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Category: Taxation

  • MIL-OSI USA: PRESS RELEASE: Congresswoman Barragán Hosts a Full House Community Conversation

    Source: United States House of Representatives – Representative Nanette Diaz Barragán (CA-44)

    FOR IMMEDIATE RELEASE
    April 16, 2025

    Contact: Jin.Choi@mail.house.gov

    South Gate, CA — On Monday, Congresswoman Nanette Barragán (CA-44) held a second Community Conversation on the proposed Republican cuts to Medicaid, Social Security, and other essential government services; the tariff “tax” on everyday essential items; the illegal deportation of legally protected immigrants; and the impacts of these actions on communities in the district. After hosting nearly 400 constituents at her first Community Conversation in San Pedro, last night’s event saw close to 300 people gather in South Gate to hear from the Congresswoman, ask questions, and tell their personal stories of how they would be impacted by these policies. 

    The Congresswoman was joined by Community Health Pediatrician and Medical Director of Health Education and Wellness at AltaMed, Dr. Ilan Shapiro, and Immigration Attorney at the Legal Aid Foundation of Los Angeles (LAFLA), Christine Yoon. 

    “Our constituents are scared and worried about the changes coming from Republicans in Washington that will have a serious impact on their daily lives,” said Rep. Barragán. “The Trump Tax on everyday essentials like groceries, clothes, and cars and the massive cuts to federal programs affect every family in our communities. Parents should not have to decide between buying medicine for their child or putting food on the table. Seniors should not be threatened with loss of care in nursing homes while their children work full-time. And families should not have to pay thousands more every year for everyday essentials because of a misguided trade-war. House Democrats will continue to show up in our communities and fight to protect critical programs that hardworking Americans rely on every day.” 

    “Medicaid funding not only ensures that 37 million children in our country have access to care, it also helps fund critical programs for children’s mental health and children with disabilities. As a pediatrician, when Medicaid is funded, I can ensure the children I care for have access to the preventative care they need to help them grow healthy. Cutting Medicaid also cuts doctors, nurses, and resources for community health centers, hospitals, and specialty care. If we truly believe in protecting the most vulnerable in our society and investing in the future of our children, then we must protect and preserve Medicaid at all costs,” said Dr. Shapiro.

    As a practicing community pediatrician, I can tell you that if my Medicaid patients lose access or have to pay increased costs in care, the impacts will be long-lasting and detrimental to their lives, their families, and their communities,” he continued. 

    The full livestream can be found HERE. 

    ###

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI USA: Murphy, Warren, Kelly Seek Answers On Wealthy Individuals, Corporations Set To Receive Massive Tax Breaks From Republicans

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    April 17, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), a member of the Senate Appropriations Committee, Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, and Mark Kelly (D-Ariz.), a member of the Joint Economic Committee, sent a letter requesting that the Joint Committee on Taxation (JCT) calculate and publish the number of wealthy individuals and billionaire corporations who might benefit from tax giveaways under Congressional Republicans’ tax plan. 
    As part of the budget reconciliation process, Senate Democrats forced Republicans to go on the record with their plans to give massive tax handouts to the wealthiest Americans and giant corporations. Democrats asked whether Republicans would oppose more tax cuts for people making over $100 million, $500 million, or even $1 billion in a single year; Republicans voted no. When asked whether Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again. 
    “While Republicans have claimed that these tax breaks are meant to help working people, their votes don’t lie,” the senators wrote. 
    The lawmakers asked the committee to share the following information by April 30, 2025: 
    The number and percentage of individual taxpayers who, in the past three tax years, made at least $10 million, $100 million, $500 million, or $1 billion each year. 
    The number and percentage of corporations who, in the past three tax years, made at least $100 million, $500 million, $1 billion, or $10 billion each year. 
    Full text of the letter is available HERE and below.
    Dear Dr. Barthold:
    Last week, Congressional Republicans officially passed a budget resolution that opens the door to massive tax breaks for the wealthiest Americans and corporations. While Republicans have claimed that these tax breaks are meant to help working people, their votes don’t lie.
    In the process of advancing their tax plans, Republicans have consistently chosen to make life even easier for the ultra-rich and giant corporations. When Democrats asked whether Senate Republicans would oppose more tax cuts for people making over $100 million, $500 million, or even $1 billion in a single year, Republicans voted no. When Democrats then asked whether Senate Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again. Republicans’ agenda, as their votes have repeatedly shown, is simple: billionaires win, families lose.
    The American people deserve to know who President Trump and Congressional Republicans truly represent. Accordingly, we ask that you provide the following information by April 30, 2025:
    For each of the past three tax years, the number and percentage of individual taxpayers who received annual taxable income exceeding:
    $10 million
    $100 million
    $500 million
    $1 billion

    For each of the past three tax years, the number and percentage of corporate taxpayers who received annual taxable income exceeding:
    $10 million
    $100 million
    $500 million
    $1 billion

    Thank you for your attention to this important matter.
    Sincerely,

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI Security: Leader of Detroit Gang Sentenced to 20 Years in Prison for Drug Trafficking Conspiracy and Money Laundering

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    DETROIT – A 34-year-old Shelby Township man, Martaze Davis, was sentenced to 20 years in prison today for trafficking methamphetamine and laundering drug proceeds, Acting United States Attorney Julie A. Beck announced.

