MIL-OSI United Nations: Deputy Secretary-General’s remarks at the closing of the 2025 ECOSOC Forum on Financing for Development [as prepared for delivery]

Source: United Nations secretary general

H.E. Mr. Bob Rae, President of ECOSOC, Excellencies, Dear Colleagues,

As we conclude this year’s Financing for Development Forum, I will not offer a summary – but rather sound an urgent call to action, as we consider the critical decisions ahead of us in the FfD4 process.

Tomorrow marks the beginning of the fourth preparatory committee session, followed by the second intersessional to advance negotiations on the outcome document.

The renewed global financing framework that we are about to deliver has to meet the scale and urgency of the moment.

Over the past two days, we have heard, again and again, that we are in the midst of a development crisis.

At its core, exacerbated by geopolitical tensions, lies a chronic failure of the global financial system to deliver adequate, equitable, and predictable financing to those who need it most.

Yet if we act with determination and solidarity, the Sevilla conference can mark a historic breakthrough.

As we’ve heard, we must deliver a more effective, inclusive, and responsive financing system – one that moves resources towards clear outcomes, and delivers real results on the ground.

This means aligning financial flows with real development gains – and ensuring they reach the communities, countries, and sectors where the needs are greatest.

We also need to change how we think about financing.

It cannot be fragmented.

Financing must be a catalyst for transformation – designed to put economies onto more sustainable, equitable, and resilient pathways.

And it should reflect the leadership and priorities of developing countries – placing them at the center of decision-making.

Their role is not to follow, but to shape the agenda – and their future – through fair access to resources and enhanced capacity to thrive in the global economy.

Encouragingly, the draft outcome document already points in the right direction.

It includes proposals for expanding the role of public development banks, reducing the cost of capital, scaling up liquidity management support, and reinforcing the global financial safety net.

It also sets out critical reforms to the international debt architecture and calls for more inclusive and representative global economic governance.

But turning these reforms from paper to practice will require your continued leadership and engagement.

I invite you to take part in the Sevilla Platform for Action – which brings together governments and other key stakeholders to launch high-impact initiatives aligned with the outcome of the conference.

These efforts should be forward-looking, grounded in the UN Charter, and built around clear goals, concrete timelines, and dedicated resources.

The submission window will open on May 1st.

I encourage you to lead, to partner, and to mobilize.

Let us turn commitments into coalitions – and ideas into implementation.

Sevilla must be more than a conference.

It must be a turning point – towards a new chapter in financing for development. Let’s seize this opportunity together.

Thank you.

MIL OSI United Nations News –

April 30, 2025

MIL-OSI USA: IAM Union Members Bringing the Fight to Capitol Hill at 2025 Legislative Conference

Source: US GOIAM Union

Approximately 400 IAM Union activists have converged on the nation’s capital for the 2025 IAM Legislative Conference, held April 29 through May 1. At a time of growing economic uncertainty, political upheaval, and ongoing attacks on working people, IAM members are making their voices heard in the halls of Congress.

Delegates from across the United States are using the three-day conference to engage directly with policymakers, pressing them to take action on a wide range of legislative priorities. From protecting collective bargaining rights for federal workers to strengthening retirement and healthcare security, from defending domestic manufacturing to passing the long-stalled Rail Safety Act, and other critical issues, IAM members are making clear demands for a pro-worker agenda.

The conference officially opened with powerful remarks from IAM International President Brian Bryant, IAM Canadian Territory General Vice President David Chartrand, and IAM National Political and Legislative Director Hasan Solomon. Each leader underscored the urgency of the moment and the stakes for working families across North America.

IAM International President Brian Bryant opened the conference by welcoming delegates and calling attention to the growing threats facing working people, many of which, he noted, are coming directly from the White House.

“What happens here in Washington, D.C. – and in every state across the country – affects all of us, every second of every day,” said Bryant. “Elected officials can strengthen – or weaken – our collective bargaining rights, our pay, our healthcare, our retirement, our democracy, and so much more. We’re not fighting for Republican or Democratic issues – we’re fighting for IAM Union issues.”

“This week is all about fighting for our union and our members, it’s about showing that the power of the people is always more powerful than the people in power, and it’s about taking this country back for working people instead of billionaires,” continued Bryant.

IAM members will hear from policymakers, union allies in Congress, and policy experts throughout the week. Scheduled speakers will address topics ranging from domestic policy to defending democracy and countering corporate influence in government.

In his remarks, IAM Canadian Territory General Vice President David Chartrand spoke to the shared economic challenges and responsibilities between the United States and Canada, especially amid increasing tensions with China, as the need for cooperation to preserve national security and economic stability.

“We need to work together to make sure there’s fairness in the workplace,” said Chartrand.

IAM National Political and Legislative Director Hasan Solomon also addressed delegates, highlighting the IAM’s growing influence on Capitol Hill and the need for grassroots activism to hold elected officials accountable.

“We are here to take care of business,” said Solomon. “This week, we are here to hold our elected officials accountable.”

The IAM Legislative Conference is a vital opportunity for members to engage in the political process, share their personal stories with lawmakers, and shape the future of the labor movement. As economic pressures continue to mount and corporate interests tighten their grip on the political system, IAM delegates are delivering a clear message: the needs of working people must come first.

As the week continues, IAM members will meet with dozens of House and Senate offices, ensuring that the voices of workers are heard loud and clear.

It’s almost time!

The 2025 IAM Legislative Conference is bringing together passionate IAM Union members ready to make a difference on Capitol Hill.
⁰#IAM2025 #UnionStrong pic.twitter.com/7wfSdPnxoK

— IAM Union (@IAM_Union) April 29, 2025

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MIL OSI USA News –

April 30, 2025

MIL-Evening Report: Greenpeace slams deep sea mining bid as ‘rogue’ disregard for global law

By Reza Azam

Greenpeace has condemned an announcement by The Metals Company to submit the first application to commercially mine the seabed.

“The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus,” said Greenpeace International senior campaigner Louisa Casson.

“This unilateral US effort to carve up the Pacific Ocean already faces fierce international opposition. Governments around the world must now step up to defend international rules and cooperation against rogue deep sea mining.

“Leaders will be meeting at the UN Oceans Conference in Nice in June where they must speak with one voice in support of a moratorium on this reckless industry.”

Greenpeace Aotearoa spokesperson Juressa Lee said: “The disastrous effects of deep sea mining recognise no international borders in the ocean.

“This will be another case of short-term profits for a very few, from the Global North, with the Pacific bearing the destructive impacts for generations to come.”

The Metals Company announcement follows President Donald Trump’s Executive Order fast-tracking deep sea mining in US and international waters, which Greenpeace says threatens Pacific sovereignty.

Bypassed ISA rules
Trump’s action bypasses the International Seabed Authority (ISA), the regulatory body which protects the deep sea and decides whether deep sea mining can take place in international waters.

“The Metals Company and Donald Trump are wilfully ignoring the rules-based international order and the science that deep sea mining will wreak havoc on the oceans,”said Lee.

“Pacific Peoples have deep cultural ties to the ocean, and we regard ‘home’ as more ocean than land. Our ancestors were wayfarers and ocean custodians who have traversed the Pacific and protected our livelihoods for future generations.

“This is the Indigenous knowledge we should be led by, to safeguard our planet and our environment. Deep sea mining is not the answer to the green transition away from carbon-based fossil fuels — it’s another false solution.”

President Trump’s order follows negotiations in March at the ISA, at which governments refused to give wannabe miners The Metals Company a clear pathway to an approved mining application via the ISA.

Thirty two countries around the world publicly support a moratorium on deep sea mining.

Millions of people have spoken out against this dangerous emerging industry.

Republished from Greenpeace Aotearoa News.

MIL OSI Analysis – EveningReport.nz –

April 30, 2025

MIL-OSI United Kingdom: Statement on air strike against Houthi military facility in Yemen: 29 April 2025

Source: United Kingdom – Executive Government & Departments

News story

Statement on air strike against Houthi military facility in Yemen: 29 April 2025

Royal Air Force participates in operation targeting a Houthi military facility in Yemen.

On 29 April 2025, UK forces participated in a joint operation with US forces against a Houthi military target in Yemen. This action was in line with long-standing policy of the UK government, following the Houthis initiating their campaign of attacks in November 2023, threatening freedom of navigation in the Red Sea, striking international ships, and killing innocent merchant mariners.

Careful intelligence analysis identified a cluster of buildings, used by the Houthis to manufacture drones of the type used to attack ships in the Red Sea and Gulf of Aden, located some fifteen miles south of Sanaa.

Royal Air Force Typhoon FGR4s, with air refuelling support from Voyager tankers, therefore engaged a number of these buildings using Paveway IV precision guided bombs, once very careful planning had been completed to allow the targets to be prosecuted with minimal risk to civilians or non-military infrastructure. As a further precaution, the strike was conducted after dark, when the likelihood of any civilians being in the area was reduced yet further. All of our aircraft subsequently returned safely.

Published 30 April 2025

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI USA: King Delivers his Own ‘Declaration of Conscience’ Nearly 75 Years after Former Maine Senator Margaret Chase Smith

US Senate News:

Source: United States Senator for Maine Angus King
To watch the floor speech, click here
WASHINGTON, D.C.— U.S. Senator Angus King (I-ME) today spoke on the Senate floor to commemorate the 75th anniversary of former U.S. Senator Margaret Chase Smith’s (R-ME) ‘Declaration of Conscience’ speech. The speech, delivered on June 1, 1950, would be the defining moment in which a Republican stood up to her own party in defense of American democracy.
More specifically, King called on his colleagues in both parties to remember her legacy and “…stop thinking politically as Republicans and Democrats about elections and start thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques-techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
More on former U.S. Senator Margaret Chase Smith can be found here. The original Declaration of Conscience speech transcript can be found here.
The full transcript of Senator King’s floor speech from this afternoon is below.
+++
Mr. President,
Almost 75 years ago, the junior Senator from Maine rose in this chamber to deliver a speech from her heart about a crisis then facing our country, a crisis not arising from a foreign adversary but from within.
A crisis that threatened the values and ideals at the base of the American experiment. Senator Margaret Chase Smith’s ‘Declaration of Conscience’ turned out to be one of the most important speeches of the Twentieth Century and defined her for the ages as a person of extraordinary courage and principle. Here she is with her famous red rose which always wore on her lapel.
Now, I should admit up front that I worked for the candidate Bill Hathaway who defeated Smith in 1972, but Smith and I made it up years later when I was producing a documentary on her life for Maine PBS. In fact, as we began the project, I was so worried that she might resent my having worked for her opponent, so I sent her a letter confessing my role in her last campaign.
Her response was pure Margaret Smith:
“Dear Angus King, it is perfectly alright with me that you once worked for Mr. Hathaway. Yours sincerely, Margaret Chase Smith.”
Simple as that. In working together on the documentary, she shared some fascinating background on the famous speech, including that she drafted it by hand at her kitchen table in her hometown of Skowhegan, Maine over Memorial Day weekend of 1950.
After returning to Washington a couple of days later, she steeled her resolve and headed to the Senate floor. As luck would have it, when she got in the trolly from the Russell building, there next to her sat Senator Joe McCarthy who was the subject of the speech.
“Why are you looking so serious, Margaret?” he asked. “Because I’m on my way to make a speech, Joe, and you’re not going to like it.”
Smith told me that she was so nervous about the speech and the breach it would make in her relationship with Senator McCarthy—this was the height of the Red Scare of the early fifties, remember—that she told her chief aide, Bill Lewis, who was up in the press gallery, not to hand out the copies of the speech to the press until she started speaking on the floor, because she was afraid she might lose her nerve.
But she went through with it, and the rest is, quite literally, history.
Here is how Margaret Chase Smith began that speech—
“Mr. President, I would like to speak briefly and simply about a serious national condition. It is a national feeling of fear and frustration that could result in national suicide and the end of everything that we Americans hold dear. It is a condition that comes from the lack of effective leadership either in the legislative branch or the executive branch of our government.”
Remember these are Margaret Chase Smith’s words 75 years ago. She continued,
“I think that it is high time for the United States Senate and its members to do some real soul searching and to weigh our consciences as to the manner in which we are performing our duty to the people of America and the manner in which we are using or abusing our individual powers and privileges.”
Later in the speech, here is one of her conclusions,
“It is high time that we stopped thinking politically as Republicans and Democrats about elections and started thinking patriotically as Americans about national security based on individual freedom.”
I think that’s very important Mr. President. She said,
“It is high time that we stopped thinking politically as Republicans and Democrats about elections and started thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques – techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
Senator Smith’s speech had plenty of criticism of the Democratic Administration of that time, but the real focus of her urgent plea to her colleagues was the actions of Senator Joseph McCarthy (whom she never mentioned by name) who had embarked upon an anti-communist crusade in a manner that threatened the principles of free speech and the rule of law embedded in our values as a nation—and in our Constitution. In other words it wasn’t McCarthy’s anti-communism she objected to, it was the manner in which he carried it out.
Mr. President, I fear that we are at a similar moment in history. And while today’s ‘serious national condition’ is not involving the actions of one of our colleagues, it is involving those of the President of the United States.
Echoing Senator Smith, today’s crisis should not be viewed as a partisan issue; this is not about Democrats or Republicans, or immigration or tax policy, or even the next set of elections; today’s crisis threatens the idea of America and the system of government that has sustained us for more than two centuries.
Again, this is not about the President’s agenda (although yes, I disagree with most of it), it’s about the manner in which he is pursuing it—which includes ignoring the Constitution and the rule of law—and it’s this roughshod non-process that endangers all of us, his detractors and supporters alike.
What’s at stake is simple and, in fact, was the driving force behind the basic design of our Constitution—the grave danger to any society is the concentration of power in one set of hands.
The paradox at the heart of the structure of any democratic government is that power is given to the government to protect and serve the people, but at the same time the people must be protected from that same power being used against them. Madison put it clearly in the 51st Federalist:
“But what is government itself, but the greatest of all reflections on human nature? If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controls on government would be necessary. In framing a government which is to be administered by men over men, the great difficulty lies in this: you must first enable the government to control the governed; and in the next place oblige it to control itself. A dependence on the people is, no doubt, the primary control on the government; but experience has taught mankind the necessity of auxiliary precautions.”
Precautions that go beyond regular elections. And the most important of those “auxiliary precautions” is the explicit separation of powers between the executive and the legislature, at the heart of our Constitution better known as checks and balances. My fear is this phrase has become such a cliche that we don’t recognize it as the fundamental premise of our Constitutional system.
There’s nothing new about the recognition of the danger of concentrated power; the ancient Romans summed it up with a question: “Quis custodiet, ipsos custodes?” or “Who will guard the guardians?”
Another way to put this is a universal principle of human nature, “All power corrupts, and absolute power corrupts absolutely.”
It’s important to emphasize that the danger I am describing isn’t based upon institutional jealousy, a loss of the prerogatives of the Senate, or the politics of Democrats and Republicans; it’s about the violation of the very deliberate division of power between the legislature and the executive which as I said is the heart of the Constitution. It’s there for a reason to see that power is not concentrated in one set of hands. It is the most important bulwark between our citizens and—let’s call it what it is—tyranny.
Again, Madison warned us in no uncertain terms, this time in the 47th Federalist:
“The accumulation of all powers, legislative, executive, and judiciary, in the same hands . . . may justly be pronounced the very definition of tyranny.” Madison’s word, “Tyranny.” And later in the same essay, “There can be no liberty where the legislative and executive powers are united in the same person.”
“There can be no liberty where the legislative and executive powers are united in the same person.”
And yet, this “accumulation of all powers” is exactly what is happening today, before our very eyes. Although many in this body unfortunately seem determined to ignore it, deliberately ignore it, the evidence is everywhere: from the elimination of Congressionally-established agencies to the withholding of appropriated funds (an appropriations bill is a law, by the way. It is not a suggestion to the executive about where he or she should spend money, but a law) to issuing executive orders purporting to be law in place of legislation to sidestepping if not ignoring court orders:
This President is engaged in the most direct assault on the Constitution in our history, and we in this body, at least thus far, are inert—and therefore complicit.
It’s worth pausing for a moment to look at the terms of Article II which outlines the powers and responsibilities of the President. At the outset, it must be remembered that the Declaration of Independence was directed specifically at the depredations of the British King, and later, that the Framers had recently come through a brutal eight-year war against that same king. It is clear that a monarchy was exactly what the Framers were trying to avoid in the structure of the new government and it explains the limited powers granted to the President in Article II.
So, let’s look at Article II. In light of this anti-monarchical intent, Article II only gives the President one-and-half unilateral powers—the power to issue pardons and the role of Commander-in-Chief of the Armed Forces in wartime, but even this latter is constrained by the reservation to the Congress of the power to declare war.
With these two exceptions, all the other powers granted to the President—appointment of judges and federal officials, making treaties with other countries, vetoing legislation—are all bounded in some respect by the requirement of Congressional assent. I want to repeat, Article II is not a broad grant of authority to the president, it is anything but. It’s a restriction on the powers of the president.
And here is the most important phrase in Article II. The principal responsibility of the President, however, is spelled out explicitly in Article II—the chief executive “shall take care that the laws be faithfully executed.”
It doesn’t say that only the laws he agrees with, or that he has any power whatsoever to make laws; his job is simply to execute the laws passed by Congress, without exception—a responsibility this President is spectacularly failing to meet. To take care that the laws be faithfully executed.
And while this is the most serious breach of our Constitutional order, the Administration has also taken a series of apparently unconnected actions, which, taken together, spell out our rapid path toward one-man rule, or tyranny as Madison would say.
In the style of the Declaration of Independence, here’s a partial list, only where the Declaration says “he” it’s referring to the King as the King of England; “he” as used in my list, however, refers to the President:
He has enabled the random firing of personnel throughout the government without regard to the importance of the job or the qualifications of the individual, which has severely compromised the ability of the affected agencies to carry out the purposes Congress intended, the very antithesis of faithfully executing the laws; the very antithesis of faithfully executing the laws.
He has enabled the dismemberment of agencies providing essential services to the American people, most particularly in the Social Security and Veterans Administrations, by people who literally don’t know what they are doing, again in violation of his responsibility to faithfully execute the laws creating those agencies and programs;
He has systematically, early in the Administration, fired independent Inspectors General throughout the government—whose job it is to find fraud, corruption and malfeasance in agency programs—in clear violation of federal law and apparent intent to govern without constraints;
He has used the power of the government to threaten, intimidate, and extort private law firms for the supposed offense of representing clients he doesn’t like, an exercise of governmental power nowhere found in the Constitution, and a clear violation of the very structure of our legal system;
He has used the power of the government to threaten and intimidate former government officials based upon actions and statements with which he disagrees, thereby sending the message throughout the government that pleasing the President is more important than telling the truth. Again, he has no such power under the Constitution, and the result of this abuse of his office is the opposite of faithfully executing the laws;
He has openly threatened media platforms—particularly television networks—with license revocation or other punishment for airing content he doesn’t like, in clear violation of the First Amendment, one of the fundamental bulwarks of our freedoms. For a president of the United States to threaten a media firm with revocation of their license or other forms of punishment for content he doesn’t like, that’s the antithesis of the First Amendment. The compromise of the free press has been a sign of incipient despotism throughout history—right up to the present day;
He has used the power of the government (including the impoundment of Congressionally appropriated funds and threatening tax-exempt status) to threaten and intimidate private universities in order to force them to adopt policies to his liking, again, a power found nowhere in the Constitution, nowhere in Article II;
He has enabled a national program of arrest and deportation of individuals in this country with no due process whatsoever, and even when it is admitted that at least one such individual was sent to a foreign prison by mistake, he has refused to make any effort to return that person to his home despite court orders—including an unanimous order of the United States Supreme Court—that he do so; this entire process is a violation of the Fifth, Sixth, Eighth, and Fourteenth Amendments and certainly isn’t consistent with his obligation to faithfully execute the laws.
He has openly suggested the possibility of sending U.S. citizens to a foreign prison for undefined crimes, thereby placing them outside the reach of our criminal justice system, including the Constitutionally guaranteed right to counsel;
He has abused the limited powers delegated to him by Congress in connection with tariffs and trade by declaring emergencies where none exist and single-handedly plunging our economy into chaos and risk of inflation, unemployment, and possible recession—a perfect example of the dangers of one-man rule. The Constitution specifically delegates to the congress in Article I, Section VII, Clause III, the power over trade and commerce among Nations. Congress delegated that power to the president under certain limited circumstances, that of an emergency, not that a president can define an emergency however he wants. I live in Maine. We are on the border of Canada. There is no emergency that justifies the imposition of tariffs with Canada. If he wants to propose a tariff against Canada, Britain, or any other country, he should come here because that’s our responsibility. We should debate it and chances are we would come up with a more rational solution than the one the made several weeks ago;
He has attempted to cut off funds to a single state—my own—because he took personal umbrage at our Governor’s refusal to bend to his policy preference which was inconsistent with the law of our state. Our Governor’s position was not on the issue of trans-athletes, it was on the issue of state and local control. The basic bedrock of our representative form of government.
Tellingly, during that exchange, he said, “We are the law,” a statement more suitable to a king and one which is wholly inconsistent with our form of government. By the way, Mr. President, an Executive Order is not law despite what the President seems to think. This “We are the Law” comment is a clear statement of an intent to govern as a sovereign without regard to the Constitution or the rule of law;
In a field that I have some special knowledge of, he has compromised national security by dismantling those agencies charged with defending our nation against the clear and present danger of cyber-attacks and firing many of those individuals—with no stated cause—who are best suited to mount such a defense;
He has further compromised national security by alienating our allies with his unlawful and indiscriminate imposition of tariffs which has severely undermined confidence in our country, again acting far in excess of the limited power over trade delegated by Congress. Mr. President, I have served for the past 12 years on Intelligence and Armed Services, and I have come to realize that our asymmetric advantage in the world is allies. China has customers, we have allies. To alienate our allies, without good reason, with no emergency, with no consultation with congress, with no consultation with the Foreign Affairs committee, with no consultation with anybody as far as I can tell, is a serious compromise of our national security, both in terms of our intelligence capabilities, but also who will come our aid in a time of trouble
Mr. President, this is not a complete list, but it does present a disturbing and dangerous pattern—that this President is attempting to govern as a monarch, unbound by law or Constitutional restraint, not as a President subject to the constraints of the Constitution and the rule of law.
Again, this not about his policies—whether they be mass deportations or trans athletes, trade and tariffs, or the appropriate levels of staffing in the federal government—no, the issue before us—and we can no longer avoid it—is the manner in which he is pursuing those policies which violates both the spirit and the express terms of our founding document.
And again, this is not about observing the boundaries prescribed by the Constitution just to check the appropriate boxes; this is about observing those boundaries to protect ourselves and our people from the abuse that inevitably—inevitably—flows from the unbridled concentration of power.
To those who like the policies of the President and are therefore willing to ignore the unconstitutional means of effectuating them, I (and history) can only say, watch out:
Today, the target may be the undocumented or federal workers, but tomorrow (perhaps under a different King-President), it could be you.
Once this power is concentrated into one set of hands, it’s going to be very difficult to get it back and it can turn that power against anybody who displeases the monarch. So what can we do? What are the guardrails and how can we buttress and support them?
The first guardrail is the Congress itself, the part of our government actually empowered to define policy, appropriate funds, and oversee the actions of the executive. But unfortunately, the majority in Congress has thus far wholly abdicated these fundamental responsibilities and, thus far, has shown little inclination to even recognize the danger, let alone take action to confront it.
We could reclaim our power, however, by pulling back the trade authority (there’s a bill to do that), instituting vigorous oversight of the activities of DOGE to determine to what extent their actions compromise congressional intent, or holding the President’s nominees and his prized tax bill until he ceases his attempts to make policy unilaterally, including impounding congressionally authorized and appropriated funds.
You know, do our job.
The second guardrail is the courts which are generally holding up their end of the Constitutional bargain, but they read the press just as we do and need to know that we are ready to reassume our powers and responsibilities. As easy as it may be for us to rely entirely on the courts to save us, that’s a cop-out; reclaiming power must be a joint project.
The final guardrail is the people, who more and more are speaking up—in rallies, in correspondence with us, in town meetings, and in conversations at the grocery store.
But their only real power, the midterm elections, don’t happen for 19 months, and in the meantime, the burden falls back to us.
I don’t think we have 19 months; given what’s happened in the first 100 days, we need to act now, before the awesome power of the United States’ government is consolidated into one set of hands. When that happens, there may be no going back.
No, we can’t escape the responsibility of our oath. Each of us swore, swore mind you, to “support and defend the Constitution of the United States against all enemies, foreign and domestic;” [and that we would] “bear true faith and allegiance to the same.” The same being the Constitution.
Clearly, the Framers knew there might someday be “domestic” enemies of the Constitution and made it our sacred obligation to defend the Constitution from them.
(I should mention that Joe McCarthy primaried Senator Smith a few years after her speech as punishment to standing up to him, but to no avail, she cruched her opposition and won going away).
So, with thanks to Margaret Chase Smith for her example and inspiration, this is my ‘Declaration of Conscience.’ I don’t relish this moment, but feel I have no choice but call out the clear implications—and dangers—of what is happening.
What is happening day by day before our eyes; to do otherwise, to keep silent, would be to compromise what I have believed about our country since my first civics class in high school and, at about the same time, when I watched my dad risk his career to fight for justice and the rule of law.
And so, here I stand.
Abraham Lincoln came to the Congress in the midst of the Civil War—at a time when our forebears—like us—were reluctant to face the responsibilities that had been thrust upon them. At that critical moment, this is what Abraham Lincoln said:
“Fellow citizens, we cannot escape history. We of this Congress and this Administration will be remembered in spite of ourselves. No personal significance or insignificance can spare one or another of us. The fiery trial through which we pass will light us down in honor or dishonor to the latest generation. The fiery trial through which we pass will light us down in honor or dishonor to the latest generation.”
Mr. President, I deeply hope that in the midst of our fiery trial, we will choose honor—and the Constitution.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: ‘It is High Time we Stopped Thinking Politically as Republicans and Democrats,’ King says as he Invokes Former Maine Senator Margaret Chase Smith

