MIL-OSI New Zealand: Mark Cameron drafts bill to stop banking wokery and protect rural borrowers

Source: ACT Party

ACT Rural Communities spokesperson Mark Cameron has drafted a bill to scrap the red tape forcing banks and financial institutions to make climate-related disclosures, by repealing Part 7A of the Financial Markets Conduct Act 2013.

“Rural and regional New Zealanders are being hammered by banking wokery that judges businesses on political fashion rather than commercial sense,” says Mr Cameron.

“Farmers are already seeing discrimination creeping into interest rates based on perceived emissions. They fear they’ll be the next to be ‘debanked’, not because of financial risk, but because they don’t fit the agenda of the suit-and-tie bigwigs. We’ve already seen it happening to essential industries like mining and service stations.

“These rules are the ultimate virtue signal that only ACT opposed back in 2021. They reduce banking competition and force significant costs on lenders – and therefore borrowers – for absolutely no environmental gain.

“This week I wrote to the Minister for Commerce and Consumer Affairs, raising concerns about the harmful impact these regulations have on borrowers, banking competition, and economic growth, and encouraging him to adopt my proposal as a Government Bill.

“The Bill I’ve drafted sends two clear messages to the banks. First, they will no longer win political favour by making ideological lending decisions, and they can be confident that they won’t be punished for sticking to their core role of serving customers. Second, for those banks that have fallen under ideological capture, it’s a signal to get back to basics – or risk losing customers to competitors who understand what banking is really about.

“For government and the regulators of banks, it’s about getting back to basics too. The role of financial regulation is to ensure the sound functioning of financial markets in a way that promotes trust, efficiency, and stability. The climate-disclosure requirements are a departure from this limited function into social engineering.

“It’s also unnecessary. We already have an Emissions Trading Scheme that makes these woke rules completely redundant – emissions are capped and the cost of carbon is already factored into investment and production decisions.

“So while the disclosure requirements haven’t reduced a single gram of global emissions, they do put pressure on the banks by waving a stick at the banks, tacitly saying ‘if we don’t like who you’re lending to we’ll hit you’. That is part of what’s driving this madness and why ACT believes markets, not ministers should decide where investment is directed.

“The answer to woke lending practices is not more red tape, it’s getting rid of the existing stuff that’s causing it in the first place.

“We’ll win the war on banking wokery by letting better ideas and businesses compete against out-of-touch lenders. Piling on additional heavy-handed regulations risks scaring off new entrants to the market, further entrenching the power of the big players. If we want to force their hand, the market is best placed to do it.”

Mark Cameron’s letter to the Minister can be read here.

A copy of the Financial Markets Conduct (Repeal of Climate-related Disclosure Requirements) Amendment Bill can be read here.

The climate-related disclosure requirements were introduced by Labour in 2021 through the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Events – REPORTERS FACING MULTIPLE CHALLENGES COVERING THE CLIMATE EMERGENCY – AUT

Source: Auckland University of Technology (AUT)

The challenges faced by journalists covering the climate emergency will be at the heart of a public symposium at Auckland University of Technology (AUT) next month.

The symposium, titled Framing the Emergency: Climate Journalism in Aotearoa New Zealand, will explore how journalists report on the climate crisis, what more they can do, and how more climate stories might be told.

Speakers will include leading journalists Eloise Gibson (RNZ), Marc Daalder (Newsroom), and Miriama Kamo (TVNZ).

Experts and activists in the line-up include Russel Norman (Greenpeace), Jessica Palairet (Lawyers for Climate Action), and Joe Nagera (Pacific Climate Warriors).

The symposium convenor, Professor Geoffrey Craig, said New Zealand climate journalists had a challenging job relating how the planetary crisis was impacting the nation.

They needed to “traverse the complexities of governmental policies and emission trading schemes, the power of corporations and the technicality of scientific research”, he said.

“They must cover the politics of land and water management, the advocacy of activists, and the struggles of citizens responding to disasters and building greater sustainability in their communities and everyday lives.”

Journalists also face the challenge of reporting independently on the “actions and discourses of stakeholders” who frame climate issues in different ways, based on their interests.

The climate emergency could be said to transforming our understanding of the relationships between economy, environment and society.

“Yet some might argue there is little sense of an ’emergency’ in our public responses to the climate crisis,” he said.

“Do we need other climate stories in our media where the mahi and hope of communities point the way forward?”

Auckland University of Technology (AUT) is one of the world’s best modern universities. Home to 28,000 students across three campuses, AUT has more than 60 research centres and institutes delivering leading research – from artificial intelligence to robotics,
and ecology to public health. As a contemporary university, AUT is connected to an extraordinary range of organisations sharing expertise and resources, collaborating on ground-breaking research, and connecting students with industry leaders and employers.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Government Cuts – $1b cut in Budget operating allowance ‘unnecessary and damaging’

Source: Better Taxes for a Better Future Campaign

The announcement by the Government that it will cut $1b to its Budget operating allowance is unnecessary and damaging, according to the Better Taxes for a Better Future Campaign.

“This cut, on top of last year’s mean spirited Budget, is a result of the 2024 tax cuts, which overwhelmingly favoured the wealthiest New Zealanders, including the $2.9b tax break for landlords,” says Glenn Barclay, spokesperson for the Better Taxes Campaign.

“The Government has painted itself into a fiscal corner as a consequence and is making decisions that are both unnecessary and damaging because of their unwillingness to recognise that our tax system is broken and that we need to raise more revenue for the betterment of all New Zealanders.”

“We are seeing the health system in crisis and other essential public services being squeezed,” says Glenn Barclay.

“While this is an immediate problem, it reflects the failure of successive governments to ensure that we collect sufficient revenue to meet our needs and that those who can afford to pay more in tax do so.”

New Zealand’s core Crown revenue has averaged around 30% of GDP historically and this is low compared to many European countries, which have much better health systems and public services.

In 2023, research by Inland Revenue demonstrated that the the wealthiest 310 families in New Zealand had an effective tax rate of around 9% whereas the average New Zealander paid over 20% in tax.

“It is clear that our health system and public services need better funding, that we need more resources for tackling climate change and that inequality is eating away at our society,” says Glenn Barclay.

“Our broken tax system lies at the heart of all these pressing issues and we call on the Government and opposition parties to recognise the need to introduce taxes that many other countries have – such as a capital gains tax, an excess profits tax, wealth taxes and wealth transfer taxes.”

The Better taxes for a Better Future Campaign was launched in June 2023 with the support of 21 partner organisations. It is seeking a tax system that:

Is fully transparent.
Ensures people who have more to contribute make that contribution: that we gather more revenue from wealth, gains from wealth, all forms of income, and corporates.
Makes greater use of fair taxes to promote good health and environmental health.
Addresses the tax impact on the least well-off in our society.
Raises more revenue to enable us to address the social, economic and environmental challenges we face.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI United Kingdom: UK researchers access more quantum and space Horizon funding

Source: United Kingdom – Executive Government & Departments 2

Press release

UK researchers access more quantum and space Horizon funding

EU Commissioner visits London as UK researchers and businesses get access to more Horizon Europe funding calls for quantum and space research

Minister for EU Relations today welcomes EU Commissioner Maroš Šefčovič ahead of his first official visit to the United Kingdom.
Visit comes as UK researchers and businesses benefit from wider access to Horizon Europe funding calls for quantum and space research, which will help drive sector and economic growth and deliver our Plan for Change.
New backing from the world’s largest programme of research collaboration, worth c.£80 billion, builds on high-potential tech areas like AI, telecoms and high-performance computing

Minister for EU Relations, Nick Thomas-Symonds, today welcomes EU Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, Maroš Šefčovič, ahead of his first official visit to the United Kingdom under this government (Tuesday, 29 April 2025).

Commissioner Šefčovič’s visit follows the recent engagement with European Commission President Ursula Von Der Leyen last week, providing a significant opportunity to review the progress of ongoing discussions between the UK and the European Union. This engagement is a key step in the lead-up to the UK-EU Summit scheduled for next month.

This visit comes as UK scientists, researchers and businesses working on the latest innovations in quantum and space technologies have now been given access to more Horizon Europe funding, under the new 2025 Horizon Europe Work Programme published last week (Friday 25 April).

Access to Horizon Europe funding, and the opportunities for international collaboration that Horizon presents, will be an important boost to these two sectors which are at the cutting edge of new opportunities for economic growth, helping to drive the Government’s Plan for Change.

These are technologies that will be instrumental to the future of the economy: quantum computing alone is projected to deliver $5-10 billion of benefits globally over the next 3-5 years, while since 2015 the UK has attracted more private investment in space than any other country outside of the United States.

During his visit in the UK, the European Commissioner for Trade and Economic Security, alongside the Minister for the Cabinet Office, Nick Thomas-Symonds, will meet professors at Imperial College London who have benefited from Horizon funding for their projects.

Minister Nick Thomas-Symonds will co-chair the Withdrawal Agreement Joint Committee with Commissioner Šefčovič, who is also scheduled to meet with the Secretaries of State for the Foreign, Commonwealth and Development Office, the Department for Business and Trade, and the Northern Ireland Office.

Paymaster General and Minister for the Cabinet Office (Minister for the Constitution and European Union Relations), Rt Hon Nick Thomas-Symonds MP, said:

In just under a month, the United Kingdom will host the UK-EU Summit here in London. Today provides an opportunity to take stock of negotiations and the progress made. We are fully aligned in our ambitions to build a safer, more secure, and prosperous future for people across the UK and Europe.

We will always act in the national interest as we work towards a strong and durable strategic partnership with our European partners, unlocking new opportunities for British citizens and businesses.

UK Science Minister Lord Vallance said:

Thanks to this welcome news, the opportunities for British researchers and businesses working in quantum, space, and beyond are only set to grow.

They now have greater access to one of the world’s foremost vehicles for R&D funding, and an even bigger chance to build the international ties which we know are critical to advancing knowledge, tackling the world’s biggest challenges, and delivering the economic growth that is at the heart of this Government’s Plan for Change.

I want innovators up and down the UK to seize the moment that stands before them. Horizon’s doors are open to you, and we have support available to help you. Now is the time to bid for funding, build consortia, and take your work to the next level.

The UK gained access to the vast majority (95%+) of Horizon funding calls, when we associated to the programme in 2024, with some very limited exceptions on some emerging technologies.

Today’s breakthrough comes after a period of constructive collaboration between UK and EU teams and means that more British experts working on space and quantum can now confidently bid for a share of the c.£80 billion that is available through Horizon overall.

They can also build consortia with research partners across Europe, and beyond in Canada, Switzerland, and more. This includes complete access to all Horizon Europe quantum funding calls.

Horizon also offers a huge opportunity to businesses and researchers focusing on other cutting-edge technologies, like AI, telecoms, and high-performance computing, including through access to cutting-edge computing resources through EuroHPC. Recent UK-EU engagement has ensured that the UK retains open access to all calls in these areas.

The Horizon Europe programme is an innovation powerhouse –spending over €380 billion on R&D in 20231 – and fostering deep and high-quality links between the continent’s brightest minds, and the UK’s, will be critical if we are to seize the promise for science and tech innovations to support the Government’s Missions to grow the economy, fix the NHS and improve health outcomes and deliver clean energy under the Plan for Change. Innovative and high-potential sectors like space and quantum will be instrumental to rebuilding the foundations of the economy, and kickstarting growth.

Greater access to Horizon is a win for the UK, given the growing importance of space and quantum to the economy and society. The UK space sector already employs 52,000 people and generates an of £18.9 billion each year.

Meanwhile new innovations in quantum – harnessing the unique properties of subatomic particles to process information and solve problems – are already unlocking breakthroughs in healthcare, logistics, financial services and more. On top of this, experts working in fields like AI, high performance computing, and future telecoms continue to enjoy valuable Horizon access, as well as a vast number of other sectors including food and agritech, digital, industry and more.

British researchers having access to more Horizon science funding calls also further emphasises the value of the UK’s participation in the EU’s Copernicus Earth Observation programme.

Furthermore, the UK and EU have a strong shared commitment to developing assured and independent European access to space: work which forms a key part of the UK’s own ambitions for space launch. With plans for the first launches from SaxaVord in the Shetland Islands later this year, the UK is a leading international partner and cooperator in Europe’s space ambitions and it is encouraging that British researchers will be able to access calls that help to further Europe’s ambition.

There is no time to lose for businesses, researchers, and scientists working in quantum, space and beyond to take advantage of this news, because new Horizon funding calls open in the coming weeks. New space and industry calls open from Thursday 22 May, and digital calls open from Tuesday 10 June.

Notes to editors

Since 2024, the government has provided extensive assistance to our R&D communities to maximise their chances of applying and succeeding in Horizon Europe. In addition to concrete funding initiatives, such as Pump Priming, we recently piloted brokerage visits to Italy, Germany and Spain for UK innovators and researchers looking to build Horizon consortia. Last month, more than 500 of the UK’s leading researchers, businesspeople and scientists gathered at London’s Oval for a Showcase event sharing insight on opportunities available through Horizon. Further information, including practical support on how to apply, is available on the Horizon Hub website. UK Research and Innovation (UKRI) also host regular events that help guide businesses and researchers through the opportunities on offer and the application process. We will continue to review the needs of the UK R&D community in order to offer support and facilitate access to Horizon Europe opportunities.

Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal.

More information on how to submit applications are available on the European Commission’s website. The pre-publication of the Horizon Europe 2025 Work Programme can be found here.

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Email press@dsit.gov.uk

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Published 29 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI United Kingdom: Government takes leaps forwards in driving up school standards

Source: United Kingdom – Government Statements

Press release

Government takes leaps forwards in driving up school standards

New regional improvement teams expanded to reach more than 200 schools and 120,000 children to drive up standards across the country.

Thousands more children are set to benefit from the government’s flagship new school improvement teams, as the programme significantly ramps up this week.

The government’s RISE (Regional Improvement for Standards and Excellence) teams are expanding their reach from an initial 32 schools, to more than 200 reaching over 120,000 children.

The drive comes as the government’s Children’s Wellbeing and Schools Bill progresses in the Lords this week, with new laws to put money back in parents’ pockets, keep children safe and bring every school up to the standard of the best.

RISE teams are backed by £20 million, and central to the government’s mission to drive up school standards for children in all corners of the country, as part of its Plan for Change.

Each RISE school could be eligible for support of up to £100,000 to help turn around the quality of education for children and young people.

This expansion goes hand in hand with a tripling of the government’s team of RISE advisers, with an additional 45 starting their work this week, bringing the total to 65.

Every adviser is an expert with a track record of improving schools, with the majority academy trust leaders, with advisers already hitting the ground running to drive up improvement in schools.

There are more than 600 ‘stuck’ schools in England that have received consecutive poor Ofsted judgements, and which are attended by more than 300,000 children.

Data shows that the schools RISE advisers are supporting, have spent an average of 6.6 years rated by Ofsted as below good or equivalent, amounting to a child spending their whole primary or secondary school years in an underperforming school.

Education Secretary, Bridget Phillipson said:

No child should be spending precious days, let alone years, in schools that are underperforming.

Our new RISE teams, made up of the best of the best in school improvement, can be the spark that turns around the life chances of tens of thousands of children.

RISE teams have already hit the ground running, and as we deliver on our Plan for Change, I am determined to make sure we lift every school, for every child, up to the standard of the best.

Dozens of the schools have been stuck for more than six years and 42 for more than 11 years, reinforcing the need to secure swift improvement for children across the country.

As part of the bespoke improvement plans drawn up by the RISE advisers, working with the school’s responsible body, the first 32 ‘stuck’ schools have already started to be paired with supporting organisations, including high-quality multi-academy trusts, who will provide support and expertise to assist the schools on their improvement journeys.

Some of these supporting organisations include high-performing multi academy trusts who have years of experience working with the sector. Mulberry Schools Trust, L.E.A.D Academy Trust and the Northern Education Trust are a few of many trusts involved in supporting other schools.

Gaenor Bagley, Chair of Trustees and Dr Karen Roberts, CEO, The Kemnal Academies Trust, whose schools, are receiving RISE support said:

We would like to say, at this juncture and for the record, just how refreshing, different and positive the experience of working with the RISE advisers has been – it really does feel like a genuine partnership.

More widely teams will also work across all schools up and down the country providing a universal service, signposting to best practice and bringing schools together to share their knowledge and innovation, focusing on four national priorities: attainment, attendance, inclusion and reception year quality.

RISE adviser, Dr Herminder K Channa, Oasis Community Learning Regional Director, said:

I am deeply honoured to take on the RISE Adviser role, fully aware of the responsibility it carries. At its heart, RISE reflects a powerful truth: we are stronger when we stand together.

This policy unites us as a sector regardless of trust, local authority, faith or context with a shared commitment to ensure every child can achieve and thrive.

By championing collaboration over fragmentation and support over intervention, RISE unlocks the collective expertise across our system. Together, we can build a future where excellence is not the exception, but the expectation for every school, every teacher, and every child.

RISE adviser, Anita Cliff, Chief Executive Advisor, Manor Multi Academy Trust, said:

I’m privileged to serve as a Regional Improvement Adviser for Standards and Excellence with the Department for Education. This role gives me the opportunity to support schools across the region in removing barriers to achievement—helping to transform children’s life chances and ensure every child can thrive, regardless of background.

RISE adviser, Lee Mason-Ellis, Chief Executive, The Pioneer Academy, said:

RISE is a fantastic opportunity to work across and within our sector, in a collaborative way; to ensure that every child, no matter where they live, receives a good education in strong schools. Who wouldn’t want to be part of this amazing opportunity to improve life chances of our children, across the nation.

I firmly believe that RISE will bring the education sector together, working in partnership, in collaboration – together sharing and problem solving for the benefit of all children across the nation.

As a further commitment to support its ongoing engagement with the sector the Department for Education is also establishing a new RISE operational stakeholder group to advise on delivery to ensure views are reflected.

Published 29 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI New Zealand: Statement by Minister Todd McClay following the March 2025 Pastoral Sector Group meeting

Source: New Zealand Government

The Pastoral Sector Group (PSG) has held its first meeting, discussing farm emissions.
The group consists of Agriculture, Trade and Investment Minister Todd McClay, Climate Change Minister Simon Watts, and Chairs and CEOs from: Beef + Lamb New Zealand, Dairy Companies Association of New Zealand, Dairy NZ, Deer Industry New Zealand, Federated Farmers, and the Meat Industry Association.
Pasture Sector
Sector representatives contributed perspectives on the current state of the industry and a desire to work constructively toward a positive outcome for the rural sector.
They underlined the significant eﬀort made by farmers to date.
They stressed the need for any consideration of emissions reduction to be based upon science and to be solutions driven.
They stressed the need to revise the domestic methane target based on the principle of no additional warming.
They stressed the need for any solutions to be aﬀordable for farmers; and for the need to avoid imposing costs upon industry and government.
They voiced concerns about the eﬀects afforestation was having on the pastoral sector and welcomed the Government’s recent announcement to restrict farm to forest conversions.
They raised concerns about the negative impact that a price on agricultural emissions would have on production.
They stressed the need for certainty and time for the primary sector.
Government
Ministers reiterated that this group was to allow the sector to provide their views to government directly and to engage in a respectful dialogue.
Ministers thanked the primary sector for their significant contribution to New Zealand, and in particular, the importance of a strong primary sector to the New Zealand economy.
They stressed that the PSG was an opportunity to talk openly and that it was not a decision-making body.
The members of the group agreed that New Zealand farmers are among the world’s most carbon-eﬃcient food producers and were willing to do their part for New Zealand’s overall commitment to reduce emissions.
Ministers confirmed the following:

That the Government has removed agriculture from the Emissions Trading Scheme.
That the Government has disbanded He Waka Eka Noa.
That the Government is committed to a split gas approach.
That the Government commissioned an independent scientific review on the role of biogenic methane against additional warming.
That the Government will pass legislation this year to implement its decision of 4 December 2024 to restrict full farm to forest conversions.
That the Government is committed to meeting New Zealand’s climate obligations without closing down farms or sending jobs and production overseas.
That all decisions in respect to farm emissions will be informed by accepted science.
That the Government is mindful of the impact of costs related to emissions reduction on farmers; and the implications that cost could have for production.
That a revised 2050 biogenic methane target will be set this year.
That the Government is committed to the use of science and innovation to reduce emissions, not reducing on farm production.
That it is for New Zealand to decide how to reduce emissions.
That New Zealand has climate change obligations under some trade agreements and that the Government will be guided by domestic considerations and interests including those of New Zealand producers and the economy.
The Government currently has a plan that shows New Zealand can meet its obligations while growing the economy and without closing down farms or sending production or jobs overseas.
That the Government will continue to build confidence in the primary sector.