    Beck was joined in the announcement by Andrew Lawton, Acting Special Agent in Charge of Drug Enforcement Administration, Cheyvoryea Gibson, Special Agent in Charge of Federal Bureau of Investigation, and Charles E. Miller, Special Agent in Charge of the Internal Revenue Service Criminal Investigations, Detroit Field Divisions.

    Davis was a leader in a Detroit gang, 42 Hustle Boys. The 42 Hustle Boys and a rival gang, the Seven Mile Bloods, engaged in a longstanding and deadly feud. This investigation and prosecution, which began in 2023, focused on Davis’s leadership of a drug conspiracy that sent members to California to purchase methamphetamine brought into the United States from Mexico and transport it across the United States for distribution in Michigan, Ohio, West Virginia, and Tennessee.

    On October 24, 2023, Davis and codefendant Alexander Polanco, 28, conspired to load a rental car occupied by codefendants Taneeya Richard, 25, and Dejon Howard-Henderson, 24, with 38.9 kilograms of methamphetamine. The following day, officers stopped the rental car in Texas and seized the methamphetamine. Davis also laundered drug proceeds through his personal and business bank accounts intending to conceal the nature and source of the proceeds.

    “Our office vigorously pursues drug traffickers, including gang leaders and members, who push dangerous drugs like methamphetamine into our communities with indifference to the tragedy it inflicts. Thanks to the outstanding teamwork among the Drug Enforcement Administration, Internal Revenue Service Criminal Division, Federal Bureau of Investigation, and U.S. Attorney’s Office, a dangerous drug trafficker and money launderer has been removed from our streets,” stated Acting United States Attorney Julie A. Beck.

    “Bringing members of violent street gangs to justice is one of our top operational priorities in the DEA Detroit Division. Mr. Davis and his 42 Hustle Boys co-conspirators are responsible for fueling untold suffering by funneling massive amounts of methamphetamine into areas already hard-hit by the opioid crisis.  Today’s sentence sends another clear message to drug trafficking organizations that their criminal behavior will not be tolerated and will be met with consequences,” said Andrew Lawton, Acting Special Agent in Charge of Drug Enforcement Administration.

    “Today’s sentencing of Martaze Davis represents a significant victory in our ongoing fight against organized crime and drug trafficking in Detroit,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI’s Detroit Field Office. “This case underscores the powerful collaboration between the FBI, DEA, and Detroit’s IRS Criminal Division. Together, we remain steadfast in our mission to disrupt criminal networks, dismantle money laundering operations, and protect our communities. The removal of Mr. Davis, a dangerous Detroit gang leader, from the streets is a pivotal step in safeguarding Michigan and ensuring the safety of all its residents. Our combined efforts reflect our unwavering commitment to keeping Detroit and the surrounding areas free from criminal activity.”

    “The laundering of illegal drug profits is as important and essential to drug traffickers as the very distribution of their illegal drugs. Without these ill-gotten gains, the traffickers could not finance their organizations,” said Charles Miller, Special Agent in Charge, Detroit Field Office, IRS Criminal Investigation. “We will continue to be relentless in our mission to dismantle drug trafficking organizations and bring the criminals who run them to justice.”

    The Honorable Sean F. Cox sentenced Davis to 20 years in prison.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    This case was investigated by the Drug Enforcement Administration, Internal Revenue Service Criminal Investigations, and Federal Bureau of Investigation. It was prosecuted by AUSA Paul Kuebler.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI USA: NASA Supports Next Generation of Innovators

    Source: NASA

    When young minds come together to test their knowledge and creativity in technology and innovation, the results are truly inspiring. In its sixth year, Aerospace Valley Regional FIRST Robotics Competition at East High School in Lancaster, California, proved to be another success. During three action-packed days, hundreds of students from around the world showcased their skills in building and programming robots designed to tackle real-world challenges. Volunteers from NASA’s Armstrong Flight Research Center in Edwards, California, played a key role, mentoring students and sharing expertise to guide the next generation of engineers.
    The Aerospace Valley Regional was started with NASA’s support through the Robotics Alliance Project, which has helped expand robotics programs nationwide. As part of the project, NASA Armstrong supports five local teams and fosters innovation and mentorship for young minds. “It’s more than just a game – it’s a launchpad for future innovators,” said David Voracek, NASA Armstrong’s chief technologist, who has volunteered for 20 years and is the primary logistics manager.
    Brad Flick, NASA Armstrong center director, toured the venue and talked to students, highlighting NASA’s continued commitment to inspiring the next generation of engineers and innovators. The event kicked off with an exciting F/A-18 flyover by NASA Armstrong research test pilots Nils Larson and James Less.
    Throughout the competition, NASA volunteers – judges, scorers, and machinists – offered guidance and ensured smooth operations. The mobile shop supported students by repairing and fabricating parts for their robots, completing 79 jobs during the event. “Almost everything we do needs to get done in minutes,” says Jose Vasquez, volunteer, and engineering technician at NASA Armstrong’s fabrication lab, who volunteered at the event.
    Beyond the competition, students engaged with industry professionals and explored career opportunities. “They don’t just build robots; they build confidence, resilience, and real-world skills alongside mentors who inspire them and volunteers who make it all possible,” Voracek said. This event showcased the talent, determination, and creativity that will shape the future of technology and innovation.
    NASA’s Robotics Alliance Project provides grants for high school teams across the country and supports FIRST Robotics competitions, encouraging students to pursue STEM careers.