US Senate News:

Source: United States Senator for Maine Angus King
To watch the floor speech, click here
The full transcript of the speech can be found here
WASHINGTON, D.C. –U.S. Senator Angus King today spoke on the Senate floor to commemorate the 75th anniversary of former U.S. Senator Margaret Chase Smith’s (R-ME) ‘Declaration of Conscience’ speech. The speech, delivered on June 1, 1950, would be the defining moment in which a Republican stood up to her own party in defense of American democracy.
More specifically, King called on his colleagues in both parties to remember her legacy and “…stop thinking politically as Republicans and Democrats about elections and start thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques – techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
Early in the speech, King highlighted the importance of Constitutional boundaries.
King began, “And again, this is not about observing the boundaries prescribed by the Constitution just to check the appropriate boxes; this is about observing those boundaries to protect ourselves from the abuse that inevitably—inevitably—flows from the unbridled concentration of power. To those who like the policies of the President and are therefore willing to ignore the unconstitutional means of effectuating them, I (and history) can only say, watch out: Today, the target may be the undocumented or federal workers, but tomorrow (perhaps under a different King-President), it could be you.”
King then reminded his colleagues and the American people that the President’s unorthodox maneuvers are against the law.
“Echoing Senator Smith, today’s crisis should not be viewed as a partisan issue; this is not about Democrats or Republicans, or immigration or tax policy, or even the next set of elections; today’s crisis threatens the idea of America and the system of government that has sustained us for more than two centuries,” King said later in the speech. “Again, this is not about the President’s agenda (and yes, I disagree with most of it), it’s about the manner in which he is pursuing it—which includes ignoring the Constitution and the rule of law—and it’s this roughshod non-process that endangers all of us, his detractors and supporters alike.”
King concluded the speech by alluding to Smith as his inspiration for standing up to power, even when the moment may be difficult to face.
“So, with thanks to Margaret Chase Smith for her example and inspiration, this is my ‘Declaration of Conscience.’ I don’t relish this moment, but feel I have no choice but call out the clear implications—and dangers—of what is happening; to do otherwise, to keep silent, would be to compromise what I have believed about our country since my first civics class in high school and, at about the same time, when I watched my dad risk his career to fight for justice and the rule of law. And so, here I stand,” King concluded.
Senator King has been consistently sounding the alarm on President Donald Trump’s existential threat to the Constitution. He previously gave a speech on the Senate floor sharing that this administration is doing ‘exactly what the Framers [of the Constitution] most feared” and a speech where he shared his growing concerns over the Trump Administration’s usurpation of Congressional authority. Senator King also previously declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. More recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials.

MIL OSI USA News –

April 30, 2025

MIL-OSI United Kingdom: Investors and local authorities gear up as AI Growth Zone delivery gathers speed

Source: United Kingdom – Executive Government & Departments

Press release

Investors and local authorities gear up as AI Growth Zone delivery gathers speed

Investors and local authorities mobilise as the government kickstarts the next phase for rolling out AI Growth Zones.

Investors and Local Authorities mobilise for AI Growth Zones.

Hotbeds of AI development – with the first based in Culham – to unlock fresh investment and new jobs as the government delivers on its Plan for Change.
After more than 200 initial expressions of interest from every corner of the UK, the formal qualifying process begins.

Thousands of high-skilled jobs and billions of pounds in fresh investment – the cornerstone of this government’s Plan for Change – are up for grabs, with preparations now in full swing to announce the first hosts of flagship AI Growth Zones this summer.

Investors and local authorities will descend on TechUK in London today (30th April) as the government kickstarts its formal qualifying process – giving them the opportunity to discuss their proposals and learn more about the vision for AI Growth Zones with AI Minister Feryal Clark and the Prime Minister’s AI Adviser Matt Clifford.

The initial Expressions of Interest (EOI) which opened earlier this year saw more than 200 responses – demonstrating the appetite from all parts of the country to take on a leading role in the UK’s AI-powered future.

AI Growth Zones will revitalize local communities by attracting billions in private investment – sparking fresh jobs at the cutting edge of AI while also securing Britain’s position as a global leader in the technology. This will give regions across the country the opportunity to play a leading role in delivering the government’s Plan for Change.

Streamlined planning approvals mean communities will be able to get spades in the ground quicker than ever before – fast-tracking the rollout of critical infrastructure from data centres to high-capacity energy connections.

Potential sites identified across the country through the EOI process include former industrial areas with land and infrastructure ready for redevelopment.

Proposals should demonstrate access to large existing power connections of at least 500MW – enough energy to power 2 million homes – or set out a clear plan for how they will get there. The qualifying process will also examine other criteria, including site readiness, and local impact.

Minister for AI Feryal Clark said:

Just like coal and steam powered our past, AI is powering the future. Our AI Growth Zones will transform areas across the UK into engines of growth and opportunity – unlocking new jobs and revitalising communities across the UK.

This is our Plan for Change in action, ensuring the benefits of AI are felt in every region and securing the UK’s place as a world leader in this vital technology.

The Prime Minister’s AI Adviser Matt Clifford said:

The UK has an extraordinary opportunity in AI, but speed is everything. Today’s launch sends a clear signal to investors and local communities that we’ve already moved into high gear.

I’m looking forward to discussing these proposals in more detail today as we continue to work alongside investors and local authorities to deliver a once-in-a-generation opportunity.

To mark the launch, Minister Clark and Matt Clifford are leading a series of engagements today with leading investors and MPs to outline the government’s vision, bid timelines, and qualifying criteria.

The first additional sites will then be announced this summer with an ambition to start getting building work underway by the end of 2025.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

Published 30 April 2025

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI United Kingdom: Universal Credit change brings £420 boost to over a million households

Source: United Kingdom – Executive Government & Departments

Press release

Universal Credit change brings £420 boost to over a million households

More than one million households struggling with debt will get to keep an average £420 more of their benefits each year, under a change to Universal Credit coming into force today [30 April 2025].

Around 1.2 million of the poorest households – including 700,000 with children – will keep an extra £420 a year on average, due to Universal Credit change.
New Fair Repayment Rate – which comes into force today – caps Universal Credit deductions at 15%, down from 25%.
Comes as part of the Government’s Plan for Change to make working people better off by helping them into jobs and extending support for low-income families.

More than one million households struggling with debt will get to keep an average £420 more of their benefits each year, under a change to Universal Credit coming into force today [Wednesday 30 April 2025].

The Fair Repayment Rate places a limit on how much people in debt can have taken off their benefits to pay what they owe. The maximum amount that can be taken from someone’s Universal Credit standard allowance payment to repay debt has been 25% – but from today this is reduced to 15%.

This will mean an average £420 extra a year for 1.2 million of the poorest households, including 700,000 households with children, while helping people to pay down their debts in a sustainable way.

It forms part of the Government’s Plan for Change to put more money into people’s pockets and boost living standards and marks the Government’s first step in a wider review of Universal Credit to ensure it is still doing its job.

The Fair Repayment Rate was introduced by the Chancellor at the Autumn Budget, as part of broader efforts to raise living standards, combat poverty, and tackle the cost-of-living crisis.

Chancellor of the Exchequer Rachel Reeves said:

As announced at the budget, from today, 1.2 million households will keep more of their Universal Credit and will be on average £420 better off a year. This is our plan for change delivering, easing the cost of living and putting more money into the pockets of working people.

With as many as 2.8 million households seeing deductions made to their Universal Credit award to pay off debt each month, the new rate is designed to ensure money is repaid where it is owed, and people can still cover their day-to-day needs.

Work and Pensions Secretary Liz Kendall said:

As part of our Plan for Change, we are taking decisive action to ensure working people keep more of the benefits they’re entitled to – which will boost financial security and improve living standards up and down the country.

We’re delivering meaningful change to ensure everyone has a fair chance, the support they need, and real hope for the future.

The Fair Repayment Rate is one of a number of bold measures the Government is taking as part of its Plan for Change to kickstart growth and spread prosperity across the country.

Viewing work as a key route out of poverty, the Government set out the Get Britain Working White Paper – aiming to achieve its target 80% employment rate by overhauling Jobcentres, introducing a new jobs and careers service, and launching a youth guarantee so every young person is earning or learning. This comes on top of increasing the National Minimum and National Living Wage to ensure being in work pays.

To support those in greatest need, the Household Support Fund has been extended another year – backed by £742 million, so local councils can continue to support low-income households with energy bills, food and essential items, while also funding long-term solutions, like home insulation, to help people at risk of falling into poverty.

The Government is also working to tackle child poverty, rolling out free breakfast clubs in all primary schools in England as the dedicated ministerial taskforce builds its ambitious strategy to ensure every child has the best start in life.

Additional information:

The change will be applied to all assessment periods that start on or after 30 April.
The 15% deductions cap continues to support customers to repay their debts at a sustainable rate.

Published 30 April 2025

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI United Kingdom: Families to get more choice over home upgrades

Source: United Kingdom – Executive Government & Departments

Press release

Families to get more choice over home upgrades

Proposals to give families greater choice when upgrading their home’s heating as well as plans to create up to 18,000 training places for green jobs

Working families to get greater choice on upgrades to their home’s heating including new products, such as air-to-air heat pumps and heat batteries, as well as offering new heat pump purchase options.
Plan to build a ‘clean power army’ receives a boost, with up to 18,000 professionals to be trained to retrofit homes, and install heat pumps, insulation, solar panels and heat networks.
Comes as government invests £4.6 million in Copeland to manufacture more heat pump parts at home in the UK, supporting local jobs and boosting economic growth as part of the Plan for Change.

Homeowners are set to have more choice over ways to access heating systems and bring down costs under proposals being considered as part of the Warm Homes Plan – helping to deliver on the government’s milestone of higher living standards as part of the Plan for Change.

Demand for heat pumps is surging, with the Boiler Upgrade Scheme – which offers up to £7,500 off the cost, enjoying its best month since opening, with 4,028 applications received in March 2025, up 88 per cent on the same month last year. Heat pumps can save families around £100 on their average energy bills when used with a smart tariff.

With more households wanting to make the upgrade to cleaner, homegrown energy, the government has today launched a new consultation on expanding the Boiler Upgrade Scheme to give families even greater choice to pick what works best for them.

Changes to the scheme could see families potentially access air-to-air heat pumps and electric heating technologies such as heat batteries, which are currently not eligible for grants under the scheme, alongside new purchase and ownership models which could spread the cost of a heat pump over several years, or give households the opportunity to lease one for a monthly fee instead.

As part of the government’s Plan for Change, even more households will be able to take up the offer of switching to low-carbon heating, while protecting the pounds in people’s pockets by making more options available.

The government has also set out plans to bolster the ‘clean power army’, training up to 18,000 more home retrofitters, to install heat pumps, insulation, solar panels and heat networks, alongside a major new deal to support the UK’s heat pump supply chain.

Minister for Energy Consumers Miatta Fahnbulleh said:

Our Warm Homes Plan will mean lower bills and warmer homes for millions of families – helping drive better living standards as part of the Plan for Change.

Following a record-breaking month for applications to our Boiler Upgrade Scheme, we are now proposing to give working families more choice and flexibility to pick the low-carbon upgrades that work best for them.

And on top of this, we are investing over £4 million in Copeland to continue building a homegrown heat pump industry and training up the army of skilled workers we need to achieve this.

Copeland in Northern Ireland have been awarded £4.6 million to expand their manufacturing for heating compression technology – a key component of heat pumps, which can help protect family finances from the roller coaster of international gas markets by running on clean electricity.

This investment, backed by a multi-million pound investment from Copeland, will help to support the industries and jobs of the future, while unlocking economic growth, as part of the Prime Minister’s Plan for Change.

Ministers have also unveiled plans to train up to 18,000 skilled workers to install heat pumps, fit solar panels, install insulation and work on heat networks through the extension of the Heat Training Grant and launch of the Warm Homes Skills Programme.

With three days to go until the government’s consultation on introducing higher minimum energy efficiency standards in private rented sector homes closes, ministers have issued a final call for tenants and landlords to make their views heard.

Under the proposals, all private landlords would be required to meet a higher standard of Energy Performance Certificate (EPC) C or equivalent in their properties – up from the current level of EPC E, by 2030.

This will deliver on the priorities of working people, in line with the Prime Minister’s Plan for Change, by requiring landlords to invest in measures such as loft insulation, cavity wall insulation or double glazing – ensuring homes are warmer and more affordable for tenants. Alongside higher standards & funding in the social rented sector, this could lift up to one million households out of fuel poverty by 2030.

Stakeholder reaction:

Charlotte Lee, CEO at the Heat Pump Association said:

Following a record year for UK heat pump sales in 2024, we warmly welcome today’s announcements which will continue to support growth in the sector and increased deployment of clean heating.

The additional funding to support those wishing to become qualified to install heat pumps and heat networks is especially welcome, alongside proposals to expand the Boiler Upgrade Scheme to make clean heating solutions an accessible option for more consumers.

Jambu Palaniappan, CEO at Checkatrade said:

We fully support this latest Government investment in skills and training, and greater choice for homeowners.

At Checkatrade, we’ve seen the growing importance of green energy to consumers, and with our new Green Hub are more easily connecting them with skilled tradespeople to make their homes more energy-efficient.

The new funding is a key step towards empowering more people to enter the trade and a boost for the economy, helping to build long-term, sustainable careers for thousands across the UK.

Verity Davidge, Director of Policy and Public Affairs at Make UK said:

As we continue to transition to a low-carbon economy it is critical we have the people and skills needed to make it happen.

Today’s announcement is a positive step towards ensuring the workforce is equipped with these skills. Many of those trained will develop the transferable skills needed to support industry in its own quest to transition to net zero.

Ned Hammond, Deputy Director (Customers) at Energy UK, said:

Expanding the Boiler Upgrade Scheme and giving families greater choice in the types of low-carbon heating systems available to them is a really positive move. More flexibility in the way customers can pay for these technologies will also help make efficient and smart heating systems, such as heat pumps, heat batteries and heat networks, available to even more customers who are struggling with high energy bills and looking for an alternative to costly gas boilers.

The recent surge in demand for the Boiler Upgrade Scheme following the Government’s funding uplift is a clear signal of consumer appetite and what can be done with the right support in place – and it’s vital this level of investment continues.

Underpinning this is the need for a skilled and dedicated installer supply chain, so it’s fantastic to see Government extending its support for skills and training as part of today’s announcement.

The Government’s figures show that 71% of installers benefitting from the Heat Training Grant said it made all the difference in their decision to upskill into heat pump systems. Extending the subsidy out to 2030 would help further with bringing in the thousands of new entrants we need into the heat pump and heat networks sectors.

Chris O’Shea, CEO of Centrica, said:

As the UK’s largest installer of low carbon heating technologies, we are delighted with the Government’s proposals to expand the Boiler Upgrade Scheme to offer customers more choice on how to decarbonise their homes through greater financing, ownership and technology options.

We can’t wait to add more to our Clean Power Army, the largest in the UK, using our award-winning academies and British Gas engineers to train installers across the UK.

Garry Felgate, Chief Executive of The MCS Foundation, said:

Consumer confidence in low-carbon technologies is growing, with more households installing heat pumps across the UK than ever before. Today’s announcements will help to accelerate that trend, by ensuring more people can access heat pump grants and supporting the growth of the heat pump workforce.

These steps are very welcome news, enabling lower bills, lower carbon emissions, and sustainable jobs.

Sando Matic, Europe President for Copeland, said:

This investment marks a pivotal step in advancing clean energy solutions and driving economic growth.

By expanding our manufacturing capabilities for heating solutions here in Northern Ireland, Copeland is proud to play a key role in helping to reduce reliance on fossil fuels and supporting the energy transition to more sustainable, electricity-powered heating.

