     11,003       11,003     10,671       10,282  
                             
                             
    Income before income tax expense     2,589     4,527       3,106     3,374       2,849  
                             
      Income tax expense     431     892       752     261       481  
                             
    Net income       $ 2,158   $ 3,635     $ 2,354   $ 3,113     $ 2,368  
                             
    Common share data:                    
      Basic earnings per common share   $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
      Diluted earnings per common share $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
                             
    Average shares outstanding (in thousands):                    
      Basic:     6,481     6,575       6,660     6,692       6,715  
      Diluted:     6,502     6,599       6,675     6,700       6,723  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)
                         
    ($ in thousands, except per share & ratios) At and for the Three Months Ended
                         
        March   December   September   June   March
    SUMMARY OF OPERATIONS     2025       2024       2024       2024       2024  
                         
    Net interest income   $ 11,279     $ 10,897     $ 10,186     $ 9,659     $ 9,180  
    Tax-equivalent adjustment     41       42       44       43       43  
    Tax-equivalent net interest income     11,320       10,939       10,230       9,702       9,223  
    Provision for credit loss     387       (76 )     200       –       –  
    Noninterest income     4,107       4,557       4,123       4,386       3,951  
    Total operating revenue     15,386       15,454       14,309       14,045       13,131  
    Noninterest expense     12,410       11,003       11,003       10,671       10,282  
    Pre-tax pre-provision income     2,976       4,451       3,306       3,374       2,849  
    Net income     2,158       3,635       2,354       3,113       2,368  
                         
    PER SHARE INFORMATION:                    
    Basic earnings per share (EPS)     0.33       0.55       0.35       0.47       0.35  
    Diluted earnings per share     0.33       0.55       0.35       0.47       0.35  
    Common dividends     0.145       0.145       0.140       0.140       0.135  
    Book value per common share     20.29       19.64       20.05       18.80       18.46  
    Tangible book value per common share (TBV)     15.79       16.00       16.49       15.26       14.93  
    Market price per common share     20.82       20.91       20.56       14.00       13.78  
    Market price to TBV     131.8 %     130.7 %     124.7 %     91.8 %     92.3 %
    Market price to trailing 12 month EPS     12.2       12.1       11.8       7.9       7.9  
                         
    PERFORMANCE RATIOS:                    
    Return on average assets (ROAA)     0.60 %     1.04 %     0.68 %     0.93 %     0.71 %
    Pre-tax pre-provision ROAA     0.83 %     1.28 %     0.96 %     1.01 %     0.86 %
    Return on average equity (ROE)     6.63 %     11.13 %     7.32 %     10.16 %     7.72 %
    Return on average tangible equity     8.32 %     13.58 %     8.97 %     12.59 %     9.55 %
    Efficiency ratio     80.00 %     71.09 %     76.78 %     75.86 %     78.17 %
    Earning asset yield     5.23 %     5.18 %     5.16 %     5.02 %     4.97 %
    Cost of interest bearing liabilities     2.32 %     2.36 %     2.53 %     2.47 %     2.55 %
    Net interest margin     3.40 %     3.35 %     3.17 %     3.10 %     2.99 %
    Tax equivalent effect     0.01 %     0.01 %     0.02 %     0.01 %     0.01 %
    Net interest margin, tax equivalent     3.41 %     3.36 %     3.19 %     3.11 %     3.00 %
    Non interest income/Average assets     1.14 %     1.31 %     1.20 %     1.31 %     1.19 %
    Non interest expense/Average assets     3.45 %     3.15 %     3.20 %     3.18 %     3.08 %
    Net noninterest expense/Average assets     -2.31 %     -1.85 %     -2.00 %     -1.87 %     -1.90 %
                         