The PSG will meet again next month.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Budget 2025: The Growth Budget

Source: New Zealand Government

Tēna koutou kātoa. Greetings everyone. Can I thank you Malcolm for that kind introduction and thank everyone who has taken the time to be here today. My special thanks go to our hosts Metco Engineering and the Hutt Valley Chamber of Commerce.
Let me also acknowledge my colleagues who join us today – your local MP and my Associate Minister of Finance the Hon Chris Bishop, together with the Minister of Education the Hon Erica Stanford.
This factory is a bit of a different setting than the conference centre or ballroom Ministers typically use for a pre-Budget speech. Why?
Because places like this are the engine room of the New Zealand economy.
Our Government knows that to speed up the economic recovery New Zealanders need we have to get this growth engine cranking.
I appreciate that economic growth can be a bit of an abstract concept: the work that happens on this factory floor is what it’s all about.
The workers at Metco solve problems, coming up with new products and manufacturing processes for a range of industries. They design and create clever components for customers around the world – producing everything from window stays through to bus stops.
Metco has grown successfully by making investments in its own machinery and technology and by hiring and up-skilling great people who come up with innovative ideas and then make them happen.
The growth of businesses like MetCo, and indeed of all the businesses represented in this room today, has created good jobs and livelihoods for the people of the Hutt Valley community.
It’s also allowed your businesses to make healthy tax contributions, which helps fund the Government’s investment in health services, schools, vital infrastructure and other important public spending.
Thank you for that contribution, we don’t take it for granted.
New Zealand needs more success stories like MetCo: Your growth is what’s needed to deliver the kind of country we all want: with better living standards, better job opportunities and more financially secure families.
That’s why our Government is going for growth.
Earlier this year we released a snapshot of the work we have underway to support this growth agenda. Going for Growth sets out 87 specific actions we are taking under five key themes:

Developing talent
Competitive business settings
Innovation, technology and science
Overseas investment and trade
Infrastructure for growth

I encourage you to check out the plan and the work underway. There’s more to come.
For today though, I’m going to switch out of my Economic Growth hat and into my Minister of Finance hat and focus my remarks on this year’s Budget.
The Context for Budget 2025
The Government’s growth ambition has been front and centre as we’ve put the Budget together.
We know that global uncertainty is challenging for many of you and we’re determined our Budget will play a role in giving you confidence for the future.
But let me be blunt: it’s not the easiest time to be putting together a Budget.
New Zealand is still recovering from the economic damage inflicted during the Covid period and we’re now facing the headwinds of further global instability.
There is a pressing need for greater investments in our health system, our education system, our defence force and other areas, and very little money to pay for those investments.
Our Government is also acutely conscious of the challenging economic circumstances many New Zealanders have experienced in the past few years as we’ve emerged from a period of very high inflation and rapidly rising interest rates.
The pain is still rippling through our communities. Kiwis feel it in the higher prices they still pay for almost everything, in higher levels of unemployment and in struggling local businesses. The cost of living remains a top-of-mind concern.
The good news is that, despite significant global challenges, a steady economic recovery is now taking place here, with export-led growth gathering strength, business confidence coming off its lows and the primary sector benefiting from higher commodity prices and mostly favourable growing conditions.
Having considered everything happening around the world, the Treasury is continuing to forecast accelerating growth in the New Zealand economy over the coming year, with falling unemployment forecast to follow in the second half of the year.
There’s no magic wand to wish away the price rises baked in over recent years, but getting inflation and interest rates under control has been essential to achieving this economic recovery.
That’s why I always take pause to celebrate that since our Government came to office inflation has returned to normal levels, resulting in a 200 basis point reduction in interest rates.
We must not take this progress for granted.
While some pretend we can fix all the post-Covid damage with yet more extravagant government spending, the economic truth is that they are wrong.
The only way to sustainably overcome cost of living pressures is through successive years of stable inflation, careful investment and sustained economic growth.
Our Government is committed to the responsible fiscal management and growth supporting policies needed to make that happen.
Debt, deficit and the path out
An important part of that effort is getting our own books in order. That’s a big task.
The previous Government’s spending decisions during and after Covid have left New Zealand with a sea of debt and red-ink in the government finances.
Government debt leapt up by almost $120 billion between 2019 and 2024, soaring from under $58 billion to $175 billion.
Those are big numbers, almost too big to comprehend, so let me explain it this way: That amounts to $22,000 more in debt for every New Zealander.
You may well ask: what do we have to show for all that debt?
To give you some further historical context, New Zealand’s net core Crown debt, which once hovered between five and 25 per cent of GDP, rose to around 42 per cent last year. That’s the highest level of government debt New Zealand has shouldered since the mid-1990s.
Servicing that debt is expensive.
The interest bill on government debt has soared from $3.6 billion in 2014 to $8.9 billion last year. That sum is more than annual core Crown expenses for the Police, Corrections, the Ministry of Justice, Customs and the Defence Force combined.
Our Government’s goal is to put net core Crown debt on a downward trajectory towards 40 per cent of GDP and in the longer term keep it below that percentage.
Why? Because allowing debt to keep spiralling would threaten the livelihood of every New Zealander.
We must ensure our country is financially strong and resilient enough to effectively respond to whatever the future may throw: be it earthquakes, extreme climatic events, biosecurity incursions or whatever. We need the world to keep seeing us as a good country to invest in and lend to. Manageable debt levels are an essential foundation for a strong economy and for your financial future.
Achieving lower debt levels isn’t easy: especially because the government books remain out of balance.
The post-Covid ‘structural deficit’ has left a big gap between what the country needs to fund to deliver on the spending commitments previous Budgets have made and what we need to earn to pay for that spending.
The Government is currently borrowing billions to bridge the gap.
Every Thursday afternoon, New Zealand Debt Management issues around $500 million of Government bonds. Some of this is to that roll over existing bonds that have expired, but large chunks of it are for new borrowing.
That level of borrowing obviously can’t go on forever, or else our kids and grandkids will be left with unsustainable debt and considerable economic uncertainty.
Most of you can probably relate to this if you think about your own household budget: sure, sensible borrowing has its place, but no overdraft can be extended forever, and while you can keep giving the credit card a hammering, left unpaid, it does, eventually, get declined.
It’s worth bearing this in mind next time somebody tries to suggest to you that the New Zealand Government needs to spend more on something.
The second question always needs to be: but how will we pay for it?
Our Government’s strategy is to reduce the deficit over time, through a gradual programme of consolidation and careful spending choices.
We are committed to maintaining stability for New Zealanders, by continuing to invest in essential frontline services, infrastructure for growth and social supports like superannuation.
But delivering those things requires us to make careful choices about what we spend elsewhere.
That’s why we’ve committed ourselves to ongoing reprioritisation and fiscal restraint. It isn’t easy, but it is essential.
Believe me, I’d rather we were in clover, with money to spend on all the good ideas we hear. But the reality is that we are governing in tighter times.
Economic growth is essential to our fiscal repair job. It’s simply the most effective way to raise government revenue, and to give us better choices for the future.
Some have suggested a different approach. They say New Zealand should seek to close the deficit by simply adding more and higher rates of taxes to Kiwis’ wages, savings, wealth or capital.
We reject that approach.
Punishing Kiwis with higher taxes right now would undermine our recovery, strangle growth and threaten the economic stability New Zealand needs.
It would pull the rug out from all those businesses and industries who are already just hanging on. And it would send an exodus of Kiwi talent and wealth to Australia and beyond.
It would be exactly the wrong recipe for a country whose future prospects depend on investment and growth.
Changes in the economic and fiscal outlook since HYEFU
The Treasury’s last set of economic forecasts was presented at the Half Year Update in December.
As you know, the global economic outlook has worsened considerably since that update.
Tarriff announcements by the US government, countervailing tariffs being imposed by China and an uncertain path for future tariffs and exemptions have created volatile global economic conditions with forecasters around the world agreeing that global growth will be lower this year and next year than they were previously predicting.
New Zealand can’t escape the fallout.
Accordingly, Treasury has adjusted the forecasts it presented in December, reducing their assumptions of real GDP growth in New Zealand in 2025 and 2026.
New Zealand’s economy will still be growing, but not as fast as forecast a few months ago.
That lower growth trajectory has an inevitable impact on the government books, reducing revenue and threatening our already difficult return to surplus and debt reduction.
At the same time, it’s clear that the country’s need for investment has not lessened: whether it be in the infrastructure we need for a more productive future, the funding needed to meet pressures in our health service and education system; or the need to rebuild our defence capability to meet the challenges of a less stable world.
On top of all of that, it’s also the case that New Zealand’s long-term productivity and savings challenges haven’t gone away.
So there’s a huge amount to juggle in this year’s Budget.
How has the Government managed these challenges?
We started with that question that I suggested to you earlier: How do we pay for the things we need now without putting our future economic stability at risk?
Our approach has been threefold.
First, there has been a very high bar for new initiatives in the Budget. I can confirm today that there will be no lolly scramble in Budget 2025. New spending initiatives are strictly limited to the most important priorities: our focus has been on health, education, law and order, defence, and a small number of critical social investments. We have also found room for modest measures to support business growth and to provide some carefully targeted cost of living relief.
Second, beyond a small number of exceptions, government departments are not receiving additional funding in the Budget. We expect government agencies to adjust themselves to New Zealand’s limited fiscal means. This will require restraint in public sector wage increases and an ongoing commitment to getting more impact out of every dollar spent.
Third, we have undertaken a significant savings drive.
That effort has involved Ministers identifying areas of previously committed spending that can no longer be justified in light of the challenging circumstances New Zealand now faces.
We’ve analysed spending decisions made by previous governments and re-evaluated them in the context of today’s constraints. This has involved a line-by-line review of previous funding commitments, including money put aside in contingency.
This reprioritisation exercise has required careful consideration and some tough, but necessary, choices.
At every step, we’ve asked ourselves two questions:

Can these dollars be justified when we are borrowing to pay for them?
Can we be sure these dollars will do more good in this area than if invested in our most pressing priorities – like funding essential health services, better educating our kids, defending New Zealand’s security or ensuring our future growth?

Taken together, the Government’s savings drive has freed-up billions of dollars. Those savings will now be re-deployed to fund New Zealand’s most pressing priorities.
Sticking to the fiscal strategy
In this year’s Budget we’ve also had to carefully consider whether, in light of major global economic events, our fiscal strategy still remains achievable.
The strategy is focused on two key goals: putting net debt on a downward trajectory and returning the books to an OBEGALx surplus by 2028.
This strategy matters, it matters for getting the books back in order and that’s about more than a set of numbers. It’s about keeping interest rates lower and providing a solid platform for future growth. It’s about ensuring New Zealand continues to be seen as a stable, reliable place to invest in and lend to. It’s about making sure we don’t leave our kids and grandkids with debts they just can’t repay.
At our last update in December – well before President Trump’s “Liberation Day” – we were expecting a small surplus in 2029, and it remained our intention to returning it a year earlier if possible.
I can confirm that our Government remains committed to those goals.
Sticking to them has required some careful adjustments in this year’s Budget.
The key change we have made is to the size of this year’s “operating allowance” – that is the amount of money put aside for new spending.
At the Half Year Update, the Treasury forecast that the “allowance” in Budget 2025 would be $2.4 billion.
That was always a small envelope. However, as I outlined earlier, our approach has been to supplement our new spending by reprioritising funds from elsewhere.
I am confirming today that the Government has reduced the size of our Budget 2025 operating allowance to $1.3 billion.
This means we will be spending billions less over the forecast period than would have otherwise been the case. This will reduce the amount of extra borrowing our country needs to do over the next few years and it will keep us on track towards balanced books and debt reduction.
The fiscal forecasts will not be finalised until later this week, but according to the latest numbers I have seen, this smaller operating allowance means we will continue to forecast a surplus in 2029.
The reality of global economic events is that if we’d pushed on with a larger operating allowance then we would be staring down the barrel of even bigger deficits and debt.
Let me emphasise once again: our Budget will still deliver increased investment in the things that really matter to Kiwis: like health, education, law and order, the defence force, business growth and targeted cost of living relief. Those things are important to you and they’re important to our Government.
Our careful reprioritisation approach means we can continue to make progress on today’s priorities while ensuring we are better positioned to face the challenges tomorrow will bring.
Yes, those challenges loom large.
But let’s get real: global instability may not be a passing trend. New Zealand can’t expect to keep borrowing as much as we are now. The world doesn’t owe us any favours.
This is not the time to kick the can down the road.
We must act now to secure our financial future.

Conclusion
In conclusion, Budget 2025 takes place against a difficult global backdrop.
We can’t wish that away. What we can do is focus on the things in our control.
Our Government is doing just that, by providing a predictable, steady approach to economic and fiscal management.
In an unstable world we are staying the course with responsible policies that provide stability, support investment and make New Zealand an attractive place for the world to trade and do business with.
These sensible policy approaches are the base from which we will deliver better choices and investments in the years ahead.
With those basics in place, there is much for Kiwi businesses to feel optimistic about.
New Zealand has enormous economic growth potential.
We are a safe, secure country with a growing constellation of free trade agreements and a global reputation as a good place to do business.
We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land and temperate weather to abundant minerals.
In a world worried about food security, we feed more than 40 million people with levels of efficiency and sustainability that are the envy of many.
We have a long history of stable democracy, strong institutions and rule of law.
We’ve delivered scientific breakthroughs and global success stories and we will continue to do so. As I stand here today, we are world leaders in sending rocket to space – rockets that include components made right here in this factory.
Fundamentally, I’m optimistic about New Zealand’s economic future because I have faith in you: the New Zealanders who get out of bed each morning and go and make things happen.
I’m optimistic because I see how hard Kiwis work. I see how much effort Kiwi parents go to for their kids. I see how much employers and workers care about their communities. We are a smart, innovative, resilient people.
The next decade can be our decade. That requires good and steady government and careful spending choices. This year’s Budget will not be a lolly scramble. What this Budget will be is a responsible Budget that secures New Zealand’s future.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI: Skyline Bankshares, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FLOYD, Va. and INDEPENDENCE, Va., April 28, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”) – announced its results of operations for the first quarter of 2025.

As previously announced, the Company acquired Johnson County Bank (“JCB”) on September 1, 2024, with the Company as the surviving corporation. For accounting purposes, the Company is considered the acquiror and JCB is considered the acquiree in the transaction. As such, all information contained herein as of and for periods prior to September 1, 2024 reflects the operations of the Company prior to the merger.

The Company recorded net income of $3.6 million, or $0.64 per share, for the quarter ended March 31, 2025, compared to net income of $2.1 million, or $0.37 per share, for the same period in 2024. First quarter 2025 earnings represented an annualized return on average assets (“ROAA”) of 1.17% and an annualized return on average equity (“ROAE”) of 15.85%, compared to 0.79% and 9.94%, respectively, for the same period last year. Net interest margin (“NIM”) was 4.15% for the first quarter of 2025, compared to 3.64% for the first quarter of 2024.

President and CEO Blake Edwards stated, “We are very pleased with our results for the first quarter of 2025. Our entire Skyline team has worked tirelessly in recent years to deliver on our long-term strategy of growing the Skyline franchise and creating shareholder value through branching activity, organic growth in our legacy markets, and through acquisitions such as last year’s partnership with Johnson County Bank. Our strong first quarter earnings, as noted above, reflect the success of these ongoing efforts. I’m extremely proud of this team and know they will continue to deliver on our brand promise of being “Always our Best” for years to come.”

Highlights

In connection with the acquisition of JCB, effective September 1, 2024, the Company acquired $154.1 million in assets at fair value, including $87.2 million in loans. The Company also assumed $133.8 million of liabilities at fair value, including $125.3 million of total deposits with a core deposit intangible asset recorded of $3.4 million, and goodwill of $4.6 million.
Net income was $3.6 million, or $0.64 per share, for the first quarter of 2025, compared to $2.1 million, or $0.37 per share, for the first quarter of 2024.
Net interest margin (“NIM”) was 4.15% for the first quarter of 2025, compared to 4.10% in the fourth quarter of 2024, and 3.64% in the first quarter of 2024.
Total assets increased in the first quarter of 2025 by $33.9 million, or 2.78%, and increased by $201.4 million, or 19.18%, when compared to $1.05 billion at March 31, 2024.
Net loans were $992.2 million at March 31, 2025, an increase of $15.8 million, or 1.61%, when compared to $976.4 million at December 31, 2024, and increased $172.3 million when compared to $819.9 million at March 31, 2024.
Total deposits were $1.11 billion at March 31, 2025, an increase of $22.2 million, or 2.03%, from $1.09 billion at December 31, 2024, and an increase of $183.9 million from $930.4 million at March 31, 2024.

First Quarter 2025 Income Statement Review

Net interest income after provision for credit losses in the first quarter of 2025 was $11.5 million, compared to $8.8 million in the first quarter of 2024, reflecting an increase in the provision for credit losses of $85 thousand in the quarterly comparison. Total interest income was $15.5 million in the first quarter of 2025, representing an increase of $3.5 million in comparison to the $12.0 million in the first quarter of 2024. Interest income on loans increased in the quarterly comparison by $3.6 million, primarily due to organic loan growth, and the addition of loan balances from the JCB acquisition. Management anticipates that this loan growth will continue to have a positive impact on both earning assets and loan yields.   Interest expense on deposits increased by $653 thousand in the quarterly comparison, as a result of rate increases on deposit offerings, and the additional interest-bearing deposits from the JCB acquisition. Management anticipates that interest expense on deposits could increase in the near term as competitive pressures for deposits may result in continued increases in rates on deposit offerings, especially on time deposits. Interest on borrowings decreased by $11 thousand.

First quarter 2025 noninterest income was $1.8 million compared with $1.7 million in the first quarter of 2024. Included in noninterest income for the first quarter of 2025 was $60 thousand from life insurance contracts.   Included in noninterest income for the first quarter of 2024 was $218 thousand from life insurance contracts and a net realized security loss of $141 thousand. The net security loss resulted from the recognition of unamortized premiums on a called bond.   Excluding these items, noninterest income increased by $104 thousand in the quarter over quarter comparison, primarily as a result of an increase in service charges of $100 thousand.

Noninterest expense in the first quarter of 2025 was $8.9 million compared with $8.0 million in the first quarter of 2024, an increase of $887 thousand, or 11.12%. Salary and benefits increased by $179 thousand in the quarterly comparison due to personnel additions and routine salary adjustments, as well as increased benefit costs. Occupancy and equipment expenses increased by $68 thousand, and data processing increased by $199 thousand in the quarterly comparisons primarily due the JCB acquisition. FDIC assessments increased by $102 thousand due to increased deposit levels from the JCB acquisition and organic deposit growth. Core deposit intangible amortization increased by $132 thousand in the quarterly comparison as a result of the JCB acquisition.

Income tax expense increased by $449 thousand in the quarter-to-quarter comparison, primarily due to an increase in net income before taxes of $2.0 million in the quarterly comparison.

Balance Sheet Review

Total assets increased in the first quarter of 2025 by $33.9 million, or 2.78%, to $1.25 billion at March 31, 2025, from $1.22 billion at December 31, 2024, and increased by $201.4 million, or 19.18%, from $1.05 billion at March 31, 2024. The increase in total assets during the quarter can be primarily attributed to the loan growth of $15.9 million and deposit growth of $22.2 million during the quarter.

Total loans increased during the first quarter by $15.9 million, or 1.61%, to $1.0 billion at March 31, 2025 from $984.5 million at December 31, 2024, and increased by $173.6 million, or 21.01%, compared to $826.7 million at March 31, 2024. Core loan growth during the first quarter was at an annualized rate of 6.60%.

Asset quality has remained strong, with a ratio of nonperforming loans to total loans of 0.22% at March 31, 2025 compared to 0.26% at December 31, 2024. The allowance for credit losses remained comparable at approximately 0.82% of total loans as of March 31, 2025 and December 31, 2024, respectively.

Investment securities increased by $196 thousand during the first quarter to $118.5 million at March 31, 2025 from $118.3 million at December 31, 2024, and decreased by $3.9 million from $122.4 million at March 31, 2024. The increase in the first quarter of 2025 was the result of a $2.6 million decrease in unrealized losses on investment securities and paydowns $2.4 million.

Total deposits increased in the first quarter of 2025 by $22.2 million, or 2.03%, to $1.11 billion at March 31, 2025 from $1.09 billion at December 31, 2024, and increased $183.9 million, or 19.77%, compared to $930.4 million at March 31, 2024. Noninterest-bearing deposits increased by $12.5 million and interest-bearing deposits increased by $9.7 million during the quarter. Lower cost interest-bearing deposits increased by $8.3 million during the quarter, and time deposits increased by $1.4 million.

Stockholders’ equity increased by $4.2 million, or 4.80%, to $92.9 million at March 31, 2025, from $88.7 million at December 31, 2024, and increased $10.0 million, or 12.12%, from $82.9 million at March 31, 2024. The change during the quarter was due to earnings of $3.6 million, less dividends paid of $1.4 million, and $2.0 million in other comprehensive income. Book value increased from $15.69 per share at December 31, 2024 to $16.44 per share at March 31, 2025.

Forward-looking statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934 as amended. These include statements as to expectations regarding future financial performance and any other statements regarding future results or expectations. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” or “project” or similar expressions. Our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to: changes in interest rates; general economic and financial market conditions; the effect of changes in banking, tax and other laws and regulations and interpretations or guidance thereunder; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the economic impact of duties, tariffs or other barriers or restrictions on trade, and any retaliatory counter measures, and the volatility and uncertainty arising therefrom; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company’s market area; the implementation of new technologies; the ability to develop and maintain secure and reliable electronic systems; accounting principles, policies, and guidelines; disruptions to customer and employee relationships and business operations caused by the Johnson County Bank acquisition; the ability to achieve the cost savings and synergies contemplated by the acquisition within the expected timeframe, or at all; and other factors identified in Item 1A, “Risk Factors,” in the Company’s Annual Report on 10-K for the year ended December 31, 2024. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or clarify these forward‐looking statements, whether as a result of new information, future events or otherwise.

(See Attached Financial Statements for quarter ending March 31, 2025)

Skyline Bankshares, Inc. Condensed Consolidated Balance Sheets March 31, 2025; December 31, 2024; March 31, 2024

	March 31,			December 31,			March 31,
(dollars in thousands except share amounts)		2025			2024			2024
	(Unaudited)			(Audited)			(Unaudited)
*Assets*
Cash and due from banks	$	21,298		$	17,889		$	13,115
Interest-bearing deposits with banks		16,130			1,562			8,233
Federal funds sold		456			–			384
Investment securities available for sale		118,483			118,287			122,368
Restricted equity securities		4,993			4,034			3,609
Loans		1,000,332			984,459			826,684
Allowance for credit losses		(8,160	)		(8,027	)		(6,765	)
Net loans		992,172			976,432			819,919
Cash value of life insurance		26,649			26,743			23,055
Other real estate owned		140			140			–
Properties and equipment, net		35,342			34,663			31,394
Accrued interest receivable		4,009			4,013			3,450
Core deposit intangible		3,603			3,815			837
Goodwill		7,900			7,900			3,257
Deferred tax assets, net		5,060			5,593			5,252
Other assets		15,263			16,528			15,207
Total assets	$	1,251,498		$	1,217,599		$	1,050,080

*Liabilities*
Deposits
Noninterest-bearing	$	350,451		$	337,918		$	293,912
Interest-bearing		763,936			754,285			636,529
Total deposits		1,114,387			1,092,203			930,441

Borrowings		37,026			29,254			30,000
Accrued interest payable		699			950			683
Other liabilities		6,465			6,524			6,081
Total liabilities		1,158,577			1,128,931			967,205

*Stockholders’ Equity*
Common stock and surplus		33,556			33,507			33,145
Retained earnings		75,874			73,714			69,638
Accumulated other comprehensive loss		(16,509	)		(18,553	)		(19,908	)
Total stockholders’ equity		92,921			88,668			82,875
Total liabilities and stockholders’ equity	$	1,251,498		$	1,217,599		$	1,050,080
Book value per share	$	16.44		$	15.69		$	14.72
Tangible book value per share	$	14.41		$	13.62		$	14.00


*Asset Quality Indicators*
Nonperforming assets to total assets		0.19	%		0.22	%		0.17	%
Nonperforming loans to total loans		0.22	%		0.26	%		0.22	%
Allowance for credit losses to total loans		0.82	%		0.82	%		0.82	%
Allowance for credit losses to nonperforming loans		367.90	%		313.19	%		378.14	%

Skyline Bankshares, Inc.
Condensed Consolidated Statement of Operations

	Three Months Ended
	March 31,
(dollars in thousands except share amounts)	2025		2024
	(Unaudited)		(Unaudited)
*Interest income*
Loans and fees on loans	$	14,721	$	11,147
Interest-bearing deposits in banks		47		64
Federal funds sold		2		4
Interest on securities		682		734
Dividends		32		37
		15,484		11,986
*Interest expense*
Deposits		3,335		2,682
Interest on borrowings		426		437
		3,761		3,119
Net interest income		11,723		8,867

*Provision for credit losses*		178		93
Net interest income after
provision for credit losses		11,545		8,774

*Noninterest income*
Service charges on deposit accounts		584		551
Other service charges and fees		916		849
Net realized losses on securities		–		(141	)
Mortgage origination fees		35		55
Increase in cash value of life insurance		174		146
Life insurance income		60		218
Other income		17		21
		1,786		1,699
*Noninterest expenses*
Salaries and employee benefits		4,500		4,321
Occupancy and equipment		1,479		1,411
Data processing expense		848		649
FDIC Assessments		246		144
Advertising		244		217
Bank franchise tax		132		99
Director fees		93		58
Professional fees		302		221
Telephone expense		124		107
Core deposit intangible amortization		212		80
Other expense		683		669
		8,863		7,976
Net income before income taxes		4,468		2,497


*Income tax expense*		895		446
Net income	$	3,573	$	2,051

*Net income per share*	$	0.64	$	0.37
*Weighted average shares outstanding*		5,584,704		5,564,568
*Dividends declared per share*	$	0.25	$	0.23

Skyline Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and understanding the Company’s financial condition, capital position and financial results. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. The non-GAAP financial measure presented in this document includes tangible book value per share. The following tables present calculations underlying non-GAAP financial measures.