Notes to Editors:

Options being considered to help spread the installation cost of a heat pump include:
Hire purchase, giving households the option to pay for a heat pump in instalments, meaning they would own the equipment at the end of their contract.
Hire purchase plus, combining paying for a heat pump in instalments with a separate contract for an energy tariff, allowing providers to simplify costs into a single monthly payment.
Leasing, offering households the option to lease a heat pump for a set amount of time, like leasing a car. At the end of the contract, households would either enter into another agreement to continue leasing the heat pump, or would replace it.
Further information on the Heat Pump Investment Accelerator award to Copeland can be found here: Heat Pump Investment Accelerator Competition successful projects.
The Warm Homes Skills Programme will deliver up to 9,000 training places across England, providing opportunities for people to develop skills in areas including fitting solar panels and installing insulation. More details can be found here: Warm Home Skills Programme.
An extra £5 million will be provided to continue the Heat Training Grant until March 2026, supporting a further 5,500 heat pump installers and 3,500 heat network professionals. The Grant has already trained over 10,650 individuals up to the end of March 2025. More details can be found here: Apply for the Heat Training Grant: discounted heat pump training.
More details on the Heat Training Grant: Heat Network training can be found here: Training providers: apply to offer the Heat Training Grant for heat networks
The government’s consultation on minimum energy efficiency standards for private rented sector homes can be found here: Improving the energy performance of privately rented homes: consultation document

Published 30 April 2025

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI Security: Ukrainian Citizens Charged in South Florida with Illegally Voting in 2024 United States Presidential Election

Source: Office of United States Attorneys

MIAMI – Two Ukrainian women with no United States citizenship have been charged with unlawfully voting in the General Election for United States President during early voting in Palm Beach, Fla., on Oct. 31, 2024.

Svitlana Demydenko (Svitlana), 53, and her daughter, Yelyzaveta Demydenko (Yelyzaveta), 22, made their initial appearances in West Palm Beach federal court today.

According to the criminal complaint affidavit, Svitlana and Yelyzaveta entered the United States in April 2021 on nonimmigrant visas. In August 2024, while living in Florida, Svitlana and Yelyzaveta registered to vote in federal elections using a system that requires certification of United States citizenship, which neither of them had.

On Oct. 31, 2024, and still without United States citizenship, Svitlana and Yelyzaveta voted from Palm Beach in the federal 2024 General Election, which included election of a United States President.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Acting Special Agent in Charge Jose R. Figueroa of the U.S. Department of Homeland Security, Homeland Security Investigations (HSI), Miami Field Division; and Commissioner Mark Glass of the Florida Department of Law Enforcement (FDLE) made the announcement.

HSI Miami Field Division and FDLE Office of Executive Investigations, Election Crime Unit investigated this case, with assistance from the Florida Department of State, Office of Election Crimes and Security; the Palm Beach County Supervisor of Elections; the U.S. Diplomatic Security Service; and the U.S. Department of Government Efficiency (DOGE). Assistant U.S. Attorney John McMillan is prosecuting the case.

A criminal complaint is merely an accusation, and defendants are presumed innocent unless and until proven guilty.

You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.justice.gov/usao-sdfl.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 25-mj-8216.

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MIL Security OSI –

April 30, 2025

MIL-OSI Australia: Victoria’s fire risk extended

Source:

The FDP will be extended in parts of Victoria

For the first time since 2019, Victoria’s Fire Danger Period (FDP) has been extended beyond May 1 in some parts of the state due to elevated fire risk, largely driven by ongoing near-record rainfall deficits and warmer than average autumn conditions.

The risk is most prominent in bushland and grasslands in the South West, West and parts of the North East.

Victoria does not usually encounter significant fire behaviour at this time due to the shorter day lengths, sun angle and morning dew, however, under warm, dry and windy conditions, bushfires are likely to spread and would require greater resources than normal to contain.

To best safeguard communities and their properties, residents within the Southern Grampians, Moyne and Warrnambool local government areas will remain in fire restrictions until 12 May, with Glenelg enforced until 19 May and Towong, 26 May.

We ask landowners in these areas that all burning activities are put on hold until restrictions ease, unless permission has been received.

While rainfall is projected, it is still likely to be below average between May and July and although temperatures are dropping, the situation can change quickly, and communities must be prepared.

We understand autumn is an opportune time for residents to clean up their properties, but it is important Victorians check their local fire restrictions before lighting any fire in the open air.

The consequences for individuals can be severe, and the impact and damage of an escaped fire on local communities and emergency services can be devastating.

Whether that involves unnecessary callouts to a private burn-off, a campfire or outdoor cooking, we urge you to remain vigilant, reconsider your plans and ensure your set up is safe and adheres to the conditions of your area.

A written permit is required to burn off for farming practices during the FDP, but due to the fire risk in these regions, permits will be withdrawn, revoked or suspended if deemed unsuitable. Burning off piles of trees and branches does not fall in this category.

Now is not the time for Victorians to be complacent. Conditions are similar to 2013 and 2019, however, the extremity of the current level of dryness in the south west and west of the state is comparable to the extreme 1982/83 bushfire season.

Jason Heffernan

CFA Chief Officer

Submitted by	CFA Media

MIL OSI News –

April 30, 2025

MIL-OSI USA: Kelly backs legislation to stop EV mandates, de facto ban on gas-powered vehicles

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

WASHINGTON, D.C. — Today, U.S. Rep. Mike Kelly (R-PA) joined Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, Congressman John Joyce (PA-13), Congressman Jay Obernolte (CA-23), and Congressman John James (MI-10), along with Members of the House Committee on Energy and Commerce, California Republicans, and Conference Chairwoman Lisa McClain on three Congressional Review Act resolutions that would undo harmful rules created under the Biden administration’s Environmental Protection Agency.

These three Congressional Review Act resolutions would reverse radical regulations that established a de facto ban on the use of gas-powered vehicles, heavy trucks, and diesel engines over the next decade.

“Pennsylvania drivers shouldn’t be subjected to California laws, plain and simple. This series of legislation rejects radical EV mandates and ensures drivers across the United States will be able to choose the vehicle that’s best for them, whether it’s gas-powered, electric, or a hybrid model,” Rep. Kelly said.

“The American people should choose what vehicle is right for them, not California bureaucrats. By submitting the three California waivers to Congress, Administrator Zeldin is ensuring that Congress has oversight of these major rules that impact every American,” said Chairman Guthrie. “The Committee has been committed to addressing this issue since California first attempted to create a de facto EV mandate. Energy and Commerce Republicans will continue to fight against far-left policies that would harm consumers and will now work to ensure that the Congressional Review Act process finally puts these issues to rest. Thank you to Congressman Joyce, Congressman Obernolte, and Congressman James for your work to ensure that families and businesses can continue to choose the vehicles they need.”

“Since arriving in Washington, I have fought to protect consumer freedom and allow American families to choose the vehicle that best fits their budget and needs,” said Vice Chairman John Joyce, M.D. “The introduction of this resolution to overturn California’s ban on gas-powered vehicles is long overdue. Thank you to Chairman Guthrie and Chairman Capito for their leadership on this issue, and I look forward to seeing this legislation swiftly pass through Congress so President Trump can permanently protect the freedom of the open road for all Americans.”

“As a representative of California, I’ve seen firsthand how burdensome regulations from the California Air Resources Board have hurt businesses and hardworking Americans by imposing costly mandates instead of allowing the market to drive innovation,” said Congressman Obernolte. “Congress must exercise its oversight authority to ensure these policies do not become the national standard. It is critical we protect jobs, supply chains, and the ability of consumers to choose what is best for them and their families.”

“The Biden administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First agenda, and the first step is repealing the rules and waivers that contributed to Bideninflation!”

“During the Biden administration, the Environmental Protection Agency (EPA) allowed a series of stringent, environmentally charged regulations on vehicles that would effectively overhaul the marketplace and steer consumers toward purchasing electric vehicles,” said Congressman Fulcher. “I am honored to join my colleagues in introducing a legislative package to repeal these overreaching federal mandates and preserve consumer freedom and choice in the automotive and heavy-duty truck markets,”

“California’s sweeping and unachievable emissions mandates are a direct assault on everyone who lives, works, or does business in our state,” said Congressman LaMalfa. “These regulations drive up costs, limit consumer choice, and force trucking and automotive industries into an impossible transition timeline. Californians are already paying some of the highest fuel and energy costs in the country. These rules are causing the cost of new and used cars and trucks to increase for everyone. If you want to buy an electric vehicle, buy one, but everybody else shouldn’t be forced into this mandate. The Federal Government cannot allow one state to destroy the American car and truck market. Instead of making life even more expensive, we should focus on what consumers want. I’m pleased to support this effort to stop California’s insanity and protect drivers and consumers across my state and the country.”

“The Newsom Administration’s irrational plan to ban gas-powered cars and trucks is an affront to the freedom of Californians and an economic burden to the whole country,” said Congressman Kiley. “The Biden Administration aided and abetted this insanity with special waivers. With the Congressional Review Act resolutions introduced today, we have an opportunity to return to economic reality and restore common sense.”

“Biden’s EPA waivers effectively allowed one state’s woke agenda to dictate national policy. It’s not the government’s role to decide what vehicle Americans must drive,” said Chairwoman McClain. “These waivers bypass Congress and ignore millions of Americans who rely on affordable, reliable transportation. Instead, we should have a little more faith in the American people to choose what’s best for them. It’s time we end this regulatory overreach.”

BACKGROUND

Making these changes at a time when the United States is unprepared for a full transition to electric vehicles would have massive consequences for American communities. With states making up more than 40% of the auto market following California’s emissions standards, implementing Californias EV mandate would result in a nation-wide shift in the vehicles that are available for purchase, and in fact could lead to a shortage of the vehicles consumers need.

H.J. Res. 88, introduced by Congressman Joyce (PA-13), would reverse the EPA’s decision to approve a waiver granted to California allowing the State to ban the sale of gas-powered vehicles by 2035.

H.J. Res. 89, introduced by Congressman Obernolte (CA-23), would put an end to the EPA’s decision to allow California to implement its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

H.J. Res. 87, introduced by Congressman James (MI-10), would reverse the EPA’s decision to approve a waiver granted to California allowing the State to mandate the sale of zero-emission trucks.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: Rep. Gomez Hosts Virtual Roundtable with Social Media Creators and Influencers, Pushes for Better Federal Support

Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

Gomez pushes for better support for content creators and connects with gaming and digital influencers to reach young Americans

LOS ANGELES, CA — Representative Jimmy Gomez (CA-34) today hosted a virtual roundtable with digital creators, influencers, and leaders in the gaming and anime space to discuss the growing role of the creator economy in shaping culture, driving innovation, and empowering young people. The conversation focused on financial security for creators, digital entrepreneurship, and educational opportunities through gaming to reach out to people aged 18–24. Gomez is also pushing the Small Business Administration (SBA) to better support content creators through better access to loans, tax resources, and protections for intellectual property.

Participants included creators and influencers like Kenny Williams Jr., Angelina Darrisaw, David Echeverria, Ilan Shapiro, Ryan Johnson, John Cash, DJ Squid, and Bethany Simpson — representing millions of followers across platforms.

“Content creators aren’t just building audiences — they’re building businesses, creating jobs, and driving a $250 billion economy,” said Rep. Jimmy Gomez. “We need small business programs that match that reality — not policies that make it harder for entrepreneurs to succeed.”

“Representative Gomez isn’t just showing up — he’s leading the way,” said Michael Ceraso, an organizer and advocate with Winning Margins who moderated and invited creators to the event. “At a time when most politicians are scrambling to catch up with the digital world, Rep. Gomez is already building real partnerships with creators and pushing for the federal support they deserve. He understands that creators are small business owners, educators, and cultural leaders — and he’s fighting to make sure policy reflects that. This gathering wouldn’t have happened without his vision and commitment.”

Ryan Johnson — founder and CEO of Cxmmunity Media, a company focused on eSports and video game career development for students of color — spoke about empowering creators, especially students at HBCUs. Rep. Gomez reflected on how platforms like Twitch and YouTube are shaping public opinion and stressed the importance of Democrats engaging directly with digital communities and young Americans.

“Our company’s claim to fame is that we started the nation’s first eSports and video game league for HBCUs,” said Ryan Johnson, Founder and CEO of Cxmmunity Media. “We’ve been trying to find more strategic ways to not only tell stories but help and empower these creators to use their voices.”

Rep. Jimmy Gomez represents LA, a global hub for the digital creator economy. As a member of the House Ways and Means Committee, he has been vocal about modernizing the tax code and small business support systems to meet the needs of today’s entrepreneurs. Today’s discussion builds on Rep. Gomez’s January listening session with leading social media influencers, held just days before a potential TikTok ban.

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MIL OSI USA News –

April 30, 2025

MIL-OSI USA: 04.29.2025 WTAS: Bipartisan, Bicameral TAKE IT DOWN Act to Criminalize the Spread of Deepfake Revenge Porn Heads to President Trump’s Desk

US Senate News:

Source: United States Senator for Texas Ted Cruz

Washington, D.C. – Yesterday, the bipartisan, bicameral TAKE IT DOWN Act, introduced in the Senate by Commerce Committee Chairman Ted Cruz (R-Texas) and co-led by Sen. Amy Klobuchar (D-Minn.), passed the U.S. House of Representatives by a vote of 409-2 and heads to President Trump’s desk. The legislation unanimously passed the Senate in February.
The TAKE IT DOWN Act criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
The House companion was introduced by Reps. Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.).
Here is what they are saying about the TAKE IT DOWN Act:

TIME: Inside the First Major U.S. Bill Tackling AI Harms—and Deepfake Abuse
“In January, however, Cruz was promoted to become the chair of the Senate Commerce Committee, giving him a major position of power to set agendas. His office rallied the support for Take it Down from a slew of different public interest groups. They also helped persuade tech companies to support the bill, which worked: Snapchat and Meta got behind it.
“‘Cruz put an unbelievable amount of muscle into this bill,’ says Sunny Gandhi, vice president of political affairs at Encode, an AI-focused advocacy group that supported the bill. ‘They spent a lot of effort wrangling a lot of the companies to make sure that they wouldn’t be opposed, and getting leadership interested.’”

THE DALLAS MORNING NEWS: House passes Ted Cruz bill cracking down on deepfake nudes
“U.S. Sen. Ted Cruz’s bill targeting the publication of nonconsensual deepfake pornography will soon be federal law.
“The House voted 409-2 Monday to approve the bill, which already passed the Senate, sending it to President Donald Trump’s desk.
“Elliston was 14 years old in October 2023 when a classmate used an artificial intelligence program to turn innocent photos of her and her friends into realistic-looking nudes and distributed the images on social media.
“They were only removed after they shared the story with Cruz and he pushed for action.
“First lady Melania Trump participated in an event highlighting the issue and Elliston sat with her as a guest for the president’s joint address to Congress.
“Trump gave Elliston a shout-out during the speech, saying he looked forward to signing Cruz’s proposal into law after the House passed it.”

USA TODAY: With rare bipartisan support, Congress passes bill to outlaw deepfake pornography
“A bill to criminalize AI-generated explicit images, or ‘deepfakes,’ is headed to President Donald Trump’s desk after sailing through both chambers of Congress with near-unanimous approval.
“The Take It Down Act has enjoyed uncommon bipartisan support, along with a key endorsement from the first lady.
“The newly-passed bill will require technology platforms to remove reported “non-consensual, sexually exploitative images” within 48 hours of receiving a valid request. Sens. Ted Cruz, R-Texas, and Amy Klobuchar, D-Minnesota, introduced the legislation in August.”

The New York Times: House Passes Bill to Ban Sharing of Revenge Porn, Sending It to Trump
“The legislation, introduced by Senators Ted Cruz, Republican of Texas, and Amy Klobuchar, Democrat of Minnesota, is the first internet content law to clear Congress since 2018, when lawmakers approved legislation to fight online sex trafficking. And though it focuses on revenge porn and deepfakes, the bill is seen as an important step toward regulating internet companies that have for decades escaped government scrutiny.”

CBS NEWS: House passes “Take it Down Act,” sending revenge porn bill backed by Melania Trump to president’s desk
“‘If you’re a victim of revenge porn or AI-generated explicit imagery, your life changes forever,’ Sen. Ted Cruz, a Texas Republican, said at a March 3 roundtable promoting the bill.
“Cruz, who introduced the bill, recalled the experience of a teenage victim, Elliston Berry, whose classmate used an app to create explicit images of her and then sent them to her classmates. Berry’s mother had tried unsuccessfully to get Snapchat to remove the images for months before she contacted Cruz’s office for help.
“‘It should not take a sitting senator or sitting member of Congress picking up the phone to get a picture down or video down,’ Cruz said.”

CNN: House passes bill aimed at protecting victims of deepfake and revenge porn
“Republican Sen. Ted Cruz of Texas introduced the bill, and a bipartisan group of lawmakers, including Democratic Sen. Amy Klobuchar of Minnesota and Rep. Madeleine Dean of Pennsylvania, have supported the effort.
“According to Cruz’s office, the bill ‘would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or ‘deepfake pornography’), and require social media and similar websites to have in place procedures to remove such content upon notification from a victim.’”

THE HILL: Bill criminalizing deepfake revenge porn passes House, heads to Trump’s desk
“Cruz celebrated the bill’s passage on Monday, calling it a ‘historic win in the fight to protect victims of revenge porn and deepfake abuse.’
“‘By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,’ he wrote in a statement.”
More than 120 organizations representing victim advocacy groups, law enforcement, and tech industry leaders have voiced their support for the legislation, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse, & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).
In March, Sen. Cruz and Rep. Salazar hosted a bipartisan roundtable with First Lady Melania Trump to hear from victims of revenge and deepfake pornography and urge the House to pass the bipartisan TAKE IT DOWN Act. During his State of the Union address, President Trump emphasized the bill’s importance and said, “I look forward to signing it into law.”
Other notable endorsements came from the bipartisan Problem Solvers Caucus, a group of House lawmakers evenly split between Republicans and Democrats, and Paris Hilton, who called the bill “a crucial step toward ending non-consensual image sharing online.”
During the 118th Congress, the bill unanimously passed the Senate Commerce Committee and the full Senate.
BACKGROUND:
While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII.
The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:

Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement.
Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The Federal Trade Commission is charged with enforcement of this section.
Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.

To read the bill text, click HERE.

MIL OSI USA News –

April 30, 2025

MIL-OSI Russia: Government meeting (2025, No. 15)

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

1. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 788656-8 “On Amendments to Article 21 of the Federal Law “On Limited Liability Companies””

The draft amendments take into account the comments and suggestions made during the consideration of the bill in the State Duma.

2. On the draft federal law “On Amendments to Article 26 of the Federal Law “On Banks and Banking Activities” (in terms of providing information on transactions, accounts and deposits of individuals and legal entities for the purpose of implementing the powers to suspend transactions with cash, electronic money)

The bill is aimed at increasing the efficiency and effectiveness of combating crimes committed using information and communication technologies.

3. On the draft federal law “On Amendments to the Criminal Procedure Code of the Russian Federation”

The bill is aimed at establishing legal grounds for extrajudicial suspension of transactions with cash, electronic money, and advance payments used in criminal activities.

4. On the draft federal law “On Amendments to Article 187 of the Criminal Code of the Russian Federation”

The bill is aimed at improving legal mechanisms for combating crimes committed using electronic means of payment and access to them, which are used to circulate funds obtained through criminal means.

5. On the draft federal law “On Amending Article 5 of the Federal Law “On Concession Agreements””

The draft law was developed with the aim of granting state and (or) municipal unitary enterprises the authority to participate on the side of the concession grantor in obligations under the concession agreement, including the transfer to the concessionaire of the right to own and use the property of the air transport infrastructure, without formalizing the intermediate transfer of this property to the concession grantor.

6. On the allocation of budgetary appropriations to Rosmorrechflot in 2025 from the reserve fund of the Government of the Russian Federation for the purpose of financial support for the implementation of urgent work to localize emergency zones in the areas where parts of the tankers Volgoneft-212 and Volgoneft-239 sank as a result of their wreck in the Kerch Strait on December 15, 2024

The adoption of the draft order will ensure the localization and elimination of possible oil spills from tankers that sank as a result of the wreck in the Kerch Strait on December 15, 2024.

7. On the draft federal law “On the All-Russian public organization “Russian Red Cross””

The draft federal law was developed with the aim of defining the legal status of the Russian Red Cross, the main areas of its activities, and the procedure for interaction with state authorities and local governments.

8. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 797740-8 “On Amending Article 32.4 of the Code of the Russian Federation on Administrative Offenses”

The draft amendments were prepared in order to clarify the procedure for the disposal of confiscated unmarked goods.

9. On the allocation of budgetary appropriations from the reserve fund of the Government of the Russian Federation to the Ministry of Education of Russia in 2025 for the provision of subsidies from the federal budget to the budgets of individual constituent entities of the Russian Federation for the implementation of regional projects that provide for measures to create educational and industrial clusters in individual constituent entities of the Russian Federation within the framework of the federal project “Professionalism”

The draft order is aimed at ensuring the expansion of the federal project “Professionality”.