    ASSET QUALITY RATIOS:                    
    Gross charge-offs     87       195       29       –       66  
    Recoveries     2       13       2       16       9  
    Net charge-offs     85       182       27       (16 )     57  
    Nonperforming loans/Total loans     0.56 %     0.53 %     0.54 %     0.47 %     0.25 %
    Nonperforming assets/Loans & OREO     0.56 %     0.53 %     0.54 %     0.52 %     0.30 %
    Nonperforming assets/Total assets     0.41 %     0.40 %     0.40 %     0.39 %     0.22 %
    Allowance for credit loss/Nonperforming loans     254.35 %     273.68 %     276.83 %     329.78 %     642.69 %
    Allowance for credit loss/Total loans     1.41 %     1.44 %     1.48 %     1.55 %     1.58 %
    Net loan charge-offs/Average loans (ann.)     0.03 %     0.07 %     0.01 %     (0.01 %)     0.02 %
                         
    CAPITAL & LIQUIDITY RATIOS:                    
    Loans/ Deposits     85.61 %     90.81 %     88.82 %     90.15 %     89.14 %
    Equity/ Assets     8.76 %     9.24 %     9.53 %     9.35 %     9.26 %
    Tangible equity/Tangible assets     6.96 %     7.66 %     7.97 %     7.72 %     7.63 %
    Common equity tier 1 ratio (Bank)     12.35 %     13.43 %     13.19 %     13.98 %     13.84 %
                         
    END OF PERIOD BALANCES                    
    Total assets     1,501,002       1,379,517       1,393,949       1,342,186       1,336,012  
    Total loans     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
    Deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
    Shareholders equity     131,526       127,508       132,841       125,479       123,723  
    Goodwill and intangibles     29,125       23,597       23,613       23,630       23,646  
    Tangible equity     102,401       103,911       109,228       101,849       100,077  
    Mortgage servicing portfolio     1,432,184       1,427,318       1,406,273       1,389,805       1,371,713  
    Wealth/Brokerage assets under care     519,158       547,697       557,724       525,713       525,517  
    Total assets under care     3,452,344       3,354,532       3,357,946       3,257,704       3,233,242  
    Full-time equivalent employees     262       252       248       249       245  
    Period end common shares outstanding     6,483       6,494       6,624       6,676       6,702  
    Market capitalization (all)     134,982       135,780       136,189       93,458       92,359  
                         
    AVERAGE BALANCES                    
    Total assets     1,459,896       1,395,473       1,376,849       1,342,847       1,333,236  
    Total earning assets     1,346,354       1,301,872       1,283,407       1,246,099       1,230,736  
    Total loans     1,076,328       1,040,580       1,018,262       1,005,018       993,310  
    Deposits     1,227,449       1,163,531       1,145,964       1,120,367       1,091,803  
    Shareholders equity     131,944       130,647       128,608       122,510       123,058  
    Goodwill and intangibles     26,714       23,605       23,621       23,638       23,654  
    Tangible equity     105,230       107,042       104,987       98,872       99,404  
    Average basic shares outstanding     6,481       6,575       6,660       6,692       6,715  
    Average diluted shares outstanding     6,502       6,599       6,675       6,700       6,723  
    SB FINANCIAL GROUP, INC.
      Rate Volume Analysis – (Unaudited)
      For the Three Months Ended Mar. 31, 2025 and 2024
               
      ($ in thousands) Three Months Ended Mar. 31, 2025     Three Months Ended Mar. 31, 2024
        Average   Average     Average   Average
    Assets Balance Interest Rate     Balance Interest Rate
                       
      Taxable securities $ 196,880   $ 1,276 2.63 %     $ 210,252   $ 1,413 2.70 %
      Overnight Cash   66,460     699 4.27 %       20,729     180 3.48 %
      Nontaxable securities   6,686     38 2.30 %       6,445     37 2.30 %
      Loans, net   1,076,328     15,359 5.79 %       993,310     13,670 5.52 %
                       
      Total earning assets   1,346,354     17,372 5.23 %       1,230,736     15,300 4.99 %
                       