	March 31,			December 31,			March 31,
(dollars in thousands except share amounts)		2025			2024			2024
	(Unaudited)			(Unaudited)			(Unaudited)
*Tangible Common Equity*
Total stockholders’ equity (GAAP)	$	92,921		$	88,668		$	82,875
Less: Goodwill		(7,900	)		(7,900	)		(3,257	)
Less: Core deposit intangible		(3,603	)		(3,815	)		(837	)
Tangible common equity (non-GAAP)	$	81,418		$	76,953		$	78,781
Common stock shares outstanding		5,651,704			5,651,704			5,629,204
Tangible book value per share	$	14.41		$	13.62		$	14.00

For more information contact:
Blake Edwards, President & CEO – 276-773-2811
Lori Vaught, EVP & CFO – 276-773-2811

The MIL Network –

April 29, 2025

MIL-OSI USA: Rep. John James’ Legislation to Repatriate and Fortify U.S. Supply Chains Passes House

Source: United States House of Representatives – Congressman John James (Michigan 10th District)

WASHINGTON, D.C. – Today, the House of Representatives passed Congressman John James’ (MI-10) Promoting Resilient Supply Chains Act. The bill is aimed at bolstering American supply chains, creating good-paying manufacturing jobs, and reducing costs for consumers across the nation.

The Promoting Resilient Supply Chains Act (H.R. 2444) establishes a comprehensive approach to monitoring and proactively strengthening U.S. supply chains. By leveraging cutting-edge technologies such as artificial intelligence and quantum computing, the legislation ensures the Department of Commerce is properly anticipating and mitigating potential supply chain shocks — ranging from natural disasters to geopolitical conflicts — before they impact American families and businesses.

“As a former automotive supply-chain executive representing the #1 manufacturing district in the nation, I know firsthand that our dependence on adversarial foreign supply-chains is a problem we can no longer ignore,” said Congressman James. “This legislation is about bringing jobs back home, lowering costs for hardworking families, and ensuring our national security. It’s time to secure our own future by putting America First. I’m thrilled that this bill—which fully reinforces President Trump’s vision for secure supply chains—passed the House. I look forward to the bill moving to his desk and being signed into law.”

Key provisions of the legislation include:

Creating a Supply Chain Resiliency Program within the Department of Commerce to identify and address gaps in critical industries and emerging technologies.
Establishing an Early Warning System to predict and prevent disruptions using advanced technology.
Fostering Public-Private Collaboration to develop best practices and enhance supply chain security, with input from labor, industry, and government stakeholders.
Reducing Dependence on Adversarial Nations by incentivizing domestic manufacturing and diversifying supply sources.

The bill comes at a critical time, as recent years have highlighted the risks of over-reliance on foreign supply chains, particularly those of the Chinese Communist Party. By prioritizing American ingenuity and workforce development, the Promoting Resilient Supply Chains Act aims to safeguard economic stability and protect national interests for generations to come.

Rep. James was joined by his colleagues Reps. Debbie Dingell, Erin Houchin, Pat Ryan and Robin Kelly in introducing the legislation.

To view Rep. James speaking on the House Floor in favor of H.R. 2444, click here.

To view the bill text, click here.

###

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Rep. Burlison Announces Hearing on Revitalizing American Manufacturing, Protecting Critical Supply Chains

Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

WASHINGTON—Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.) announced a hearing today titled “Made in the USA: Igniting the Industrial Renaissance of the United States.” The subcommittee hearing will examine how cheap labor abroad, combined with overregulation and obstacles to permitting in the United States, contributed to the offshoring of American manufacturing and an over-reliance on China to fulfill manufacturing needs. To ensure our national security and safeguard supply chains, the subcommittee will discuss the importance of bringing manufacturing back to the United States and analyze economic opportunities it promises to benefit all Americans and spur innovation in the U.S. manufacturing industry.

“For decades, America’s manufacturing industry has been gutted—sold off piece by piece to bidders overseas. The federal government has allowed cheap foreign labor, red tape, and a broken permitting system to hollow out America’s industrial might, handing over critical supply chains to the Chinese Communist Party. Alongside President Trump, Congress is now taking action toward restoring the United States’ industrial strength and economic independence. Washington is waking up and realizing it’s time to bring American jobs, innovation, and production back home. I look forward to shining a light on the root causes of this manufacturing decline and exploring meaningful solutions that ensure our supply chains are strong, our workforce is empowered, and our future is built right here in the United States,” said Subcommittee Chairman Burlison.

WHAT: Hearing titled “Made in the USA: Igniting the Industrial Renaissance of the United States.”

DATE: Tuesday, April 29, 2025

TIME: 11:00 a.m. ET

LOCATION: HVC-210

WITNESSES:

Kevin Czinger
Founder and Executive Chairman
Divergent 3D
Chris Power
Founder and Chief Executive Officer
Hadrian
Austin Bishop
Chief Executive Officer
New American Industrial Alliance

The hearing will be open to the public and press and will be streamed online at https://oversight.house.gov/.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Protects American Communities from Criminal Aliens

Source: The White House

CRACKING DOWN ON SANCTUARY CITIES: Today, President Donald J. Trump signed an Executive Order to enforce federal law with respect to sanctuary jurisdictions to protect their citizens from dangerous illegal aliens.

The Order directs the Attorney General and Secretary of Homeland Security to publish a list of States and local jurisdictions obstructing federal immigration law enforcement and notify each sanctuary jurisdiction of its non-compliance, providing an opportunity to correct it.
Sanctuary jurisdictions that do not comply with federal law may lose federal funding.
The Order directs the Attorney General and Secretary of Homeland Security to pursue all necessary legal remedies and enforcement measures to bring non-compliant jurisdictions into compliance.
It instructs the Attorney General and Secretary of Homeland Security to develop mechanisms for proper eligibility verification in sanctuary jurisdictions to prevent illegal aliens from receiving federal public benefits.
The Order ensures illegal aliens are not being favored over American citizens by directing the Attorney General to address state or local laws that unlawfully prioritize aliens.
- This includes in-state tuition benefits for aliens or criminal sentencing factors that favor aliens.

ENFORCING FEDERAL LAW: President Trump believes it is imperative that the federal government restore the enforcement of United States immigration law to protect national sovereignty and security.

Millions of illegal aliens entered the United States under President Biden’s watch, including human smugglers, gang members, criminals, and terrorists.
Some state and local officials are choosing to violate, obstruct, and defy the enforcement of Federal immigration laws, a lawless insurrection against the Federal Government’s constitutional authority to protect the territorial sovereignty of the United States and conduct a unified national policy on immigration.
- The sanctuary state of Massachusetts released several illegal aliens accused of raping kids back into the community while refusing to hold them for ICE.
- Jose Ibarra was arrested and released twice before going on to murder Laken Riley.
- The sanctuary city of Philadelphia ignored an ICE detainer and released a previously deported illegal alien from Honduras, who then went on to rape a child.
Beyond creating enormous national security risks, these efforts often violate federal criminal laws, including those prohibiting obstruction of justice, harboring or hiring illegal aliens, conspiring against the United States, and impeding federal law enforcement.

SECURING OUR HOMELAND: President Trump is following through on his promise to rid the United States of sanctuary cities.

President Trump: “No more Sanctuary Cities! They protect the Criminals, not the Victims. They are disgracing our Country, and are being mocked all over the World. Working on papers to withhold all Federal Funding for any City or State that allows these Death Traps to exist!!!”

MIL OSI USA News –

April 29, 2025

MIL-OSI USA News: Protecting American Communities from Criminal Aliens

Source: The White House

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose and Policy. Federal supremacy with respect to immigration, national security, and foreign policy is axiomatic. The Constitution provides the Federal Government with plenary authority regarding immigration to protect the sovereignty of our Nation and to conduct relations with other nations, who must be able to deal with one national Government on such matters. This power is sometimes contained in specific constitutional provisions: Article II of the Constitution vests the power to protect national security and conduct foreign policy in the President of the United States, and Article IV, Section 4, requires the Federal Government to “protect each of [the States] against Invasion.” This Federal power over immigration is also an inherent element of national sovereignty.

The prior administration allowed unchecked millions of aliens to illegally enter the United States. The resulting public safety and national security risks are exacerbated by the presence of, and control of territory by, international cartels and other transnational criminal organizations along the southern border, as well as terrorists and other malign actors who intend to harm the United States and the American people. This invasion at the southern border requires the Federal Government to take measures to fulfill its obligation to the States.

Yet some State and local officials nevertheless continue to use their authority to violate, obstruct, and defy the enforcement of Federal immigration laws. This is a lawless insurrection against the supremacy of Federal law and the Federal Government’s obligation to defend the territorial sovereignty of the United States. Beyond the intolerable national security risks, such nullification efforts often violate Federal criminal laws, including those prohibiting obstruction of justice (18 U.S.C. 1501 et seq.), unlawfully harboring or hiring illegal aliens (8 U.S.C. 1324), conspiracy against the United States (18 U.S.C. 371), and conspiracy to impede Federal law enforcement (18 U.S.C. 372). Assisting aliens in violating Federal immigration law could also violate the Racketeer Influenced and Corrupt Organizations Act (18 U.S.C. 1961 et seq.). Some measures to assist illegal aliens also necessarily violate Federal laws prohibiting discrimination against Americans in favor of illegal aliens and protecting Americans’ civil rights.

It is imperative that the Federal Government restore the enforcement of United States law.

Sec. 2. Designation of “Sanctuary” Jurisdictions. (a) Within 30 days of the date of this order, the Attorney General, in coordination with the Secretary of Homeland Security, shall publish a list of States and local jurisdictions that obstruct the enforcement of Federal immigration laws (sanctuary jurisdictions). After this initial publication, the Attorney General and the Secretary of Homeland Security shall update this list as necessary.

(b) Immediately following each publication under subsection (a) of this section, the Attorney General and the Secretary of Homeland Security shall notify each sanctuary jurisdiction regarding its defiance of Federal immigration law enforcement and any potential violations of Federal criminal law.

Sec. 3. Consequences for Sanctuary Jurisdiction Status. (a) With respect to sanctuary jurisdictions that are designated under section 2(a) of this order, the head of each executive department or agency (agency), in coordination with the Director of the Office of Management and Budget and as permitted by law, shall identify appropriate Federal funds to sanctuary jurisdictions, including grants and contracts, for suspension or termination, as appropriate.

(b) With respect to jurisdictions that remain sanctuary jurisdictions after State or local officials are provided notice of such status under section 2(b) of this order and yet remain in defiance of Federal law, the Attorney General and the Secretary of Homeland Security shall pursue all necessary legal remedies and enforcement measures to end these violations and bring such jurisdictions into compliance with the laws of the United States.

Sec. 4. Preventing Federal Benefits for Aliens in Sanctuary Jurisdictions. The Secretary of Homeland Security, in coordination with the Attorney General, shall develop guidance, rules, or other appropriate mechanisms to ensure appropriate eligibility verification is conducted for individuals receiving Federal public benefits within the meaning of 8 U.S.C. 1611(c) from private entities in a sanctuary jurisdiction, whether such verification is conducted by the private entity or by a governmental entity on its behalf.

Sec. 5. Equal Treatment of Americans. The Attorney General, in consultation with the Secretary of Homeland Security and appropriate agency heads, shall identify and take appropriate action to stop the enforcement of State and local laws, regulations, policies, and practices favoring aliens over any groups of American citizens that are unlawful, preempted by Federal law, or otherwise unenforceable, including State laws that provide in-State higher education tuition to aliens but not to out-of-State American citizens that may violate 8 U.S.C. 1623 or that favor aliens in criminal charges or sentencing.

Sec. 6. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The Department of Justice shall provide funding for this order’s publication in the Federal Register.

DONALD J. TRUMP

THE WHITE HOUSE,
April 28, 2025.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Manufacturing Masterminds Q&A With Matt Ringer

Source: US National Renewable Energy Laboratory

The Shy Kid Who Left Law To Forge Chemical (and Human) Bonds

Photo by Dennis Schroeder, NREL; graphic by Katie Carney, NREL

This article is part of the Manufacturing Masterminds profile series, which provides an inside look into the lives, research, and impact of NREL’s advanced manufacturing researchers.

At 8 years old, Matt Ringer already had the deep, booming voice of a radio announcer but not the personality to match.

He was a shy, track-and-field kid who spent hours running (and not talking), chasing the coveted 4-minute-mile barrier (he likely would have broken it, too, if a college injury did not thwart his plans). Even when Ringer did talk, he discovered his syrupy voice resonated more with adults than kids.

“Those things change who you are in certain ways,” Ringer said.

For a long time, Ringer was not sure who he was—at least in terms of his career. He revered James Bond and other fictional spies who schemed their ways out of no-win situations. He loved planes and Tom Cruise’s character in “Top Gun” and considered becoming a fighter pilot. But he also admired Mark Greene, the main character on the medical drama “ER” and the sharp-suited lawyers on “L.A. Law.”

In college, Ringer chose suits over lab coats—at least at first. He started as a political science major with law school ambitions, but his dad, an electrical engineer, had one request: “Sure, go be a political science major, but take a few math classes and an engineering class.” Ringer agreed and threw in a chemistry course, too. Soon, atoms and molecules and their frenetic energy seemed far more exciting than dense, prelaw readings.

“My skill set is not in reading massive amounts of material; it never has been. It’s doing things,” Ringer said. “I had to do a lot of work to get into chemical engineering. But I did.”

Matt Ringer may have started out as a shy track star running toward the 4-minute-mile barrier, but he ended up a charismatic leader running NREL’s advanced manufacturing program. Photos from Matt Ringer, NREL

Today, after 23 years at the National Renewable Energy Laboratory (NREL), Ringer has become a bit like one of his beloved energetic atoms. As the laboratory program manager for NREL’s advanced manufacturing program, he helps build teams (aka molecules), connecting experts, organizations, and resources. These bonds are what ensure the laboratory’s researchers can turn theoretical concepts—like wide-bandgap power electronics, novel polymer formulations, more efficient grid technologies, or more stable water supplies—into real solutions.

“I’m not going to be the person who creates the next sensor for an automotive manufacturing plant in Detroit, right?” Ringer said. “But I can help get the right people together to make that a reality.”

In the latest Manufacturing Masterminds Q&A, Ringer shares how he ended up in a people-centered role despite his shy childhood and why he joined NREL despite knowing nothing about the laboratory and its mission. This interview has been edited for clarity and length.

So, how did you go from political science to chemical engineering?

When I applied to college, I was wrapped up in the imaginary life of “L.A. Law.” But the first quarter, I took chemistry again, and it really resonated with me. I liked understanding how you could use the energy molecules contained. But I never had a desire to get a Ph.D., and my dad always said that if I added engineering to something, that would make me more hirable. Lo and behold, there was a major called chemical engineering, and I thought, “Well, that’s probably what I need to do.”

“I do love being the center of attention,” Ringer said. “Put me on a pedestal and let me talk, and I’ll do it.” Photo by Dennis Schroeder, NREL

What did you do after you graduated with your chemical engineering degree?

I worked as a research engineer at a startup membrane company in the San Francisco Bay Area called Membrane Technology and Research. I did a lot of pilot tests of our materials at larger companies and realized I was pretty good at talking to everybody from the senior manager all the way to the operator, technician, or mechanic. And I had an opportunity to shift from being a researcher to what we called more of a “sales engineer,” so I took it.

What did you do as a “sales engineer”?

I would prepare a quote, work with vendors to get costs for equipment, and then pull a bid package together. I also got to help manufacture the membranes that we sold. I would get all garbed up, get a glue gun, and roll sheets of membrane into a spiral-wound module. One of my sales highlights was spending about six months working with a Malaysian company to create a customized membrane system for their facility. That was my first sale and my one and only patent. That has long since expired, and I don’t believe it ever got used, but I still have a copy of it.

Why did you leave? Sounds like you were enjoying that role.

I had been there for six years, and I just needed to do something different and get out of California where I grew up. San Francisco was skyrocketing with dot-com craziness. And I had never envisioned how I would go to a dot-com with my background.

My girlfriend at the time—who’s now my wife—was from Colorado, so we decided to come back here. And my former boss found a job posting at NREL. I’ll be honest—I knew nothing about NREL.

Then why did you go for the NREL job?

NREL wanted a process engineer. Being a chemical engineer, I thought I needed to go work at a refinery, but I would have had to move to a very remote location to get started. And I wasn’t ready to do that. During my NREL interview, they asked what I knew about biomass, and I went on a diatribe about anaerobic digesters that wasn’t exactly correct. But apparently, my sales persona, coupled with some of the industry experience I had, fit what they needed here.

Ringer, seen here with his daughter Makena, may have bungled the biomass portion of his NREL interview, but his sales persona and industry experience earned him the role anyway. Photo from Matt Ringer, NREL

How did you become a laboratory program manager?

When I was here for about three years, I wanted to add a little more education into my background. I could go to law school and be an intellectual property attorney, but that’s a lot of reading. I could go to business school or get a master’s in engineering. Business school resonated with me. So, I went to talk to my boss. I had a whole pitch about why I should get my Master of Business Administration (MBA) and NREL should help pay for it. I said, “Hey, I want to get an MBA,” and he said, “Don’t say any more. I’ll use you in a different role.”

One of my first opportunities after I finished my MBA was creating a program where NREL works with small businesses or startups that wanted to develop our technologies. For the first time, I got to work with DOE (the U.S. Department of Energy) in a more formal way, which I really enjoyed.

For me, it always comes back to people, right? There were people at DOE who I just connected with—I understood their world a little bit. And I thought, “Well, how can I do that and help NREL at the same time?” And being a laboratory program manager was that role.

“I love winning races,” Ringer said. “But I can’t run races like I used to, which sucks.” Luckily, Ringer can still experience vicarious wins through his daughters, who both play soccer.

And what does a laboratory program manager do, exactly?

One of the amazing things for somebody like me who doesn’t have a Ph.D. is working with the researchers to understand the work they’re doing. I’m curious by nature, so the more I asked, the more people wanted to tell me. I’m not going to lie, there were things I didn’t understand. As a chemical engineer, I understand atoms and molecules more than I understand electrons. I’ve had to build a bridge between those things. That’s exactly what you do as a laboratory program manager. You bring different things together. You arrange teams. You try to be strategic.

To be successful as a laboratory program manager, you have to know people from throughout the lab: receivables, travel, human resources, web developers, technicians. And you need to ensure the operational side of the lab connects with the needs of the technical side. So, while I’m not doing the research, I can help you find the opportunities, develop stronger proposals, and then execute them.

What’s it like to work in advanced manufacturing, specifically?

It’s inspiring. The energy space is an opportunity to grow domestic manufacturing. I knew about 3D manufacturing but not what to do with it. But I learned. Now, if I go and talk to some of our researchers about power electronics, I’m not going to understand it all, but I know why they’re needed to advance manufacturing.

In an ideal world, what would you most hope to accomplish over the course of your career?

When I was 25 years old, I wanted to make lots of money. Now, I want to see our technologies make an impact. I also like to help new creative people come into NREL, so they can carry on our work. I don’t know if I’m the greatest mentor in the world. But I have a lot of experience that I can share with people, and I like seeing people grow.

What advice would you give to someone just starting their career?

You can’t skip steps. You can’t come into NREL as a researcher and expect to be a research fellow or senior director in five years. A lot of people just want to be the boss—whatever that means—and that’s a recipe for disaster. You have to put in the time, be patient, and not always think, “What am I going to be doing in five years?” You’re doing what you’re doing, and you need to get it done right.

And accept who you are. I’m bald. It’s fine. I enjoy it. Accepting who you are and where you are is so important to be happy. Otherwise, you’re fighting something that’s not real. And there are enough real things to fight.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Prepare for Severe Weather Tuesday

Source: US State of New York

overnor Kathy Hochul cautioned New Yorkers in portions of Western and Central New York to prepare for severe weather that includes an enhanced risk of severe thunderstorms expected to arrive Tuesday afternoon. Storms with strong winds are predicted along with a possible, isolated tornado for parts of Western New York, Southern Tier, North Country, Finger Lakes into Central New York. Wind gusts could exceed 70 MPH in these locations at times. There is also a possibility for hail up to one inch in diameter within thunderstorms, especially for western parts of the state. Rainfall is expected to be less than a half inch in most areas, but some isolated areas could see up to an inch of rain. There is also a marginal to slight risk for severe thunderstorms for much of the North Country, as well as portions of the Mohawk Valley, Capital Region, and Hudson Valley. Governor Hochul urged New Yorkers to closely monitor the weather and take any precautions necessary to stay safe through the storms.

“As storm season approaches and severe weather makes its way to Western and Central New York, I am directing state agencies to be prepared to assist New Yorkers impacted by these storms,” Governor Hochul said. “My highest priority is the safety of New Yorkers, and I implore all those in the path of inclement storms to monitor weather conditions and take necessary precautions to stay safe.”

For a complete listing of weather watches, warnings, advisories, and latest forecasts, visit the National Weather Service website.

Division of Homeland Security and Emergency Services
The Division’s Office of Emergency Management is in contact with their local counterparts and is prepared to facilitate requests for assistance. State stockpiles are staffed and ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring the storm track and statewide impacts closely.

Department of Transportation
The State Department of Transportation is monitoring weather conditions and prepared to respond with 3,730 supervisors and operators available statewide. All field staff are available to fully engage and respond.

Statewide equipment numbers are as follows:

1,528 large dump trucks
334 large loaders
91 chippers
90 tracked and wheeled excavators
33 water pumps
31 traffic and tree crew bucket trucks
29 traffic tower platforms
16 vacuum trucks with sewer jets

The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

Thruway Authority
The Thruway Authority has 660 operators and supervisors prepared to respond to any wind or flood related issues across the state with small to medium sized excavators, plow/dump trucks, large loaders, portable VMS boards, portable light towers, smaller generators, smaller pumps and equipment hauling trailers, as well as signage and other traffic control devices available for any detours or closures. Variable Message Signs and social media are utilized to alert motorists of weather conditions on the Thruway.

Statewide equipment numbers are as follows:

354 Large and Small Dump Trucks
66 Loaders
31 Trailers
6 Vac Trucks
15 Excavators
8 Brush Chippers
99 Chainsaws
20 Aerial Trucks
26 Skid Steers
86 Portable Generators
67 Portable Light Units

The Thruway Authority encourages motorists to download the mobile app, which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

Department of Public Service
New York’s utilities have approximately 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

New York State Police
State Police instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service, and all specialty vehicles are staged and ready for deployment.

Department of Environmental Conservation
The Department of Environmental Conservation’s (DEC) Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers, and regional staff remain on alert and continue to monitor weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

DEC reminds local officials to watch for potential flooding in their communities. Municipalities are encouraged to undertake local assessments of flood-prone areas and to remove any accumulating debris. DEC permits and authorization are not required to remove debris unless stream banks or beds will be disturbed by debris removal and/or the use of heavy equipment. Municipalities and local governments are advised to contact DEC’s Regional Permit Administrators if assistance is required and to help determine if a permit is necessary.

If a permit is necessary, DEC can issue Emergency Authorizations to expedite approval of projects in place of an individual permit. DEC approves Emergency Authorizations for situations that are deemed an emergency based on the immediate protection of life, health, general welfare, property, or natural resources.

Unpredictable weather and storms in the Adirondacks, Catskills, and other backcountry areas can create unexpectedly hazardous conditions. Visitors should be prepared with proper clothing and equipment for rain, snow, ice, and colder temperatures to ensure a safe outdoor experience. Trails have mixed conditions of snow, ice, slush, and mud.

Hikers are advised to temporarily avoid all high-elevation trails, as well as trails that cross rivers and streams. Hikers in the Adirondacks are encouraged to check the Adirondack Backcountry Information webpages for updates on trail conditions, seasonal road closures, and general recreation information.

Backcountry visitors should Hike Smart and follow proper safety guidelines. Plan trips accordingly. In an emergency, call 9-1-1. To request Forest Ranger assistance, call 1-833-NYS-RANGERS.

Office of Parks, Recreation, and Historic Preservation
New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

Thunderstorm Safety Tips

Thunderstorms are dangerous storms that can produce 50+ mph winds, lightning, hail and cause flash flooding and tornadoes. If you can hear thunder, you are close enough to the storm to be struck by lightning. Go to a safe shelter immediately.