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI Asia-Pac: Union Minister for Health & Family Welfare and Chemicals & Fertilizers Shri Jagat Prakash Nadda chairs “Manthan Shivir” organised by the Department of Chemicals & Petrochemicals in New Delhi today

    Source: Government of India

    Union Minister for Health & Family Welfare and Chemicals & Fertilizers Shri Jagat Prakash Nadda chairs “Manthan Shivir” organised by the Department of Chemicals & Petrochemicals in New Delhi today
    ​​​​​​​
    Government committed to achieving long-term, sustainable growth in the chemical sector: Shri JP Nadda

    Union Minister encourages the participants to devote time regularly on thinking innovative, out of the box ideas and solutions

    Posted On: 17 APR 2025 8:27PM by PIB Delhi

    The Department of Chemicals & Petrochemicals organised a one day “Manthan Shivir” in New Delhi today, chaired by Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, with discussions focussing on fostering long-term development of the Indian chemical and petrochemical sector.

    The recommendations emerging from discussions on all the thematic areas were presented before the Union Minister, under whose strategic insight this initiative was implemented. The Union Minister of Chemicals &Fertilizers acknowledged that the Manthan conference is a constructive platform for engaging in thoughtful and comprehensive discussions about the sector’s future.

    Shri JP Nadda congratulated the Department for organizing the Manthan Shivir and choosing topics which are of contemporary relevance to the sector. He encouraged the participants to think beyond routine administrative tasks and motivated them to devote time regularly on thinking innovative, out of the box ideas and solutions.

    Thanking the representatives of the other Ministries/ Departments for their enthusiastic participation in the deliberations, he suggested that such deliberative processes following a holistic and whole-of-Government approach should be held at regular intervals to avoid policymaking in silos and to help realise the vision of Viksit Bharat by 2047. He also added that this thought process and dialogue should be institutionalised to make it a continuous process.

    While acknowledging the challenges that remain, Shri J.P. Nadda  emphasized the collective commitment to achieving long-term, sustainable growth in the chemical sector and expressed confidence in the fact that with the right approach, India can build a more resilient and self-reliant industrial ecosystem.

    Addressing the meeting Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemical, alluded to the critical importance of India’s chemical sector, pointing out that the industry contributes about 1.4% to GDP and accounts for almost 9% of gross value addition in manufacturing. She noted that while considerable progress has been made in terms of infrastructure development, there is need for more concerted efforts to support the development of the sector in view of ever changing geopolitical realities as well as the vision of the Government for an Atmanirbhar Bharat.

    During the day discussions were held which were centred on 6 thematic areas, viz. “Infrastructure Development; Sustainability, Recycling & Circular Economy; Trade Remedial Measures; Boosting Manufacturing Towards Viksit Bharat; Skilled Workforce & Training; and Road Map for Future Ready Plastic Industry”. Each of these topics were deliberated upon in a comprehensive manner by dedicated groups including representatives from other Ministries and Departments such as Revenue, Promotion of Industry & Internal Trade, Pharmaceuticals, Skill Development & Entrepreneurship, Science & Technology, Textiles, MSME, MoEFCC, NITI Aayog as well as organisations such as the Bureau of Indian Standards, Central Pollution Control Board, Central Institute of Petrochemicals Engineering & Technology etc.

    *****

    MV/AKS

    (Release ID: 2122551) Visitor Counter : 51

    MIL OSI Asia Pacific News –

    April 18, 2025
  • MIL-OSI Security: Whitbourne — Update: More than 7 million contraband cigarettes seized from overturned tractor trailer

    Source: Royal Canadian Mounted Police

    More than 7 million contraband cigarettes were seized by Whitbourne RCMP in response to an overturned tractor trailer that occurred earlier this week on Route 202.

    Following extensive efforts to retrieve the contraband tobacco that was located after RCMP executed a search warrant on the truck and trailer, officers were able to determine the quantity of contraband tobacco to contain more than 7,423,000 cigarettes. Additionally, a case of pre-rolled illicit cannabis was located and seized.

    This quantity of contraband tobacco represents a loss of more than $2.4 million that could have been used to help support many provincial government services throughout Newfoundland and Labrador.

    The investigation is continuing. A 53-year-old Ontario man faces charges under the Excise Act 2001, and is under investigation for charges under the Revenue and Administration Act and Cannabis Act.

    Background:

    https://www.rcmp-grc.gc.ca/en/news/2025/whitbourne-rcmp-responds-tractor-trailer-crash-route-202-trailer-full-contraband

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI Security: Mineral Springs Man Sentenced to 15 Years in Prison for Distributing Methamphetamine and Possession of Firearm in Furtherance of Drug Trafficking Crime

    Source: Office of United States Attorneys

    JOHNSTOWN, Pa. – A resident of Mineral Springs, Pennsylvania, has been sentenced in federal court to 181 months in prison, to be followed by five years of supervised release, on his convictions of conspiracy to distribute and possession with intent to distribute methamphetamine, and possession of a firearm in furtherance of a drug trafficking crime, Acting United States Attorney Troy Rivetti announced today.

    United States District Judge Marilyn J. Horan imposed the sentence on Brian Gidney, 51.