Moscow, April 29, 2025

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 30, 2025

MIL-OSI USA: Europe Subcommittee Chairman Self Delivers Opening Remarks at Hearing on Future of Cyber Diplomacy

Source: US House Committee on Foreign Affairs

Media Contact 202-226-8467

WASHINGTON, D.C. – Today, House Foreign Affairs Europe Subcommittee Chairman Keith Self delivered opening remarks at a full committee hearing titled, “Shaping the Future of Cyber Diplomacy: Review for State Department Reauthorization.”

Watch Here

-Remarks-

Today the subcommittee will be exploring the role of the State Department in cyber and technology matters, and how such policies might align with U.S. national security interests and foreign policy objectives. In particular, we will be examining the work of the Bureau of Cyberspace and Digital Policy, or CDP. Across the globe, malicious cyber attacks are conducted by state and non-state actors against the United States and its allies, including from the People’s Republic of China.

From cyber criminals scamming individuals out of their savings to large-scale state-sponsored attacks from America’s adversaries, U.S. government entities and citizens are increasingly under siege. For years, PRC-supported hackers have buried deep into critical infrastructure, including water, transportation networks, and energy systems.

According to the 2025 Annual Worldwide Threats Assessment of the U.S. Intelligence Community, the PRC remains the most active and persistent cyber threat to U.S. government, private sector, and critical infrastructure networks. Beijing’s campaign to preposition access on critical infrastructure for attacks during crisis or conflict—tracked publicly as Volt Typhoon—or its more recently identified compromise of U.S. telecommunications infrastructure, also referred to as Salt Typhoon, demonstrates the growing breadth and depth of the PRC’s capability to compromise U.S. infrastructure.

Russia also poses a significant cyber threat, with its efforts to compromise sensitive targets for intelligence collection and to preposition access to U.S. critical infrastructure. In addition to Beijing and Moscow, Tehran has demonstrated an increasing willingness to carry out aggressive cyber operations targeting the security of U.S. networks and data. Furthermore, Pyongyang’s cyber program presents a highly capable and maturing threat, including an approach to launder and cash out cryptocurrency from the United States and other victims to fund its nefarious activities.

As cyber becomes a growing battlefield for criminal networks and malign actors, the State Department must be ready to meet the challenge. The U.S. is not facing these real and growing threats alone. Through cooperation with our allies and partners, the U.S. will continue to work to combat malign cyber activities from the PRC, Iran, North Korea, and Russia.

Since the recent establishment of CDP, it’s played a role in the U.S. response to a major ransomware campaign in Costa Rica that disrupted critical services. In particular, CDP, alongside other federal partners, worked to strengthen Costa Rica’s cyber defenses against attacks from malicious actors threatening the security of both our countries. It has also worked to identify strategic opportunities to leverage partner resources to further U.S. strategic objectives through subsea cable projects in the Pacific Islands. Such efforts ensured that the Pacific Islands rely on trusted, primarily American businesses for their internet connectivity while also countering the PRC’s influence in the strategically important region.

The Department of State agreement on a cybercrime UN treaty that conflicted with CDP policy lead and recommendations begs the question of the actual authority wielded by CDP. This hearing should lead us toward conclusions on how to improve CDP efficiency and effectiveness in this vital area of national interest and security. As we move through this reauthorization process, the experience and insights from today’s witnesses will help inform this subcommittee on the State Department’s cyber diplomacy role in addressing these increasingly important challenges.

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MIL OSI USA News –

April 30, 2025

MIL-OSI USA: Gillibrand, Sanders, Wyden, Baldwin Slam Trump Administration’s Plan To Dismantle Federal Agency That Helps Seniors Live Independently, Stay In Their Homes As They Age

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand

Administration For Community Living Provides Assistance To Senior Citizens And Americans With Disabilities To Age In Place

Today, U.S. Senators Kirsten Gillibrand, Bernie Sanders, Ron Wyden, and Tammy Baldwin led a group of 22 senators in slamming Secretary of Health and Human Services Robert F. Kennedy Jr.’s decision to dismantle the Administration for Community Living (ACL), a critical federal agency that helps seniors and people with disabilities live independently and fully participate in their communities. ACL provides home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and support for family caregivers, among other functions. The Trump administration recently announced that it would dismantle the agency, fire over half its workforce, and scatter its functions across several different agencies. The lawmakers are calling on Secretary Kennedy to halt this shortsighted effort that will cause tangible and enduring harm to older adults and people with disabilities.

“For over a decade, ACL and its expert staff have coordinated services across federal, state, and local governments to ensure that older adults and people with disabilities live healthy, connected, independent lives in the community,” wrote the senators. “In fact, ACL saves the Federal government and taxpayers money by keeping older adults and people with disabilities out of institutions; for example, it costs less to feed a senior for an entire year through the Older Americans Act than it does for a senior to spend one night in a hospital. Transferring ACL programs to the Administration for Children and Families, Assistant Secretary for Planning and Evaluation, and Centers for Medicare & Medicaid Services—also reeling from your devastating staffing reductions— will create havoc and disrupt delivery of bipartisan supported programs such as home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and interventions to support family caregivers.”

The senators added, “Interruption to nutrition programs means millions of older adults may go hungry without the over 220 million meals they rely on. 53 million family caregivers will be left without support, forcing some to leave the workforce to care for their loved ones. Vital evidence-based research and services for people with developmental disabilities will be in jeopardy. Your illegal attempt to dismantle ACL will have far-reaching implications…We strongly urge HHS to consider the needs of seniors, people with disabilities, and those who care for them, and halt this effort to dismantle ACL.”

The letter was signed by Senators Chuck Schumer (D-NY), Bernie Sanders (D-VT), Ron Wyden (D-OR), Tammy Baldwin (D-WI), Amy Klobuchar (D-MN), Mazie Hirono (D-HI), Lisa Blunt Rochester (D-DE), Chris Coons (D-DE), Tammy Duckworth (D-IL), Jeff Merkley (D-OR), Jack Reed (D-RI), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), Andy Kim (D-NJ), John Fetterman (D-PA), Ruben Gallego (D-AZ), Richard Blumenthal (D-CT), Tim Kaine (D-VA), Elizabeth Warren (D-MA), Raphael Warnock (D-GA), and Mark Warner (D-VA).

The full text of the letter to Secretary Kennedy is available here or below:

Dear Secretary Kennedy,

We are writing in opposition to the proposed dismantling of the Administration for Community Living (ACL) as outlined in the Department of Health and Human Services (HHS) fact sheet on March 26, 2025. ACL is essential to administering the critical programs established and funded by Congress that ensure older adults and people with disabilities can live in their communities with the dignity, security, and independence they deserve. Scattering its functions among several different agencies and firing over half of its workforce is in direct conflict with the fiscal year 2025 appropriations bill that Congress just passed and will cause tangible and enduring harm to older adults and people with disabilities.

The vague proposal to improve “efficiency” by shuttering ACL will achieve the exact opposite. ACL was created in 2012 to bring together the Administration on Aging, the Office on Disability, and the Administration on Developmental Disabilities to enhance coordination of services.

For over a decade, ACL and its expert staff have coordinated services across federal, state, and local governments to ensure that older adults and people with disabilities live healthy, connected, independent lives in the community. In fact, ACL saves the Federal government and taxpayers money by keeping older adults and people with disabilities out of institutions; for example, it costs less to feed a senior for an entire year through the Older Americans Act than it does for a senior to spend one night in a hospital. Transferring ACL programs to the Administration for Children and Families, Assistant Secretary for Planning and Evaluation, and Centers for Medicare & Medicaid Services—also reeling from your devastating staffing reductions— will create havoc and disrupt delivery of bipartisan supported programs such as home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and interventions to support family caregivers.

ACL was created to further the fundamental principle that older adults and people with disabilities should be able to live independently and fully participate in their communities. ACL has grown significantly since its creation in 2012 as it took on programs Congress transferred from other agencies. These functions include a research institute, independent living, assistive technology, and traumatic brain injury programs; paralysis and limb-loss resource centers; and programs to assist in the navigation of Medicare benefits and the health care system.

Last month Congress passed a fiscal year 2025 appropriations bill that provides funding for ACL to continue to carry out these important functions and programs. The proposed reorganization is a brazen disregard of that law. HHS has always worked closely with Congress on reorganizations such as this, including in the establishment of ACL. This time, HHS has refused to provide any information to Congress or the American people regarding exactly how these changes would take place, and how they would be enacted without resulting in delays in the implementation of programs, activities, and functions Congress just funded and tasked ACL with carrying out. There have been reports that the Department fired the entire staff of the Office of Grants Management, which raises additional concerns about how funding will reach the thousands of community-based organizations that rely on it. The obvious conclusion is these are haphazard changes, and HHS has not considered the impact they will have on older Americans and people with disabilities. You claim a mission of making Americans healthier and a commitment to “radical transparency” but both of those assertions fall flat with this proposal.

Any interruption to the effective delivery of programs administered by ACL will have detrimental consequences. For example, a breakdown in adult protective services, long-term care ombudsman programs, and other protection and advocacy programs means that older adults and people with disabilities will be more vulnerable to abuse and neglect. Interruption to nutrition programs means millions of older adults may go hungry without the over 220 million meals they rely on. 53 million family caregivers will be left without support, forcing some to leave the workforce to care for their loved ones. Vital evidence-based research and services for people with developmental disabilities will be in jeopardy. Your illegal attempt to dismantle ACL will have far-reaching implications.

ACL is critical to safeguarding the self-determination of older adults and people with disabilities. These populations should not have their decision-making power undermined and government programs they depend on put at risk simply because you decided that burying these programs within other agencies would be “more efficient.” An overwhelming majority of people prefer to live and age in their own homes where they can continue to be active members of their communities. The resources and programs administered by ACL are critical to achieving that goal, and dismantling ACL will undoubtedly harm efforts to ensure that people with disabilities and older adults can maintain and accomplish such goals.

We strongly urge HHS to consider the needs of seniors, people with disabilities, and those who care for them, and halt this effort to dismantle ACL. While we strongly oppose the decision to dismantle ACL, it is critical that HHS be transparent and provide information to Congress and the American public about the steps it is taking and plans to take with regard to ACL and all of its functions. Please respond to the following questions by April 30, 2025.

How many ACL employees have been fired, put on administrative leave, accepted the deferred resignation program offer, or accepted the VERA/VSIP offer since January 20, 2025?
1. Please provide a complete breakdown by office and position. For each category of employee at each office, provide information on GS level and veteran status, and clearly state the justification for termination. Include employees who have since been reinstated or placed on administrative leave, noting that change in status. Please provide the latest data available.
2. How many ACL employees remain in force as of April 21, 2025? How many ACL employees were fired on April 1 and have subsequently been rehired?

Several positions at ACL are required in statute, including the Assistant Secretary on Aging and the Administrator of ACL. Please explain how HHS will remain in compliance with relevant statutes, including but not limited to the Older Americans Act and the Rehabilitation Act of 1973, following the restructuring of the agency.

Provide a detailed list of all programs implemented by ACL in fiscal year 2024 and either the agency or office that HHS proposes to transfer them to or whether the program will be eliminated entirely. Include an explanation for each, addressing HHS’s decision to either eliminate a program, or to transfer a program to a new agency or office, including HHS’s reasoning on why the chosen agency or office should administer it and how that will improve the delivery of services for older Americans and people with disabilities.
1. If changes will be made to any program (e.g., reduction of scope, cancellation of grants, contracts, or cooperative agreements) describe the consultation process HHS conducted with stakeholders, including career subject matter experts within HHS, organizations representing older adults and people with disabilities, and the expected consequences of such changes to the program.
2. Did HHS consult with subject matter experts and external stakeholders before changing the structure of ACL? If so, what concerns did HHS career subject matter experts and external stakeholders raise about cancelling, transferring, or changing programs implemented by ACL? If not, why did HHS not engage in a transparent process to seek comment on such a significant restructuring that would dissolve ACL into other HHS agencies or offices? Please provide unredacted copies of any written documents detailing concerns about transferring, cancelling, or changing ACL programs as a consequence of HHS’s planned reorganization, including e-mails, texts, letters, memorandums, and other documents with HHS subject matter experts and external stakeholders.

For ACL programs that HHS proposes to transfer to another agency or office, describe how HHS would uphold all the statutory requirements currently under ACL’s purview once its functions are transferred to other agencies or offices.

For ACL programs that HHS proposes to transfer to another agency or office, describe how the receiving agency or office will find the necessary expertise to ensure effective operation of programs, including:

Existing content expertise of the program at the receiving agency or office.
Expertise at the receiving agency or office in coordination between stakeholders and state and local government and any other partners.
Any feedback that career employees at the receiving agency have provided regarding their capacity to take over the transferred programs, especially in light of recent, or planned, reduction in force efforts including firings, resignations, and buy-outs.

Explain how your decision to decimate ACL—the agency created to reduce duplication of programmatic efforts—will increase efficiency.

Which organizations representing older adults, people with disabilities, and state and local governments did HHS consult with to reach its determination that eliminating ACL would increase efficiency?
If HHS did not consult with groups representing older adults, people with disabilities, and state and local governments before reaching its determination that ACL would increase efficiency, please explain why HHS did not engage in a transparent process with impacted stakeholders before dissolving ACL.

How will you monitor the impact of transitioning programs on the lives of older adults and people with disabilities? Please include:

Variables to be measured and methods for assessment.
How HHS will include feedback, when determining the impact of its changes, from older adults and people with disabilities, and the organizations that represent them.
How HHS will include feedback, when determining the impact of its changes, from state and local governments and the organizations that represent them.

We understand that HHS will eliminate all ACL staff from HHS regional offices.
Can HHS confirm that there will be no ACL staff at HHS regional offices?
How does HHS intend to replace or address the critical functions of ACL regional staff, including technical expertise, support, and administration of Older Americans Act State and Tribal grant programs, and disaster response coordination, with the elimination or reduction in ACL regional staff?
How will HHS execute ACL’s fiscal year 2025 appropriations, given it explicitly funded ACL to carry out specific authorized activities, programs, and functions? Does HHS proposed reorganization include any transfer of funds?

MIL OSI USA News –

April 30, 2025

MIL-OSI New Zealand: Right-Wing Government Strips Māori Health Safeguards and Pretends Colonisation Never Happened

Source: Te Pati Maori

Right‑wing ministers are waging a campaign to erase Māori health equity by tearing out its very foundations. ACT’s Todd Stephenson dismisses Treaty‑based nursing standards as “off‑track distractions” and insists nurses only need “skill and a kind heart,” despite clear evidence that cultural competence saves lives.

Health Minister Simeon Brown’s funding cuts, hiring freeze and “rightsizing” of hospitals have gutted kaiāwhina and other vital support roles that communities rely on. It’s indefensible to scrap proven Whānau Ora initiatives, like the Winter Preparedness vaccination programme while underperforming mainstream services such as Plunket continue.

Rather than bolster Whānau Ora’s decade‑proven model, that serviced at least 4 million whānau, Māori Development Minister Tama Potaka defended re-tendering that puts hundreds of community jobs, and hard work they did on the chopping block.

“By pretending colonisation never happened and framing equity as separatism, this government is abandoning its Treaty obligations and sacrificing our whānau and the future of Māori,” said Te Pāti Māori Co‑leader and Health spokesperson Debbie Ngarewa‑Packer, “we will not stand by as essential safeguards are stripped away.”

The Government must stop weaponising culture-war rhetoric against Māori and stop hiding behind the fact, they have no solutions to offer to the ongoing causes of inequity in Aotearoa.

MIL OSI New Zealand News –

April 30, 2025

MIL-OSI: GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended March 31, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024.

First Quarter 2025 Financial Highlights (Unaudited)

Net income of $4.5 million and diluted earnings per share of $0.31

Net revenue⁽¹⁾of $17.4 million, an increase of 31.4% compared to the first quarter of 2024

SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024

Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024

Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024

Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date

Net interest margin of 4.47%

Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024

Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024

Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets

Edward M. Nigro, Executive Chairman, stated, “While quarterly net revenues⁽¹⁾ increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.”

Registration Statement on Form S-1

On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 (the “Form S-1”) related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company’s Private Placement Offering (the “Offering”) which closed on October 11, 2024.

The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.

Financial Results

Income Statement

Net interest income totaled $11.9 million for the first quarter of 2025, reflecting an increase of $105 thousand, or 0.9%, compared to $11.8 million for the fourth quarter of 2024, and an increase of $1.1 million, or 10.1%, compared to the first quarter of 2024.

The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of $305 thousand was the result of (i) the redemption of $20 million of certain higher-cost callable brokered deposits during the quarter having a weighted-average interest rate of 4.95%, (ii) rate decreases on interest-bearing deposits resulting from the 50 basis point decrease in the federal funds rate enacted during the fourth quarter 2024 by the Federal Open Market Committee (“FOMC”), and (iii) the non-recurring effect of accelerated recognition of certain premiums on brokered certificates of deposits during the fourth quarter of 2024 totaling $170 thousand. The favorable decrease in the cost of deposits was partially offset by a decrease in interest income on loans of $395 thousand primarily due to the full-quarter impact of the previously mentioned 50 basis point decrease in the federal funds rate on the Bank’s variable rate loan portfolio. Interest income for the first quarter of 2025 reflects the net effect of the reversal of $100 thousand of interest accruals, deferred fees, and deferred costs attributable to $2.8 million of commercial loans placed on nonaccrual status during the first quarter of 2025. Comparatively, the fourth quarter of 2024 reflects the net effect of the reversal of $342 thousand of interest accruals, deferred fees, and deferred costs attributable to $12.4 million of commercial loans placed on nonaccrual status.

The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

Investment securities yield was 4.94% for the first quarter of 2025, compared to 4.74% for the fourth quarter of 2024 and 4.16% for the first quarter of 2024. The increase in investment securities yield when compared to the previous linked quarter and to the same quarter of 2024 was driven by the purchase of $72.9 million of investment securities over the previous twelve months to replace certain lower-yielding U.S. Treasury securities that matured during 2024.

The Company’s net interest margin for the first quarter of 2025 decreased to 4.47%, compared to 4.53% for the fourth quarter of 2024 and 4.85% for the first quarter of 2024. The decrease in net interest margin when compared to the fourth and first quarters of 2024 is reflective of the full-quarter impact of the 50 basis point decrease in the federal funds rate enacted in during the fourth quarter of 2024 by the FOMC on variable rate loans, investment securities, and interest bearing cash balances and interest income reversals relating to loans placed on nonaccrual status during the quarter.

The Company recorded a provision for credit losses on loans of $710 thousand for the first quarter of 2025, a decrease of $627 thousand compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. The provision for credit losses on loans recorded in the first quarter of 2025 reflects quarterly growth in non-guaranteed loans of $24.4 million.

Non-interest income was $5.5 million for the first quarter of 2025, compared to $5.8 million for the fourth quarter of 2024, and $2.4 million for the first quarter of 2024. The $301 thousand decrease in non-interest income when compared to the fourth quarter of 2024 was driven by a $1.5 million decrease in income from gain on sale of loans due to a decrease in average pretax gain on sale margin and lower sales volume quarter-over-quarter. The decrease in gain on sale of loans was partially offset by an increase in credit card net interchange fees of $1.1 million quarter-over-quarter due to increased credit card transaction volume. The $3.1 million increase in non-interest income when compared to the first quarter of 2024 was driven by (i) an increase in credit card net interchange fees of $2.0 million, (ii) a $643 thousand increase in loan servicing income as the first quarter of 2024 reflected the write-off of certain loan servicing assets totaling $401 thousand relating to the repurchase of the guaranteed portion of previously sold SBA loans, and (iii) a $454 thousand increase in income from gain on sale of loans.

Net revenue⁽¹⁾ totaled $17.4 million for the first quarter of 2025, representing a decrease of $196 thousand, or 1.1%, compared to $17.6 million for the fourth quarter of 2024. Net revenue⁽¹⁾ for the first quarter of 2025 increased $4.2 million, or 31.4%, when compared to $13.2 million for the first quarter of 2024.

Non-interest expense was $10.9 million during the first quarter of 2025, compared to $9.7 million for the fourth quarter of 2024 and $8.4 million for the first quarter of 2024. The Company’s efficiency ratio was 62.8%, compared to 55.4% for the fourth quarter of 2024 and 63.4% for the first quarter of 2024. The increase in non-interest expense from the fourth quarter of 2024 is primarily due to an increase of $587 thousand in employee compensation costs attributable to higher commission expenses related to loan production. The increase in non-interest expense also reflects extraordinary legal, professional, and audit fees incurred to date totaling $1.1 million associated with the preparation and filing of the registration statement with the Securities and Exchange Commission on Forms S-1 and S-1/A, approximately $786 thousand of these expenses were incurred during the first quarter of 2025. Additionally, data processing expenses increased $201 thousand when compared to the fourth quarter of 2024 related mainly to higher credit card volume. The increase in non-interest expense from the first quarter of 2024 was driven by a $1.1 million increase in employee compensation costs due to increased staffing levels, as well as a $1.5 million increase in other expenses due to the previously mentioned legal, professional, and audit fees associated with the registration statement filing and increases in data processing, supplies, and other non-interest expenses to support the growth of the organization.