      Cash and due from banks   10,339             4,512      
      Allowance for loan losses   (15,238 )           (15,830 )    
      Premises and equipment   21,082             21,281      
      Other assets   97,359             92,537      
                       
      Total assets $ 1,459,896           $ 1,333,236      
                       
    Liabilities                
      Savings, MMDA and interest bearing demand $ 709,324   $ 2,959 1.69 %     $ 605,243   $ 2,525 1.67 %
      Time deposits   276,253     2,393 3.51 %       258,592     2,565 3.98 %
      Repurchase agreements & other   13,106     24 0.74 %       15,993     34 0.85 %
      Advances from Federal Home Loan Bank   35,044     362 4.19 %       51,030     613 4.82 %
      Trust preferred securities   10,310     160 6.29 %       10,310     188 7.31 %
      Subordinated debt   19,694     195 4.02 %       19,646     195 3.98 %
                       
      Total interest bearing liabilities   1,063,731     6,093 2.32 %       960,814     6,120 2.55 %
                       
      Non interest bearing demand   241,872     –         227,968     –  
                       
      Total funding   1,305,603     1.89 %       1,188,782     2.06 %
            44.20 %         1  
      Other liabilities   22,349             21,396      
                       
      Total liabilities   1,327,952             1,210,178      
                       
      Equity   131,944             123,058      
                       
      Total liabilities and equity $ 1,459,896           $ 1,333,236      
                       
      Net interest income   $ 11,279         $ 9,180  
                       
      Net interest income as a percent of average interest-earning assets – GAAP measure 3.40 %         2.99 %
                       
      Net interest income as a percent of average interest-earning assets – non GAAP 3.41 %         3.00 %
      – Computed on a fully tax equivalent (FTE) basis             
    Non-GAAP reconciliation Three Months Ended
           
    ($ in thousands, except per share & ratios) Mar. 31, 2025   Mar. 31, 2024
           
    Total Operating Revenue $ 15,386     $ 13,131  
    Adjustment to (deduct)/add OMSR recapture/impairment *   (11 )     (181 )
           
    Adjusted Total Operating Revenue   15,375       12,950  
           
           
    Total Operating Expense $ 12,410     $ 10,282  
    Adjustment for merger expenses   (726 )     –  
           
    Adjusted Total Operating Expense   11,684       10,282  
           
           
    Income before Income Taxes   2,589       2,849  
    Adjustment for OMSR*/Merger Expenses   715       (181 )
           
    Adjusted Income before Income Taxes   3,304       2,668  
           
           
    Provision for Income Taxes   431       481  
    Adjustment for OMSR/Merger Expenses **   150       (38 )
           
    Adjusted Provision for Income Taxes   581       443  
           
           
    Net Income   2,158       2,368  
    Adjustment for OMSR*/Merger Expenses   565       (143 )
           
    Adjusted Net Income   2,723       2,225  
           
           
    Diluted Earnings per Share   0.33       0.35  
    Adjustment for OMSR*/Merger Expenses   0.09       (0.02 )
           
    Adjusted Diluted Earnings per Share $ 0.42     $ 0.33  
           
           
    Return on Average Assets   0.60 %     0.71 %
    Adjustment for OMSR*/Merger Expenses   0.15 %     -0.04 %
           
    Adjusted Return on Average Assets   0.75 %     0.67 %
           
    *valuation adjustment to the Company’s mortgage servicing rights    
           
    **tax effect is calculated using a 21% statutory federal corporate income tax rate

    The MIL Network –

  • MIL-OSI: Mercury Acquires Star Lab to Advance Its Leadership Position in Secure Processing

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., May 01, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, today announced the closure of an agreement that will further advance the company’s leadership position in secure processing capabilities for aerospace and defense applications.

    Mercury has completed the acquisition of Star Lab, a subsidiary of Wind River Systems, Inc., that provides anti-tamper and cybersecurity software solutions designed to protect mission-critical processors from advanced attacks. Mercury has worked with Star Lab for more than a decade, leveraging its technology in deployed and awarded Common Processing Architecture and BuiltSECURE™ products, which mitigate reverse engineering and safeguard confidential data from adversarial threats even when a system has been compromised. This unique technology is required across many defense applications in order to deter, impede, detect, and respond to the exploitation of critical program information.