    According to information presented to the Court, from in and around July 2019 to in and around June 2020, in the Western District of Pennsylvania, Gidney conspired to distribute and possess with intent to distribute 500 grams or more of a mixture of methamphetamine. Further, on or about June 9, 2020, Gidney possessed with intent to distribute 500 grams or more of a mixture of methamphetamine, and also possessed a firearm in furtherance of his drug trafficking crime. Gidney was intercepted on a federal wiretap obtaining quantities of methamphetamine that he distributed to others.

    Assistant United States Attorney Maureen Sheehan-Balchon prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Drug Enforcement Administration and Pennsylvania State Police for the investigation leading to the successful prosecution of Gidney. Additional agencies participating in this investigation include the Bureau of Alcohol, Tobacco, Firearms and Explosives, Internal Revenue Service – Criminal Investigation, United States Postal Inspection Service, Homeland Security Investigations, Pennsylvania Office of Attorney General, Clearfield County District Attorney’s Office, Erie County District Attorney’s Office, Millcreek Police Department, Erie Bureau of Police, and other local law enforcement agencies.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI United Kingdom: Over 230 York pensioners £7,000 a year better off with Pension Credit

    Source: City of York

    The 231 pensioners in York who claimed Pension Credit since December 2024 are now an extra £7,000 a year better off.

    Following publicity campaigns to encourage eligible people to claim, 231 applications were made from December 2024 to February 2025 by residents over State Pension age and who are on a low income. They are now directly benefitting from a total extra £1,790,736 a year, from Pension Credit and linked benefits.  

    Of the total £1,790,736 now being paid yearly to those York residents, £338,866 was for backdated claims and £49,200 was for Winter Fuel Payments. Estimates suggest that the value of these awards over the estimated life expectancy of the claimants, could add up to over £10,638,000.

    One successful claimant from York said:

    I now have Pension Credit and Council Tax Support and couldn’t feel happier – it is so lovely. I wouldn’t have known what to do or that this would be possible without Age UK York and the Carers’ Centre helping me. Thank you so much.”  

    This is part of an ongoing campaign in partnership with organisations including Citizens’ Advice York, Older Citizens Advocacy York (OCAY), Age UK York and the Carers’ Centre to make sure residents claim all the support available to ease financial pressures, particularly with recent increases to energy and water bills.

    To be able to make a claim, residents must be over State Pension age and on a low income. Pension Credit tops up:

    • weekly income to £227.10 for single people
    • joint weekly income to £346.60 for those with a partner.

    People with a higher income might still be eligible for Pension Credit if they have a disability, care for someone, have housing costs or have savings.

    Cllr Katie Lomas, Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion at City of York Council, said:

    Last autumn, Government data showed that around 1,600 York households were missing out on Pension Credit. We contacted those they had details for, advising them that they might be eligible and offering advice and support to apply for it.  

    “Of the 470 we contacted, 231 have successfully applied and together, are £1,790,736 a year better off.

    “We are continuing our campaign and will be letting more people know they could be missing out and how to apply. If you haven’t claimed yet, it’s really worth doing so. Help to make your claim is available for a share of over £1 million remaining unclaimed by York residents.”

    Simon Holmes, Chief Executive of Age UK York, said:

    We recognise the challenges faced by too many older people, both here in York and across the country, with 34% of pensioners feeling less financially secure than a year ago and over 450,000 in our region having to cut back on heating or powering their home.

    “For each of the 246 – and counting – individuals helped here in York who are now receiving Pension Credit it can make such a vital difference not only financially, but to their independence and wellbeing. We would please encourage anyone unsure if they are eligible to find out more and to get in touch here in York

    “A huge thank you to all those involved in making this happen across our partnership with their expertise and compassion in being there to help and continuing to offer such valued support each day to local people and communities across York.”

    Find out if you’re eligible, what you’re eligible for and how to apply at www.gov.uk/pension-credit or call free on 0800 99 1234. For local information and support, see www.york.gov.uk/PensionCredit

    MIL OSI United Kingdom –

    April 18, 2025
  • MIL-OSI Security: Suburban Chicago Man Charged With Preparing and Filing More Than 50 Fraudulent Tax Returns

    Source: Office of United States Attorneys

    CHICAGO — A suburban Chicago man has been charged in federal court with preparing and filing more than 50 fraudulent tax returns for himself and others.

    An indictment returned Tuesday in U.S. District Court in Chicago accuses CEDRICK TAYLOR of preparing and assisting in the preparation of 45 individual tax returns on behalf of numerous individuals for the calendar years 2018 to 2023.  Taylor helped prepare returns that fraudulently overstated and misrepresented tax credits, deductions, and expenses in order to fraudulently reduce the individuals’ tax liabilities and claim refund amounts to which they were not entitled, the indictment states.  Taylor also filed several individual tax returns for himself that misrepresented tax credits and underreported his income, the indictment alleges.

    Taylor, 40, of Winfield, Ill., is charged with 45 counts of willfully preparing a false tax return for others and six counts of filing false tax returns for himself.  Each count is punishable by up to three years in federal prison.  Arraignment in federal court in Chicago has not yet been scheduled.

    The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Ramsey Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago, and Douglas S. DePodesta, Special Agent-in-Charge of the FBI Chicago Field Office.  The government is represented by Assistant U.S. Attorney Jeffrey Snell.