Move to a sturdy building. Do not take shelter in small sheds, under isolated trees, or in convertible automobiles.
If lightning occurs and sturdy shelter is not available, get inside a hard top automobile and keep windows up.
Get out of boats and away from water.
Telephone lines and metal pipes can conduct electricity. Unplug appliances not necessary for obtaining weather information. Avoid using the telephone or any electrical appliances.
Do not take a bath or shower.
Turn off air conditioners — power surges from lightning can overload compressors.
Get to higher ground if flash flooding or flooding is possible.
Do not attempt to drive to safety — most flash flooding deaths occur in automobiles.
If outdoors, find a low spot away from trees, fences, and poles.
If you are in the woods, take shelter under short trees.
If you feel your skin tingle or your hair stands on end, squat low to the ground on the balls of your feet; place your hands on your knees with your head between them; make yourself the smallest target possible; and minimize your contact with the ground.

Tornado Safety Tips

If outdoors: Seek shelter in a substantial building immediately. If there is no shelter nearby, lie flat in a ditch or low spot with your hands shielding your head.
Do not try to outrun a tornado in your car; instead, leave it immediately.
If at home or in a small building: Go to the basement or an interior room on the lowest floor of the building. Stay away from windows. Closets, bathrooms, and other interior rooms offer the best protection. Get under something sturdy or cover yourself with a mattress.
If in a school, hospital, or shopping center: Go to a pre-designated shelter area. Stay away from large open areas and windows. Do not go outside to your car.
If in a high-rise building: Go to an interior small room or hallway on the lowest floor possible. Do not use the elevators. Use the stairs.
If in a mobile home or vehicle: Get out of mobile homes or vehicles – they are easily tossed about by strong winds in the tornado.
Take shelter in a substantial structure: If there is no shelter near-by, lie flat in a ditch or low spot with your hands shielding your head.

Flood Safety

During flash flooding, never attempt to drive on a flooded road. Turn around and go another way. If water begins to rise rapidly around you in your car, abandon the vehicle immediately.
Do not underestimate the power of fast-moving water. Two feet of fast-moving flood water will float your car, and water moving at two miles per hour can sweep cars off a road or bridge.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Rosen Demands Answers on Elimination of Critical Cybersecurity Personnel at Department of Health and Human Services

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) sent a letter to Secretary of Health and Human Services (HHS) Robert Kennedy Jr. expressing her deep concerns and demanding answers regarding the elimination of critical information technology and cybersecurity personnel and leadership at HHS. In the letter, Rosen highlighted the risks to Americans’ health data if left unprotected.
“I write to express my deep concerns over the recent reports that the Department of Health and Human Services (HHS) has removed key Information Technology (IT) and cybersecurity personnel and leadership, leaving critical infrastructure unprotected and unmaintained,” wrote Senator Rosen. “I’m concerned the elimination of these key staff was made without clear justification or regard to the risk to cybersecurity, network and system functionality, and the potential for Americans’ health data to go unprotected.”
“As the second-largest department in the federal government, staff across HHS manage complex and large networks and systems, requiring specialized IT personnel,” she continued. “The reported removal of staff from tech offices across HHS is highly disturbing, as these staff were responsible for managing essential networks and systems, public-facing websites, enterprise services, and cybersecurity contracts.”
The full letter can be found HERE.
Since she joined the Senate, Senator Rosen has been working across party lines to strengthen our nation’s cybersecurity infrastructure. Last year, she announced that the Department of Veterans Affairs (VA) implemented her bipartisan law to strengthen the cybersecurity of veterans’ personal information and data. Last Congress, Rosen’s bipartisan legislation to bolster cybersecurity in the health care and public health sectors advanced out of committee.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Heinrich, Luján Introduce Legislation to Build More Homes for New Mexicans, Reduce Homelessness

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) introduced the Housing for All Act, legislation to address the housing shortage and homelessness crises in New Mexico. If passed, the bill will invest in proven solutions to address housing shortages and provide a historic level of federal funding for programs to bolster innovative, locally developed solutions to increase the housing stock in the state and help New Mexicans experiencing homelessness.

As the Trump Administration undermines and defunds critical housing services across the country — including illegal staff cuts at the Department of Housing and Urban Development (HUD) and potential closures of nearly two-thirds of HUD field offices nationwide — investments to boost the affordable housing stock and reduce homelessness are essential.

“Housing costs in New Mexico and across the country are out of control. The solution is simple: we need to build and renovate more homes. And we need to provide our community leaders with the financial support necessary to carry out this important work,” said Heinrich. “While Donald Trump and Elon Musk’s “DOGE” boys gut housing services that help New Mexicans keep a roof over their head, I’m focused on boosting essential programs that increase the housing stock, lower costs, and help hardworking families get ahead.”

“In New Mexico and across the country, far too many Americans lack access to affordable housing options and are experiencing homelessness,” said Luján. “As housing programs and services face ongoing attacks and funding cuts, the need to expand affordable housing options has never been greater. That’s why I’m proud to introduce this legislation to address housing shortages and help end homelessness in New Mexico.”

Across New Mexico, there is a shortage of rental homes affordable and available to households whose incomes are at or below the poverty line or 30% of their area median income. And, according to a January 2024 survey conducted by the New Mexico Coalition to End Homelessness, 4,649 people experienced homelessness in New Mexico on a night in January. Furthermore, half of New Mexico’s lower-income renters spend more than 30% of their income on housing costs, including utilities.

Heinrich and Luján’s Housing for All Act takes an all-hands-on-deck approach to combat these crises, including historic investments from the federal government in housing solutions.

Addressing the Affordable Housing Shortage

The Housing for All Act addresses the affordable housing shortage by investing in federal housing programs, including:

The National Housing Trust Fund
- This program increases and preserves the supply of affordable housing.

The HOME Investment Partnerships Program
- The HOME program provides grants to state and local governments to build affordable housing for low-income households.

The Section 202 Supportive Housing for the Elderly Program
- The Section 202 program helps expand the supply of affordable housing by supporting nonprofit entities that build housing for low-income seniors.

The Section 811 Supportive Housing for People with Disabilities Program
- The Section 811 program helps build and subsidize rental housing with supportive services for low-income adults with disabilities.

Addressing the Homelessness Crisis

The Housing for All Act addresses the homelessness crisis by investing in:

Housing Choice Vouchers
- These vouchers help low-income families, elderly persons, veterans and disabled individuals afford housing in the private market.

Project-Based Rental Assistance
- This type of rental assistance allows tenants to live in an affordable unit and pay rent based upon their income.

The Emergency Solutions Grant Program
- This program connects families and individuals to rapid re-housing assistance, emergency shelter, and homelessness prevention.

Continuum of Care Program
- This program provides funding for efforts to end homelessness and promotes access to programs that can help homeless individuals and families.

Supporting Innovative and Locally Developed Approaches

The Housing for All Act supports innovative and locally developed approaches by investing in:

Hotel and motel conversions to permanent supportive housing with supportive services.

The Eviction Protection Grant Program to support experienced legal service providers in providing legal assistance to low-income tenants at risk of or subject to eviction.

Mobile crisis intervention teams to help those with medical or psychological needs get the care that they need.

Programs that offer a safe place to park overnight and facilitate access to rehousing and essential services.

Library programs that support people experiencing homelessness.

Inclusive transit-oriented housing development.

Improved coordination of culturally competent, trauma-informed behavioral health and homelessness services.

A one-page summary of the bill is here.

A section-by-section summary of the bill is here.

The text of the bill is here.

For a list of Heinrich’s actions to lower housing costs and tackle the housing shortage in New Mexico, click here.

For a list of Luján’s actions to lower housing costs and tackle the housing shortage in New Mexico, click here.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Durbin Reflects On The Life And Legacy Of The Late Pope Francis

US Senate News:

Source: United States Senator for Illinois Dick Durbin
April 28, 2025
Durbin: In a world of hate and fear, the Pope’s message of peace and understanding is needed now more than ever
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today delivered a speech on the Senate floor commemorating and honoring the late Pope Francis. This weekend, Durbin attended the late Pope’s funeral in the Vatican along with U.S. Senators Susan Collins (R-ME), Ed Markey (D-MA), Mike Rounds (R-SD), and Eric Schmitt (R-MO).
“Today I join people across the world and mourn the passing of Pope Francis. He was forgiving, hopeful, and committed to the notion of peace. Francis taught us that there is no one ‘right’ way to be a Catholic. That the Church can shape you, and you can shape the Church. And in the process, he made the Church stronger,” said Durbin.
During his speech, Durbin also noted he attended the Pope’s Joint Address to Congress in 2015—the first Pope to ever do so. Durbin then praised Pope Francis for using his platform to highlight the plight of immigrants and refugees, to ask compassion for those in the LGBTQ+ community whom the Church has historically shunned, and to advocate for peace in distant wars and to protect our environment.
“Like myself, Pope Francis was the child of immigrants, and he often reminded us of our responsibility to welcome the stranger. In a recent letter to American Catholic bishops, Pope Francis affirmed our nation’s right to ‘defend itself and keep communities safe.’ But he raised serious concerns about mass deportation, which ‘damages the dignity of many men and women, and of entire families, and places them in a state of particular vulnerability and defenselessness.’ His message is so timely as our government ignores due process and through an ‘administrative error,’ sends individuals to a hell-hole prison in El Salvador and deports a two-year-old to Honduras,” said Durbin.
Durbin praised Pope Francis for the speech he prepared for Easter Sunday—one day before he passed away. The Pope was so ill that he was unable to deliver the speech himself, so it was read by one of his aides.
Durbin continued, “It was a speech of peace. It was a speech of hope. It was the speech of a truly good man. In it, he pled, ‘On this day, I would like all of us to hope anew and to revive our trust in others, including those who are different than ourselves, or who come from distant lands, bringing unfamiliar customs, ways of life and ideas.’”
Durbin concluded by reflecting on the Pope’s funeral—where hundreds of thousands of people gathered in St. Peter’s Square in the Vatican City to mourn the death of Pope Francis.
“The crowd was overwhelming. Estimated in the hundreds of thousands, they represented every corner of the Earth. Just in our small section was a delegation in business suits from Lesotho in Africa, Buddhists in bright orange robes, members of the Italian Parliament, a turbaned Sikh delegation from India, and our bipartisan House delegation led by Nancy Pelosi and Republican Leader Steve Scalise. Thousands of Catholic clergy on the altar and in the audience wore vestments presenting every shade of scarlet and red. But the vast crowds of mourners and celebrants were simply admirers of Francis who, in his humble way, touched so many lives. At the front of the altar was his simple wooden casket,” Durbin continued.
“The funeral ceremony was in Latin, the language of the Catholic Church when I was a young altar boy at St. Elizabeth’s Church in East St. Louis, Illinois, in the 1950’s. As I witnessed this solemn mass and read from the text, I could hear in my mind the rusty hinges of an opening door taking me back to the Latin mass and Gregorian chant of my childhood. It is all still there, ‘deo gratias,’” said Durbin.
“How did this Mass differ from the Funeral of John Paul II decades ago? I remember the crowds of Polish mourners with their red and white flags for John Paul II,” Durbin continued. “But with Francis, what struck me were the many waves of spontaneous cheering from the vast crowd when reference was made to his simple message for immigrants, peace, understanding. Who can forget his five words: ‘Who am I to judge?’ defined his humility and humanity for so many of us. After the ceremony, I went back to my hotel room and turned on my TV. There was a recurring segment every few minutes. It showed a simple photograph of Francis and the Italian words: ‘Grazie Francesco, il Papa della gente.’ Translated to English: ‘Thank you, Francis. The Pope of the people.’ We must continue to hold fast to the message of Pope Francis to love and respect one another. In a world of hate and fear, his message of peace and understanding is needed now more than ever,”Durbin concluded.
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
-30-

MIL OSI USA News –

April 29, 2025

MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.

2025 First Quarter Financial and Operating Highlights
(at March 31, 2025 and on a year-over-year basis unless noted)

88 consecutive quarters of profitability
Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
Total loans increased by $40.5 million, or 1.6% to $2.58 billion
Total assets increased by $101.2 million, or 3.1% to $3.39 billion
Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
Efficiency ratio improved to 66.79%, compared to 74.08%
Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
Tier 1 leverage ratio was 8.44%

Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.”

Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.”

Income Statement
Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.

Deposits
At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.

Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.”

Loan Portfolio and Asset Quality
“Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller.

Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company’s total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.

F&M’s CRE portfolio included the following categories at March 31, 2025:

CRE Category	Dollar Balance		Percent of CRE Portfolio⁽^*)	Percent of Total Loan Portfolio⁽^*)

Industrial	$	281,484	21.2%	10.9%
Multi-family		217,903	16.4%	8.4%
Retail		213,281	16.1%	8.3%
Hotels		157,139	11.8%	6.1%
Office		139,069	10.5%	5.4%
Gas Stations		70,983	5.3%	2.7%
Food Service		52,827	4.0%	2.0%
Senior Living		31,400	2.4%	1.2%
Development		29,907	2.3%	1.2%
Auto Dealers		27,294	2.1%	1.1%
Other		104,411	7.9%	4.0%
Total CRE	$	1,325,698	100.0%	51.3%

* Numbers have been rounded

At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.

Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024.

Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.

For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.

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

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

Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest Income
Loans, including fees	$	37,072		$	36,663		$	36,873		$	36,593		$	35,200
Debt securities:
U.S. Treasury and government agencies		2,097			1,882			1,467			1,148			1,045
Municipalities		382			384			387			389			394
Dividends		338			367			334			327			333
Federal funds sold		–			24			7			7			7
Other		1,113			2,531			2,833			2,702			1,675
Total interest income		41,002			41,851			41,901			41,166			38,654
Interest Expense
Deposits		13,988			15,749			16,947			16,488			15,279
Federal funds purchased and securities sold under agreements to repurchase		271			274			277			276			284
Borrowed funds		2,550			2,713			2,804			2,742			2,689
Subordinated notes		284			285			284			285			284
Total interest expense		17,093			19,021			20,312			19,791			18,536
Net Interest Income – Before Provision for Credit Losses		23,909			22,830			21,589			21,375			20,118
Provision for (Recovery of) Credit Losses – Loans		811			346			282			605			(289	)
Recovery of Credit Losses – Off Balance Sheet Exposures		(260	)		(120	)		(267	)		(18	)		(266	)
Net Interest Income After Provision for Credit Losses		23,358			22,604			21,574			20,788			20,673
Noninterest Income
Customer service fees		381			237			300			189			598
Other service charges and fees		1,124			1,176			1,155			1,085			1,057
Interchange income		1,421			1,322			1,315			1,330			1,429
Loan servicing income		762			771			710			513			539
Net gain on sale of loans		284			223			215			314			107
Increase in cash surrender value of bank owned life insurance		244			248			265			236			216
Net gain (loss) on sale of other assets owned		(54	)		22			–			49			–
Total noninterest income		4,162			3,999			3,960			3,716			3,946
Noninterest Expense
Salaries and wages		7,878			7,020			7,713			7,589			7,846
Employee benefits		2,404			2,148			2,112			2,112			2,171
Net occupancy expense		1,199			1,072			1,054			999			1,027
Furniture and equipment		1,278			1,032			1,472			1,407			1,353
Data processing		557			160			339			448			500
Franchise taxes		397			312			410			265			555
ATM expense		491			328			472			397			473
Advertising		503			498			597			519			530
FDIC assessment		465			505			516			507			580
Servicing rights amortization – net		127			244			219			187			168
Loan expense		228			236			244			251			229
Consulting fees		745			242			251			198			186
Professional fees		559			368			453			527			445
Intangible asset amortization		445			446			445			444			445
Other general and administrative		1,484			1,465			1,128			1,495			1,333
Total noninterest expense		18,760			16,076			17,425			17,345			17,841
Income Before Income Taxes		8,760			10,527			8,109			7,159			6,778
Income Taxes		1,808			2,146			1,593			1,477			1,419
Net Income		6,952			8,381			6,516			5,682			5,359
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities		6,464			(7,403	)		11,664			2,531			(1,995	)
Reclassification adjustment for realized loss on sale of available-for-sale securities		–			–			–			–			–
Net unrealized gain (loss) on available-for-sale securities		6,464			(7,403	)		11,664			2,531			(1,995	)
Tax expense (benefit)		1,358			(1,554	)		2,449			531			(418	)
Other comprehensive income (loss)		5,106			(5,849	)		9,215			2,000			(1,577	)
Comprehensive Income	$	12,058		$	2,532		$	15,731		$	7,682		$	3,782
Basic Earnings Per Share	$	0.51		$	0.61		$	0.48		$	0.42		$	0.39
Diluted Earnings Per Share	$	0.51		$	0.61		$	0.48		$	0.42		$	0.39
Dividends Declared	$	0.22125		$	0.22125		$	0.22125		$	0.22		$	0.22

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	172,612		$	174,855		$	244,572		$	191,785		$	186,541
Federal funds sold		425			1,496			932			1,283			1,241
Total cash and cash equivalents		173,037			176,351			245,504			193,068			187,782

Interest-bearing time deposits		1,992			2,482			2,727			3,221			2,735
Securities – available-for-sale		438,568			426,556			404,881			365,209			347,516
Other securities, at cost		14,062			14,400			15,028			14,721			14,744
Loans held for sale		2,331			2,996			1,706			1,628			2,410
Loans, net of allowance for credit losses		2,555,552			2,536,043			2,512,852			2,534,468			2,516,687
Premises and equipment		33,163			33,828			33,779			34,507			35,007
Construction in progress		–			–			35			38			9
Goodwill		86,358			86,358			86,358			86,358			86,358
Loan servicing rights		5,805			5,656			5,644			5,504			5,555
Bank owned life insurance		35,116			34,872			34,624			34,359			34,123
Other assets		42,802			45,181			46,047			49,552			54,628

Total Assets	$	3,388,786		$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554

Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing	$	502,318		$	516,904		$	481,444		$	479,069		$	510,731
Interest-bearing
NOW accounts		874,881			850,462			865,617			821,145			829,236
Savings		696,635			671,818			661,565			673,284			635,430
Time		626,450			647,581			676,187			667,592			645,985
Total deposits		2,700,284			2,686,765			2,684,813			2,641,090			2,621,382

Federal funds purchased and securities
sold under agreements to repurchase		27,258			27,218			27,292			27,218			28,218
Federal Home Loan Bank (FHLB) advances		245,474			246,056			263,081			266,102			256,628
Subordinated notes, net of unamortized issuance costs		34,846			34,818			34,789			34,759			34,731
Dividend payable		2,997			2,996			2,998			2,975			2,975
Accrued expenses and other liabilities		33,326			31,659			40,832			27,825			25,930
Total liabilities		3,044,185			3,029,512			3,053,805			2,999,969			2,969,864

Commitments and Contingencies

Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24		135,407			135,565			135,193			135,829			135,482
Treasury stock – 846,089 shares 3/31/25 and 864,889 shares 12/31/24		(10,768	)		(10,985	)		(10,904	)		(11,006	)		(10,851	)
Retained earnings		240,079			235,854			230,465			226,430			223,648
Accumulated other comprehensive loss		(20,117	)		(25,223	)		(19,374	)		(28,589	)		(30,589	)
Total stockholders’ equity		344,601			335,211			335,380			322,664			317,690

Total Liabilities and Stockholders’ Equity	$	3,388,786		$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA

	For the Three Months Ended
Selected financial data	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Return on average assets		0.85	%		0.99	%		0.78	%		0.69	%		0.66	%
Return on average equity		8.31	%		10.00	%		7.93	%		7.13	%		6.76	%
Yield on earning assets		5.19	%		5.20	%		5.27	%		5.22	%		5.00	%
Cost of interest bearing liabilities		2.76	%		3.01	%		3.21	%		3.18	%		3.06	%
Net interest spread		2.43	%		2.19	%		2.06	%		2.04	%		1.94	%
Net interest margin		3.03	%		2.84	%		2.71	%		2.71	%		2.60	%
Efficiency ratio		66.79	%		59.82	%		67.98	%		69.03	%		74.08	%
Dividend payout ratio		43.10	%		35.75	%		45.99	%		52.35	%		55.52	%
Tangible book value per share	$	17.71		$	17.74		$	17.72		$	16.79		$	16.51
Tier 1 leverage ratio		8.44	%		8.12	%		8.04	%		8.02	%		8.40	%
Average shares outstanding		13,706,003			13,699,869			13,687,119			13,681,501			13,671,166

Loans	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Dollar amounts in thousands)
Commercial real estate	$	1,325,698		$	1,310,811		$	1,301,160		$	1,303,598		$	1,304,400
Agricultural real estate		215,898			216,401			220,328			222,558			227,455
Consumer real estate		523,383			520,114			524,055			525,902			525,178
Commercial and industrial		278,254			275,152			260,732			268,426			256,051
Agricultural		153,607			152,080			137,252			142,909			127,670
Consumer		60,115			63,009			67,394			70,918			74,819
Other		24,985			24,978			25,916			26,449			26,776
Less: Net deferred loan fees, costs and other ⁽¹⁾		(36	)		(676	)		1,499			(1,022	)		(982	)
Total loans, net	$	2,581,904		$	2,561,869		$	2,538,336		$	2,559,738		$	2,541,367


Asset quality data	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Dollar amounts in thousands)
Nonaccrual loans	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391
90 day past due and accruing	$	–		$	–		$	–		$	–		$	–
Nonperforming loans	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391
Other real estate owned	$	–		$	–		$	–		$	–		$	–
Nonperforming assets	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391


Allowance for credit losses – loans	$	26,352		$	25,826		$	25,484		$	25,270		$	24,680
Allowance for credit losses – off balance sheet credit exposures		1,281			1,541			1,661			1,928			1,946
Total allowance for credit losses	$	27,633		$	27,367		$	27,145		$	27,198		$	26,626
Total allowance for credit losses/total loans		1.07	%		1.07	%		1.07	%		1.06	%		1.05	%
Adjusted credit losses with accretable yield/total loans		1.08	%		1.08	%		1.10	%		1.10	%		1.11	%
Net charge-offs:
Quarter-to-date	$	285		$	4		$	68		$	15		$	55
Year-to-date	$	285		$	142		$	138		$	70		$	55
Net charge-offs to average loans
Quarter-to-date		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Year-to-date		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%
Nonperforming loans/total loans		0.17	%		0.12	%		0.11	%		0.10	%		0.76	%
Allowance for credit losses/nonperforming loans		586.38	%		826.70	%		879.37	%		1016.08	%		127.28	%
NPA coverage ratio		586.38	%		826.70	%		879.37	%		1016.08	%		127.28	%

⁽¹⁾Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)


	For the Three Months Ended					For the Three Months Ended
	March 31, 2025					March 31, 2024
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate	Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,578,531	$	37,072	5.75%	$	2,577,114	$	35,200	5.46%
Taxable investment securities		458,519		2,739	2.39%		384,928		1,686	1.75%
Tax-exempt investment securities		18,310		78	2.16%		21,109		86	2.06%
Fed funds sold & other		105,770		1,113	4.21%		110,388		1,682	6.09%
Total Interest Earning Assets		3,161,130	$	41,002	5.19%		3,093,539	$	38,654	5.00%

Nonearning Assets		166,630					159,240

Total Assets	$	3,327,760				$	3,252,779

Interest Bearing Liabilities:
Savings deposits	$	1,543,665	$	8,564	2.22%	$	1,443,530	$	9,407	2.61%
Other time deposits		627,498		5,424	3.46%		650,580		5,872	3.61%
Other borrowed money		245,734		2,550	4.15%		263,280		2,689	4.09%
Fed funds purchased & securities
sold under agreement to repurchase		27,480		271	3.94%		28,458		284	3.99%
Subordinated notes		34,828		284	3.26%		34,712		284	3.27%
Total Interest Bearing Liabilities	$	2,479,205	$	17,093	2.76%	$	2,420,560	$	18,536	3.06%

Noninterest Bearing Liabilities		509,190					514,986

Stockholders’ Equity	$	339,365				$	317,233

Net Interest Income and Interest Rate Spread			$	23,909	2.43%			$	20,118	1.94%

Net Interest Margin					3.03%					2.60%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)

	For the Three Months Ended March 31, 2025												For the Three Months Ended March 31, 2024
	As Reported				Excluding Acc/Amort				Difference				As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$		Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	37,072	5.75	%	$	36,468	5.66	%	$	604	0.09	%	$	35,200	5.46	%	$	34,525	5.36	%	$	675		0.10	%
Taxable investment securities		2,739	2.39	%		2,739	2.39	%		–	0.00	%		1,686	1.75	%		1,686	1.75	%		–		0.00	%
Tax-exempt investment securities		78	2.16	%		78	2.16	%		–	0.00	%		86	2.06	%		86	2.06	%		–		0.00	%
Fed funds sold & other		1,113	4.21	%		1,113	4.21	%		–	0.00	%		1,682	6.09	%		1,682	6.09	%		–		0.00	%
Total Interest Earning Assets		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%

Interest Bearing Liabilities:
Savings deposits	$	8,564	2.22	%	$	8,564	2.22	%	$	–	0.00	%	$	9,407	2.61	%	$	9,407	2.61	%	$	–		0.00	%
Other time deposits		5,424	3.46	%		5,424	3.46	%		–	0.00	%		5,872	3.61	%		5,872	3.61	%		–		0.00	%
Other borrowed money		2,550	4.15	%		2,547	4.15	%		3	0.00	%		2,689	4.09	%		2,707	4.11	%		(18	)	-0.02	%
Federal funds purchased and
securities sold under agreement to
repurchase		271	3.94	%		271	3.94	%		–	0.00	%		284	3.99	%		284	3.99	%		–		0.00	%
Subordinated notes		284	3.26	%		284	3.26	%		–	0.00	%		284	3.27	%		284	3.27	%		–		0.00	%
Total Interest Bearing Liabilities		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%

Interest/Dividend income/yield		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%
Interest Expense / yield		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%
Net Interest Spread		23,909	2.43	%		23,308	2.35	%		601	0.08	%		20,118	1.94	%		19,425	1.85	%		693		0.09	%
Net Interest Margin			3.03	%			2.95	%			0.08	%			2.60	%			2.52	%				0.08	%

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

The MIL Network –

April 29, 2025

MIL-OSI Global: What Canada can learn from China on effectively engaging with Africa

Source: The Conversation – Canada – By Isaac Odoom, Assistant Professor, Political Science, Carleton University

Canada’s recent launch of a new Africa Strategy comes at a moment of profound geopolitical change and growing shifts in global development co-operation.