    Star Lab software is readily and easily integrated with many other Mercury products to provide unique and valuable cybersecurity protection for customers. The acquisition will enhance a wide range of Mercury products and solutions, such as rugged servers, embedded processing cards, mixed signal cards, avionics, and integrated processing solutions. Star Lab will join Mercury’s Processing Technologies business unit.

    “Mercury is a leader in secure processing technologies for aerospace and defense platforms, with unique expertise and IP related to advanced cryptography, secure boot, and physical protection technologies,” said Tom Smelker, Mercury’s Senior Vice President of Processing Technologies. “As holistic security becomes increasingly essential for government missions, the acquisition of Star Lab will allow Mercury to deliver an expanded portfolio of fully integrated security solutions to our customers and partners.”

    Mercury Systems – Innovation that matters® 
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

    Forward-Looking Safe Harbor Statement
    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    INVESTOR CONTACT
    Tyler Hojo
    Vice President, Investor Relations
    Tyler.Hojo@mrcy.com

    MEDIA CONTACT
    Turner Brinton
    Senior Director, Corporate Communications
    Turner.Brinton@mrcy.com

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Announces First Quarter 2025 Results and Webcast Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its first quarter 2025 financial results after the New York Stock Exchange closes on Thursday, May 8, 2025. Management will host a webcast and conference call on Friday, May 9, 2025 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended March 31, 2025. 

    Webcast:
    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    Dial-in:
    The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

    Replay:
    A replay of the call will also be available on the Company’s website approximately two hours after the live call through May 23, 2025.  To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13750797.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network –

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Leads Letter Calling for Transparent Investigation Into Death of Marie Blaise

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

    Washington D.C. ─ Today, Congresswoman Sheila Cherfilus-McCormick (D-FL-20), Co-Chair of the Haiti Caucus, led the Florida Democratic congressional delegation in a letter to Secretary of Homeland Security Kristi Noem. The letter calls for a transparent investigation into the death of Marie Blaise. Blaise, a 44-year-old Haitian immigrant, died at an Immigration and Customs Enforcement (ICE) facility in Pompano Beach.

    “According to ICE’s own statement, Ms. Blaise was pronounced dead at 8:35 p.m. by medical staff. Prior to her death, she had been moved through at least three different ICE facilities in a span of just over two months—from initial apprehension in the U.S. Virgin Islands to Puerto Rico, then to Richwood Correctional Center in Louisiana, and finally to the Broward Transitional Center,” the Members wrote. 

    “The federal government holds a solemn responsibility to ensure the safety and well-being of all individuals in its custody, including those detained by ICE. The circumstances of Ms. Blaise’s death raise serious questions about the quality of medical care provided during her detention, as well as the toll such frequent transfers may have taken on her physical and mental health,” the Members continued. 

    The letter calls for the U.S. Department of Homeland Security to:

    1. Conduct a transparent investigation into the death of Marie Ange Blaise, including a review of her medical records, detention conditions, and the decision-making process behind her multiple transfers.
    2. Publicly release the findings of this investigation in a timely manner.
    3. Assess systemic issues in the treatment of detainees — particularly those who are medically vulnerable or in transit across multiple facilities.
    4. Initiate a comprehensive audit of safety and medical protocols at the Broward Transitional Center.
    5. Release to Congress the identity of the official(s) responsible for each decision to transfer Marie Ange Blaise between facilities, and all associated rationales.

    As reported in The Miami Herald, Blaise had been complaining about chest pains and her blood pressure measured with a top number of 156. She was later provided pills and sent to lie down before she was pronounced dead by ICE. 