Income tax expense was $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024, and $1.1 million for the first quarter of 2024. The Company’s effective tax rate was 21.4% for the quarter ended March 31, 2025 compared to 19.1% for the quarter ended December 31, 2024 and 23.1% for the quarter ended March 31, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

Net income was $4.5 million for the first quarter of 2025, a decrease of $774 thousand from $5.2 million for the fourth quarter of 2024, and an increase of $769 thousand from $3.7 million for the first quarter of 2024. Diluted earnings per share totaled $0.31 for the first quarter of 2025, compared to $0.37 for the fourth quarter of 2024 and $0.29 for the first quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously mentioned Offering.

The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.

Balance Sheet

Total loans, net of deferred fees and costs were $843.4 million as of March 31, 2025, compared to $816.0 million as of December 31, 2024, and $733.6 million as of March 31, 2024. Loans, net of deferred fees and costs increased $27.4 million during the first quarter of 2025 as increases in commercial real estate loans more than offset decreases in commercial and industrial and residential loans. The increase in loans, net of deferred fees and costs of $109.8 million from March 31, 2024 was primarily driven by increases of $97.7 million in commercial real estate loans. Total guaranteed loans as a percentage of loans⁽¹⁾ were 24.2% as of March 31, 2025, compared to 24.7% as of December 31, 2024, and 29.8% as of March 31, 2024.

The Company’s allowance for credit losses totaled $9.0 million as of March 31, 2025, compared to $9.1 million as of December 31, 2024 and $7.1 million as of March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.07% as of March 31, 2025, compared to 1.12% as of December 31, 2024, and 0.97% as of March 31, 2024. The allowance for loan losses as a percentage of total loans, excluding guaranteed portions⁽¹⁾, was 1.41% as of March 31, 2025, compared to 1.48% as of December 31, 2024, and 1.38% as of March 31, 2024.

Deposits totaled $995.9 million as of March 31, 2025, an increase of $60.9 million from $935.1 million as of December 31, 2024, and an increase of $189.0 million from $806.9 million as of March 31, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $40.7 million in certificates of deposit and a $23.3 million increase in savings and money market accounts. From March 31, 2024, certificates of deposit increased by $83.9 million, and savings and money market accounts increased by $80.5 million. Noninterest-bearing deposits totaled $242.7 million as of March 31, 2025, an increase of $3.0 million from $239.7 million as of December 31, 2024, and an increase of $26.3 million from $216.3 million as of March 31, 2024.

The Company’s ratio of loans to deposits was 84.7% as of March 31, 2025, compared to 87.3% as of December 31, 2024, and 90.9% as of March 31, 2024.

The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of $10.0 million as of March 31, 2024. As of March 31, 2025, the Company had approximately $488.3 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines.

Subordinated notes totaled $26.1 million as of March 31, 2025 and December 31, 2024, compared to $26.0 million as of March 31, 2024.

Stockholders’ equity was $146.6 million as of March 31, 2025, compared to $140.7 million as of December 31, 2024, and $102.6 million as of March 31, 2024. The increase in stockholders’ equity from December 31, 2024 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since March 31, 2024 was driven by the previously mentioned Offering, net income earned during the previous twelve months, as well as an increase in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BankCard Services, LLC (“BCS“) during the second quarter of 2024.

The Company’s common equity to tangible assets ratio was 12.3% as of March 31, 2025, compared to 12.5% as of December 31, 2024, and 10.6% as of March 31, 2024. The Bank’s Tier 1 leverage ratio was 14.2% as of March 31, 2025, compared to 12.9% as of December 31, 2024, and 13.0% as of March 31, 2024. The increase in the Bank’s Tier 1 leverage ratio was the result of the downstream of $15.0 million in additional capital from the holding company to the Bank during the first quarter of 2025. The Company’s book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024. The increase in tangible book value per share from December 31, 2024 is attributable to net income and increases in additional paid in capital resulting from certain stock-based compensation activity during the quarter. The increase since March 31, 2024 is attributable to net income, the Offering, and the increases in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter of 2024.

Total assets increased 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased 23.5% from $963.4 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in loans and interest-bearing deposits with banks. The increase in total assets from March 31, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, and investment securities.

Asset Quality

The provision for credit losses on loans totaled $710 thousand for the first quarter of 2025, compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. Net loan charge-offs in the first quarter of 2025 totaled $828 thousand, or 0.39% of average net loans (annualized), compared to net loan charge-offs of $157 thousand, or 0.07% of average net loans (annualized) in the fourth quarter of 2024 and no net loan charge-offs or recoveries during the first quarter of 2024.

Nonaccrual loans increased $5.1 million during the quarter to $19.2 million as of March 31, 2025, and increased $13.1 million from $6.1 million as of March 31, 2024. Loans past due 90 days and accruing interest totaled $1.2 million as of March 31, 2025, compared to $40 thousand as of December 31, 2024, and $33 thousand as of March 31, 2024. The balance of loans past due 90 days and accruing of $1.2 million at March 31, 2025 was comprised of one commercial real estate loan totaling $1.1 million and certain credit card balances totaling $49 thousand.

The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.

Total non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024. Non-performing assets, excluding guaranteed portions, totaled $5.7 million as of March 31, 2025, an increase of $839 thousand from $4.8 million as of December 31, 2024 and an increase of $4.1 million from $1.6 million as of March 31, 2024.

Loans past due between 30 and 89 days and accruing interest totaled $14.9 million as of March 31, 2025, an increase of $3.0 million from $11.8 million as of December 31, 2024, and an increase of $11.4 million from $3.4 million as of March 31, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest totaled $11.9 million as of March 31, 2025.

The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets⁽¹⁾ was 0.48% as of March 31, 2025, compared to 0.43% as of December 31, 2024, and 0.16% as of March 31, 2024.

Other Financial Highlights

SBA Lending and Commercial Banking

SBA Lending and Commercial Banking loan originations totaled $133.0 million for the first quarter of 2025, compared to $120.0 million for the fourth quarter of 2024 and $136.6 million for the first quarter of 2024. Loan sale volume decreased to $68.7 million during the first quarter of 2025, compared to $98.5 million for the fourth quarter of 2024, and increased slightly from $68.6 million during the first quarter of 2024. Gain on sale of loans decreased 36.5% to $2.5 million, compared to $4.0 million for the fourth quarter of 2024, and increased 21.8% from $2.1 million for the first quarter of 2024. The average pretax gain on sale of loans margin was 3.69% for the first quarter of 2025, compared to 4.06% for the fourth quarter of 2024 and 3.04% for the first quarter of 2024.

Gaming FinTech

GBank’s partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.

BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.1 million for the first quarter of 2025, compared to $30.5 million for the fourth quarter of 2024.

The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.

Credit card charge transactions were $105.6 million for the first quarter of 2025, compared to $51.7 million for the fourth quarter of 2024 and $1.1 million for the first quarter of 2024. Credit card balances were $2.3 million as of March 31, 2025, compared to $1.6 million as of December 31, 2024 and $542 thousand as of March 31, 2024. Through March 31, 2025, and since launch, the Bank has processed over $172 million in gaming transactions through its credit card product.

GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.

Non-Voting Equity Investment in BankCard Services, LLC

On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BCS. This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.

Earnings Call

The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

ZOOM Conference ID 826 3030 7240
Passcode: 549549

Joining by ZOOM Conference (audio only):

Log in on your computer at
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Joining by Telephone

Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.

Click here to learn more about GBank Financial Holdings Inc.

Notice Regarding Disclosures and Forward-Looking Statements

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

GBank Financial Holdings Inc.
9115 West Russell Road, Suite 110
Las Vegas, Nevada 89148
https://www.gbankfinancialholdings.com/

FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)

Quarter Highlights:
Net Income	Earnings per diluted share	Net revenue⁽¹⁾	Net interest margin	On-balance sheet guaranteed loans	Book value per common share
$4.5 million	$0.31	$17.4 million	4.47%	$245.6 million	$10.27

CEO COMMENTARY:

“Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately $1.1 million to date,” stated T. Ryan Sullivan, President/CEO

LINKED QUARTER BASIS

QTD YEAR-OVER-YEAR

FINANCIAL HIGHLIGHTS:
Net income of $4.5 million and earnings per diluted share of $0.31, compared to $5.2 million and $0.37, respectively Net interest income of $11.9 million, an increase of 0.9%, or $105 thousand	Net income of $4.5 million and earnings per diluted share of $0.31, compared to $3.7 million and $0.29, respectively Net interest income of $11.9 million, an increase of 10.1%, or $1.1 million
Gain on sale of loans of $2.5 million, a decrease of 36.5%, or $1.5 million	Gain on sale of loans of $2.5 million, an increase of 21.8%, or $454 thousand
Noninterest income of $5.5 million, a decrease of 5.2%, or $301 thousand	Noninterest income of $5.5 million, an increase of 127.2%, or $3.1 million
Net revenue⁽¹⁾ of $17.4 million, a decrease of 1.1%, or $196 thousand	Net revenue⁽¹⁾ of $17.4 million, an increase of 31.4%, or $4.2 million
Noninterest expense of $10.9 million, an increase of 12.2%, or $1.2 million	Noninterest expense of $10.9 million, an increase of 30.2%, or $2.5 million

FINANCIAL POSITION RESULTS:
On-balance sheet guaranteed loans of $245.6 million, an increase of 5.0%, or $11.6 million	On-balance sheet guaranteed loans of $245.6 million, a decrease of 6.8%, or $18.0 million
Total deposits of $996.0 million, an increase of 6.5%, or $60.9 million	Total deposits of $996.0 million, an increase of 23.4%, or $189.0 million
Stockholders’ equity of $146.6 million, an increase of 4.2%, or $5.9 million	Stockholders’ equity of $146.6 million, an increase of 42.9%, or $44.0 million

LOANS AND ASSET QUALITY:
Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 1.26% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.43%	Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 0.64% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.16%
ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.48%	ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.38%

KEY PERFORMANCE METRICS:
Net interest margin decreased to 4.47%, compared to 4.53%	Net interest margin decreased to 4.47%, compared to 4.85%
Loan originations of $133.0 million, an increase of 10.9%, or $13.0 million	Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million
Return on average assets and equity was 1.61% and 12.59%, compared to 1.93% and 15.13%, respectively	Return on average assets and equity was 1.61% and 12.59%, compared to 1.59% and 14.67%, respectively
Book value per share of $10.27, an increase of 4.1% from $9.87	Book value per share of $10.27, an increase of 28.4% from $8.00

GBank Financial Holdings Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

																Linked Quarter					Quarter YOY
																3/31/25 vs. 12/31/24					3/31/25 vs. 3/31/24
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			$ Var			% Var		$ Var			% Var
Assets
Cash and Due From Banks	$	6,701		$	9,262		$	5,798		$	5,409		$	8,334		$	(2,561	)	-27.6	%	$	(1,633	)	-19.6	%
Interest-Bearing Deposits With Other Financial Institutions		140,270			114,860			65,160			82,749			45,844			25,410		22.1	%		94,426		206.0	%
Total Cash and Cash Equivalents		146,971			124,122			70,958			88,158			54,178			22,849		18.4	%		92,793		171.3	%

Investment Securities:
Available For Sale, at Fair Value		71,468			65,609			39,381			2,330			2,588			5,859		8.9	%		68,880		2661.5	%
Held to Maturity, at Amortized Cost		39,903			40,569			46,043			56,520			86,999			(666	)	-1.6	%		(47,096	)	-54.1	%

Loans Held For Sale		41,313			32,649			68,317			40,489			44,901			8,664		26.5	%		(3,588	)	-8.0	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		56,885			64,000			53,490			50,498			46,863			(7,115	)	-11.1	%		10,022		21.4	%
Commercial Real Estate – Non-owner Occupied		672,379			630,551			607,864			583,463			546,408			41,828		6.6	%		125,971		23.1	%
Commercial Real Estate – Owner Occupied		81,768			88,802			86,785			106,595			110,065			(7,034	)	-7.9	%		(28,297	)	-25.7	%
Construction and Land Development		3,201			2,934			2,161			529			386			267		9.1	%		2,815		729.3	%
Multifamily		19,011			17,374			17,398			17,420			17,037			1,637		9.4	%		1,974		11.6	%
Residential		7,619			10,584			12,025			13,443			12,281			(2,965	)	-28.0	%		(4,662	)	-38.0	%
Consumer		2,502			1,713			1,276			909			549			789		46.1	%		1,953		355.7	%
Total Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589			27,407		3.4	%		109,776		15.0	%
Less: Allowance for Credit Losses		(8,997	)		(9,114	)		(7,934	)		(7,342	)		(7,088	)		117		-1.3	%		(1,909	)	26.9	%
Total Net Loans		834,368			806,844			773,065			765,515			726,501			27,524		3.4	%		107,867		14.8	%

Loan Servicing Asset		9,231			8,976			8,046			7,698			7,124			255		2.8	%		2,107		29.6	%
Restricted Investment in Bank Stock		4,652			4,652			4,652			4,652			3,222			–		0.0	%		1,430		44.4	%
All Other Assets		42,106			38,943			37,540			43,992			37,937			3,163		8.1	%		4,169		11.0	%
Total Assets	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%
Liabilities
Non-Interest Bearing Demand	$	242,650		$	239,672		$	229,875		$	220,438		$	216,307		$	2,978		1.2	%	$	26,343		12.2	%
Interest Bearing Demand		62,035			68,132			65,623			65,120			63,740			(6,097	)	-8.9	%		(1,705	)	-2.7	%
Savings and Money Market		280,056			256,724			244,091			222,115			199,549			23,332		9.1	%		80,507		40.3	%
Certificates of Deposit		411,201			370,552			343,931			332,695			327,326			40,649		11.0	%		83,875		25.6	%
Total Deposits		995,942			935,080			883,520			840,368			806,922			60,862		6.5	%		189,020		23.4	%

Short-Term Borrowings		–			–			–			12,000			10,000			–		0.0	%		(10,000	)	-100.0	%
Subordinated Debt		26,107			26,088			26,070			26,051			26,032			19		0.1	%		75		0.3	%
Operating Lease Liability		6,299			4,839			5,032			5,221			5,409			1,460		30.2	%		890		16.5	%
Other Liabilities		15,048			15,657			16,997			14,769			12,521			(609	)	-3.9	%		2,527		20.2	%
Total Liabilities		1,043,396			981,664			931,619			898,409			860,884			61,732		6.3	%		182,512		21.2	%

Equity
Common Stock		1			1			1			1			1			–		0.0	%		–		0.0	%
Additional Paid-in Capital		78,718			77,571			57,287			56,966			53,322			1,147		1.5	%		25,396		47.6	%
Retained Earnings		68,906			64,437			59,192			54,177			49,501			4,469		6.9	%		19,405		39.2	%
Accumulated Other Comprehensive Loss		(1,009	)		(1,309	)		(97	)		(199	)		(258	)		300		-22.9	%		(751	)	291.1	%
Total Stockholders’ Equity		146,616			140,700			116,383			110,945			102,566			5,916		4.2	%		44,050		42.9	%
Total Liabilities & Stockholders’ Equity	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%

Book Value Per Common Share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00		$	0.40		4.1	%	$	2.27		28.4	%

GBank Financial Holdings Inc.
Condensed Consolidated Income Statements
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest Income
Loans	$	16,836		$	17,231		$	17,347		$	16,360		$	15,330
Deposits With Other Financial Institutions		1,192			1,099			1,367			1,165			972
Investment Securities		1,281			1,177			924			868			1,014
Other Interest Bearing Balances		100			103			102			96			74
Total Interest Income		19,409			19,610			19,740			18,489			17,390

Interest Expense
Deposits		7,230			7,535			7,194			6,848			6,198
Short-term Borrowings and Subordinated Debt		285			286			287			293			390
Total Interest Expense		7,515			7,821			7,481			7,141			6,588

Net Interest Income		11,894			11,789			12,259			11,348			10,802
Provision for Credit Losses – Loans		(710	)		(1,337	)		(570	)		(283	)		–
Provision for Credit Losses – Unfunded Commitments		(11	)		(13	)		(8	)		(12	)		(20	)
Net Interest Income after Provision for Credit Losses		11,173			10,439			11,681			11,053			10,782

Other Income
Gain on Sales of Loans		2,537			3,998			2,838			3,163			2,083
Loan Servicing Income		703			597			566			534			60
Service Charges and Fees		56			54			48			41			41
Net Interchange Fees		2,003			947			284			146			20
Other Income		164			168			166			282			201
Total Other Income		5,463			5,764			3,902			4,166			2,405

Noninterest Expenses
Salaries and Employee Benefits		6,400			5,813			5,495			5,752			5,290
Occupancy Expenses		392			398			404			417			447
Other Expenses		4,115			3,509			3,156			2,963			2,637
Total Noninterest Expenses		10,907			9,720			9,055			9,132			8,374

Income Before Provision For Income Taxes		5,729			6,483			6,528			6,087			4,813
Provision For Income Taxes		(1,224	)		(1,239	)		(1,513	)		(1,411	)		(1,112	)
Net Income Before Equity Investment Loss		4,505			5,244			5,015			4,676			3,701
Net Loss Attributable to Equity Investment		(35	)		–			–			–			–
Net Income	$	4,470		$	5,244		$	5,015		$	4,676		$	3,701

Earnings Per Share	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29
Earnings Per Share (Diluted)	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29

GBank Financial Holdings Inc.
Average Balances, Rates, and Interest Income and Expense
(Unaudited)

				For the Three Months Ended
				March 31, 2025						December 31, 2024						March 31, 2024
(Dollars in thousands)				Average				Yield/		Average				Yield/		Average				Yield/
				Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾
ASSETS:
	Interest Bearing Deposits			$	102,628	$	1,192	4.71	%	$	85,424	$	1,099	5.12	%	$	66,100	$	972	5.91	%
	Investment Securities:
		Taxable			105,222		1,281	4.94	%		98,712		1,177	4.74	%		98,084		1,014	4.16	%
	Loans and Loans Held For Sale				866,690		16,836	7.88	%		846,583		17,231	8.10	%		727,786		15,330	8.47	%
	Restricted Investment in Bank Stock				4,652		100	8.72	%		4,652		103	8.81	%		3,222		74	9.24	%
		Total Earning Assets			1,079,192		19,409	7.29	%		1,035,371		19,610	7.53	%		895,192		17,390	7.81	%

	Cash and Due From Banks				6,216						5,938						5,935
	Other Assets				39,177						38,753						33,602
			Total Assets	$	1,124,585					$	1,080,062					$	934,729

LIABILITIES & SHAREHOLDERS’ EQUITY
	Deposits:
		Interest-bearing Demand		$	65,693	$	355	2.19	%	$	64,453	$	385	2.38	%	$	65,303	$	393	2.42	%
		Money Market and Savings			264,085		2,411	3.70	%		255,068		2,496	3.89	%		186,372		1,759	3.80	%
		Certificates of Deposit			385,704		4,464	4.69	%		359,285		4,654	5.15	%		309,221		4,046	5.26	%
			Total Interest-Bearing Deposits		715,482		7,230	4.10	%		678,806		7,535	4.42	%		560,896		6,198	4.44	%

	Short-Term Borrowings				–		–	0.00	%		2		–	0.00	%		7,583		104	5.52	%
	Subordinated Debt				26,095		285	4.43	%		26,076		286	4.36	%		26,021		286	4.42	%
			Total Interest-Bearing Liabilities		741,577		7,515	4.11	%		704,884		7,821	4.41	%		594,500		6,588	4.46	%

	Noninterest-bearing Deposits				218,874						214,880						220,767
	Other Liabilities				20,139						22,403						18,003
	Shareholders’ Equity				143,995						137,895						101,459
			Total Liabilities & Shareholders’ Equity	$	1,124,585					$	1,080,062					$	934,729

	Net Interest Income					$	11,894					$	11,789					$	10,802

	Total Yield on Earning Assets							7.29	%					7.53	%					7.81	%
	Cost on Interest-Bearing Liabilities							4.11	%					4.41	%					4.46	%
	Average Interest Spread							3.18	%					3.12	%					3.35	%
	Net Interest Margin							4.47	%					4.53	%					4.85	%
	Net Interest Margin (Bank Only)							4.58	%					4.64	%					4.98	%