As the western-led order and development model faces increasing scrutiny, countries like China are expanding their reach in Africa by linking development co-operation with commercial and strategic interests.

These approaches resonate with many African governments, while others raise concerns, prompting an important question: How well does Canada’s new strategy respond to these concerns?

Urgent need to diversify

Canada’s pivot toward deeper engagement with Africa is timely. With ongoing tariff threats from the United States and a tense relationship with China, the need to diversify economic partnerships has become urgent.

Africa’s fast-growing population, expanding middle class and continent-wide integration through the African Continental Free Trade Area (AfCFTA) offer real opportunities for commercial engagement.

While historic, Canada’s new Africa Strategy would benefit from a clearer alignment between Africa’s economic prospects and Canada’s domestic economic challenges, such as labour shortages and trade diversification. Without a stronger economic dimension, Canada risks being perceived as all talk and little commitment.

That said, Canada’s emphasis on “mutually beneficial partnerships” — echoing China’s language on Africa — is notable, especially as western donors pull back. However, without a coherent development focus, this principle may be viewed as transactional rather than strategic.

The strategy provides a foundation to build from, but it enters a competitive arena. To build meaningful partnerships in Africa, Canada will need a more focused approach grounded in robust market research, sharper priorities and an informed understanding of Africa’s political and economic realities as well as its geopolitical context.

As a researcher focused on Africa-China relations, I see important lessons Canada can draw from China’s engagement in Africa.

Cautious Canada vs. confident China

Over the past two decades, China has become Africa’s largest trading partner, with trade volumes reaching US$295 billion in 2024.

Backed by state financing, Chinese firms have built roads, ports, railways, dams and telecom infrastructure across the continent. This presence is no accident: for the past 30 years, every Chinese foreign minister’s first trip abroad has been to Africa.

Canada’s footprint, by contrast, remains modest. Canada’s merchandise trade with Africa was about $15 billion in 2024. Canada aspires to become a serious economic partner, but its commercial presence in Africa has been limited.

Notably, while China is often criticized in western media, its image in Africa is more positive. Many African leaders and citizens see China as a pragmatic partner that delivers visible infrastructure and investment.

China’s positioning as a fellow developing country also contrasts sharply with western models that often carry patronizing overtones. China’s readiness to finance large-scale projects in Africa with limited political strings attached has earned good will, even as concerns rightly persist about transparency, debt and governance.

Emphasizing Canada’s differences

Canada should take these dynamics seriously. The narrative of “countering China” in Africa, often promoted by western governments, is ineffective. It overlooks African agency, reduces the continent to a site of great power rivalry and fails to acknowledge that African governments are actively pursuing their choice of partners, instead of a single partner of choice.

Rather than compete with China, Canada can be different. While Chinese infrastructure projects often align with African priorities, my own work on Chinese engagement in Ghana’s energy projects shows that these projects are often negotiated behind closed doors, with few accountability mechanisms and scant transparency in financing. These gaps create space for Canada to offer a distinct and credible alternative.

Canada’s approach can be different, but it should be no less strategic. It may not match China in scale, but it can offer commercial partnerships rooted in transparency, accountability and collaboration with partners, including those from China.

Many African governments and civil society entities are calling for exactly this kind of engagement, particularly as citizens demand greater scrutiny over foreign investment. By focusing on responsible business practices, labour standards, environmental safeguards and good governance, Canada can develop a values-based model of economic engagement.

Despite this potential, Canada’s new Africa Strategy lacks financial commitment. Canada’s 2022 Indo-Pacific Strategy was backed by a $2.3 billion envelope. The Africa Strategy’s success will ultimately depend on its ability to mobilize concrete resources and sustained engagement.

The strategy rightly points to Africa’s economic potential, but stronger links to Canada’s domestic priorities, such as a workforce strategy, a trade road map and implementation tools, would enhance its impact.

References to the AfCFTA are promising, but Canadian businesses need clearer guidance and support. Realizing the strategy’s goals will require measurable targets, dedicated programming and sustained investment.

A different kind of engagement

Canada’s past engagement in Africa has been rooted in diplomacy, development co-operation and peacekeeping. These remain valuable, but today’s African leaders are also seeking trade, investment and private-sector partnerships.

To become a trusted economic partner, Canada should engage with purpose by introducing targeted financing tools — such as credit lines or investment guarantees — to help Canadian businesses manage risk and seize opportunities aligned with AfCFTA.

It should also focus on strategic sectors where it already has strengths, like clean energy, health innovation, fintech, agri-business and infrastructure.

By investing in robust research and in dialogue with the African diaspora, business leaders and governance institutions, Canada strengthens commercial ties while prioritizing transparency, accountability and collaboration. Co-operation in innovation (for example, joint research on climate-smart agriculture or vaccines) could also yield benefits for both sides.

In an increasing multipolar environment, Africa is not waiting for Canada. It’s assessing and comparing competing external partners. Canada’s ability to position itself as a viable alternative depends not on replicating China’s scale, but on seeing Africa as a true partner and offering mutual partnerships that appeal to Africans and Canadian alike.

The new Africa Strategy sets an important tone for renewed engagement, but its success will depend on real investment and implementation, which so far lacks dedicated funding. Filling these gaps should be the next step, regardless of who wins Monday’s election.

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

– ref. What Canada can learn from China on effectively engaging with Africa – https://theconversation.com/what-canada-can-learn-from-china-on-effectively-engaging-with-africa-252894

MIL OSI – Global Reports –

April 29, 2025

MIL-OSI USA: House Passes Congressman Allen’s FUTURE Networks Act

Source: United States House of Representatives – Congressman Rick Allen (R-GA-12)

Today, the House of Representatives passed H.R. 2449, the Future Uses of Technology Upholding Reliable and Enhanced (FUTURE) NetworksAct, legislation sponsored by Congressman Rick W. Allen (GA-12) that directs the FCC to bring together industry leaders, public interest groups, and government experts to establish a 6G Task Force.

Prior to House passage of the FUTURE Networks Act, Congressman Allen delivered the following remarks on the House floor:

“As Vice Chairman of the Communications and Technology Subcommittee, I rise today in support of the bipartisan FUTURE Networks Act, which I proudly introduced with my colleagues, Representative Matsui and Representative Walberg.

“This commonsense legislation would direct the FCC to bring together industry leaders, public interest groups, and government experts to establish a 6G Task Force.

“As we all know, 6G is the future of telecommunications, and we must ensure the United States is a global leader in this emerging technology. Failure to do so would put our adversaries, like the Chinese Communist Party, in the driver’s seat. We cannot allow that to happen.

“I come from the world of business world, and just like in business, we want the best, most qualified individuals to have a seat at the table. By establishing a 6G Task Force, we can bring together America’s brightest industry leaders, stakeholders, and innovators to collaborate on the future deployment of 6G and strengthening our wireless networks.

“This is a matter of economic and national security, and I was proud to help lead the FUTURE Networks Act this Congress. I strongly encourage all of my colleagues to support H.R. 2449, and I yield back.”

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: UConn Waterbury Joins Community to Dedicate The Neil O’Leary Building

Source: US State of Connecticut

A downtown Waterbury landmark has entered the next phase of its history as the new home of several UConn academic and research programs, complementing and expanding the wide range of offerings at the adjacent UConn Waterbury campus.

It also has a new name: The Neil O’Leary Building, honoring the former longtime Waterbury mayor who shepherded the 130-year-old Odd Fellows Hall from ruin to renaissance in partnership with UConn, local and state officials, and the building’s owners.

About 200 people, including scores of lifelong Waterbury residents, gathered last Thursday night at the building for the renaming and a ribbon-cutting event.

It included an open house and dedication ceremony with welcoming remarks from local and regional leaders including Lt. Gov. Susan Bysiewicz, U.S. Rep. Jahana Hayes, Waterbury Mayor Paul Pernerewski Jr., and several others.

“This is such an exciting time for UConn and our beautiful state, and this building is a testament to what’s possible,” Bysiewicz said of the six-story building, which had been unused and deteriorating for about 15 years before the restoration.

Lt Gov. Susan Bysiewicz speaks at the dedication of the newly renovated historic building (Steve Bustamante / University of Connecticut)

Green Hub Development III LLC purchased and renovated the landmark building through a public-private partnership, in which O’Leary was one of the most enthusiastic proponents. UConn is leasing about 26,300 square feet to expand the University’s offerings in nursing, allied health, and other programs.

Thursday night’s event celebrated not only UConn Waterbury’s growing downtown presence, but also O’Leary’s vision as the driving force in the rescue, restoration, and reuse of the once-crumbling historic structure.

“Mayor O’Leary recognized the potential of this structure when many considered it beyond saving,” said Fumiko Hoeft, UConn Waterbury’s dean and chief administrative officer.

“His vision – combined with the University’s leadership and strong partners – brought it back to life. Today, it stands ready to serve the community and generations of UConn students.”

Just a few years ago, O’Leary knew it might be a hard sell to convince others of the potential he’d long seen in the structure.

He laughed Thursday as he recalled shepherding UConn leaders through its dank, crumbling hallways – all wearing hard hats and face masks, led by flashlights, and carrying umbrellas to shield them from the rain that came in through the roof’s many holes.

Today, the building is pristine, bright, and welcoming.

It’s home to UConn’s clinic-style nursing and health care simulation rooms, research facilities, study lounges, office and administrative space, a spacious former banquet room, and other areas suitable for maker space, incubator studios, classes, and large gatherings.

The building also houses Access Rehab Centers, which held an open house during Thursday night’s event; and is home to the Waterbury Robotics Institute, a collaboration between UConn and Waterbury Public Schools.

Although speaker after speaker at Thursday night’s event lauded O’Leary, he said credit also goes to a wide range of partners that include Hoeft, UConn President Radenka Maric, UConn trustees Tom Ritter and Marilda Gandara, Waterbury’s current administration and legislative delegation, and many others.

“At the end of the day, what’s important is what we can do for the city’s and the state’s greatest assets – and that’s our students,” O’Leary said. “We must do everything in our power to support our rising students, and our partnership between our city and UConn is so strong.”

The six-story building, originally built for the local chapter of the International Order of Odd Fellows social group, is in a prime downtown location and dates to 1895.

UConn Waterbury Campus Dean Fumiko Hoeft (Steve Bustamante / University of Connecticut)

Its renovation was funded through a state grant to the City of Waterbury along with Green Hub’s private funding. It was modernized for today’s needs while retaining key elements of its history, including Venetian Gothic exterior features overlooking the Waterbury Green and the ornate ceiling in its former banquet hall.

UConn’s plan to expand its nursing education programs into the building is particularly noteworthy given the high demand in that profession, both statewide and specifically in Waterbury and the Naugatuck Valley region.

Maric, a frequent and enthusiastic visitor to UConn Waterbury, said Thursday night that the connections between the University and community go beyond the renovation of the Neil O’Leary Building.

“This is about vision, community, and unity … There’s something very special about this place, as a working-class community whose residents care deeply for each other,” Maric said.

The growth of UConn Waterbury’s campus and academic offerings also complements the UConn Strategic Plan, which includes ensuring that the campuses in Waterbury, Hartford, Stamford, and Avery Point offer signature programs that are destinations within UConn.

UConn’s Board of Trustees approved the expansion plans in 2023, which are part of a larger commitment to strengthen the University’s presence and partnerships in the Naugatuck Valley.

They include UConn’s deep involvement in the Waterbury Promise scholarship program, under which many dozens of Waterbury graduates are attending the University; and the establishment and growth of the allied health sciences major on the campus.

UConn Waterbury also prides itself on providing a tight-knit community that serves students’ individual needs while ensuring they can access world-class UConn programs in undergraduate and graduate-level fields that lead to strong, satisfying career paths.

UConn Waterbury’s new space in the Neil O’Leary Building will be ideal for serving current students while also advancing community partnerships with schools, the City of Waterbury, the regional business community, and other groups.

The 26,000 square feet of academic, research, and community space that UConn is leasing also provides resources for humanities and social sciences.

That includes the HACER Lab, a hub for humanistic inquiry, research, and pedagogy developed in collaboration with Waterbury students and community partners; the Ideas + Impact initiative; and other learning communities focused on social impact, sustainability, and health-related projects.

These facilities will be used by programs in nursing, allied health, psychological sciences, urban and community studies, humanities and social sciences, business, and community partnerships.

Former Waterbury Mayor Neil O’Leary. (Steve Bustamante / University of Connecticut)

Additionally, it will serve as the home for the Haskins Global Literacy Hub, a newly formed partnership between Yale, UConn Global Affairs, and UConn Waterbury focused on promoting education and conducting innovative research to enhance literacy globally.

The Odd Fellows Building has a rich history in the City of Waterbury, and its restoration and use by UConn carries strong emotional and economic significance to the area.

Built at a cost of $100,000 and said to be among the finest of its time in the region, the building’s opening in 1895 drew more than 5,000 members of the group from around the East Coast and was featured in the New York Times.

In fact, the opening was marked by a parade and the event was so important to the city that all factories and schools were closed for the day, and all business shut down at noon, according to another Times article.

A clothing store occupied the first floor for about its first five years in addition to the meeting rooms and social spaces used by the Odd Fellows and others on the higher floors. Later, the popular Grieve, Bissett & Holland department store was in the building from 1902 until the mid-1960s.

Pernerewski, who joked that his role as Waterbury’s current mayor includes many ribbon-cuttings at projects that O’Leary initiated during his tenure, said Thursday that the building’s revival is symbolic: Just as O’Leary envisioned a promising future for a crumbling building, that building now provides a promising future for those who will use it.

“Where others saw obstacles, Neil always saw potential. That’s exactly what he saw in this building: a structure that had seen better days, but which could be brought back to life and serve this community in a powerful way,” Pernerewski said.

“This building and all it’s going to bring to UConn Waterbury and to our city is a reflection of Neil’s vision for Waterbury: bold, hopeful, and committed to progress.”

MIL OSI USA News –

April 29, 2025

MIL-OSI: Capital Bancorp, Inc. Announces Strong First Quarter Results and Successful IFH Conversion; Continued Strong Organic Loan and Deposit Growth; NIM and Fee Income Drives Robust Returns

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net Income of $13.9 million, or $0.82 per share, and return on average assets (“ROA”) of 1.75%
- Core net income⁽¹⁾ of $14.9 million, or $0.88 per share, and core ROA⁽¹⁾ of 1.87%
Book value per common share of $22.19 at March 31, 2025, increased $0.87 compared to 4Q 2024, and increased $3.51 when compared to 1Q 2024.
- Tangible Book Value Per Share⁽¹⁾ of $19.81, increased 3.7% (not annualized), or $0.71⁽²⁾ as compared to 4Q 2024, and increased 6.0%, or $1.13 compared to 1Q 2024
Return on average equity (“ROE”) of 15.56%, and return on average tangible common equity (“ROTCE”)⁽¹⁾ of 17.57%
- Core ROE⁽¹⁾ of 16.64%, and core ROTCE⁽¹⁾ of 18.77%
Gross Loans grew $48.2 million, or 7.4% (annualized), during 1Q 2025, and growth of $713.9 million year-over-year including $340.4 million from organic growth and $373.5 million from the IFH acquisition
Total Deposits grew $129.4 million, or 19.0% (annualized), from 4Q 2024. Year-over-year growth of $885.6 million includes $426.7 million from organic growth, and $459.0 million from the acquisition of IFH, or 44.2% from 1Q 2024
- Customer Deposit growth of $154.6 million, or 25.8% (annualized) from 4Q 2024, and $738.5 million year-over-year, or 40.0% from 1Q 2024, including $445.0 million of organic growth, and $293.5 million from the acquisition of IFH
Net Interest Income increased $1.7 million, or 3.9% (not annualized), from 4Q 2024 due to balance sheet growth and purchase accounting accretion, and increased $11.0 million, or 31.5%, year-over-year, primarily driven by strong organic growth and the acquisition of IFH.
Net Interest Margin (“NIM”) of 6.05% increased 18 bps compared to 4Q 2024 and decreased 19 bps compared to 1Q 2024 due to the acquisition of commercial loans from IFH, diluting the impact from OpenSky^™
- Commercial Bank NIM⁽¹⁾ of 4.32% increased by 33 bps and 55 bps, compared to 4Q 2024 and 1Q 2024, respectively
- Net purchase accounting accretion of $1.5 million for 1Q 2025, increased $0.8 million compared to 4Q 2024, accounting for 20 bps of both reported NIM and Commercial Bank NIM⁽¹⁾
Fee Revenue (noninterest income) totaled $12.5 million, or 21.4% of total revenue for 1Q 2025, an increase of $0.6 million, from 4Q 2024 and $6.6 million, from 1Q 2024
The allowance for credit losses to total loans (“ACL Coverage Ratio”) equaled 1.81% at March 31, 2025 down 4 bps from 4Q 2024 and up 32 bps from 1Q 2024, primarily due to of the acquisition of IFH loans. The Commercial Bank ACL Coverage Ratio⁽¹⁾ equaled 1.67% at March 31, 2025, compared to 1.70% at December 31, 2024.
Cash Dividend of $0.10 per share declared by the Board of Directors

________________________
_{⁽¹⁾ As used in this press release, core net income, core ROA, core ROE, ROTCE, core ROTCE, Commercial Bank NIM, Commercial Bank ACL Coverage Ratio, and Tangible Book Value are non–U.S. generally accepted accounting principles (“GAAP”) financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-reoccurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}
_{⁽²⁾ 4Q 2024 Tangible Book Value restated to $19.10 from previously reported amount of $18.77 due to exclusion of Loan Servicing Assets.}

ROCKVILLE, Md., April 28, 2025 (GLOBE NEWSWIRE) — Capital Bancorp, Inc. (the “Company”) (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the “Bank”), today reported net income of $13.9 million, or $0.82 per diluted share, for 1Q 2025, compared to net income of $7.5 million, or $0.45 per diluted share, for 4Q 2024, and $6.6 million, or $0.47 per diluted share, for 1Q 2024. Core net income⁽³⁾ for 1Q 2025 of $14.9 million, or $0.88 per diluted share, compared to $15.5 million, or $0.92 per diluted share in 4Q 2024.

The Company also declared a cash dividend on its common stock of $0.10 per share. The dividend is payable on May 28, 2025 to shareholders of record on May 12, 2025.

“The first quarter continues the momentum from 2024 and further demonstrates the value of the larger and more diversified franchise resulting from the acquisition of IFH,” said Ed Barry, CEO of the Company and the Bank. “I would like to thank Management and the teams across the organization for a successful integration of IFH in the first quarter. Our continued focused execution of our initiatives and growth objectives will build on a great start to 2025.”

“Our record GAAP earnings per share for the quarter, increased net interest margin, solid loan and deposit growth, and superior return on tangible equity all confirm that we are on the right course for continued growth. We continue to benefit from our diversified earnings platform, both in terms of overall performance and risk mitigation,” said Steven J. Schwartz, Chairman of the Company. “That said, we intend to continue to monitor closely the possible impact on our businesses from emergent governmental policies, with a view towards insulating ourselves, to the extent we can, from the effects of such policies, including interest rate and price volatility and heightened economic uncertainty.”

Reconciliation of GAAP Net Income to Core (Non-GAAP) Net Income
The following table provides a reconciliation of the Company’s net income under GAAP to Core net income (non-GAAP) results excluding merger-related expenses and other one-time non-recurring transactions.

	First Quarter 2025								Fourth Quarter 2024
^{(in thousands, except per share data)}	Income Before Income Taxes		Income Tax Expense		Net Income		Diluted Earnings per Share		Income Before Income Taxes		Income Tax Expense		Net Income		Diluted Earnings per Share
GAAP Net Income	$	18,297	$	4,365	$	13,932	$	0.82	$	10,776	$	3,243	$	7,533	$	0.45
Add: Merger-Related Expenses		1,266		302		964				2,615		464		2,151
Add: Non-recurring Equity and Debt Investment Write-Down		—		—		—				2,620		—		2,620
Add: Initial IFH ACL Provision		—		—		—				4,194		1,025		3,169
Core Net Income⁽¹⁾	$	19,563	$	4,667	$	14,896	$	0.88	$	20,205	$	4,732	$	15,473	$	0.92

^{Note: The income tax expense reflects the non-deductibility of certain merger-related expenses.}

________________________
_{¹ As used in this press release, core net income is a non-GAAP financial measure. This non-GAAP financial metric excludes merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of this and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

First Quarter 2025 Results

Earnings Summary
Net income of $13.9 million, or $0.82 per diluted share, compared to net income of $7.5 million, or $0.45 per diluted share, for 4Q 2024, and $6.6 million or $0.47 per diluted share, for 1Q 2024. 1Q 2025 core net income⁽⁴⁾ of $14.9 million, or $0.88 per diluted share, compared to 4Q 2024 of $15.5 million, or $0.92 per diluted share.