    Additional signatories of the letter include Reps. Wilson (D-FL), Wasserman Schultz, (D-FL), Soto (D-FL), Frankel (D-FL), Frost (D-FL), Castor (D-FL), and Moskowitz (D-FL). 

    The full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: LaMalfa Resolution Overturning Longfin Smelt ESA Listing Passes House

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressional Western Caucus Members celebrated passage of H.J. Res. 78. This Congressional Review Act (CRA) resolution, introduced by Congressional Western Caucus Chairman Doug LaMalfa (CA-01), repeals the Biden Administration’s listing of the longfin smelt as endangered under the Federal Endangered Species Act. Once enacted into law, this resolution will halt the proposed designation of critical habitat for this fish species, as well as ensure California’s water remains available for those who need it most, families and farmers.
     

    “The Biden Administration and activist judges have used this listing as a political tool to block progress on California water policy,” said Chairman LaMalfa. “This listing is based on cherry picked scientific anecdotes and even Stanford’s Center for Water California Resources Policy and Management questioned the science of the listing. It adds yet another layer of conflicting regulations that dump tens of millions of acre feet of water out to the Pacific Ocean, with farmers receiving only 40% to 50% of their promised federal and state water. Congress isn’t going to stand by while bureaucrats and environmental lawsuits continue to wreck the water system that feeds our farms, our families, and our economy. I’m glad to see the House take a stand and push back with real solutions that help us grow food, provide water, and keep our economy strong.”

     
    “In the wake of litigation from radical environmentalists, the Biden administration ignored scientific data and inaccurately listed the longfin smelt as endangered,” said House Natural Resources Committee Chairman Bruce Westerman (AR-04). “This decision only created another layer of red tape, cutting off Californians from water resources that are essential to agriculture and daily life. Thanks to Congressman LaMalfa and the entire California Republican delegation’s work, today the House voted to overturn this flawed rule and restore common sense to California while ensuring farmers and communities can access their vital resources.” 

    “California is already facing a water crisis made worse each year by wildfires, drought, and mismanagement. This endangered species listing adds yet another roadblock to delivering water to the communities that need it most,” said Vice Chair Jay Obernolte (CA-23). “I was proud to see this resolution pass the House to stop an unnecessary mandate that would send vital water out to sea instead of to California’s future.”
     
    “California House Republicans are once again taking steps to secure a reliable and affordable water supply for our constituents and farmers,” said Representative Ken Calvert (CA-41). “H.J. Res. 78 will reverse a Biden administration action that was pursued by radical environmentalists to abuse federal regulations in an attempt to limit water supplies for California families and our farms. By restoring commonsense water solutions we can ensure California has the water supplies it needs.”
     
    “Working with Congressman Doug LaMalfa, we are advancing legislation that prioritizes commonsense water solutions for our state,” said Representative Vince Fong (CA-20). “Instead of wasting vital resources to protect a fish that never belonged on the endangered species list, this resolution will restore essential water allocations to support our region. This is a win for our communities to ensure we have reliable and stable water supplies for our homes, businesses, and farms.”
     
    “The Biden Administration’s unnecessary decision to list the longfin smelt as an endangered species is yet another example of an environmental policy not grounded in science that puts fish over people,” said Representative David Valadao (CA-22). “Our families and farmers are already struggling with burdensome regulations that restrict water deliveries and threaten the future of agriculture in the Central Valley, and this rule would have ensured even more of our water is sent out to sea. By passing this resolution, the House is taking an important step forward in rolling back draconian water restrictions that directly affect our farmers, families, and rural communities, and I’m happy to see common sense won.”
     

    This designation, driven by litigation from an environmental group, by the U.S. Fish and Wildlife Service during the Biden Administration threatens California’s water supply by imposing new restrictions on the Central Valley Project (CVP) and State Water Project (SWP). This listing resulted in subsequent burdensome requirements imposed on the CVP that will divert even more water to the Pacific Ocean instead of supplying farms and families across the state.

     
    Read the resolution here.

    MIL OSI USA News –