GBank Financial Holdings Inc.
Additional Financial Information
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Key Performance Metrics
Return on Average Assets-Net Income ⁽²⁾		1.61	%		1.93	%		1.96	%		1.90	%		1.59	%
Return on Average Stockholders’ Equity⁽²⁾		12.59	%		15.13	%		17.29	%		17.59	%		14.67	%
Efficiency Ratio		62.84	%		55.38	%		56.03	%		58.86	%		63.41	%
Net Interest Margin⁽²⁾		4.47	%		4.53	%		5.00	%		4.82	%		4.85	%
Net Revenue⁽¹⁾	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207
Common Equity / Assets		12.3	%		12.5	%		11.1	%		11.0	%		10.6	%
Tier 1 Leverage Ratio – Bank		14.23	%		12.90	%		13.08	%		12.88	%		13.03	%

Selected Loan Metrics
Guaranteed Portion of Loans Held for Sale	$	41,313		$	32,649		$	68,317		$	40,489		$	44,901
Guaranteed Portion of Loans Held for Investment		204,239			201,267			203,027			215,382			218,619
Total Guaranteed Loans		245,552			233,916			271,344			255,871			263,520
Guaranteed Loans as a Percent of Loans⁽¹⁾		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Asset Quality
Total nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Loans past due 90 days and still accruing		1,153			40			27			1,142			33
Other real estate owned		–			–			–			–			–
Total non-performing assets		20,373			14,168			5,408			7,612			6,129
Non-performing assets: guaranteed portion		14,687			9,321			3,838			5,396			4,572
Non-performing assets: non-guaranteed portion		5,686			4,847			1,570			2,216			1,557

Non-performing assets to total assets		1.71	%		1.26	%		0.52	%		0.75	%		0.64	%
Non-performing assets, excluding guaranteed, to total assets⁽¹⁾		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%
Net charge-offs (recoveries)	$	828		$	157		$	(22	)	$	29		$	–

Loans past due 30-89 days and accruing	$	14,853		$	11,822		$	12,390		$	1,054		$	3,428
Loans past due 30-89 days and accruing: guaranteed portion	$	11,915		$	8,713		$	8,535		$	–		$	1,028
Loans past due 30-89 days and accruing: non-guaranteed portion	$	2,938		$	3,109		$	3,855		$	1,054		$	2,400

Allowance for Credit Losses (ACL)	$	8,997		$	9,114		$	7,934		$	7,342		$	7,088
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
ACL to nonaccrual loans		47	%		65	%		147	%		113	%		116	%
ACL to nonaccrual loans, excluding guaranteed⁽¹⁾		168	%		190	%		514	%		130	%		465	%
ACL to loans		1.07	%		1.12	%		1.02	%		0.95	%		0.97	%
ACL to loans, excluding guaranteed⁽¹⁾		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

Book Value
Stockholders’ Equity	$	146,616		$	140,700		$	116,383		$	110,945		$	102,566
Common shares outstanding		14,271			14,252			13,067			13,061			12,824
Book value per common share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00
Employees – FTE		175			169			159			155			150

GBank Financial Holdings Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Net Revenue⁽³⁾
Net Interest Income	$	11,894		$	11,789		$	12,259		$	11,348		$	10,802
Non-Interest Income		5,463			5,764			3,902			4,166			2,405
Net Revenue	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207

Guaranteed Loans as a Percent of Loans⁽⁴⁾
SBA and USDA Guaranteed Loans	$	204,239		$	201,267		$	203,027		$	215,382		$	218,619
Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589
Guaranteed Loans as a % of Loans		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Non-performing assets, excluding guaranteed, to total assets⁽⁴⁾
Non-performing assets	$	20,373		$	14,168		$	5,408		$	7,612		$	6,129
Less: SBA and USDA guaranteed portions of non-performing assets		14,687			9,321			3,838			5,396			4,572
Non-performing assets, excluding guaranteed portions		5,686			4,847			1,570			2,216			1,557
Total assets		1,190,012			1,122,364			1,048,002			1,009,354			963,450
Non-performing assets, excluding guaranteed, to total assets		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed⁽⁴⁾
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Less: SBA and USDA guaranteed portions of nonaccrual loans		13,859			9,321			3,838			833			4,572
Nonaccrual loans, excluding guaranteed portions		5,361			4,807			1,543			5,637			1,524
ACL to nonaccrual loans, excluding guaranteed		168	%		190	%		514	%		130	%		465	%

ACL to loans, excluding guaranteed⁽⁴⁾
Loans, net of deferred fees and costs	$	843,365		$	815,958		$	780,999		$	772,857		$	733,589
Less: SBA and USDA guaranteed portions of loans		204,239			201,267			203,027			215,382			218,619
Loans, excluding guaranteed		639,126			614,691			577,972			557,475			514,970
ACL to loans, excluding guaranteed		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

	⁽¹⁾	See Reconciliation of Non-GAAP Financial Measures
	⁽²⁾	Ratios are annualized on an actual/actual basis
	⁽³⁾	We believe this non-GAAP measurement presents trends in income generation of the Company.
	⁽⁴⁾	We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company.

The MIL Network –

April 30, 2025

MIL-OSI New Zealand: Government to reinstate prisoner voting ban

Source: New Zealand Government

The Government has agreed to reinstate a total ban on prisoner voting, Justice Minister Paul Goldsmith says.
“Cabinet’s decision will reverse the changes made by the previous government in 2020, which allowed prisoners serving sentences of less than three years to vote.
“Restoring prisoner voting was typical of the previous government’s soft-on-crime approach; we don’t agree with it.
“Citizenship brings rights and responsibilities. People who breach those responsibilities to the extent that they are sentenced to jail temporarily lose some of their rights, including the right to vote.
“The proposed change will establish a consistent approach to prisoner voting, regardless of the length of sentence.
“The Government is committed to restoring law and order, and part of the response is to place a greater emphasis on personal responsibility and accountability.
“A total prison voting ban for all sentenced prisoners underlines the importance that New Zealanders afford to the rule of law, and the civic responsibility that goes hand-in-hand with the right to participate in our democracy through voting.
“The voting ban will be progressed as part of an electoral amendment bill announced in April and set for introduction later this year.
“When prisoners have served their time, they will enjoy the full restoration of electoral rights. The Department of Corrections and the Electoral Commission currently coordinate to support prisoners with re-enrolment upon their release, and this work will continue.”
The ban will not be retrospective, meaning prisoners already serving sentences of less than three years at the time the ban comes into force before the 2026 General Election will retain the ability to vote.
The voting ban will not apply to people detained on remand or serving sentences of home detention.

MIL OSI New Zealand News –

April 30, 2025

MIL-OSI USA: Rep. Pfluger: Texas values are no longer under siege — they’re leading the way.

Source: United States House of Representatives – Congressman August Pfluger (TX-11)

President Trump’s First 100 Days: Delivering for America and Restoring Texas Values

When President Donald J. Trump took the oath of office exactly one hundred days ago, he vowed to usher in the “Golden Age of America.” Given the chaos President Biden left behind—open borders, soaring inflation, weakened energy independence, and a nation divided—this was no small promise. It is now one hundred days into his second term, and President Trump is turning campaign promises into measurable outcomes. With a Republican Congress working in tandem, we have begun reversing the damage done under the previous administration and laying the groundwork for a stronger, safer, and more self-reliant America.

These first 100 days have made one thing abundantly clear: under Republican leadership, commonsense is being restored, and the American people are once again being prioritized. Change is never easy, but President Trump’s willingness to shake up a broken system has already produced tangible, meaningful victories and has set the tone for where we are going. Illegal border crossings have dropped to historic lows, energy production is surging in the Permian Basin, and Texas values are no longer under siege—they’re leading the way.

Border security, in particular, stands as one of the most dramatic turnarounds from the Biden administration years. In contrast to President Biden’s border policies that enabled drug cartels, traffickers, and violent criminals to flood across our southern border, bringing deadly fentanyl and chaos with them, President Trump has taken immediate action to reestablish control and restore rule of law. Illegal border encounters have declined by 95%, known daily “gotaways” have dropped 99%, and over 21 million fentanyl pills have been seized. Construction of the border wall has resumed, the Remain in Mexico policy has been reinstated, and over 150,000 illegal immigrants—including gang members from MS-13 and Tren de Agua—have been arrested.

Furthermore, the passage of the Laken Riley Act, the first piece of legislation signed into law this term, reflects a renewed commitment to American safety and accountability. Texas certainly bore the brunt of the prior administration’s lax border policies, but thankfully, we no longer face that burden alone. With President Trump back in office, Washington is finally acting like a partner again, not an obstacle. It is ironic that President Biden once said only Congress could fix the border—turns out we just needed a president who cared enough to try.

Beyond securing the border, the Trump administration and Republican Congress have wasted no time unleashing America’s energy potential. On day one, President Trump declared a national energy emergency and immediately set to work undoing the regulatory mess imposed by the Biden administration. In partnership with Congress, the White House has reinstated oil and gas production on federal lands, revived the Keystone XL pipeline, axed the job-killing natural gas tax, and cut the permitting timeline for new projects to just under a month.

As the representative for Texas-11 and the Permian Basin, I’ve seen firsthand how these changes can bring stability to producers and relief to consumers. I also know it is imperative to work in lockstep with industry on these issues to produce the best energy outcomes. My bill to repeal the Biden-era natural gas tax, the second piece of legislation signed into law this Congress, was the direct outcome of my work with industry leaders and helps codify President Trump’s actions to ensure that future energy policy supports, rather than punishes, those who power the nation.

Stable, pro-growth energy policy isn’t just an economic issue—it’s a geopolitical imperative. A predictable regulatory framework gives our companies the confidence to invest, hire, and expand, while reducing our dependence on foreign adversaries. That’s why we’re fighting to codify these reforms into law—to ensure long-term policy that supports American energy independence regardless of who occupies the White House.

These first 100 days have been about more than just a policy shift—they’ve been a course correction. In 2024, voters sent a clear message: They wanted an end to the progressive ideological nonsense and a return to practical governance rooted in American values. We are delivering on that mandate.

The past administration attempted to govern by progressive fiat—undermining parental rights, blurring the lines between men and women in public spaces and athletics, stripping God and faith from our ideology, and more—but American voters, and especially Texans, never accepted that trajectory as inevitable.

As a seventh-generation Texan, I deeply believe that Texas is the best place to live and raise a family and that our way of life must be protected from political overreach. This belief inspired me to run for Congress and fuels my work every day. I am passionate about protecting the Texas way of life for the next generation, and I’m proud to be doing that alongside a President who shares our priorities.

Much remains to be done—but the turnaround is underway. God bless Texas-11, and God bless the United States of America.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: SBA Announces 2025 National Small Business Week Virtual Summit Agenda

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration announced the agenda for the National Small Business Week Virtual Summit, a free online event that will be held May 6-7. Registration is required. The Virtual Summit, co-sponsored by SCORE, will feature more than a dozen educational workshops led by cosponsors, access to federal resources, and networking and mentorship opportunities. The virtual summit is part of the 2025 National Small Business Week taking place May 4-10.

“As America’s top provider of free, expert small business mentoring, SCORE is proud to help drive the nation’s small business engine,” said SCORE CEO Bridget Weston. “Through this year’s Virtual Summit, we will meet entrepreneurs where they are, providing expert insights on timely topics alongside the tools and resources needed to achieve success.”

National Small Business Week cosponsors VISA, T-Mobile, Google, Verizon, Paychex, U.S. Bank, Amazon, Constant Contact, Block, Chase for Business, Lockheed Martin and Worldpay lead the sessions. View the schedule online or as a PDF.

The National Small Business Week Virtual Summit is part of SBA’s year-round efforts to leverage technology to reach small business owners in communities across America. An in-person, national award celebration will take place on May 5 in Washington, D.C., and local winners will be recognized at award events across the nation.

Details on National Small Business Week, the virtual summit, registration and speakers are featured on www.sba.gov/NSBW and will be updated as additional information and activities are confirmed. Local events will be featured on www.sba.gov/events and are identifiable by searching with #SmallBusinessWeek.

# # #

About SCORE
SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration.

About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Cosponsorship Authorization #24-44-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

MIL OSI USA News –

April 30, 2025

MIL-OSI Security: Former USDA Program Director Pleads Guilty in $400,000 Kickback Scheme

Source: Office of United States Attorneys

WASHINGTON – Kirk Perry, 60, a former United States Department of Agriculture (USDA) program director, pleaded guilty today in connection with a kickback scheme in which he and his nephew, Jamarea Grant, 31, of Cleveland, Ohio, conspired to bill the government nearly $400,000 for work that Grant did not actually perform.

The plea was announced by U.S. Attorney Edward R. Martin Jr. and Acting Inspector General Janet M. Sorensen of the U.S. Department of Agriculture Office of Inspector General.

Perry, of Lorain, Ohio, pleaded guilty before U.S. District Court Judge Colleen Kollar-Kotelly to conspiracy to commit money, property, and honest services wire fraud. Grant previously pleaded guilty on Nov. 27, 2024, to the same charge. Judge Kollar-Kotelly will determine any sentences for Perry and Grant after considering the U.S. Sentencing Guidelines and other statutory factors. Perry is scheduled to be sentenced on Dec. 4, 2025. Grant’s sentencing is pending.

In pleading guilty, Perry and Grant admitted that, from August 2015 through November 2022, Perry, who at the time was serving as a USDA Program Director, arranged for Grant to be hired by two companies under contract with the USDA Office for Civil Rights. Grant reported directly to Perry, who also approved the invoices billing for Grant’s time, and the two of them conspired to bill the government for work that Grant did not perform.

Grant received nearly $400,000 for work he did not do. Perry also had access to Grant’s bank account. As part of the criminal scheme Perry transferred approximately $125,000 of the USDA payments from Grant’s account to his own account.

This case was investigated by the USDA Office of Inspector General Sensitive Investigations Office. The matter is being prosecuted by Assistant U.S. Attorneys Brian P. Kelly and Maeghan Mikorski.

24cr223

MIL Security OSI –

April 30, 2025

MIL-OSI: Lake Shore Bancorp, Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNKIRK, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.1 million, or $0.19 per diluted share, for the first quarter of 2025 compared to net income of $1.0 million, or $0.17 per diluted share, for the first quarter of 2024. The Company’s financial performance for the first quarter of 2025 was positively impacted by an increase in net interest income along with a decrease in non-interest expenses because of efforts to optimize operating expenses while continuing to reduce its reliance on wholesale Federal Home Loan Bank of New York (“FHLBNY”) funding by $6.3 million.

“Given the ongoing economic uncertainty, I am pleased with our first quarter 2025 performance,” stated Kim C. Liddell, President, CEO, and Director. “We continue to focus efforts on improving the efficiency of our core operations while maintaining a disciplined approach to balance sheet management.”

First Quarter 2025 Financial Highlights:

Net income increased to $1.1 million during the first quarter of 2025, an increase of $43,000, or 4.2%, when compared to the first quarter of 2024. Net income was positively impacted by an increase in net interest income of $332,000, or 6.5%, when compared to the first quarter of 2024;
Net interest margin increased to 3.49% during the first quarter of 2025, an increase of 18 basis points when compared to net interest margin of 3.31% during the fourth quarter of 2024 and an increase of 39 basis points when compared to net interest margin of 3.10% during the first quarter of 2024;
Reduced reliance on wholesale funding by repaying $6.3 million of FHLBNY borrowings during the first quarter of 2025;
At March 31, 2025 and December 31, 2024, the Company’s percentage of uninsured deposits to total deposits was 11.8% and 13.5%, respectively;
Book value per share increased 0.4% to $15.74 per share at March 31, 2025 as compared to $15.67 per share at December 31, 2024; and
The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 14.31% and a Total Risk-Based Capital ratio of 18.67% at March 31, 2025.

Net Interest Income

Net interest income for the first quarter of 2025 increased by $124,000, or 2.3%, to $5.5 million as compared to $5.3 million for the fourth quarter of 2024 and increased $332,000, or 6.5%, as compared to $5.1 million for the first quarter of 2024. Net interest margin and interest rate spread were 3.49% and 2.94%, respectively, for the first quarter of 2025 as compared to 3.31% and 2.72%, respectively, for the fourth quarter of 2024 and 3.10% and 2.55%, respectively, for the first quarter of 2024.

Interest income for the first quarter of 2025 was $8.4 million, a decrease of $223,000, or 2.6%, compared to $8.6 million for the fourth quarter of 2024, and a decrease of $242,000, or 2.8%, compared to $8.6 million for the first quarter of 2024.

The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of $18.0 million, or 2.8%. Interest earned on interest-earning deposits decreased by $265,000, or 53.1%, due to a 63 basis points decrease in average yield and a $19.8 million decrease in the average balance of interest-earning deposits during the first quarter of 2025 as compared to the prior quarter.

The decrease in interest income from the prior year quarter was primarily due to a decrease in the average balance of interest-earning assets of $35.0 million, or 5.3%. The decrease was partially offset by a 14 basis points increase in the average yield on interest-earning assets. During the first quarter of 2025 as compared to the same period in 2024, there was a $364,000 decrease in interest earned on interest-earning deposits due to a decrease in the average balance and yield of interest-earning deposits of $20.5 million, or 46.5%, and 146 basis points, respectively. Additionally, during the first quarter of 2025 as compared to the same period in 2024, there was a $44,000 decrease in interest earned on securities due to a decrease in the average balance and yield of securities of $3.9 million, or 6.4%, and 11 basis points, respectively. These decreases were partially offset by a $166,000 increase in interest income on loans due to a 22 basis points increase in the average yield on loans.

Interest expense for the first quarter of 2025 was $2.9 million, a decrease of $347,000, or 10.7%, from the fourth quarter of 2024, and a decrease of $574,000, or 16.5%, from $3.5 million for the first quarter of 2024.

The decrease in interest expense when compared to the previous quarter was primarily due to a 21 basis points decrease in the average interest rate paid on interest-bearing liabilities and a $14.1 million, or 2.8%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the previous quarter, interest expense on deposits decreased by $301,000, or 9.6%, due to a $9.7 million decrease in the average balance of deposits and a 20 basis points decrease in the average interest rate paid on deposit accounts. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances were $477.8 million, a 2.0% decrease during the first quarter of 2025 when compared to the previous quarter due to a decrease in the average balance of all deposit categories. Interest expense on borrowed funds and other interest-bearing liabilities decreased by $46,000 primarily due to a $4.4 million, or 41.4%, decrease in the average balance of borrowed funds and other interest-bearing liabilities due to the repayment of $6.3 million of our FHLBNY borrowings during the first quarter of 2025.

The decrease in interest expense when compared to the prior year quarter was primarily due to a 25 basis points decrease in average interest rate paid on interest-bearing liabilities and a $39.9 million, or 7.6%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the same period in 2024, interest expense on deposits decreased by $402,000, or 12.4%, due to a 24 basis points decrease in the average interest rate paid on deposit accounts and a $16.6 million, or 3.4%, decrease in the average balance of deposits. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances decreased 3.4% during the first quarter of 2025 from the first quarter of 2024 due to a decrease in all deposit categories except money market accounts. During the first quarter of 2025, interest expense on borrowed funds and other interest-bearing liabilities decreased by $172,000, or 74.1%, compared to the first quarter of 2024, primarily due to a $23.3 million, or 78.9%, decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of $25.0 million of FHLBNY borrowings during 2024 and $6.3 million during the first quarter of 2025.

Non-Interest Income

Non-interest income was $724,000 for the first quarter of 2025, a decrease of $344,000, or 32.2%, as compared to $1.1 million for the fourth quarter of 2024, and an increase of $17,000, or 2.4%, as compared to $707,000 for the first quarter of 2024. The decrease from the prior quarter was primarily due to a $139,000 decrease in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024, a $135,000 decrease in earnings on bank-owned life insurance during the first quarter of 2025 as the result of the recognition of a death benefit in the fourth quarter of 2024, and a decrease of $31,000 in service charges and fees. The increase from the prior year quarter was primarily due to a $35,000 increase in unrealized gain on equity securities and a $22,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024.

Non-Interest Expense

Non-interest expense was $4.9 million for the first quarter of 2025, a decrease of $397,000, or 7.5%, as compared to $5.3 million for the fourth quarter of 2024, and a decrease of $117,000, or 2.3%, as compared to $5.0 million for the first quarter of 2024. The decrease from the prior quarter was primarily due to a decrease in salaries and employee benefits expense of $382,000, or 11.6%, along with a decrease in professional services expense of $50,000, or 13.7%. The decrease from the first quarter of 2024 was primarily related to a decrease in FDIC insurance of $207,000, or 74.2%.

Income Tax Expense

Income tax expense was $206,000 for the first quarter of 2025, a decrease of $72,000, or 25.9%, as compared to $278,000 for the fourth quarter of 2024, and an increase of $23,000, or 12.6%, as compared to $183,000 for the first quarter of 2024. The decrease in income tax expense from the prior quarter was primarily related to the decrease in pre-tax income earned during the current quarter, partially offset by an increase in the effective tax rate during the first quarter of 2025. The increase in income tax expense from the prior year quarter was due to an increase in pre-tax income earned during the current quarter along with an increase in the effective tax rate in the first quarter of 2025. The effective tax rate was 16.3% for the first quarter of 2025 as compared to 15.9% for the fourth quarter of 2024 and 15.3% for the first quarter of 2024.