    The public is reminded that an indictment is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI USA: Cantwell, Senate Democrats Warn About Republicans Raising Food Costs to Give Tax Breaks to Billionaires

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    04.17.25
    Cantwell, Senate Democrats Warn About Republicans Raising Food Costs to Give Tax Breaks to Billionaires
    “Congress should not give tax breaks to the wealthiest Americans by taking away food assistance from millions of Americans,” wrote the senators More than 1 in 10 Washingtonians use SNAP to purchase food, half of whom are in families supporting children
    WASHINGTON, D.C. – U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Committee on Finance, joined 45 Senate Democratic colleagues in sending an open letter to the American public warning that Congressional Republicans are trying to take food away from hungry families in order to give tax breaks to the wealthiest Americans.
    The budget plan that Congressional Republicans are currently pushing will require deep cuts to the Supplemental Nutrition Assistance Program (SNAP) to fund the planned tax breaks. Their plan demonstrates that, after promising to lower prices for families, Republicans in Congress are instead making it more difficult for families to put food on the table.
    “Congress should not give tax breaks to the wealthiest Americans by taking away food assistance from millions of Americans,” wrote the senators.
    “SNAP supports 42 million Americans, including nearly 8 million seniors, 16 million children, 4 million people with disabilities, and 1.2 million veterans, in putting food on their tables each month,” they continued. “Cuts of this magnitude—or anything close to it—would be devastating to American families in every state.”
    SNAP is used by 888,300 Washington residents, or 11% of the state’s population. More than 53% of SNAP participants in Washington are in families with children, and more than 38% are in families with members who are older adults or are disabled.
    Along with Sen. Cantwell, the letter was signed by Senators Amy Klobuchar (D-MI), Chuck Schumer (D-NY), and 43 other Senate Democrats.
    The full text of the letter can be found HERE.
    The GOP’s budget plan will also require significant cuts to Medicaid, a central pillar of Washington state’s health care system, and under President Trump’s direction, Elon Musk’s DOGE team has targeted Social Security for drastic reductions.
    In March, Sen. Cantwell heard from voices across Washington state about the dangers of President Trump and the GOP’s proposed cuts to Medicaid. Doctors, patients, and health care providers in Seattle, Spokane, and the Tri-Cities warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care. Sen. Cantwell spoke out against President Trump’s nomination of Dr. Mehmet Oz to be Administrator of the Centers for Medicare and Medicaid Services; in his nomination hearing, she pressed him repeatedly on his willingness to stand up for Medicaid funding. She ultimately voted against his nomination, citing his refusal to stick up for Medicaid during the hearing, which is of particular concern given the Republicans’ draconian budget bill, which would require massive cuts.
    Sen. Cantwell is also fighting against President Trump’s plans to cut Social Security. As a senior member of the Senate Finance Committee, she highlighted the danger that the President’s nominee to head the Social Security Administration, Frank Bisignano, poses to the program. At his confirmation hearing, she mentioned the story of a constituent in Seattle who was incorrectly presumed dead shortly after Elon Musk sicced his DOGE team on the Social Security Administration to hunt down unsubstantiated claims of widespread fraud.  Sen. Cantwell voted against his nomination in committee.  The full Senate has yet to vote on the nomination.

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI USA: PHOTOS: Senator Reverend Warnock Speaks to NPR in Warm Springs on the Legacy of FDR and Our Nation’s Unfinished Work

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    PHOTOS: Senator Reverend Warnock Speaks to NPR in Warm Springs on the Legacy of FDR and Our Nation’s Unfinished Work

    Senator Reverend Warnock was recently in Warm Springs, Georgia to commemorate the 80th anniversary of President Franklin D. Roosevelt’s (FDR) passing at the “Little White House”
    FDR suffered a stroke while posing for a portrait that remains unfinished to this day and is on display on the Little White House grounds 
    Senator Reverend Warnock gave a keynote speech framed around the unfinished portrait and how it reflects FDR’s unfinished legacy and the unfinished work of our nation 
    Senator Reverend Warnock: “FDR collapsed from a stroke, never got up, and the portrait was never finished. In a real sense, that’s how we live our lives, even at our best, it is an unfinished project, an unfinished portrait. What remained was a loose watercolor sketch of his head and shoulders. It was an unfinished portrait, an unfinished presidential term, an unfinished legacy, and in many ways, the America he fought for remains unfinished. That brush may have stopped mid stroke, but what Roosevelt painted into the fabric of this nation still colors our lives today”
    ICYMI from National Public Radio: 80 years after President Franklin Roosevelt’s death, Trump cuts threaten his legacy
    ICYMI from the Atlanta Journal-Constitution: Georgia gathers at Little White House on 80th anniversary of FDR’s death
    Above: Like FDR, Senator Reverend Warnock finds himself in good spirits under the Georgia sun in Warm Springs
    Warm Springs, GA – On Saturday, April 12, on the 80th anniversary of the passing of President Franklin D. Roosevelt, U.S. Senator Reverend Raphael Warnock (D-GA) journeyed to the late president’s Little White House in Warm Springs, Georgia to deliver a keynote address honoring the unfinished legacy of FDR and the unfinished work of creating opportunities for all Americans to thrive regardless of their race, age, creed, or station in life. Ahead of his remarks, Senator Warnock saw FDR’s infamous “unfinished portrait”, a watercolor painting the 32nd president was posing for when he suffered a stroke, which he eventually succumbed to on April 12, 1945. In his remarks, Senator Warnock evoked the unfinished portrait and how it resembles the unfinished legacy and mission of FDR in creating economic, social, and political opportunity for all Americans.
    “FDR collapsed from a stroke, never got up, and the portrait was never finished. In a real sense, that’s how we live our lives, even at our best, it is an unfinished project, an unfinished portrait. What remained was a loose watercolor sketch of his head and shoulders. It was an unfinished portrait, an unfinished presidential term, an unfinished legacy, and in many ways, the America he fought for remains unfinished. That brush may have stopped mid stroke, but what Roosevelt painted into the fabric of this nation still colors our lives today,” said Senator Reverend Warnock.  