Net interest income of $46.0 million increased $1.7 million, or 3.9% (not annualized), compared to 4Q 2024, and increased $11.0 million, or 31.5% year-over-year.
- Interest income of $62.8 million increased $1.1 million, or 1.7% (not annualized), over 4Q 2024, and increased $14.4 million, or 29.8%, year-over-year. The increase quarter-over-quarter was driven by increases of $1.1 million from net purchase accounting accretion, $0.7 million from interest-bearing deposits held at other financial institutions, and $0.3 million from investments held for sale, partially offset by a decrease in loan interest income of $1.1 million due to rate and portfolio mix, while the increase year-over year was primarily driven by organic growth and the acquisition of IFH.
  - Interest income included $0.4 million from net purchase accounting accretion in 1Q 2025 compared to $0.7 million from net purchase accounting amortization in 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.
- Interest expense of $16.7 million decreased $0.7 million, or 3.8% (not annualized) compared to 4Q 2024, and increased $3.4 million, or 25.1%, year-over-year. The decrease quarter-over-quarter was primarily due to a decrease in borrowed funds partially offset by lower net purchase accounting accretion, and the increase year-over-year was driven by organic growth and the acquisition of IFH.
  - Interest expense included $1.1 million from net purchase accounting accretion in 1Q 2025 compared to $1.4 million from net purchase accounting accretion in 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.
The provision for credit losses was $2.2 million, a decrease of $5.6 million from 4Q 2024. The decrease over the prior quarter was primarily driven by the recognition of the Initial IFH ACL Provision of $4.2 million in 4Q 2024, and a $2.0 million lower provision from the commercial loan portfolio partially offset by an additional $0.6 million from OpenSky^™ provision in the current quarter. Net charge-offs totaled $2.4 million, or 0.38% of portfolio loans (annualized), including $2.3 million from OpenSky^™ loans. By comparison net charge-offs for 4Q 2024 totaled $2.4 million, or 0.37% of portfolio loans (annualized), including $2.1 million from OpenSky^™ loans. At March 31, 2025, the ACL Coverage Ratio was 1.81%, down 4 bps from the ratio of 1.85% at December 31, 2024, due to the payoff of certain purchase credit deteriorated (“PCD”) loans acquired from IFH, during the quarter. The provision for credit losses decreased $0.5 million, year-over-year (1Q 2024) primarily from lower commercial loan portfolio provision of $0.7 million, offset by slightly higher provision for OpenSky^™ of $0.2 million, while the ACL Coverage Ratio increased 32 bps year-over-year driven by the acquisition of IFH.

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_{¹ As used in this press release, core net income is a non-GAAP financial measure. This non-GAAP financial metric excludes merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of this and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Earnings Summary (Continued)

Noninterest income of $12.5 million increased $0.6 million compared to 4Q 2024 and increased $6.6 million year-over-year primarily due to the contributions made by the businesses IFH brought to the merged entity. Core fee revenue⁽⁵⁾ of $12.5 million decreased $2.0 million, as a result of $1.2 million lower government lending revenue, $0.8 million lower SBIC investment income, $0.5 million lower loan servicing, $0.4 million lower government loan servicing revenue (Windsor), offset by a loan termination fee of $0.7 million during 1Q 2025.
Noninterest expense of $38.1 million increased $0.5 million compared to 4Q 2024 and $8.6 million compared to 1Q 2024. Core noninterest expense⁽¹⁾ of $36.8 million increased $1.9 million compared to 4Q 2024 and $8.0 million compared to 1Q 2024. Core comparisons include:
- Salaries and employee benefits expenses increased $1.6 million from 4Q 2024, primarily the result of $0.7 million lower deferred expenses related to loan production, $0.6 million from the seasonality of payroll related taxes, and $0.2 million in employee benefits.
- Marketing expenses increased $0.7 million from 4Q 2024, primarily due to additional OpenSky^™ advertising-related expenses due to seasonality.
- Regulatory assessment expenses increased $0.4 million from 4Q 2024, primarily due to additional assessments from the acquisition of IFH.
- Expense reduction of $0.8 million from 4Q 2024, includes $0.3 million from loan processing, $0.2 million from other operating, and $0.3 million from other areas.
- Year-over-year expense growth of $8.6 million was primarily due to the acquisition of IFH.
- Estimated total cost synergies resulting from the acquisition of IFH totaled $1.75 million in 1Q 2025, achieving the targeted savings earlier than anticipated.
Income tax expense of $4.4 million, or 23.9% of pre-tax income for 1Q 2025, increased $1.1 million from $3.2 million, or 30.1% of pre-tax income for 4Q 2024. The core effective income tax rate⁽¹⁾ for 1Q 2025 and 4Q 2024 would have been 23.7% and 22.6%, respectively.

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_{¹ As used in this press release, core fee revenue, core noninterest expense, and core effective income tax rate are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Balance Sheet
Total assets of $3.3 billion at March 31, 2025 increased $142.9 million, or 18.1% (annualized), from December 31, 2024. Total assets growth year-over-year of $1.0 billion, or 44.1%, included $559.4 million acquired with the IFH acquisition, net of purchase accounting, and $465.6 million of organic growth.

Cash and cash equivalents of $294.0 million at March 31, 2025 increased $88.7 million from December 31, 2024 due to portfolio growth, and increased $208.8 million year-over-year including $130.9 million from organic growth and $77.8 million from the acquisition of IFH.
Total portfolio loans of $2.68 billion at March 31, 2025 increased $48.2 million, or 7.4% (annualized), from December 31, 2024 and increased $713.9 million year-over-year including $373.5 million from the acquisition of IFH and $340.4 million of organic growth.
- Compared to December 31, 2024, commercial and industrial loans increased $39.8 million and construction real estate loans increased $22.0 million, offset by a $9.1 million decrease in OpenSky^™ loans and a $6.3 million decrease in commercial real estate loans.
- Commercial and industrial loans, and owner-occupied commercial real estate loans totaled 37.9% of total portfolio loans at March 31, 2025, compared to 37.8% at December 31, 2024, and 29.6% at March 31, 2024.
Total deposits of $2.89 billion at March 31, 2025 increased $129.4 million, or 19.0% (annualized), from December 31, 2024, and increased $885.6 million, or 44.2% (annualized) from March 31, 2024. The increase quarter-over-quarter includes $95.7 million of growth in customer money market deposits, $57.6 million of growth in interest-bearing demand accounts, $1.3 million of noninterest-bearing deposits, and $0.7 million of customer time deposits, partially offset by a decrease in brokered time deposits of $25.2 million. The increase year-over-year is driven by $459.0 million from the acquisition of IFH and $426.7 million from organic growth.
- Insured and protected deposits were approximately $2.0 billion as of March 31, 2025 representing 70.4% of the Company’s deposit portfolio.
- Low-and-no interest bearing deposits of $1.1 billion, or 38.8% of deposits, increased $58.2 million, or 22.2% (annualized) from December 31, 2024, and increased $257.2 million, or 29.8% year-over-year, including $157.4 million of organic growth, and $91.5 million from the acquisition of IFH.
The average portfolio loans-to-deposit ratio was 95.15% for the three months ended March 31, 2025, compared to 99.27% from 4Q 2024, and 98.46% from 1Q 2024.
The investment securities portfolio continues to be classified as available-for-sale and had a fair market value of $213.5 million, or 6.4% of total assets, an effective duration of 3.0 years, with U.S. Treasury Securities representing 56% of the overall investment portfolio at March 31, 2025. The accumulated other comprehensive income (loss) on the investment securities portfolio decreased $2.3 million during the quarter to negative $9.2 million after-tax as of March 31, 2025, which represents 2.5% of total stockholders’ equity. The Company does not have a held-to-maturity investment securities portfolio.
Liquidity – The Company maintains stable and reliable sources of available borrowings, generally consistent with prior quarter. Sources of available borrowings at March 31, 2025 totaled $820.9 million, compared to $803.0 from 4Q 2024. During 1Q 2025 available collateralized lines of credit of $625.4 million, unsecured lines of credit with other banks of $76.0 million and unpledged investment securities available as collateral for potential additional borrowings of $119.5 million.
Capital Positions – As of March 31, 2025, the Company reported a Common Equity Tier-1 capital ratio of 13.33%, compared to 13.74% at December 31, 2024. At March 31, 2025, the Company and the Bank maintain regulatory capital ratios that exceed all capital adequacy requirements.

Financial Metrics
Net Interest Margin – Net interest margin of 6.05% for the three months ended March 31, 2025, increased 18 bps compared to the prior quarter, and decreased 19 bps year-over-year. Commercial Bank net interest margin⁽¹⁾, of 4.32% increased 33 bps compared to the prior quarter, and increased 55 bps year-over-year. Net purchase accounting accretion for 1Q 2025 was 20 bps for NIM and Commercial Bank NIM⁽¹⁾.

The average yield on interest earning assets of 8.24% increased 7 bps compared to the prior quarter, due to portfolio mix, and decreased 39 bps year-over-year primarily due to the acquisition of commercial loans diluting the impact from OpenSky^™. The Commercial Bank Loan Yield⁽¹⁾ of 7.14% for 1Q 2025, increased 16 bps 4Q 2024, and increased 18 bps year-over-year.
The total cost of deposits of 2.42% for 1Q 2025 decreased 8 bps compared to the prior quarter due to rate and mix shift and decreased 22 bps year-over-year. The total cost of interest-bearing deposits decreased 9 bps quarter-over-quarter, and 54 bps year-over-year, to 3.37% for 1Q 2025 due to rate environment and product mix.
Net purchase accounting accretion of $1.5 million during 1Q 2025, increased $0.8 million from 4Q 2024. There was no related purchase accounting accretion or amortization during 1Q 2024.

Efficiency Ratios – The efficiency ratio was 64.9% for the three months ended March 31, 2025, compared to 66.7% for the three months ended December 31, 2024 and 72.0% for the three months ended March 31, 2024. The core efficiency ratio⁽⁶⁾ was 62.8%, for the three months ended March 31, 2025. The core efficiency ratio⁽¹⁾ was 59.3% for the three months ended December 31, 2024, and 70.2% for the three months ended March 31, 2024.

Credit Metrics and Asset Quality – The ACL Coverage Ratio equaled 1.81% at March 31, 2025, a decrease of 4 bps from December 31, 2024, and an increase of 32 bps year-over-year driven by the acquisition of IFH.

Nonperforming assets increased 27 bps to 1.21% of total assets at March 31, 2025 compared to December 31, 2024, and increased 59 bps year-over-year. Total nonaccrual loans at March 31, 2025 increased $10.2 million to $40.5 million compared to December 31, 2024, and increased $26.1 million year-over-year, mainly due to the acquisition of IFH. At March 31, 2025, special mention loans totaled $63.0 million, or 2.4% of total portfolio loans, compared to $60.0 million, or 2.3% of total portfolio loans, at December 31, 2024, and $27.5 million, or 1.4% of total portfolio loans, at March 31, 2024. At March 31, 2025, substandard loans totaled $45.7 million, or 1.7% of total portfolio loans, compared to $48.4 million, or 1.8% of total portfolio loans, at December 31, 2024 and $14.1 million, or 0.7% of total portfolio loans, at March 31, 2024.

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_{¹ As used in this press release, Commercial Bank NIM, Commercial Bank Loan Yield, and core efficiency ratio are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}

Financial Metrics (Continued)
Performance Ratios – ROA, ROE, ROTCE were 1.75%, 15.56%, and 17.57% respectively, for the three months ended March 31, 2025, compared to 0.96%, 8.50%, and 9.33%⁽¹⁾ respectively, for the three months ended December 31, 2024. For the three months ended March 31, 2024, ROA, ROE, and ROTCE were 1.15%, 10.19%, and 10.19%, respectively. As of March 31, 2024, the Company did not have goodwill or other intangible assets.

Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended March 31, 2025 were 1.87%, 16.64%, and 18.77% respectively. Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended December 31, 2024, were 1.97%, 17.46%, and 18.91%⁽¹⁾, respectively. Core ROA⁽²⁾, core ROE⁽²⁾, and core ROTCE⁽²⁾ for the three months ended March 31, 2024 were 1.24%, 11.03%, and 11.03%, respectively.

Book Value and Tangible Book Value – Book value per common share of $22.19 at March 31, 2025, increased $0.87 when compared to December 31, 2024, and increased $3.51 when compared to March 31, 2024. Tangible book value per common share⁽²⁾ increased $0.71⁽³⁾, or 3.7%, to $19.81 at March 31, 2025 when compared to December 31, 2024, and increased $1.13, or 6.0%, when compared to March 31, 2024. Tangible book value was impacted by the purchase accounting adjustments required as part of the IFH acquisition. Therefore, tangible book value per share⁽¹⁾ was equal to book value per share for periods prior to 4Q 2024.

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_{¹ Core ROTCE and core ROTCE for the three months ended December 31, 2024 were restated to 9.33% and 18.91%, respectively, from 9.47% and 19.19%, due to exclusion of Loan Servicing Assets.}
_{² As used in this press release, core ROA, core ROE, ROTCE, core ROTCE, and Tangible Book Value are non-GAAP financial measures. These non-GAAP financial metrics exclude merger-related and other certain one-time non-recurring pre-tax adjustments and tax impacts of such adjustments. Reconciliations of these and other non–GAAP measures to their comparable GAAP measures are set forth in the Appendix at the end of this press release.}
_{³ 4Q 2024 Tangible Book Value restated to $19.10 from previously reported amount of $18.77 due to exclusion of Loan Servicing Assets.}

Commercial Bank
Continued Portfolio Loan Growth – Gross portfolio loans increased $55.6 million at March 31, 2025 compared to December 31, 2024, including $39.8 million of commercial and industrial loans, and $22.0 million of construction real estate loans. Historical gross portfolio loan balances are disclosed in the Composition of Loans table within the Historical Financial Highlights.

Net Interest Income – Interest income of $48.2 million increased $2.1 million from the prior quarter, driven by loan growth and higher loan yields. Interest expense of $16.6 million decreased $0.6 million, resulting from a decrease in the average balance of borrowings in 1Q 2025.

Credit Metrics – Nonperforming assets, comprised solely of nonaccrual loans, increased 27 bps to 1.21% of total assets at March 31, 2025 compared to December 31, 2024. Total nonaccrual loans at March 31, 2025 increased to $40.5 million compared to $30.2 million at December 31, 2024.

Classified and Criticized Loans – At March 31, 2025, special mention loans totaled $63.0 million, or 2.4% of total portfolio loans, compared to $60.0 million, or 2.3% of total portfolio loans, at December 31, 2024. At March 31, 2025, substandard loans totaled $45.7 million, or 1.7% of total portfolio loans, compared to $48.4 million, or 1.8% of total portfolio loans, at December 31, 2024.

OpenSky^™Accounts – During 1Q 2025, the number of credit card accounts of 563.7 thousand increased by 11.2 thousand, or 2.0% (not annualized) from December 31, 2024, and increased 36.8 thousand, or 7.0% year-over-year.

Loan and Deposit Balances – Loan balances, net of reserves, of $118.7 million at March 31, 2025 decreased by $9.1 million, or 28.7% (annualized), compared to December 31, 2024. Corresponding deposit balances of $168.8 million at March 31, 2025 increased $2.4 million, or 6.0% (annualized), compared to December 31, 2024. Gross unsecured loan balances of $39.0 million at March 31, 2025 decreased $3.4 million, or 32.9% (annualized), compared to $42.4 million at December 31, 2024, and increased $10.5 million year-over-year.

Revenues – Total revenue of $18.2 million decreased $1.0 million from the prior quarter. Interest income of $14.4 million decreased $1.0 million from the prior quarter. Average OpenSky^™ credit card loan balances, net of reserves and deferred fees of $118.7 million for 1Q 2025, decreased $2.3 million, or 1.9% (not annualized), compared to the prior quarter. Noninterest income of $3.7 million remained generally consistent compared to the prior quarter.

Noninterest Expense – Total noninterest expense of $13.3 million decreased $0.7 million, primarily related to advertising related expenses due to seasonality.

OpenSky^™Credit – Portfolio credit metrics continue to be generally consistent with modeled expectations during 1Q 2025. The provision for credit losses of $1.8 million increased $0.6 million when compared to the prior quarter. OpenSky’s unsecured loan product continues to be offered exclusively to current and former secured card customers in order to retain customer who have successfully improved their credit profiles. Unsecured loans have been offered by OpenSky since the fourth quarter of 2021 and have performed according to management expectations over that time period.

Capital Bank Home Loans
Originations of loans held for sale totaled $65.8 million during 1Q 2025, with $54.1 million of mortgage loans sold resulting in a gain on sale of loans of $1.7 million, representing a 3.07% of gain on sale as a percentage of total loans sold. Originations of loans held for sale totaled $90.0 million during 4Q 2024, with $77.4 million of mortgage loans sold resulting in a gain on sale of loans of $1.9 million, representing a 2.45% of gain on sale as a percentage of total loans sold.

Windsor Advantage
Gross government loan servicing revenue totaled $4.6 million, including $1.0 million of Capital Bank related servicing fees, during 1Q 2025. Gross government loan servicing revenue totaled $4.6 million, including $0.9 million of Capital Bank related servicing fees, during 4Q 2024. Windsor’s total servicing portfolio was $2.6 billion at March 31, 2025, and $2.5 billion at December 31, 2024.

COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited

	Quarter Ended									1Q25 vs 4Q24					1Q25 vs 1Q24
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			March 31, 2024			$ Change			% Change		$ Change			% Change
Earnings Summary
Interest income	$	62,760		$	61,707		$	48,369		$	1,053		1.7	%	$	14,391		29.8	%
Interest expense		16,713			17,380			13,361			(667	)	(3.8	)%		3,352		25.1	%
Net interest income		46,047			44,327			35,008			1,720		3.9	%		11,039		31.5	%
Provision for credit losses		2,246			7,828			2,727			(5,582	)	(71.3	)%		(481	)	(17.6	)%
Provision for credit losses on unfunded commitments		—			122			142			(122	)	(100.0	)%		(142	)	(100.0	)%
Noninterest income		12,549			11,913			5,972			636		5.3	%		6,577		110.1	%
Noninterest expense		38,053			37,514			29,487			539		1.4	%		8,566		29.1	%
Income before income taxes		18,297			10,776			8,624			7,521		69.8	%		9,673		112.2	%
Income tax expense		4,365			3,243			2,062			1,122		34.6	%		2,303		111.7	%
Net income	$	13,932		$	7,533		$	6,562		$	6,399		84.9	%	$	7,370		112.3	%

Pre-tax pre-provision net revenue (“PPNR”) ⁽¹⁾	$	20,543		$	18,726		$	11,493		$	1,817		9.7	%	$	9,050		78.7	%
Core PPNR⁽¹⁾	$	21,809		$	23,961		$	12,205		$	(2,152	)	(9.0	)%	$	9,604		78.7	%

Common Share Data
Earnings per share – Basic	$	0.84		$	0.45		$	0.47		$	0.39		86.7	%	$	0.37		78.7	%
Earnings per share – Diluted	$	0.82		$	0.45		$	0.47		$	0.37		82.2	%	$	0.35		74.5	%
Core earnings per share – Diluted⁽¹⁾	$	0.88		$	0.92		$	0.51		$	(0.04	)	(4.3	)%	$	0.37		72.5	%
Weighted average common shares – Basic		16,666			16,595			13,919
Weighted average common shares – Diluted		16,925			16,729			13,919

Return Ratios
Return on average assets (annualized)		1.75	%		0.96	%		1.15	%
Core return on average assets (annualized)⁽¹⁾		1.87	%		1.97	%		1.24	%
Return on average equity (annualized)		15.56	%		8.50	%		10.19	%
Core return on average equity (annualized)⁽¹⁾		16.64	%		17.46	%		11.03	%
Return on average tangible common equity (annualized)⁽¹⁾		17.57	%		9.33	%		10.19	%
Core return on average tangible common equity (annualized)⁽¹⁾		18.77	%		18.91	%		11.03	%

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_{⁽¹⁾ Refer to Appendix for reconciliation of non-GAAP measures.}

COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited (Continued)

	Quarter Ended						Quarter Ended
	March 31,						December 31,		September 30,		June 30,
^{(in thousands, except per share data)}		2025		2024	% Change			2024		2024		2024
Balance Sheet Highlights
Assets	$	3,349,805	$	2,324,238	44.1	%	$	3,206,911	$	2,560,788	$	2,438,583
Investment securities available-for-sale		213,452		202,254	5.5	%		223,630		208,700		207,917
Mortgage loans held for sale		34,656		10,303	236.4	%		21,270		19,554		19,219
Portfolio loans receivable ⁽²⁾		2,678,406		1,964,525	36.3	%		2,630,163		2,107,522		2,021,588
Allowance for credit losses		48,454		29,350	65.1	%		48,652		31,925		30,832
Deposits		2,891,333		2,005,695	44.2	%		2,761,939		2,186,224		2,100,428
FHLB borrowings		22,000		22,000	—	%		22,000		52,000		32,000
Other borrowed funds		12,062		12,062	—	%		12,062		12,062		12,062
Total stockholders’ equity		369,577		259,465	42.4	%		355,139		280,111		267,854
Tangible common equity ⁽¹⁾		329,936		259,465	27.2	%		318,196		280,111		267,854

Common shares outstanding		16,657		13,890	19.9	%		16,663		13,918		13,910
Book value per share	$	22.19	$	18.68	18.8	%	$	21.31	$	20.13	$	19.26
Tangible book value per share ⁽¹⁾	$	19.81	$	18.68	6.0	%	$	19.10	$	20.13	$	19.26
Dividends per share	$	0.10	$	0.08	25.0	%	$	0.10	$	0.10	$	0.08

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_{⁽¹⁾ Refer to Appendix for reconciliation of non-GAAP measures.}
_{⁽²⁾ Loans are reflected net of deferred fees and costs.}

Consolidated Statements of Income (Unaudited)
	Three Months Ended
^{(in thousands)}	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Interest income
Loans, including fees	$	58,691	$	58,602		$	50,047	$	48,275	$	45,991
Investment securities available-for-sale		1,861		1,539			1,343		1,308		1,251
Federal funds sold and other		2,208		1,566			1,220		1,032		1,127
Total interest income		62,760		61,707			52,610		50,615		48,369

Interest expense
Deposits		16,512		16,385			13,902		13,050		12,833
Borrowed funds		201		995			354		508		528
Total interest expense		16,713		17,380			14,256		13,558		13,361

Net interest income		46,047		44,327			38,354		37,057		35,008
Provision for credit losses		2,246		7,828			3,748		3,417		2,727
Provision for credit losses on unfunded commitments		—		122			17		104		142
Net interest income after provision for credit losses		43,801		36,377			34,589		33,536		32,139
Noninterest income
Service charges on deposits		258		241			235		200		207
Credit card fees		3,722		3,733			4,055		4,330		3,881
Mortgage banking revenue		1,831		1,821			1,882		1,990		1,453
Government lending revenue		1,096		2,301			—		—		—
Government loan servicing revenue		3,568		3,993			—		—		—
Loan servicing rights (government guaranteed)		472		1,013			—		—		—
Non-recurring equity and debt investment write-down		—		(2,620	)		—		—		—
Other income		1,602		1,431			463		370		431
Total noninterest income		12,549		11,913			6,635		6,890		5,972
Noninterest expenses
Salaries and employee benefits		18,067		16,513			13,345		13,272		12,907
Occupancy and equipment		2,910		2,976			1,791		1,864		1,613
Professional fees		2,112		2,150			1,980		1,769		1,947
Data processing		7,112		7,210			6,930		6,788		6,761
Advertising		1,779		1,032			1,223		2,072		2,032
Loan processing		743		969			615		476		371
Foreclosed real estate expenses, net		1		—			1		—		1
Merger-related expenses		1,266		2,615			520		83		712
Operational losses		903		993			1,008		782		931
Regulatory assessment expenses		889		484			427		553		473
Other operating		2,271		2,572			1,885		1,834		1,739
Total noninterest expenses		38,053		37,514			29,725		29,493		29,487
Income before income taxes		18,297		10,776			11,499		10,933		8,624
Income tax expense		4,365		3,243			2,827		2,728		2,062
Net income	$	13,932	$	7,533		$	8,672	$	8,205	$	6,562


Consolidated Balance Sheets
	(unaudited)			(audited)			(unaudited)			(unaudited)			(unaudited)
^{(in thousands, except share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and due from banks	$	27,836		$	25,433		$	23,462		$	19,294		$	12,361
Interest-bearing deposits at other financial institutions		266,092			179,841			133,180			117,160			72,787
Federal funds sold		59			58			58			57			56
Total cash and cash equivalents		293,987			205,332			156,700			136,511			85,204
Investment securities available-for-sale		213,452			223,630			208,700			207,917			202,254
Restricted investments		7,031			4,479			5,895			4,930			4,441
Loans held for sale		34,656			21,270			19,554			19,219			10,303
Portfolio loans receivable, net of deferred fees and costs		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Less allowance for credit losses		(48,454	)		(48,652	)		(31,925	)		(30,832	)		(29,350	)
Total portfolio loans held for investment, net		2,629,952			2,581,511			2,075,597			1,990,756			1,935,175
Premises and equipment, net		15,085			15,525			5,959			5,551			4,500
Accrued interest receivable		19,458			16,664			12,468			12,162			12,258
Goodwill		24,085			21,126			—			—			—
Intangible assets		13,861			14,072			—			—			—
Core deposit intangibles		1,695			1,745			—			—			—
Loan servicing assets		2,244			5,511			—			—			—
Deferred tax asset		15,902			16,670			10,748			12,150			12,311
Bank owned life insurance		44,335			43,956			38,779			38,414			38,062
Other assets		34,062			35,420			26,388			10,973			19,730
Total assets	$	3,349,805		$	3,206,911		$	2,560,788		$	2,438,583		$	2,324,238

Liabilities
Deposits
Noninterest-bearing	$	812,224		$	810,928		$	718,120		$	684,574		$	665,812
Interest-bearing		2,079,109			1,951,011			1,468,104			1,415,854			1,339,883
Total deposits		2,891,333			2,761,939			2,186,224			2,100,428			2,005,695
Federal Home Loan Bank advances		22,000			22,000			52,000			32,000			22,000
Other borrowed funds		12,062			12,062			12,062			12,062			12,062
Accrued interest payable		9,995			9,393			8,503			6,573			6,009
Other liabilities		44,838			46,378			21,888			19,666			19,007
Total liabilities		2,980,228			2,851,772			2,280,677			2,170,729			2,064,773

Stockholders’ equity
Common stock		167			167			139			139			139
Additional paid-in capital		128,692			128,598			55,585			55,005			54,229
Retained earnings		249,925			237,843			232,995			225,824			218,731
Accumulated other comprehensive loss		(9,207	)		(11,469	)		(8,608	)		(13,114	)		(13,634	)
Total stockholders’ equity		369,577			355,139			280,111			267,854			259,465
Total liabilities and stockholders’ equity	$	3,349,805		$	3,206,911		$	2,560,788		$	2,438,583		$	2,324,238

The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and the average costs of our liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.