Credit Quality

The Company’s allowance for credit losses on loans was $5.2 million as of March 31, 2025 as compared to $5.1 million as of December 31, 2024. The Company’s allowance for credit losses on unfunded commitments was $323,000 as of March 31, 2025 as compared to $314,000 as of December 31, 2024. Non-performing assets as a percent of total assets decreased to 0.50% at March 31, 2025 as compared to 0.55% at December 31, 2024, primarily due to a decrease in non-performing assets of $332,000, or 8.7%. On March 26, 2025, one commercial relationship with two loans representing a total amortized cost of $1.2 million on non-accrual status was sold at foreclosure. Subject to customary foreclosure proceedings, the Bank expects the sale to close during the second quarter of this year. The Company’s allowance for credit losses on loans as a percent of loans at amortized cost was 0.93% at March 31, 2025 and December 31, 2024.

The Company recorded a provision for credit losses of $48,000 for the first quarter of 2025, of which $39,000 related to the loan portfolio and $9,000 related to the reserve for unfunded commitments.

The increase in the allowance for credit losses on loans and unfunded commitments and the corresponding provision for credit losses recognized during the first quarter of 2025 was the result of an increase to the quantitative estimated loss calculation inclusive of forecasted economic trends, primarily related to the mortgage loan pools, including residential mortgages and commercial real estate mortgages.

Balance Sheet Summary

Total assets at March 31, 2025 were $689.0 million, a $3.5 million increase, or 0.5%, as compared to $685.5 million at December 31, 2024. Cash and cash equivalents decreased by $2.7 million, or 8.2%, from $33.1 million at December 31, 2024 to $30.4 million at March 31, 2025. The decrease in cash and cash equivalents was primarily due to an increase in loans receivable, net of $7.0 million, or 1.3%, and a decrease in long-term debt due to the repayment of FHLBNY borrowings of $6.3 million in the first quarter of 2025. These decreases were partially offset by an increase in total deposits of $9.8 million, or 1.7%. Securities available for sale were $55.8 million at March 31, 2025 as compared to $56.5 million at December 31, 2024 which decrease was primarily due to repayments during the first quarter of 2025. Net loans receivable at March 31, 2025 and December 31, 2024 were $551.6 million and $544.6 million, respectively. Total deposits at March 31, 2025 were $582.7 million, an increase of $9.8 million, or 1.7%, compared to $573.0 million at December 31, 2024. Total borrowings decreased to $4.0 million at March 31, 2025, a decrease of $6.3 million, or 61.0%, as compared to $10.3 million as of December 31, 2024.

Stockholders’ equity at March 31, 2025 was $90.7 million, a $794,000, or 0.9%, increase as compared to $89.9 million at December 31, 2024. The increase in stockholders’ equity was primarily attributed to $1.1 million in net income earned during the first quarter of 2025.

About Lake Shore

Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

Source: Lake Shore Bancorp, Inc.
Category: Financial

Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012

Selected Financial Condition Data

		March 31,		December 31,
		2025		2024
		(Unaudited)
		(Dollars in thousands)

Total assets	$	688,996	$	685,504
Cash and cash equivalents		30,428		33,131
Securities, at fair value		55,801		56,495
Loans receivable, net		551,640		544,620
Deposits		582,730		572,978
Long-term debt		4,000		10,250
Stockholders’ equity		90,662		89,868

Statements of Income

		Three Months Ended
		March 31,
		2025			2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Interest income	$	8,367		$	8,609
Interest expense		2,902			3,476
Net interest income		5,465			5,133
Provision (credit) for credit losses		48			(352	)
Net interest income after provision (credit) for credit losses		5,417			5,485
Total non-interest income		724			707
Total non-interest expense		4,878			4,995
Income before income taxes		1,263			1,197
Income tax expense		206			183
Net income	$	1,057		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.17

Selected Financial Ratios
Return on average assets⁽¹⁾		0.62	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.10	%
Efficiency ratio		78.82	%		85.53	%

(1) Annualized.

Average Balance Sheets, Interest, and Rates (Quarterly Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						March 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	44,038	$	598	5.43	%
Securities⁽¹⁾		57,804		381	2.64	%		61,728		425	2.75	%
Loans, including fees		545,561		7,752	5.68	%		556,151		7,586	5.46	%
Total interest-earning assets		626,927		8,367	5.34	%		661,917		8,609	5.20	%
Other assets		51,656						50,866
Total assets	$	678,583					$	712,783

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	69,753	$	17	0.10	%
Money market accounts		152,680		867	2.27	%		139,794		966	2.76	%
Savings accounts		53,541		9	0.07	%		62,684		11	0.07	%
Time deposits		208,804		1,951	3.74	%		222,179		2,250	4.05	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		29,556		232	3.14	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		523,966		3,476	2.65	%
Other non-interest bearing liabilities		103,593						102,299
Stockholders’ equity		90,944						86,518
Total liabilities & stockholders’ equity	$	678,583					$	712,783
Net interest income			$	5,465					$	5,133
Interest rate spread					2.94	%					2.55	%
Net interest margin					3.49	%					3.10	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 3.13% for the three months ended March 31, 2025 and 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						December 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	43,366	$	499	4.60	%
Securities⁽¹⁾		57,804		381	2.64	%		61,137		388	2.54	%
Loans, including fees		545,561		7,752	5.68	%		540,376		7,703	5.70	%
Total interest-earning assets		626,927		8,367	5.34	%		644,879		8,590	5.33	%
Other assets		51,656						49,207
Total assets	$	678,583					$	694,086

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	64,465	$	15	0.09	%
Money market accounts		152,680		867	2.27	%		153,407		912	2.38	%
Savings accounts		53,541		9	0.07	%		55,451		9	0.06	%
Time deposits		208,804		1,951	3.74	%		214,150		2,207	4.12	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		10,641		106	3.98	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		498,114		3,249	2.61	%
Other non-interest bearing liabilities		103,593						105,881
Stockholders’ equity		90,944						90,091
Total liabilities & stockholders’ equity	$	678,583					$	694,086
Net interest income			$	5,465					$	5,341
Interest rate spread					2.94	%					2.72	%
Net interest margin					3.49	%					3.31	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 2.91% for the three months ended March 31, 2025 and December 31, 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Selected Quarterly Financial Data

	As of or For the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Selected Financial Condition Data:
Total assets	$	688,996		$	685,504		$	697,596		$	711,042		$	717,582
Cash and cash equivalents		30,428			33,131			49,981			60,987			54,953
Securities, at fair value		55,801			56,495			58,782			57,309			58,682
Loans receivable, net		551,640			544,620			539,005			544,337			555,455
Deposits		582,730			572,978			587,563			589,395			594,704
Long-term debt		4,000			10,250			10,250			23,250			25,250
Stockholders’ equity		90,662			89,868			89,877			86,932			86,510

Condensed Statements of Income:
Interest income	$	8,367		$	8,590		$	8,851		$	8,754		$	8,609
Interest expense		2,902			3,249			3,468			3,548			3,476
Net interest income		5,465			5,341			5,383			5,206			5,133
Provision (credit) for credit losses		48			(613	)		(229	)		(285	)		(352	)
Net interest income after provision (credit) for credit losses		5,417			5,954			5,612			5,491			5,485
Total non-interest income		724			1,068			791			738			707
Total non-interest expense		4,878			5,275			4,813			4,897			4,995
Income before income taxes		1,263			1,747			1,590			1,332			1,197
Income tax expense		206			278			258			216			183
Net income	$	1,057		$	1,469		$	1,332		$	1,116		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.26		$	0.24		$	0.19		$	0.17

Selected Financial Ratios:
Return on average assets⁽¹⁾		0.62	%		0.85	%		0.76	%		0.63	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		6.52	%		6.03	%		5.19	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		129.46	%		128.81	%		127.00	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.72	%		2.67	%		2.56	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.31	%		3.28	%		3.14	%		3.10	%
Efficiency ratio		78.82	%		82.30	%		77.96	%		82.39	%		85.53	%

Asset Quality Ratios:
Non-performing loans as a percent of loans at amortized cost		0.62	%		0.69	%		0.74	%		0.73	%		0.71	%
Non-performing assets as a percent of total assets		0.50	%		0.55	%		0.57	%		0.56	%		0.55	%
Allowance for credit losses on loans as a percent of loans at amortized cost		0.93	%		0.93	%		1.01	%		1.08	%		1.12	%
Allowance for credit losses on loans as a percent of non-performing loans		148.89	%		134.91	%		137.03	%		148.20	%		157.62	%

Share Information:
Common stock, number of shares outstanding		5,760,272			5,735,226			5,737,036			5,737,036			5,684,784
Treasury stock, number of shares held		1,076,242			1,101,288			1,099,478			1,099,478			1,151,730
Book value per share	$	15.74		$	15.67		$	15.67		$	15.15		$	15.22
Tier 1 leverage ratio		14.31	%		13.83	%		13.37	%		13.02	%		12.87	%
Total risk-based capital ratio		18.67	%		18.79	%		18.85	%		18.64	%		18.13	%

(1) Annualized

The MIL Network –

April 30, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

Comments from the President / Chief Executive Officer and Chief Financial Officer

“Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

“We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”


Q1 2025 Financial Performance
Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.				Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.

Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.				Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.

Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.				A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.

The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.				Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.

Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.				Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.

				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

Operating Results

Net Interest Income after (Release of) Provision for Credit Losses

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Interest income	$	13,706		$	14,736	$	13,760		$	(1,030	)	(7.0)	%	$	(54	)	(0.4)	%
Interest expense		5,635			6,516		6,300			(881	)	(13.5)	%		(665	)	(10.6)	%
Net interest income		8,071			8,220		7,460			(149	)	(1.8)	%		611		8.2	%
(Release of) provision for credit losses		(203	)		14		(33	)		(217	)	(1550.0)	%		(170	)	515.2	%
Net interest income after (release of) provision for credit losses		8,274			8,206		7,493			68		0.8	%		781		10.4	%

Q1 2025 vs Q4 2024

The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

Q1 2025 vs Q1 2024

Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a release of provision for credit losses of $33 thousand for the quarter ended March 31, 2024, consisting of a release of provision for credit losses on loans of $106 thousand and a provision for credit losses on unfunded loan commitments of $73 thousand. The larger release recorded in the current quarter primarily reflected the factors discussed above.

Noninterest Income

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Service charges and fee income	$	684		$	619	$	612		$	65		10.5	%	$	72		11.8	%
Earnings on bank-owned life insurance (“BOLI”)		195			127		177			68		53.5	%		18		10.2	%
Mortgage servicing income		269			277		282			(8	)	(2.9)	%		(13	)	(4.6)	%
Fair value adjustment on mortgage servicing rights		(99	)		77		(65	)		(176	)	(228.6)	%		(34	)	52.3	%
Net gain on sale of loans		49			53		90			(4	)	(7.5)	%		(41	)	(45.6)	%
Other income		—			7		—			(7	)	(100.0)	%		—		100.0	%
Total noninterest income	$	1,098		$	1,160	$	1,096		$	(62	)	(5.3)	%	$	2		0.2	%

Q1 2025 vs Q4 2024

The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

Q1 2025 vs Q1 2024

The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

Noninterest Expense

	For the Quarter Ended							Q1 2025 vs. Q4 2024				Q1 2025 vs. Q1 2024
	March 31, 2025		December 31, 2024			March 31, 2024		Amount ($)		Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Salaries and benefits	$	4,595	$	3,920		$	4,543	$	675	17.2	%	$	52		1.1	%
Operations		1,365		1,329			1,457		36	2.7	%		(92	)	(6.3)	%
Regulatory assessments		221		189			189		32	16.9	%		32		16.9	%
Occupancy		437		409			444		28	6.8	%		(7	)	(1.6)	%
Data processing		1,293		1,232			1,017		61	5.0	%		276		27.1	%
Net loss (gain) on OREO and repossessed assets		3		(21	)		6		24	(114.3)	%		(3	)	(50.0)	%
Total noninterest expense	$	7,914	$	7,058		$	7,656	$	856	12.1	%	$	258		3.4	%

Q1 2025 vs Q4 2024

The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

Q1 2025 vs Q1 2024

The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

Balance Sheet Review, Capital Management and Credit Quality

Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonperforming Loans:
One-to-four family	$	762		$	537		$	745		$	822		$	835
Home equity loans		368			298			338			342			83
Commercial and multifamily		5,627			3,734			4,719			5,161			4,747
Construction and land		22			24			25			28			29
Manufactured homes		501			521			230			136			166
Floating homes		2,363			2,363			2,377			2,417			3,192
Commercial business		—			11			23			—			—
Other consumer		10			3			32			3			1
Total nonperforming loans		9,653			7,491			8,489			8,909			9,053
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			575
Manufactured homes		41			—			115			115			115
Total OREO and repossessed assets		41			—			115			115			690
Total NPAs	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743

Percentage of Nonperforming Loans:
One-to-four family		7.9	%		7.3	%		8.7	%		9.1	%		8.5	%
Home equity loans		3.8			4.0			3.9			3.8			0.9
Commercial and multifamily		58.0			49.8			54.8			57.2			48.7
Construction and land		0.2			0.3			0.3			0.3			0.3
Manufactured homes		5.2			7.0			2.7			1.5			1.7
Floating homes		24.4			31.5			27.6			26.8			32.8
Commercial business		—			0.1			0.3			—			—
Other consumer		0.1			—			0.4			—			—
Total nonperforming loans		99.6			100.0			98.7			98.7			92.9
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			5.9
Manufactured homes		0.4			—			1.3			1.3			1.2
Total OREO and repossessed assets		0.4			—			1.3			1.3			7.1
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,499		$	8,585		$	8,493		$	8,598		$	8,760
(Release of) provision for credit losses during the period		(85	)		(73	)		106			(88	)		(106	)
Net charge-offs during the period		(21	)		(13	)		(14	)		(17	)		(56	)
Balance at end of period	$	8,393		$	8,499		$	8,585		$	8,493		$	8,598
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	234		$	147		$	245		$	266		$	193
Provision for (release of) provision for credit losses during the period		(118	)		87			(98	)		(21	)		73
Balance at end of period		116			234			147			245			266
Allowance for Credit Losses	$	8,509		$	8,733		$	8,732		$	8,738		$	8,864
Allowance for credit losses on loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses to total loans		0.96	%		0.97	%		0.97	%		0.98	%		0.99	%
Allowance for credit losses on loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Allowance for credit losses to total nonperforming loans		88.15	%		116.58	%		102.86	%		98.08	%		97.91	%

Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Interest income	$	13,706		$	14,736		$	14,838	$	14,039		$	13,760
Interest expense		5,635			6,516			6,965		6,591			6,300
Net interest income		8,071			8,220			7,873		7,448			7,460
(Release of) provision for credit losses		(203	)		14			8		(109	)		(33	)
Net interest income after (release of) provision for credit losses		8,274			8,206			7,865		7,557			7,493
Noninterest income:
Service charges and fee income		684			619			628		761			612
Earnings on bank-owned life insurance		195			127			186		134			177
Mortgage servicing income		269			277			280		279			282
Fair value adjustment on mortgage servicing rights		(99	)		77			101		(116	)		(65	)
Net gain on sale of loans		49			53			40		74			90
Other income		—			7			—		30			—
Total noninterest income		1,098			1,160			1,235		1,162			1,096
Noninterest expense:
Salaries and benefits		4,595			3,920			4,469		4,658			4,543
Operations		1,365			1,329			1,540		1,569			1,457
Regulatory assessments		221			189			189		220			189
Occupancy		437			409			414		397			444
Data processing		1,293			1,232			1,067		910			1,017
Net (gain) loss on OREO and repossessed assets		3			(21	)		—		(17	)		6
Total noninterest expense		7,914			7,058			7,679		7,737			7,656
Income before provision for income taxes		1,458			2,308			1,421		982			933
Provision for income taxes		291			389			267		187			163
Net income	$	1,167		$	1,919		$	1,154	$	795		$	770

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	131,494		$	43,641		$	148,930		$	135,111		$	137,977
Available-for-sale securities, at fair value		7,689			7,790			8,032			7,996			8,115
Held-to-maturity securities, at amortized cost		2,121			2,130			2,139			2,147			2,157
Loans held-for-sale		2,267			487			65			257			351
Loans held-for-portfolio		886,226			900,171			901,733			889,274			897,877
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net		877,833			891,672			893,148			880,781			889,279
Accrued interest receivable		3,540			3,471			3,705			3,413			3,617
Bank-owned life insurance, net		22,685			22,490			22,363			22,172			22,037
Other real estate owned (“OREO”) and other repossessed assets, net		41			—			115			115			690
Mortgage servicing rights, at fair value		4,688			4,769			4,665			4,540			4,612
Federal Home Loan Bank (“FHLB”) stock, at cost		1,734			1,730			2,405			2,406			2,406
Premises and equipment, net		4,591			4,697			4,807			4,906			6,685
Right-of-use assets		3,546			3,725			3,779			4,020			4,259
Other assets		6,957			7,031			6,777			6,995			4,500
TOTAL ASSETS	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685
LIABILITIES
Interest-bearing deposits	$	783,660		$	705,267		$	800,480		$	781,854		$	788,217
Noninterest-bearing deposits		126,687			132,532			129,717			124,915			128,666
Total deposits		910,347			837,799			930,197			906,769			916,883
Borrowings		25,000			25,000			40,000			40,000			40,000
Accrued interest payable		586			765			908			760			719
Lease liabilities		3,828			4,013			4,079			4,328			4,576
Other liabilities		10,774			9,371			9,711			9,105			9,578
Advance payments from borrowers for taxes and insurance		2,450			1,260			2,047			812			2,209
Subordinated notes, net		11,770			11,759			11,749			11,738			11,728
TOTAL LIABILITIES		964,755			889,967			998,691			973,512			985,693
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,515			28,413			28,296			28,198			28,110
Retained earnings		76,952			76,272			74,840			74,173			73,907
Accumulated other comprehensive loss, net of tax		(1,061	)		(1,044	)		(922	)		(1,049	)		(1,050	)
TOTAL STOCKHOLDERS’ EQUITY		104,431			103,666			102,239			101,347			100,992
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Annualized return on average assets	0.45	%	0.70	%	0.42	%	0.30	%	0.29	%
Annualized return on average equity	4.53	%	7.40	%	4.50	%	3.17	%	3.06	%
Annualized net interest margin⁽¹⁾	3.25	%	3.13	%	2.98	%	2.92	%	2.95	%
Annualized efficiency ratio⁽²⁾	86.31	%	75.25	%	84.31	%	89.86	%	89.48	%

(1)	Net interest income divided by average interest earning assets.
(2)	Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Basic earnings per share	$	0.45	$	0.75	$	0.45	$	0.31	$	0.30
Diluted earnings per share	$	0.45	$	0.74	$	0.45	$	0.31	$	0.30
Weighted-average basic shares outstanding		2,554,265		2,547,210		2,544,233		2,540,538		2,539,213
Weighted-average diluted shares outstanding		2,578,609		2,578,771		2,569,368		2,559,015		2,556,958
Common shares outstanding at period-end		2,566,069		2,564,907		2,564,095		2,557,284		2,558,546
Book value per share	$	40.70	$	40.42	$	39.87	$	39.63	$	39.47

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	896,822		$	12,588	5.69	%	$	900,832		$	13,070	5.77	%	$	895,430		$	12,233	5.49	%
Interest-earning cash		95,999			1,010	4.27	%		130,412			1,534	4.68	%		107,361			1,416	5.30	%
Investments		12,924			108	3.39	%		13,263			132	3.96	%		14,038			111	3.18	%
Total interest-earning assets	$	1,005,745			13,706	5.53	%		1,044,507		$	14,736	5.61	%	$	1,016,829			13,760	5.44	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	335,419			2,058	2.49	%	$	350,495			2,476	2.81	%	$	284,455			1,866	2.64	%
Demand and NOW accounts		140,905			108	0.31	%		144,470			128	0.35	%		159,762			141	0.35	%
Certificate accounts		289,960			3,039	4.25	%		301,293			3,413	4.51	%		315,495			3,696	4.71	%
Subordinated notes		11,766			168	5.79	%		11,756			168	5.69	%		11,724			168	5.76	%
Borrowings		25,000			262	4.25	%		30,546			331	4.31	%		40,000			429	4.31	%
Total interest-bearing liabilities	$	803,050			5,635	2.85	%	$	838,560			6,516	3.09	%	$	811,436			6,300	3.12	%
Net interest income/spread				$	8,071	2.68	%				$	8,220	2.52	%				$	7,460	2.32	%
Net interest margin						3.25	%						3.13	%						2.95	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						125	%						125	%
Noninterest-bearing deposits	$	126,215						$	130,476						$	132,438
Total deposits		892,499		$	5,205	2.37	%		926,734		$	6,017	2.58	%		892,150		$	5,703	2.57	%
Total funding ⁽¹⁾		929,265			5,635	2.46	%		969,036			6,516	2.68	%		943,874			6,300	2.68	%