    Above: Senator Reverend Warnock with FDR’s infamous unfinished portrait in Warm Springs
    “What [FDR] accomplished was extraordinary, and much of it was inspired by the spirit of Georgia, warmed up by these Warm Springs in which he drew inspiration and motivation that he needed to rebuild an anguished nation. Over the years, after making his first journey here in 1924, President Roosevelt saw the South’s struggling economy, he saw the many challenges of our state. He saw the lack of educational opportunities. He saw the lack of electricity and family farms being foreclosed. He saw poverty and disease, both in a literal sense and in a spiritual sense. And he saw the impact of that in Georgia and on our nation. He saw a lack of good paying jobs, creating a crisis for the economy and, more importantly, a crisis in the human soul. So, as FDR came down to Warm Springs for his own healing. He saw the healing that needed to be done. You can’t lead the people unless you love the people. And in order to love the people, you got to walk with the people,” said Senator Reverend Warnock in his keynote speech.

    Above: Senator Reverend Warnock signs the VIP guest book at the Little White House
    “So the mission continues, the work still lies ahead. We must not give in to those who are trying to weaponize fear. FDR said, ‘We have nothing to fear but fear itself.’ Now, like all of you, I grew up hearing that, and I must admit that since I’ve been hearing it all my life, it was just, you know, something people say. ‘We have nothing to fear but fear itself.’ It’s one of those things that’s so deep in the culture you hear it without really hearing. I’m not so sure I knew what Roosevelt meant until late, because in this moment in our lives, there are those in high office who are trying to weaponize fear. There are those in high office who want us to be afraid of one another. Want white people to be afraid of Black people, and Black people to be afraid of brown people, want the young to resent the old and the old to forget about the young. We have nothing to fear but fear itself. Translation, if there’s anybody to be afraid of, we ought to be afraid of the politicians who want us to be afraid of one another. We have nothing to fear but fear itself,” Senator Reverend Warnock continued.
    Following his remarks, Senator Warnock toured the Little White House where FDR was posing for the unfinished portrait. The senator surveyed the bedroom where the late president eventually succumbed to his stroke, leaving behind a nation in recovery from the Great Depression and on a path to victory in World War II. Senator Warnock also viewed the nearby pools where FDR found some relief in his battle with polio. 
    A transcript of Senator Warnock’s speech can be found below (lightly edited for clarity):
    I want to recognize all the elected officials in the house, those who serve, those who have served, and those who seek to serve, stand up, all of you.
    Thank you so very much, it’s wonderful to be here. I also want to recognize the Friends of the Little White House, the Georgia Department of Natural Resources for organizing this great event. My church, Ebenezer Baptist Church, has also supported our historic sanctuary through the work of the fine men and women of the park service and those who support that work, so I understand a little bit about what it takes to maintain a facility like this. Thank you for your service in preserving the beauty, history, and the culture of our great state. Give them a great big round of applause.
    80 years ago today, April 12, 1945, was described as a sunny spring day here in Warm Springs. A president weary from war was now in good spirits under the Georgia sun. President Franklin Delano Roosevelt was no doubt looking ahead to the world that would rise from the ashes and a country still climbing towards its highest ideals. Back in his little white pine cottage that afternoon, the president was posing for a portrait as an artist was attempting to capture a giant. Some have said a picture is worth a thousand words. But as fate would have it, the man who had helped save democracy at home and around the world collapsed from a stroke. 
    He succumbed to what William Cullen Bryant called that mysterious realm where each shall take his chamber in the silent halls of death. Martin Luther King Jr., who reminded us that death is not an aristocracy for some, but a democracy for all. Each of us comes to that moment, the rich and the poor, those who sit high, those who sit low. Death, as Doctor King said, is life’s common denominator. We might want to think about what we want to make of our lives. 
    FDR collapsed from a stroke, never got up, and the portrait was never finished. In a real sense, that’s how we live our lives, even at our best, it is an unfinished project, an unfinished portrait. What remained was a loose watercolor sketch of his head and shoulders. It was an unfinished portrait, an unfinished presidential term, an unfinished legacy, and in many ways, the America he fought for remains unfinished. That brush may have stopped mid stroke, but what Roosevelt painted into the fabric of this nation still colors our lives today. An unfinished legacy, unfinished presidential term, unfinished portrait; so much wisdom and poetry, even in how he left us. 
    I submit that your life’s project ought to be longer than your lifespan. If you can finish your life’s project in your lifespan, then your imagination is too small, and your vision of what we can become and who we are together has yet to mature. FDR understood that. He poured himself out, a term as a pastor we use especially this time of the year, during the season of Lent, during the season of Passover, that the one in whose name you and I preach on Sunday morning submitted to what theologians called kenosis. He literally poured himself out. That’s what servant leadership looks like. Pouring yourself out for others, and in so doing, what he was able to accomplish was extraordinary, because FDR, for all his pain, he was never focused on himself. The way to find yourself is to give yourself over to something bigger than yourself, and then you might find yourself.