	Three Months Ended March 31, 2025						Three Months Ended December 31, 2024						Three Months Ended March 31, 2024
	Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate⁽¹⁾
	(in thousands)
Assets
Interest earning assets:
Interest-bearing deposits	$	203,053	$	2,138	4.27	%	$	140,206	$	1,446	4.10	%	$	84,531	$	1,049	4.99	%
Federal funds sold		58		1	6.99			58		—	—			56		1	7.18
Investment securities available-for-sale		235,605		1,861	3.20			236,951		1,539	2.58			233,231		1,251	2.16
Restricted investments		5,761		69	4.86			7,292		120	6.55			4,601		77	6.73
Loans held for sale		9,356		238	10.32			25,614		193	3.00			4,872		83	6.85
Portfolio loans receivable⁽²⁾⁽³⁾		2,634,110		58,453	9.00			2,592,960		58,409	8.96			1,927,372		45,908	9.58
Total interest earning assets		3,087,943		62,760	8.24			3,003,081		61,707	8.17			2,254,663		48,369	8.63
Noninterest earning assets		134,021						117,026						44,571
Total assets	$	3,221,964					$	3,120,107					$	2,299,234

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts	$	242,355		368	0.62		$	257,446		424	0.66		$	183,217		110	0.24
Savings		13,204		18	0.55			13,497		20	0.59			4,841		1	0.08
Money market accounts		869,978		7,399	3.45			763,526		7,131	3.72			682,414		7,136	4.21
Time deposits		859,729		8,727	4.12			847,618		8,810	4.13			449,963		5,586	4.99
Borrowed funds		34,062		201	2.39			97,116		995	4.08			58,963		528	3.60
Total interest-bearing liabilities		2,019,328		16,713	3.36			1,979,203		17,380	3.49			1,379,398		13,361	3.90
Noninterest-bearing liabilities:
Noninterest-bearing liabilities		56,503						58,460						23,820
Noninterest-bearing deposits		783,018						729,907						637,124
Stockholders’ equity		363,115						352,537						258,892
Total liabilities and stockholders’ equity	$	3,221,964					$	3,120,107					$	2,299,234

Net interest spread					4.88	%					4.68	%					4.73	%
Net interest income			$	46,047					$	44,327					$	35,008
Net interest margin⁽⁴⁾					6.05	%					5.87	%					6.24	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾Includes nonaccrual loans.}
_{⁽³⁾For the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, collectively, Commercial Bank Loan Yield was 7.14%, 6.98% and 6.96%, respectively.}
_{⁽⁴⁾For the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, collectively, Commercial Bank Net Interest Margin was 4.32%, 3.99% and 3.77%, respectively.}

The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The four segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky^™ (the Company’s credit card division) and Windsor Advantage.

Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky^™, CBHL, and Windsor. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

The following schedule presents financial information for the periods indicated. Total assets are presented as of March 31, 2025, December 31, 2024, and March 31, 2024.

Segments

For the three months ended March 31, 2025

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

48,164

$

152

$

14,444

$

—

$

62,760

Interest expense

16,649

64

—

16,713

Net interest income

31,515

88

14,444

—

46,047

Provision for credit losses

446

—

1,800

—

2,246

Net interest income after provision

31,069

88

12,644

—

43,801

Noninterest income

2,474

1,736

3,733

4,606

12,549

Noninterest expense⁽¹⁾

18,560

2,531

13,302

3,660

38,053

Net income (loss) before taxes

$

14,983

$

(707

)

$

3,075

$

946

$

18,297

Total assets

$

3,192,327

$

14,092

$

119,636

$

23,750

$

3,349,805

For the three months ended December 31, 2024

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

46,061

$

192

$

15,454

$

—

$

61,707

Interest expense

17,249

131

—

17,380

Net interest income

28,812

61

15,454

—

44,327

Provision for credit losses

6,651

—

1,177

—

7,828

Provision for credit losses on unfunded commitments

122

—

122

Net interest income after provision

22,039

61

14,277

—

36,377

Noninterest income

1,928

1,676

3,743

4,566

11,913

Noninterest expense⁽¹⁾

19,872

2,377

12,595

2,670

37,514

Net income (loss) before taxes

$

4,095

$

(640

)

$

5,425

$

1,896

$

10,776

Total assets

$

3,033,792

$

21,691

$

125,913

$

25,515

$

3,206,911

For the three months ended March 31, 2024

^{(in thousands)}

Commercial
Bank

CBHL

OpenSky^™

Windsor
Advantage

Consolidated

Interest income

$

33,365

$

83

$

14,921

$

—

$

48,369

Interest expense

13,320

41

—

13,361

Net interest income

20,045

42

14,921

—

35,008

Provision for credit losses

1,168

—

1,559

—

2,727

Provision for credit losses on unfunded commitments

142

—

142

Net interest income after provision

18,735

42

13,362

—

32,139

Noninterest income

705

1,352

3,915

—

5,972

Noninterest expense⁽¹⁾

13,783

2,105

13,599

—

29,487

Net income (loss) before taxes

$

5,657

$

(711

)

$

3,678

$

—

$

8,624

Total assets

$

2,208,135

$

10,785

$

105,318

$

—

$

2,324,238

________________________
_{⁽¹⁾Noninterest expense includes $6.4 million, $6.3 million, and $6.1 million in data processing expense in OpenSky’s^™ segment for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.}

HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited
	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Earnings:
Net income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Earnings per common share, diluted		0.82			0.45			0.62			0.59			0.47
Net interest margin		6.05	%		5.87	%		6.41	%		6.46	%		6.24	%
Commercial Bank net interest margin⁽²⁾		4.32	%		3.99	%		4.01	%		3.90	%		3.77	%
Return on average assets⁽¹⁾		1.75	%		0.96	%		1.42	%		1.40	%		1.15	%
Return on average equity⁽¹⁾		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Efficiency ratio		64.94	%		66.70	%		66.07	%		67.11	%		71.95	%

Balance Sheet:
Total portfolio loans receivable, net deferred fees	$	2,678,406		$	2,630,163		$	2,107,522		$	2,021,588		$	1,964,525
Total deposits		2,891,333			2,761,939			2,186,224			2,100,428			2,005,695
Total assets		3,349,805			3,206,911			2,560,788			2,438,583			2,324,238
Total stockholders’ equity		369,577			355,139			280,111			267,854			259,465
Total average portfolio loans receivable, net deferred fees		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Total average deposits		2,768,284			2,611,994			2,091,294			2,010,736			1,957,559
Portfolio loans-to-deposit ratio (period-end balances)		92.64	%		95.23	%		96.40	%		96.25	%		97.95	%
Portfolio loans-to-deposit ratio (average balances)		95.15	%		99.27	%		98.20	%		99.10	%		98.46	%

Asset Quality Ratios:
Nonperforming assets to total assets		1.21	%		0.94	%		0.60	%		0.58	%		0.62	%
Nonperforming loans to total loans		1.51	%		1.15	%		0.73	%		0.70	%		0.73	%
Net charge-offs to average portfolio loans ⁽¹⁾		0.38	%		0.37	%		0.51	%		0.39	%		0.41	%
Allowance for credit losses to total loans		1.81	%		1.85	%		1.51	%		1.53	%		1.49	%
Allowance for credit losses to non-performing loans		119.73	%		160.88	%		206.50	%		219.40	%		204.37	%

Bank Capital Ratios:
Total risk based capital ratio		13.00	%		12.79	%		13.76	%		14.51	%		14.36	%
Tier-1 risk based capital ratio		11.75	%		11.54	%		12.50	%		13.25	%		13.10	%
Leverage ratio		9.27	%		9.17	%		9.84	%		10.36	%		10.29	%
Common Equity Tier-1 capital ratio		11.75	%		11.54	%		12.50	%		13.25	%		13.10	%
Tangible common equity		8.66	%		9.31	%		9.12	%		9.53	%		9.66	%
Holding Company Capital Ratios:
Total risk based capital ratio		15.05	%		15.48	%		16.65	%		16.98	%		16.83	%
Tier-1 risk based capital ratio		13.41	%		13.83	%		14.88	%		15.19	%		15.03	%
Leverage ratio		10.68	%		11.07	%		11.85	%		11.93	%		11.87	%
Common Equity Tier-1 capital ratio		13.33	%		13.74	%		14.78	%		15.08	%		14.92	%
Tangible common equity		9.94	%		11.07	%		10.94	%		10.98	%		11.16	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾Refer to Appendix for reconciliation of non-GAAP measures.}

HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited (Continued)
	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Composition of Loans:
Commercial real estate, non owner-occupied	$	484,399		$	471,329		$	403,487		$	397,080		$	377,224
Commercial real estate, owner-occupied		420,643			440,026			351,462			319,370			330,840
Residential real estate		693,597			688,552			623,684			601,312			577,112
Construction real estate		343,280			321,252			301,909			294,489			290,016
Commercial and industrial		594,331			554,550			271,811			255,686			254,577
Lender finance		23,165			28,574			29,546			33,294			13,484
Business equity lines of credit		3,468			3,090			2,663			2,989			14,768
Credit card, net of reserve⁽²⁾		118,709			127,766			127,098			122,217			111,898
Other consumer loans		2,200			2,089			2,045			1,930			738
Portfolio loans receivable	$	2,683,792		$	2,637,228		$	2,113,705		$	2,028,367		$	1,970,657
Deferred origination fees, net		(5,386	)		(7,065	)		(6,183	)		(6,779	)		(6,132	)
Portfolio loans receivable, net	$	2,678,406		$	2,630,163		$	2,107,522		$	2,021,588		$	1,964,525

Composition of Deposits:
Noninterest-bearing	$	812,224		$	810,928		$	718,120		$	684,574		$	665,812
Interest-bearing demand		296,455			238,881			266,493			266,070			193,963
Savings		12,819			13,488			3,763			4,270			4,525
Money markets		912,418			816,708			686,526			672,455			678,435
Customer time deposits		549,630			548,901			358,300			317,911			302,319
Brokered time deposits		307,787			333,033			153,022			155,148			160,641
Total deposits	$	2,891,333		$	2,761,939		$	2,186,224		$	2,100,428		$	2,005,695

Capital Bank Home Loan Metrics:
Origination of loans held for sale	$	65,815		$	89,998		$	74,690		$	82,363		$	52,080
Mortgage loans sold		54,144			77,399			67,296			66,417			40,377
Gain on sale of loans		1,664			1,897			1,644			1,732			1,238
Purchase volume as a % of originations		90.73	%		90.42	%		90.98	%		96.48	%		97.83	%
Gain on sale as a % of loans sold⁽³⁾		3.07	%		2.45	%		2.44	%		2.61	%		3.07	%
Mortgage commissions	$	545		$	620		$	598		$	582		$	490

OpenSky^™Portfolio Metrics:
Open customer accounts		563,718			552,566			548,952			537,734			526,950
Secured credit card loans, gross	$	81,252		$	87,226		$	89,641		$	90,961		$	85,663
Unsecured credit card loans, gross		38,987			42,430			39,730			33,560			28,508
Noninterest secured credit card deposits		168,796			166,355			170,750			173,499			171,771

_______________
_{⁽³⁾Credit card loans are presented net of reserve for interest and fees.}
_{⁽⁴⁾Gain on sale percentage is calculated as gain on sale of loans divided by mortgage loans sold.}

Appendix

Reconciliation of Non-GAAP Measures

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

Core Earnings Metrics	Quarter Ended
^{(in thousands, except per share data)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Add: Merger-Related Expenses, net of tax		964			2,151			557			62			538
Add: Non-recurring equity and debt investment write-down		—			2,620			—			—			—
Add: IFH ACL Provision, net of tax		—			3,169			—			—			—
Core Net Income	$	14,896		$	15,473		$	9,229		$	8,267		$	7,100

Weighted Average Common Shares – Diluted		16,925			16,729			13,951			13,895			13,919
Earnings per Share – Diluted	$	0.82		$	0.45		$	0.62		$	0.59		$	0.47
Core Earnings per Share – Diluted	$	0.88		$	0.92		$	0.66		$	0.59		$	0.51

Average Assets	$	3,221,964		$	3,120,107		$	2,437,870		$	2,353,868		$	2,299,234
Return on Average Assets⁽¹⁾		1.75	%		0.96	%		1.42	%		1.40	%		1.15	%
Core Return on Average Assets⁽¹⁾		1.87	%		1.97	%		1.51	%		1.41	%		1.24	%

Average Equity	$	363,115		$	352,537		$	274,087		$	263,425		$	258,892
Return on Average Equity⁽¹⁾		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Core Return on Average Equity⁽¹⁾		16.64	%		17.46	%		13.40	%		12.62	%		11.03	%

Net Interest Income (a)	$	46,047		$	44,327		$	38,354		$	37,057		$	35,008
Noninterest Income		12,549			11,913			6,635			6,890			5,972
Total Revenue	$	58,596		$	56,240		$	44,989		$	43,947		$	40,980
Noninterest Expense	$	38,053		$	37,514		$	29,725		$	29,493		$	29,487
Efficiency Ratio⁽²⁾		64.9	%		66.7	%		66.1	%		67.1	%		72.0	%

Noninterest Income	$	12,549		$	11,913		$	6,635		$	6,890		$	5,972
Add: Non-recurring equity and debt investment write-down		—			2,620			—			—			—
Core Fee Revenue (b)	$	12,549		$	14,533		$	6,635		$	6,890		$	5,972
Core Revenue (a) + (b)	$	58,596		$	58,860		$	44,989		$	43,947		$	40,980

Noninterest Expense	$	38,053		$	37,514		$	29,725		$	29,493		$	29,487
Less: Merger-Related Expenses		1,266			2,615			520			83			712
Core Noninterest Expense	$	36,787		$	34,899		$	29,205		$	29,410		$	28,775
Core Efficiency Ratio⁽²⁾		62.8	%		59.3	%		64.9	%		66.9	%		70.2	%

_______________
_{⁽¹⁾Annualized.}
_{⁽²⁾The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).}

Commercial Bank Net Interest Margin	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Commercial Bank Net Interest Income	$	31,515		$	28,812		$	22,676		$	21,223		$	20,045
Average Interest Earning Assets		3,087,943			3,003,081			2,380,946			2,307,070			2,254,663
Less: Average Non-Commercial Bank Interest Earning Assets		128,278			133,401			129,906			119,801			116,197
Average Commercial Bank Interest Earning Assets	$	2,959,665		$	2,869,680		$	2,251,040		$	2,187,269		$	2,138,466
Commercial Bank Net Interest Margin		4.32	%		3.99	%		4.01	%		3.90	%		3.77	%

Commercial Bank Portfolio Loans Receivable Yield	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Portfolio Loans Receivable Interest Income	$	58,453		$	58,409		$	49,886		$	48,143		$	45,908
Less: Credit Card Loan Income		14,148			15,022			15,137			15,205			14,457
Commercial Bank Portfolio Loans Receivable Interest Income	$	44,305		$	43,387		$	34,749		$	32,938		$	31,451
Average Portfolio Loans Receivable		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Less: Average Credit Card Loans		118,723			120,993			119,458			111,288			110,483
Total Commercial Bank Average Portfolio Loans Receivable	$	2,515,387		$	2,471,967		$	1,934,161		$	1,881,342		$	1,816,889
Commercial Bank Portfolio Loans Receivable Yield		7.14	%		6.98	%		7.15	%		7.04	%		6.96	%

Pre-tax, Pre-Provision Net Revenue (“PPNR”)	Quarter Ended
^{(in thousands)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Net Income	$	13,932	$	7,533	$	8,672	$	8,205	$	6,562
Add: Income Tax Expense		4,365		3,243		2,827		2,728		2,062
Add: Provision for Credit Losses		2,246		7,828		3,748		3,417		2,727
Add: Provision for Credit Losses on Unfunded Commitments		—		122		17		104		142
Pre-tax, Pre-Provision Net Revenue (“PPNR”)	$	20,543	$	18,726	$	15,264	$	14,454	$	11,493

Core PPNR	Quarter Ended
^{(in thousands)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Net Income	$	13,932	$	7,533	$	8,672	$	8,205	$	6,562
Add: Income Tax Expense		4,365		3,243		2,827		2,728		2,062
Add: Provision for Credit Losses		2,246		7,828		3,748		3,417		2,727
Add: Provision for Credit Losses on Unfunded Commitments		—		122		17		104		142
Add: Merger-Related Expenses		1,266		2,615		520		83		712
Add: Non-recurring equity and debt investment write-down		—		2,620		—		—		—
Core PPNR	$	21,809	$	23,961	$	15,784	$	14,537	$	12,205

Allowance for Credit Losses to Total Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Allowance for Credit Losses	$	48,454		$	48,652		$	31,925		$	30,832		$	29,350
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Allowance for Credit Losses to Total Portfolio Loans		1.81	%		1.85	%		1.51	%		1.53	%		1.49	%

Commercial Bank Allowance for Credit Losses to Commercial Bank Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Allowance for Credit Losses	$	48,454		$	48,652		$	31,925		$	30,832		$	29,350
Less: Credit Card Allowance for Credit Losses		5,905			6,402			7,339			6,768			5,991
Commercial Bank Allowance for Credit Losses		42,549			42,250			24,586			24,064			23,359
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Less: Gross Credit Card Loans		115,991			122,928			121,718			116,180			106,572
Commercial Bank Portfolio Loans		2,562,415			2,507,235			1,985,804			1,905,408			1,857,953
Commercial Bank Allowance for Credit Losses to Total Portfolio Loans		1.67	%		1.70	%		1.24	%		1.26	%		1.26	%

Nonperforming Assets to Total Assets	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Nonperforming Assets	$	40,471		$	30,241		$	15,460		$	14,053		$	14,361
Total Assets		3,349,805			3,206,911			2,560,788			2,438,583			2,324,238
Nonperforming Assets to Total Assets		1.21	%		0.94	%		0.60	%		0.58	%		0.62	%

Nonperforming Loans to Total Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Nonperforming Loans	$	40,471		$	30,241		$	15,460		$	14,053		$	14,361
Total Portfolio Loans		2,678,406			2,630,163			2,107,522			2,021,588			1,964,525
Nonperforming Loans to Total Portfolio Loans		1.51	%		1.15	%		0.73	%		0.70	%		0.73	%

Net Charge-Offs to Average Portfolio Loans	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total Net Charge-Offs	$	2,444		$	2,427		$	2,655		$	1,935		$	1,987
Total Average Portfolio Loans		2,634,110			2,592,960			2,053,619			1,992,630			1,927,372
Net Charge-Offs to Average Portfolio Loans, Annualized		0.38	%		0.37	%		0.51	%		0.39	%		0.41	%

Tangible Book Value per Share	Quarter Ended
^{(in thousands, except share and per share data)}	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Total Stockholders’ Equity	$	369,577	$	355,139	$	280,111	$	267,854	$	259,465
Less: Preferred Equity		—		—		—		—		—
Less: Intangible Assets		39,641		36,943		—		—		—
Tangible Common Equity	$	329,936	$	318,196	$	280,111	$	267,854	$	259,465
Period End Shares Outstanding		16,657,168		16,662,626		13,917,891		13,910,467		13,889,563
Tangible Book Value per Share	$	19.81	$	19.10	$	20.13	$	19.26	$	18.68

Return on Average Tangible Common Equity	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income	$	13,932		$	7,533		$	8,672		$	8,205		$	6,562
Add: Intangible Amortization, Net of Tax		199			198			—			—			—
Net Tangible Income	$	14,131		$	7,731		$	8,672		$	8,205		$	6,562
Average Equity		363,115			352,537			274,087			263,425			258,892
Less: Average Intangible Assets		36,896			22,890			—			—			—
Net Average Tangible Common Equity	$	326,219		$	329,647		$	274,087		$	263,425		$	258,892
Return on Average Equity		15.56	%		8.50	%		12.59	%		12.53	%		10.19	%
Return on Average Tangible Common Equity		17.57	%		9.33	%		12.59	%		12.53	%		10.19	%

Core Return on Average Tangible Common Equity	Quarter Ended
^{(in thousands)}	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Net Income, as Adjusted	$	14,896		$	15,473		$	9,229		$	8,267		$	7,100
Add: Intangible Amortization, Net of Tax		199			198			—			—			—
Core Net Tangible Income	$	15,095		$	15,671		$	9,229		$	8,267		$	7,100
Core Return on Average Tangible Common Equity		18.77	%		18.91	%		13.40	%		12.62	%		11.03	%

ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in four locations in the Washington, D.C., Baltimore, other Maryland markets, one bank branch in Fort Lauderdale, Florida, one bank branch in Chicago, Illinois and one bank branch in Raleigh, North Carolina. Capital Bancorp had assets of approximately $3.3 billion at March 31, 2025 and its common stock is traded in the NASDAQ Global Market under the symbol “CBNK.” More information can be found at the Company’s website www.CapitalBankMD.com under its investor relations page.

FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “optimistic,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not a guarantee of future performance and that actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors. For details on some of the factors that could affect these expectations, see risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K and other periodic and current reports filed with the Securities and Exchange Commission.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing wars in Ukraine and in the Middle East; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; volatility and disruptions in global capital and credit markets; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the impact of changes in financial services policies, laws, and regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory bodies; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; the expected cost savings, synergies and other financial benefits from the acquisition of IFH or any other acquisition the Company has made or may make might not be realized within the expected time frames or at all; the effect of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target into our operations; and other factors that may affect our future results.

These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

FINANCIAL CONTACT: Dominic Canuso (301) 468-8848 x1403

MEDIA CONTACT: Ed Barry (240) 283-1912

WEB SITE: www.CapitalBankMD.com

The MIL Network –

April 29, 2025

MIL-OSI USA: Missouri State Archives Hosts Emergency Preparedness Exercise for MayDay Campaign

Source: US State of Missouri

For Immediate Release: April 28, 2025

Missouri State Archives Hosts Emergency Preparedness Exercise for MayDay Campaign

JEFFERSON CITY, MO – In honor of the national MayDay campaign to promote emergency preparedness in the cultural heritage field, the Missouri State Archives, a division of Secretary of State Denny Hoskins’ office, is conducting a hands-on training exercise to strengthen its ability to protect Missouri’s historical records during emergencies.

“These training exercises are essential to ensure preparedness for small incidents with the records of state and local government agencies all the way up to major responses like the flooding of the Carter County Courthouse,” said State Archivist John Dougan.

On April 30 and May 1, Archives staff members will participate in a wet-incident retrieval and stabilization exercise, practicing the recovery of three different types of historical items. The training will begin with a brief instructional session in the Archives Conference Room before moving to the Conservation Lab for hands-on work. Each session is expected to last approximately two hours.

“Missouri’s history is preserved through countless documents, records, and artifacts entrusted to our care,” said Secretary Hoskins. “Proactive preparation is critical to ensuring these irreplaceable pieces of our heritage survive natural disasters or unforeseen emergencies. I commend the Archives Division for its commitment to safeguarding the past for future generations.”

The annual MayDay initiative, sponsored by the Foundation for Advancement in Conservation, encourages institutions to dedicate at least one day to improving their emergency preparedness plans. The Missouri State Archives’ participation reflects its ongoing commitment to protecting Missouri’s governmental and historical records through education, training, and best practices in archival preservation.

For more information about the Missouri State Archives and its preservation efforts, visit www.sos.mo.gov/archives.

Photos from the 2024 MayDay exercises are attached for use.

About the Missouri State Archives
The Missouri State Archives, established in 1965, serves as the official repository for the state’s permanent and historical records. Its extensive collections date back to 1770 and encompass executive, legislative, and judicial documents; state department and agency records; land and military records; state publications; photographs; maps; county and municipal records on microfilm; and various manuscripts and reference materials. With holdings exceeding 336 million pages of paper, 770,000 photographs, 9,000 maps, 66,000 reels of county government records on microfilm, 560 cubic feet of published state documents, and 1,000 audio/video items, the Archives plays a crucial role in preserving Missouri’s rich history. These resources are accessible to government officials, historians, students, genealogists, and the general public through the Archives’ research room.

About the Missouri Secretary of State’s Office
The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins
Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Nevada Printer and Mailer Pleads Guilty to Participating in Elder Fraud Scheme

Source: US State of North Dakota

A Nevada woman pleaded guilty today for engaging in a prize notice fraud scheme that defrauded thousands of consumers, many of whom were elderly, across the United States and abroad. Barbara Trickle, 80, of Las Vegas, pleaded guilty to conspiracy to commit mail and wire fraud.

According to the indictment, Trickle and her co-conspirators prepared and mailed millions of fraudulent prize notices that led their victims to believe that they had been individually selected to receive a large cash prize and would receive their prize if they paid a $20 to $50 fee. In reality, no victim ever received a large cash prize from Trickle or her co-conspirators. Instead, victims received a “report” describing sweepstakes opportunities or a trinket of minimal value. After victims responded to one fraudulent prize notice mailing, Trickle and her co-conspirators inundated them with additional fraudulent mailings. Trickle and her co-conspirators used the scheme to steal more than $15 million from victims.

The fraud scheme operated from 2012 to February 2018, when the U.S. Postal Inspection Service (USPIS) executed multiple search warrants and the Justice Department obtained a court order shutting down the fraudulent mail operation. Trickle was the owner and operator of a printing and mailing business that produced the fraudulent prize notice mailings for the scheme. Trickle supervised the lasering, printing, and mailing of the fraudulent mailings.

“The Department of Justice’s Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “We are grateful to the Postal Inspection Service for their thorough investigation in this matter.”

“The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service Criminal Investigations Group. “The U.S. Postal Inspection Service will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.”

The USPIS conducted the investigation.

Trial Attorneys Carolyn Rice and Charles Dunn of the Civil Division’s Consumer Protection Branch prosecuted the case, with substantial assistance from the U.S. Attorney’s Office for the District of Nevada.

The department urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/ or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

MIL OSI USA News –

April 29, 2025

MIL-OSI Security: Nevada Printer and Mailer Pleads Guilty to Participating in Elder Fraud Scheme

Source: United States Attorneys General

A Nevada woman pleaded guilty today for engaging in a prize notice fraud scheme that defrauded thousands of consumers, many of whom were elderly, across the United States and abroad. Barbara Trickle, 80, of Las Vegas, pleaded guilty to conspiracy to commit mail and wire fraud.

According to the indictment, Trickle and her co-conspirators prepared and mailed millions of fraudulent prize notices that led their victims to believe that they had been individually selected to receive a large cash prize and would receive their prize if they paid a $20 to $50 fee. In reality, no victim ever received a large cash prize from Trickle or her co-conspirators. Instead, victims received a “report” describing sweepstakes opportunities or a trinket of minimal value. After victims responded to one fraudulent prize notice mailing, Trickle and her co-conspirators inundated them with additional fraudulent mailings. Trickle and her co-conspirators used the scheme to steal more than $15 million from victims.

The fraud scheme operated from 2012 to February 2018, when the U.S. Postal Inspection Service (USPIS) executed multiple search warrants and the Justice Department obtained a court order shutting down the fraudulent mail operation. Trickle was the owner and operator of a printing and mailing business that produced the fraudulent prize notice mailings for the scheme. Trickle supervised the lasering, printing, and mailing of the fraudulent mailings.

“The Department of Justice’s Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “We are grateful to the Postal Inspection Service for their thorough investigation in this matter.”

“The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service Criminal Investigations Group. “The U.S. Postal Inspection Service will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.”

The USPIS conducted the investigation.

Trial Attorneys Carolyn Rice and Charles Dunn of the Civil Division’s Consumer Protection Branch prosecuted the case, with substantial assistance from the U.S. Attorney’s Office for the District of Nevada.

The department urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/ or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

MIL Security OSI –

April 29, 2025

MIL-OSI USA: Senator Mullin Speaks to Edmond Chamber of Commerce, Holds Q&A

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)
Washington, D.C. – Last week, U.S. Senator Markwayne Mullin (R-OK) spoke with the Edmond Chamber of Commerce on a range of topics including the importance of business owners being involved in their communities and President Trump standing up to the rest of the world in defense of the American worker. Highlights of the Senator’s remarks to the Chamber are below.

On the importance of business owners being involved in the community:
“It’s important because nothing affects your business more than state and federal government. Nothing. Dealing with mandates and regulations absolutely destroys your company. And no one is going to know it’s actually hurting you if you’re not in a position to tell the story. No one is going to know to fight for you, for that particular issue, unless you’re in that position to actually be able to say what is going on.”
On President Trump standing up for the American worker:
“When the President was campaigning, he made this a focal point. We knew what was going to happen. The President was very very clear. He’s not as concerned about today’s workforce as he is about tomorrow’s. He says this is a generational issue that at some point if we don’t resolve it, it’s going to destroy our economy. And the trillions of dollars that have been sucked out of the United States and has built these other countries, they’re going to become the wealthy countries and we’re going to have to be taking money from them to help us out of our recession that’s going to last permanently until we learn to remanufacture, and at that point they won’t need us, and so they won’t be wanting to do trade deals with us. And so, the President was looking way down the road, like most business owners.”
“Someone at some point had to take the bullet. At some point this was coming to a head. And thank goodness President Trump was willing to do it.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: We Must Protect The Right to Vote

Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

Congressman Jonathan L. Jackson Condemns Trump Administration’s Dismantling of Voting Rights Protections

FOR IMMEDIATE RELEASE

April 28, 2025

Congressman Jonathan L. Jackson Condemns Trump Administration’s Dismantling of Voting Rights Protections

WASHINGTON, D.C. — Congressman Jonathan L. Jackson (D-IL) issued the following statement in response to recent actions by the Trump administration that have significantly weakened the enforcement of federal voting rights laws.

“The Trump administration’s decision to dismiss all active voting rights cases and reassign experienced civil rights attorneys within the Department of Justice’s Civil Rights Division is a direct assault on the fundamental democratic principle of equal access to the ballot box. These actions undermine decades of progress made to protect the voting rights of marginalized communities.”

Recent reports indicate that political appointees have removed senior civil servants from the DOJ’s voting section, instructing attorneys to dismiss ongoing cases without discussion. This includes significant cases challenging voting laws and redistricting efforts in states like Georgia and Texas.

“The systematic dismantling of the Civil Rights Division’s mission not only threatens the integrity of our electoral system but also signals a dangerous shift away from the DOJ’s historical role in safeguarding civil rights. The reassignment of seasoned attorneys and the abrupt dismissal of critical cases suggest a politicization of justice that should alarm every American committed to democracy.”

Democratic Senators have expressed similar concerns, questioning the DOJ’s recent personnel changes and their implications for civil rights enforcement.

“In light of these developments, it is imperative that Congress exercises its oversight responsibilities to ensure that the Department of Justice remains an impartial enforcer of the law. I stand with my colleagues in calling for transparency and accountability in the DOJ’s operations, particularly concerning the protection of voting rights.”

Congressman Jackson has consistently advocated for robust voting rights protections, emphasizing the importance of the Voting Rights Act and supporting legislation aimed at restoring and strengthening these critical safeguards.

“We must remain vigilant against any efforts to erode the hard-won rights that form the bedrock of our democracy. I am committed to working with my colleagues to uphold the principles of justice and equality for all Americans.”

####

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Deluzio Holds Resident Town Hall at Millvale Senior Community

Source: US Congressman Chris Deluzio (PA)

Seniors Shared Concern About Cuts to Social Security & Other Critical Federal Programs

MILLVALE, PA — Today, Congressman Chris Deluzio (PA-17) visited the Lloyd McBride Independent Senior Living Community in Millvale for a town hall meeting with residents. He answered questions about the Trump Administration’s and Congressional Republicans’ attacks on federal programs that residents rely on, like Social Security, Medicare, and Medicaid—and shared how he’s fighting back to stand up for Western Pennsylvanians.

“The good folks at Lloyd McBride Independent Senior Living Community have earned the right to retire with dignity, and they rightfully expect our government to deliver their hard-earned benefits. It’s outrageous that the Trump Administration and Congressional Republicans are attacking so many of those commitments that seniors rely on,” said Congressman Deluzio. “It’s tough for some seniors to travel to events, so I was glad to come to them in Millvale to hear their concerns, answer their questions, and share a simple message: no matter what they throw at us down in Washington, I’ll keep fighting for all of us in Western PA.”

Photos from the event are available for use by the press here.

Below are just a few examples of the federal actions that are causing concern for seniors in Western Pennsylvania and across the country—as well as how Congressman Deluzio is fighting back:

The Social Security Administration has plans to fire thousands of workers, is planning to close field offices around the country, is ending payments by paper check, is pushing seniors to use its unreliable website for customer service instead of in-person assistance, allowed DOGE to access sensitive personal data, has said it will stop responding to Congressional inquiries, and has switched its official messaging to Elon Musk-owned social media platform “X” (formerly known as Twitter) following cuts to communications staff.

In response, Congressman Deluzio has:
Congressional Republican’ budget outline targets Medicaid for $880 billion in cuts. Medicaid is a key source of funding for senior living homes. More than 130,000 people that Congressman Deluzio represents in Western PA rely on Medicaid for healthcare.
If Congressional Republicans are successful in rolling back healthcare elements of the Inflation Reduction Act, Americans would lose a key Medicare provision that caps out-of-pocket prescription drug costs for Medicare enrollees at $2,000 per year. This is expected to save PA Medicare enrollees an average of $2,515 this year.
- Congressman Deluzio has called attention to this under-discussed threat and will continue doing so.

Congressman Deluzio looks forward to discussing many of these issues further at his upcoming Telephone Town Hall focused on protecting Social Security and Healthcare next Tuesday, April 29th at 6:00pm and at his in-person May Town Hall (details forthcoming).

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MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Senator Reverend Warnock, Colleagues Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens to a Foreign Prison

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock, Colleagues Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens to a Foreign Prison

In the letter, Senator Reverend Warnock calls for the return of a Maryland father wrongfully deported to El Salvador, Kilmar Abrego Garcia

Washington, D.C. — U.S. Senators Reverend Raphael Warnock (D-GA), Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee led 24 of their Democratic colleagues in a letter to President Donald Trump calling for him to immediately rescind the dangerous and offensive claim that he may transfer incarcerated U.S. citizens to El Salvador.

In the letter, the Senators also urge the President to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom his Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. In the letter, the Senators explain how these unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded.

“Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law,’” the Senators continued.

Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. The Supreme Court recently ordered the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador.”

Along with Senators Warnock and Durbin, the letter was signed by U.S. Senators Chris Van Hollen (D-MD), Mazie Hirono (D-HI), Chris Coons (D-DE), Alex Padilla (D-CA), Richard Blumenthal (D-CT), Angela Alsobrooks (D-MD), Jeff Merkley (D-OR), Adam Schiff (D-CA), Peter Welch (D-VT), Tammy Duckworth (D-IL), Tim Kaine (D-VA), Amy Klobuchar (D-MN), Cory Booker (D-NJ), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Lisa Blunt Rochester (D-DE), John Hickenlooper (D-CO), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Ed Markey (D-MA), Tina Smith (D-MN), Patty Murray (D-WA), and Martin Heinrich (D-NM).

The letter is endorsed by the following organizations: Center for Victims of Torture, American Immigration Council, Leadership Conference on Civil and Human Rights, FWD.us, People for the American Way, National Immigrant Justice Center, SMART Union, and Human Rights First.

The full letter is available HERE and below.

Dear President Trump:

We call on you to immediately rescind the dangerous and offensive claim that you may transfer incarcerated U.S. citizens to El Salvador. We further urge you to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom your Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded.

With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on “repeated injuries and usurpations” by the then-King of Great Britain, including “transporting us beyond Seas to be tried for pretended offences” and “depriving us in many cases, of the benefits of Trial by Jury.” Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason. One conservative legal scholar called your threats to deport U.S. citizens “obviously illegal and unconstitutional.”

Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.” Throughout our nation’s history, the Supreme Court has long read the Fifth Amendment’s guarantee of due process to require that the government provide persons with certain procedural due process protections, including notice and an opportunity to be heard before any such deprivation of liberty.

Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. In a statement accompanying the Supreme Court’s recent order for the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,” Justice Sotomayor noted that your Administration’s argument suggesting that the government is permitted to leave Mr. Abrego Garcia in the Salvadoran prison after wrongfully sending him there “implies that it could deport and incarcerate any person, including U.S. citizens, without legal consequence, so long as it does so before a court can intervene.” She went on to note that this is a “view [that] refutes itself.”

You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him. As Judge Harvie Wilkinson, a conservative appointee of President Reagan, wrote in a unanimous Fourth Circuit opinion rejecting your Administration’s efforts to delay taking steps to bring Mr. Abrego Garcia back to the United States:

The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear.

You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1) to return someone who has been wrongfully deported, or (2) to grant individuals the due process they are owed under our laws. As Judge Boasberg wrote in his order last week concluding that probable cause exists to find the government in criminal contempt:

The Constitution does not tolerate willful disobedience of judicial orders—especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely “annul the judgments of the courts of the United States” would not just “destroy the rights acquired under those judgments”; it would make “a solemn mockery” of “the constitution itself.” …“So fatal a result must be deprecated by all.”

You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.

Sincerely,

MIL OSI USA News –

April 29, 2025

MIL-OSI United Kingdom: Sex offenders to be stripped of refugee protections

Source: United Kingdom – Executive Government & Departments

News story

Sex offenders to be stripped of refugee protections

Foreign nationals who commit sex offences will be excluded from asylum protections in the UK as part of the Border Security, Asylum and Immigration Bill.

Tougher border security measures will keep British streets safer, with foreign sex offenders to be excluded from refugee protections as the government announces new measures to slash the asylum backlog and strengthen border security through the Plan for Change.

At present, the Refugee Convention entitles countries to refuse asylum to terrorists, war criminals and individuals convicted of a ‘particularly serious crime’ who present a danger to the community – defined in the UK as an offence carrying a sentence of 12 months or more.

For the first time, any conviction of a crime that qualifies a foreign national for the sex offenders register will lead to them being denied refugee status, toughening our approach to border security through stricter enforcement of the rules.

The law change, which will be introduced through a new amendment to the Border Security, Asylum and Immigration Bill, also marks a further step in the government’s landmark mission to halve violence against women and girls in a decade, making Britain’s streets safer and sending a clear message that sexual offences will be treated with the seriousness they deserve.

The new law comes alongside stronger measures to cut the asylum backlog and save taxpayer money, by giving the tribunals a new target to reduce the time they take to consider appeals from asylum seekers in accommodation, as well as rolling out artificial intelligence (AI) across asylum processing to speed up decision making.

Under the new measures, the first-tier Tribunal Immigration and Asylum Chamber will have a new 24-week target to decide appeals brought by those receiving accommodation support, or who are foreign offenders. This will help stop lengthy legal battles, moving failed asylum seekers out of hotels faster and removing those with no right to be in the country.

The bill will also introduce tougher measures to weed out people who pose as immigration lawyers or advisers, by offering ‘advice’ to migrants on how to claim asylum in the UK and lodge fraudulent claims. The Immigration Advice Authority (IAA) will get expanded powers to hit these crooks with fines of up to £15,000.

Major progress has already been made in fixing the foundations of the asylum system under the new government, with the return of more than 24,000 people with no right to be in the UK in the first 9 months after the election, including a 16% increase in removals of foreign criminals, and asylum decision-making up 52% in the last 3 months of 2024.

Home Secretary Yvette Cooper said:

We are restoring order to a broken asylum system that has been mired in delay and dysfunction for far too long, and we are strengthening our system to make sure that the rules are respected and enforced.

Sex offenders who pose a risk to the community should not be allowed to benefit from refugee protections in the UK. We are strengthening the law to ensure these appalling crimes are taken seriously.

Nor should asylum seekers be stuck in hotels at the taxpayers’ expense during lengthy legal battles. That is why we are changing the law to help clear the backlog, end the use of asylum hotels and save billions of pounds for the taxpayer.

This is part of our Plan for Change to strengthen our borders, make our streets safer and restore order to the broken system the last government left behind.

Safeguarding and Violence Against Women and Girls Minister Jess Philips said:

We are determined to achieve our mission of halving violence against women and girls in a decade.

That’s exactly why we are taking action to ensure there are robust safeguards across the system, including by clamping down on foreign criminals who commit heinous crimes like sex offences.

It is right we ensure that convicted, registered sex offenders are not entitled to refugee status, as part of our work to see these awful crimes treated with the seriousness they deserve and perpetrators held to account.

Alongside these measures, AI will be deployed to support caseworkers to make swifter decisions on asylum claims – preventing asylum seekers from being stuck in limbo at the taxpayers’ expense, delivering quicker answers to those in need and removal of those with no right to be here.

Caseworkers will use AI to speed up access to the relevant country advice, and summarise lengthy interview transcripts, streamlining asylum processing without compromising on the quality of human decisions. The tech could save decision makers up to an hour per case.

As announced last month, alongside these critical measures to reform the asylum system, the government will also table an amendment to the bill which requires companies hiring people in the gig economy to carry out checks confirming that anyone working in their name is eligible to work in the UK, bringing them in line with other employers.

These vital checks confirm someone’s immigration status and allow them to legally work in the UK, meaning that for the very first time, employment checks will be extended to cover businesses hiring gig economy and zero-hours workers in sectors like construction, food delivery, beauty salons and courier services.

In addition to these measures, the landmark Border Security, Asylum and Immigration Bill will empower law enforcement to intervene faster and more effectively, using counterterror-style powers to disrupt the people-smuggling gangs and placing restrictions on foreign offenders living in the community, including mandatory electronic tags, strict night-time curfews and enforced exclusion zones while awaiting removal.

Further background

The measures are to be tabled ahead of report stage of the landmark Border Security, Asylum and Immigration Bill in the House of Commons.

Foreign sex offenders

Under the UK Borders Act 2007, a deportation order must be made where a foreign national has been convicted of an offence and received a custodial sentence of at least 12 months. This is subject to several exceptions, including where it would breach UK’s obligations under the Refugee Convention.

However, the Refugee Convention allows protection to be denied to those who, having been convicted of a ‘particularly serious crime’, constitute a danger to the community in the UK. The proposed amendment will create a presumption that individuals convicted of sexual offences making them subject to notification requirements will be denied this protection. This does not alter the long-standing principle that all claims must be considered on a case-by-case basis, to ensure they meet the criteria regarding the seriousness of the crime, and the danger posed to the community

Supported accommodation and foreign national offender appeals

Under the new proposals, the first-tier Tribunal of the Immigration and Asylum Chamber will be required to determine an asylum appeal lodged by a person receiving accommodation support, or from a non-detained foreign national offender within 24 weeks where it is reasonably practicable to do so. The latest published statistics show appeals to the tribunal take on average nearly 50 weeks to process.

Currently, there is no set timeframe for the courts to consider these cases. Speeding up these appeals will help keep people moving through the asylum system rather than get stuck in accommodation at a cost to the taxpayer and speed up foreign offender deportations. This will assist with ending the use of hotels as asylum accommodation and facilitate swifter deportations.

Just last month (March 2025), the government also announced more funding to boost the number of days the first-tier and upper-tier tribunals (of the Immigration and Asylum Chamber) can sit at near maximum capacity, helping to speed up decision-making and keep the system moving.

Immigration advice

Providing immigration advice without being registered with the IAA or a recognised legal regulatory body is a criminal offence which can lead to jail time, and the new amendments to the Border Security, Asylum and Immigration Bill will give the IAA stronger powers to pursue those who breach those rules.

The IAA is the only regulatory watchdog that can investigate and prosecute those pretending to be immigration lawyers or qualified advisers without any authority to do so. These sham lawyers could be acting as middlemen for those trying to abuse the immigration system in a bid to stay in the UK or trying to cash in on people’s desperation providing poor quality or outright fraudulent immigration advice.

Illegal working

The government previously announced it will strengthen illegal working checks in a new amendment as set out on GOV.UK.

On wider government AI work

This new tool follows the Prime Minister setting out that he will ‘push forward with the digitisation of government services’ to find £45 billion worth of productivity savings, as the Department for Science, Innovation and Technology sets out how it will put AI and technology to work across public services.

Published 28 April 2025

MIL OSI United Kingdom –

April 29, 2025

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Senator Reverend Warnock, Colleagues Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens to a Foreign Prison

Sex offenders to be stripped of refugee protections

Further background

Foreign sex offenders

Supported accommodation and foreign national offender appeals

Immigration advice

Illegal working

On wider government AI work

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