(1)	Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

LOANS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Real estate loans:
One-to-four family	$	262,457		$	269,684		$	271,702		$	268,488		$	279,213
Home equity		28,112			26,686			25,199			26,185			24,380
Commercial and multifamily		392,798			371,516			358,587			342,632			324,483
Construction and land		42,492			73,077			85,724			96,962			111,726
Total real estate loans		725,859			740,963			741,212			734,267			739,802
Consumer Loans:
Manufactured homes		42,448			41,128			40,371			38,953			37,583
Floating homes		86,626			86,411			86,155			81,622			84,237
Other consumer		18,224			17,720			18,266			18,422			18,847
Total consumer loans		147,298			145,259			144,792			138,997			140,667
Commercial business loans		14,690			15,605			17,481			17,860			19,075
Total loans		887,847			901,827			903,485			891,124			899,544
Less:
Premiums		688			718			736			754			808
Deferred fees, net		(2,309	)		(2,374	)		(2,488	)		(2,604	)		(2,475	)
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net	$	877,833		$	891,672		$	893,148		$	880,781		$	889,279

DEPOSITS
(Dollars in thousands, unaudited)

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest-bearing demand	$	126,687	$	132,532	$	129,717	$	124,915	$	128,666
Interest-bearing demand		143,595		142,126		148,740		152,829		159,178
Savings		63,533		61,252		61,455		63,368		65,723
Money market		287,058		206,067		285,655		253,873		241,976
Certificates		289,474		295,822		304,630		311,784		321,340
Total deposits	$	910,347	$	837,799	$	930,197	$	906,769	$	916,883

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total nonperforming loans	$	9,653		$	7,491		$	8,489		$	8,909		$	9,053
OREO and other repossessed assets		41			—			115			115			690
Total nonperforming assets	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743
Net charge-offs during the quarter	$	(21	)	$	(13	)	$	(14	)	$	(17	)	$	(56	)
Provision for (release of) credit losses during the quarter		(203	)		14			8			(109	)		(33	)
Allowance for credit losses – loans		8,393			8,499			8,585			8,493			8,598
Allowance for credit losses – loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Nonperforming loans to total loans		1.09	%		0.83	%		0.94	%		1.00	%		1.01	%
Nonperforming assets to total assets		0.91	%		0.75	%		0.78	%		0.84	%		0.90	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total loans to total deposits		97.53	%		107.64	%		97.13	%		98.27	%		98.11	%
Noninterest-bearing deposits to total deposits		13.92	%		15.82	%		13.95	%		13.78	%		14.03	%

Average total assets for the quarter	$	1,051,135		$	1,089,067		$	1,095,404		$	1,070,579		$	1,062,036
Average total equity for the quarter	$	104,543		$	103,181		$	102,059		$	100,961		$	101,292

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

April 30, 2025

MIL-OSI USA: Kamlager-Dove, Adams Convene Roundtable to Address Black Higher Education and Strengthening HBCUs

Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

WASHINGTON, D.C.— Today, Congressional Black Caucus Whip Sydney Kamlager-Dove (CA-37) and Historically Black Colleges and Universities (HBCU) Caucus Chair Alma Adams (NC-12) held a roundtable discussion with Reps. Sewell (AL-07),Hayes (CT-05), Sykes (OH-13), Cherfilus-McCormick (FL-20), Brown (OH-11), and Figures (AL-02), HBCU leadership, students, and advocacy organizations to highlight the impacts of Trump Administration policies on the HBCUs that have played a vital role in empowering Black students across the country. Photos are available here.

The roundtable included presidents from Howard University, Bowie State University, Morgan State University, and Virginia Union University and representatives from Texas Southern University, the United Negro College Fund, the Thurgood Marshall College Fund, the National Association for the Advancement of Colored People, and the 1890 Foundation to discuss student life concerns, academic access and funding, infrastructure and facilities, and the role of the federal government.

“Our HBCUs continue to face systemic challenges that impact student success, campus quality-of-life, and institutional growth. Shamefully, the Trump Administration’s attacks on DEI initiatives and higher education funding have only made these challenges worse,” said Congresswoman Kamlager-Dove. “Now is the time for policymakers, education leaders, and students to engage in direct dialogue about solutions to protect and uplift Black students.”

“HBCUs have always punched above their weight, producing the leaders, innovators, and changemakers who move this country forward,” said Congresswoman Adams. “Despite their success though, they face historic underfunding that force them to do more with less. It’s time we meaningfully invest in HBCUs so they can continue serving their students for generations to come.”

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: 100 Days, 100 Stories

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Today, Speaker Johnson released a list of 100 American citizens who have felt the benefits from President Trump’s historic first 100 days in office. Speaker Johnson highlighted citizens who were unjustly detained abroad, business owners who will benefit from new apprenticeship opportunities, and families devastated by previous open borders policies, among many others.

Click here to read the full list

“President Donald J. Trump entered the White House with the most decisive mandate in modern history. In just 100 days, he’s done more for America than Joe Biden managed in four years,” Speaker Johnson said. “The American people can feel the tangible impact of President Trump’s swift and decisive action. From coast to coast, North to South, the American First agenda is helping Americans from across our great country.

“Republicans in Congress are proud to stand with the President as he secures our border, restores accountability in government, fights for common sense, and defends the liberty and prosperity of generations of Americans to come,” Speaker Johnson continued. “Today, as we mark 100 historic days, we celebrate the many ways President Trump has delivered for the American people.”

Since his inauguration on January 20th, President Trump has taken bold action to secure the border, drive down inflation, restore American strength on the world stage, clean up our communities, secure trillions of dollars in new investments and jobs, and return common sense to Washington. These 100 American stories illustrate that.

Read 20 stories below, and the full list here.

Alexis Nungaray, Angel Mother – Alexis Nungaray is the mother of Jocelyn Nungaray, a 12-year-old girl who was tragically murdered by illegal aliens in June of 2024. Jocelyn’s life was tragically cut short because of the Biden Administration’s failure to close our borders and protect American citizens from dangerous illegal aliens. On March 5, 2025, President Trump signed an executive order honoring her life by renaming Anahuac National Wildlife Refuge to Jocelyn Nungaray Wildlife Refuge in Anahuac, Texas. Since Jocelyn’s murder, her mother Alexis has been advocating alongside the Trump Administration and Senator Ted Cruz for stronger immigration laws.

Marianna Montoya, Florida Resident – During President Trump’s first 100 days, Marianna was able to open up her very first Roth IRA and begin contributing on a monthly basis. President Trump’s work to reverse the devastating consequences of Bidenomics has given her hope that she and her husband will be able to retire peacefully.

Frank Windsor, Rinnai America President – In late 2024, the Biden Administration issued a rule that effectively banned an entire niche of American manufacturing: non-condensing tankless water heaters. The rule specifically targeted Rinnai America Corporation, the only U.S. facility producing these water heaters. Thanks to President Trump’s leadership, the House passed a Congressional Review Act resolution to overturn the rule, keeping Rinnai’s doors open and protecting nearly 300 American jobs.

Sarah Taylor, Iowa Parent – Sarah and her husband, Dan, both attended private Catholic elementary schools and knew they wanted the same faith-based education for their daughters, Hannah and Millie. Thanks to expanding educational freedom and school choice, the Taylors were empowered to choose the school that best fit their family’s values. For the Taylor family, school choice has meant more than access. It’s meant opportunity. Their story is one of many that show the power of giving parents the freedom to choose what’s best for their children.

Kelly Wilson, Small Business Owner – Kelly Wilson’s family has owned and operated a small business in Colorado for 80 years, but after mass flows of illegal aliens began arriving in Denver under the Biden Administration, her family discussed moving to another state. In the face of budget cuts to Denver’s police force and sanctuary city policies that have failed Denver families, Kelly began speaking out for her community. Since day one, the Trump Administration has made cracking down on sanctuary cities and states a top priority. Today, communities like Kelly’s are safer, thanks to President Trump’s work to restore the rule of law.

Jim Chilton, Rancher – The Chilton Ranch has been operated within the Chilton family for generations, a family legacy that Jim and Sue Chilton have preserved mere miles away from the Southern Border. However, under the Biden Administration, they were forced to shoulder the consequences of President Biden’s border crisis. During April of 2024 alone, the Chiltons experienced 5,640 immigrant encounters on their ranch. The last time they checked with the Border Patrol, in April of this year, there were zero crossers over the course of three weeks. Thanks to President Trump’s work to reverse the Biden administration’s radical open-border policies, the Chilton family’s beloved ranch and livelihood are no longer under threat.

Ben Paulding, CPA – Ben hosts South Dakota’s first federally subsidized CPA Apprenticeship Program. After navigating months of red tape under the Biden Administration, he can finally onboard his first interns. Thankfully, President Trump has ended burdensome mandates on programs like Ben’s, enabling him to refocus his attention on merit-based, equal opportunity hiring without the DEI red tape.

George Glezmann, Former Hostage – George Glezmann, a Georgia native and Delta Airlines mechanic, was arrested by the Taliban in 2022 during a planned tourist visit. Despite no formal charges being filed, Glezmann was held for over 2 years in an Afghanistan prison. On March 20, 2025, he was released as a gesture of “goodwill” by the Taliban following trilateral negotiations between Qatar, the U.S., and the Taliban. Upon returning to the U.S., he said, “I feel like I’m born again, I’m in debt to President Trump. Thank God he’s in the White House and thank God he got me out.”

Michelle Root, Angel Mother – Michelle Root is the mother of Sarah Root, a 21-year-old Iowan who was killed by an illegal alien drunk driving in 2016. Instead of answering for his crimes, the illegal alien posted bail, was released from jail, and was never seen again. Fortunately, this criminal was found in Honduras and the Trump Administration worked with Honduran authorities to extradite him to the United States to face justice. President Trump also signed the Laken Riley Act, which included Sarah’s Law – introduced by Congressman Randy Feenstra from Iowa – to ensure that any illegal alien who harms or kills an American citizen is swiftly detained and prosecuted to the fullest extent of the law. The Root Family is grateful to President Trump and Congressman Feenstra for honoring their precious daughter’s memory.

Marc Fogel, Schoolteacher/Former Hostage – Marc Fogel, an American schoolteacher, was wrongfully detained by Russian authorities in 2021 after being arrested on drug charges related to medical marijuana. Despite having a valid prescription in the U.S., he was sentenced to 14 years in a Russian prison. However, on February 11, 2025, Fogel was released and returned to the United States through a diplomatic deal negotiated by President Trump. He was warmly greeted by the President upon his arrival back to the United States and expressed his gratitude, saying, “I feel like the luckiest man alive.”

Tony Campbell, East KY Power Cooperative CEO – Tony Campbell serves as the CEO and President of East Kentucky Power Cooperative. He and his colleagues have faced significant challenges under burdensome regulations that targeted the coal industry—an industry that has powered American homes and cities for generations. Through executive action, President Trump strengthened the reliability and affordability of American energy, safeguarded American jobs, and preserved critical coal plants, delivering on his promise to create jobs and uphold America’s energy independence.

Joseph Knowles, Detroit Autoworker – Joseph Knowles is a Detroit autoworker for Stellantis who was laid off during the Biden Administration and later reinstated after President Trump’s election victory. After attending President Trump’s Joint Address to Congress, Knowles declared he had left the Democratic Party for good. “I got very good hope for the Republican Party,” Knowles said, “More and more people are seeing the true colors of the Democrats.”

Lawrence Rosen, Cra-Z-Art Founder – Lawrence Rosen is the owner of Cra-Z-Art, the largest toy maker in the United States. Since Liberation Day, Lawrence has seen the benefits of President Trump’s tariffs firsthand on domestic manufacturing. Because of President Trump’s decisive action in the first 100 days, Rosen is expanding their domestic production by 50% and investing millions of dollars into factories across the country.

Elliston Berry, Texas High School Student – Elliston Berry was only 14-years-old when one of her classmates took an innocent selfie of her and ran it through AI to make a deep-fake pornographic image, which was later circulated throughout her school. Her painful experience motivated her to become an advocate against deepfake pornography, with her efforts leading to legislative action by Senator Ted Cruz. The “Take it Down Act”, which First Lady Melania Trump has championed, protects victims, enhances protections for users, and introduces accountability for AI platforms passed the House in April.

Kirk Davis, Bob Davis Electric CEO – Kirk Davis, owner of Bob Davis Electric, is one of many business leaders benefiting from President Trump’s action to tackle America’s workforce challenges. Thanks to the President’s Executive Order on apprenticeships, Kirk has been able to recruit, train, and retrain the skilled electricians needed to meet rising power demands and grow his business.

Dakota Meyer, U.S. Marine – President Trump’s Department of Defense has championed a warrior culture in America’s armed forces that has generated massive results for military recruiting. In April, Secretary Hegseth announced the U.S. Army had surpassed its 2025 reenlistment goal six months early. Dakota Meyer, a Marine Corps veteran and Medal of Honor recipient, is just one of the many brave Americans who have reenlisted, deciding to reenter the Army after a 15-year hiatus. “I’m damn proud of the men and women who are standing in uniform,” said Meyer, “and I’m so proud I get to be one of them again.”

Steven McCain, Sheriff – In Grant Parish, illegal aliens are using drones to drop off drugs and other paraphernalia at a large federal prison. It’s been a significant problem for the prison, but now that President Trump has returned to the White House, the situation has changed. Sheriff McCain has noticed a sharp increase in cooperation from ICE, the United States Attorney’s Office, and other local officials. Working together, law enforcement from all levels will be able to crack down on these drones.

Brian Riley, CEO of Guardian Bikes – Citing his support for President Trump’s tariffs, Brian announced a $19 million investment to move Guardian’s bike production out of China and into Seymour, Indiana.

Dino Mavrookas, CEO of Saronic – President Trump has called for the restoration of America’s maritime dominance, and Dino Mavrookas, CEO of the defense startup Saronic, has been a leader in answering this call. To help build the next-generation of autonomous vessels, Saronic acquired Gulf Craft, a Louisiana-based shipbuilder. By preserving Gulf Craft’s skilled workforce, creating hundreds of new, good-paying jobs, and investing over $2.5 billion to develop Port Alpha, Saronic is strengthening our economy, rebuilding America’s maritime strength, and supporting our national defense.

Gary Hamrick, Senior Pastor – Senior Pastor Gary Hamrick became the target of anti-Christian bias when he and his church were charged by the IRS for so-called Johnson Amendment violations. Under President Trump, the Department of Justice has established a task force to eradicate anti-Christian bias in the federal government and safeguard the religious liberty of all Americans.

###

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: Boozman Welcomes Confirmation of Warren Stephens as US Ambassador to United Kingdom

US Senate News:

Source: United States Senator for Arkansas – John Boozman
WASHINGTON—U.S. Senator John Boozman (R-AR) released the following statement after the Senate confirmed Little Rock businessman Warren Stephens to serve as U.S. Ambassador to the United Kingdom:
“Warren Stephens is a respected businessman, philanthropist and leader who will capably serve our nation as our Ambassador to the U.K. This critical posting to represent America’s interests and ensure close cooperation with our key ally and friend is a testament to his reputation, character and skillset. I congratulate the Stephens family on this incredibly proud moment, and wish Warren and Harriet well on this undertaking in service to the country they deeply love.”
Boozman introduced Stephens at his nomination hearing before the Senate Foreign Relations Committee earlier this month and has backed his selection since it was announced by Pres. Trump.

MIL OSI USA News –

April 30, 2025

MIL-OSI USA: RELEASE: 100 Days – Promises Made, Promises Kept

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)
Washington, D.C. – U.S. Senator Markwayne Mullin (R-OK) released the following statement to mark President Trump’s first 100 days in office:
“100 days ago, President Trump returned to Washington, D.C. to shake things up and get this country back on track. All 77 counties in Oklahoma, and Americans across the country, voted overwhelmingly for his bold America First agenda. And after four disastrous years of the Biden Administration, President Trump is delivering on the promises he made to the American people.”
“Under President Trump, we have seen win after win. Safety and security are being restored as violent, illegal, criminals are finally being deported. Companies and countries around the world recognize that America is the place to do business with over $5 trillion in new investments pouring in. President Trump is unleashing American energy by eliminating burdensome regulations, supporting energy independence, and strengthening energy security.”
“Senate and House Republicans are in constant communication with the White House, working in lockstep to implement the President’s policies. The Senate has now confirmed 55 nominees at record pace for President Trump’s all-star team. And we’re just getting started.”
100 Days of Wins:
Secure border.
Lower costs.
Historic investments.
Huge deportation operation.
Energy dominance.
DEI is OVER in the military.
Protecting women’s sports.
Historic government transparency.
Bringing hostages home.
Critical DOGE savings.
Record-breaking recruitment for the military.
Background:
To watch Senator Mullin’s video on President Trump’s first 100 days, click HERE.

MIL OSI USA News –

April 30, 2025

MIL-OSI United Kingdom: Councils to seize and crush fly-tipping vehicles to clean up Britain

Source: United Kingdom – Executive Government & Departments

Press release

Councils to seize and crush fly-tipping vehicles to clean up Britain

Waste criminals, fly-tippers and cowboy waste operators to have vehicles seized and crushed

Secretary of State Steve Reed visiting A1 Metal Recycling Centre in Wokingham to see a vehicle being crushed

A new crackdown on cowboy waste operators will tackle soaring fly-tipping and clean up Britain’s streets, lanes and rural areas, the Government has announced today (Tuesday 29 April).

Councils will work with the police to identify, seize and crush vehicles of waste criminals. Drones and mobile CCTV cameras will be deployed to identify cars and vans belonging to fly-tippers so they can be destroyed.

Ministers have launched a rapid review to slash red tape blocking councils from seizing and crushing vehicles. Councils currently have to bear the significant cost of seizing and storing vehicles but under new plans, being consider by Ministers, fly-tippers will cover this cost, saving councils and taxpayers money.

In addition, waste cowboys will now face up to five years in prison for operating illegally. Any criminals caught transporting and dealing with waste illegally will now face up to five years in prison under new legislation.

Secretary of State for the Environment, Food and Rural Affairs, Steve Reed said:

Waste criminals and fly-tippers who blight our towns and villages have gone unpunished for too long.

That ends today. The Government is calling time on fly-tipping. I will not stand by while this avalanche of rubbish buries our communities.

Under the Plan for Change, this Government will seize and crush fly-tippers vans’ to clean up Britain’s streets.

These measures support the Government’s Plan for Change and will help deliver its key mission of Safer Streets for the public, restoring communities’ faith in efforts to combat anti-social behaviour.

Waste crime is trashing communities across the country. Fly-tipping has skyrocketed by a fifth whilst the number of prosecutions has fallen by the same amount since 2018/19. The failure to punish these criminals has left our high streets, roads and countryside buried under an avalanche of rubbish.

The Environment Agency will also carry out identity and criminal record checks on operators in the sector so there is nowhere to hide for rogue firms.

It will be handed more resources as they will now be able to fund the cost of policing the industry through permits, boosting their powers and cutting costs for taxpayers. The reforms will also give them more power to revoke permits, issue enforcement notices and hefty fines.

Philip Duffy, Environment Agency Chief Executive, said:

Waste crime is toxic. Criminals’ thoughtless actions harm people, places, and the economy, blighting our communities and disrupting legitimate businesses.

At the Environment Agency, we’re determined to bring these criminals to justice through tough enforcement action and prosecutions. That’s why we support the Government’s crackdown on waste criminals, which will ensure we have the right powers to shut rogue operators out of the waste industry.

Executive Director of the Environmental Services Association (ESA), Jacob Hayler, said:

For too long, criminality has run rampant across the waste sector. These illegal activities threaten the environment; damage communities and undermine legitimate recycling and waste operations. ESA has long campaigned for tighter rules, tougher enforcement and harsher penalties to deter criminals, so we very much welcome today’s reforms and hope that they are put to good use driving criminals out of our sector.

In particular, the proposed reforms to the carriers, brokers, dealers and exemption regimes, coupled with strong and effective enforcement from the regulators, could go a long way to help tackle the scourge of waste crime, with increased scrutiny and accountability making it much harder for criminals to operate in our sector.

Councillor Muhammed Butt, Leader of Brent Council, said:

Our residents have had enough of the dumpers who pollute their neighbourhoods with rubbish. These new powers will be a welcome addition to our arsenal, reinforcing our zero-tolerance stance on fly-tipping. We’ve already witnessed the positive impact of our focused efforts, and I am determined to use every tool at our disposal, including seizing vehicles, to reclaim our streets.

The Government is making available £69 billion to council budgets across England – a 6.8% cash terms increase – and bringing forward the first multi-year funding settlement in a decade, to help fund key responsibilities like tackling fly-tipping

Published 29 April 2025

MIL OSI United Kingdom –

April 30, 2025

Category: Politics

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Councils to seize and crush fly-tipping vehicles to clean up Britain

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