    What he accomplished was extraordinary, and much of it was inspired by the spirit of Georgia, warmed up by these Warm Springs in which he drew inspiration and motivation that he needed to rebuild an anguished nation. Over the years, after making his first journey here in 1924, President Roosevelt saw the South’s struggling economy, he saw the many challenges of our state. He saw the lack of educational opportunities. He saw the lack of electricity and family farms being foreclosed. He saw poverty and disease, both in a literal sense and in a spiritual sense. And he saw the impact of that in Georgia and on our nation. He saw a lack of good paying jobs, creating a crisis for the economy and, more importantly, a crisis in the human soul. So, as FDR came down to Warm Springs for his own healing. He saw the healing that needed to be done. You can’t lead the people unless you love the people. And in order to love the people, you got to walk with the people. 
    People called to serve must be willing to walk with you, even as we work for you. So he drew inspiration and insight from being in these spaces and in these places. Struggling with polio, so much to learn about his life. I’m inspired and amazed, quite honestly, so many layers, struggling with polio. Polio, by the way, a disease that we’ve pushed back through the insights of doctors and others. Now, because of the success of those vaccines, we have an anti-vaccine movement. Privilege as a way of blinding. The reason we can have an anti-vaccine movement is because the vaccines work. Almost nobody remembers what polio looked like. So, all of a sudden, we become really profound indeed. I digress. Thank God for science; my faith has no quarrel with science. 
    He came here for his own healing. Somehow, being here, he was able to transform his pain into power, suffering in the sacrifice, sacrifice into salvation for others who suffer. We now live in his legacy–all of us. Social Security. Prior to FDR, for most people, when you got old, it was a sentence into poverty. Sometimes it’s easy to attack things because you don’t remember what it was like before we had it. Social Security was important then, it’s important now, and I’m going to stand up and defend it. Pathways to homeownership, minimum wage jobs, unemployment insurance, all of that, FDR. Rural electrification, job programs that build bridges and roads and restored dignity to families who had lost everything. He did more in a wheelchair than most presidents ever imagined doing sitting in an Oval Office. These weren’t just policies. These were promises aimed at restoring the dignity of work, being able to provide for your family. They represented the belief that the public servants working towards a common cause could be a force for good in people’s lives.
    Between 1933 and 1940, the New Deal brought $250 million to Georgia and established agencies that offered a broad range of public works programs, including the construction of libraries, roads, schools, parks, hospitals, airports, and housing, because he understood that infrastructure is the common space that we share with one another. It is the covenant that we have with one another. Broken roads and broken bridges are indicative of a broken people. In the wealthiest nation on the planet, a broken commitment to the house that we live in together.
    Perhaps no issue greater reflects Warm Springs’ impact on FDR’s policies than rural electricity. Georgia farmers and Georgia families were hit especially hard by the Great Depression. Their recovery was slowed by the high cost of electricity, which was only used in 10% of rural homes in 1935. Electric companies were simply not willing to string miles of wire to rural communities, so those people had to go without. Too often rural communities are invisible to people in power. FDR saw rural communities. One of the great characteristics of leadership is just the ability to see you.
    And it is here that he was motivated to start the Rural Electrification Administration, an effort designed to bring electric power to rural areas at reasonable rates. Roosevelt cemented the connection by signing the electrification bill into law right here at the Little White House, where his first electric bill in this little house was four times greater than that of his home in New York. Somebody needed to fix that. He got busy doing it. This improved the quality of life and productivity for small farms. And Roosevelt did not stop there. He implemented policies to improve soil health and prevent erosion, provide farmers with loans to move to improved farms, and helped raise long depressed cotton prices. He understood that when you center the people rather than the politics, you have a shot at getting the policy right.
    For many of these rural Georgians the federal government felt like some distant entity, long distance from where they actually live. Like so many people today, they looked at what was going on in Washington, they asked themselves, what in the heck does that have to do with me? The New Deal answered that question; the New Deal provided federal investments that they could see directly benefiting their local communities. The policy showed up where they actually live, and it offered people the hope they needed for a resilient nation to believe that their best days were ahead of them and not behind them.
    He believed in the future, and not in some imaginary vision of who we used to be. He sought simply to make America great–period. Make it great not by moving backwards, but by moving forward. I stand in awe of this man. Where did he get such imagination, such grit, such determination, such love of the people–all the people. Moral courage. It makes you stand up, no matter what it looks like at the moment. Perhaps, here is the answer. He said, while suffering from polio, “When you have spent two years in bed trying to wiggle your big toe, everything else seems easy.” 
    He transformed his pain into power, suffering into sacrifice, and sacrifice into salvation for those who suffer. Now, it’s important to note, if we would be honest, that while the New Deal transformed America, there was still a whole lot more work to be done. This was still 1940s America. There were those who still suffer in our nation’s complicated story and still ran up against the reality of deep-seated discrimination. My own father, born in 1917, I had an older father, served for about a year, one year in the Army during World War II, all stateside. One day, he was headed home on a bus in the soldier’s uniform, and my father had to give up his bus seat because the bus driver saw a young, white teenager, and the man with a family and a soldier’s uniform had to give up his seat to a teenager. My dad had to give up his bus seat, but his son now sits in a Senate seat.
    I thank God for Roosevelt’s New Deal, but my people still had a raw deal. My dad never became bitter. He believed in the future. Dr King, and those who marched alongside him, stood up and pushed the country closer to its ideals. An unfinished portrait–that’s what America is, and we have to keep painting. We have to keep adding colors and hues and nuances in order to understand what this country is all about. He was informed. He was inspired by Warm Springs. But we dare not leave this place today without mentioning somebody else. Her name was Eleanor. By every great man is a smarter woman. Brilliant and courageous in her own right.
    Today in the United States Senate, I see my work as a continuation of that great patriot and so many others who tried to make America great. That is why, since entering the Senate in 2021, I have fought to expand access to affordable health care, because health care is a human right, and it is certainly something that the wealthiest nation on the planet can provide for all of its citizens, and oh, by the way, Georgia needs to expand Medicaid. I have fought to strengthen our democracy, to widen the pathways to quality education and good paying jobs. It’s good public policy, but it’s also the right thing to do. That’s right. A budget is not just a fiscal document, it’s a moral document. Show me your budget, and I’ll show you who you think matters. As I look at this budget, some of my colleagues are trying to push through the Congress right now, it passed the Senate, has now passed the House, a budget that will cut perhaps as much as $800 billion for Medicaid that would leave Social Security struggling. Forget the fact that 71% of the people on Medicaid in Georgia are children. I look at that kind of budget, I have to say that if that budget were an EKG, it would suggest that some of my colleagues have a heart problem, and they are in need of moral surgery.
    So let’s make sure everybody has access to health care. That’s why I was pleased to be able to write a law to cap the cost of insulin for seniors to no more than $35 out of pocket per month. We ought to expand the Child Tax Credit. When we did it in 2021, we cut child poverty by more than 40%. Listen to me. Poverty is violence. It is violence against the human spirit and child poverty is trauma, and what’s extraordinary is that poor children do as well as they do. You can literally see in the brain the impact that poverty has on the brain of a young child. So as I stand here, I can’t forget about the fact that long before I was a United States Senator, I was a kid in Head Start. Grew up in public housing. Head Start, a good public policy, exposed me to literacy and reading and gave me a love of learning. Then I went to high school, and someone put me in an Upward Bound program and put me on a college campus so I can imagine that I could be in college and at a university, that I could study and grow. And with grit and determination, I went to Morehouse College. I didn’t have enough money to go. I often say I went to college on a full faith scholarship. I did not have enough money for my first semester. 
    But through hard work, some of my friends and classmates are here, through hard work, hope, and grit and determination, I was able to graduate from Morehouse College. Yes, I believe in personal initiative. Yes, I believe in personal responsibility. Yes, I believe you have to stay up late and burn the midnight oil. You got to do the work. But guess what? I did the work, but somebody still gave me a Pell Grant and some low interest student loans. You can pull yourself up by your own bootstraps, but you still need a path to get to where you’re trying to go, and that’s what good public policy can do. It gives ordinary people a chance to make the best out of their life. So we have to stand up for ordinary people. We have to stand up for farmers in this moment. Farmers are an answer to a prayer. They are literally an answer to a prayer that all of us pray. Many of us every night, give us this day, our daily bread. 
    So the mission continues, the work still lies ahead. We must not give in to those who are trying to weaponize fear. FDR said, “We have nothing to fear but fear itself.” Now, like all of you, I grew up hearing that, and I must admit, Brother Luke, that since I’ve been hearing it all my life, it was just, you know, something people say. We have nothing to fear but fear itself. It’s one of those things that’s so deep in the culture you hear it without really hearing. I’m not so sure I knew what Roosevelt meant until late, because in this moment in our lives, there are those in high office who are trying to weaponize fear. There are those in high office who want us to be afraid of one another. Want white people to be afraid of Black people, and Black people to be afraid of brown people, want the young to resent the old and the old to forget about the young. We have nothing to fear but fear itself. Translation, if there’s anybody to be afraid of, we ought to be afraid of the politicians who want us to be afraid of one another. We have nothing to fear but fear itself. The Bible tells us that perfect love [inaudible]. It takes courage to love, and justice is what love looks like in public. 
    So we remember 80 years ago today, his life was poetry, and so was his death. It must have been heartbreaking in that moment, something elegant about the way he left us. We find ourselves when we give ourselves over to something bigger than ourselves. There he was struggling with polio, trying to stand again, struggling against paralysis. Today, America is struggling to stand. We’re paralyzed today, not by polio, but by polarization. FDR never found the strength after he failed that day to stand up. He always found strength when he tried to stand up for somebody else. Perhaps that’s the lesson in this moment, these dark and difficult days, and these days of fear and polarization, and these days of tariffs–and we don’t know what the economy is going to bring tomorrow. Perhaps the lesson is that we learn to stand. When we stand up to somebody else. So stand up for children, stand up for our young people, stand up for women, stand up for the poor and the marginalized. Stand up for all of us. Stand up for
    what America can be. 

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI USA: Senator Reverend Warnock, Colleagues Introduce Legislation to Expand Childcare Relief 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock, Colleagues Introduce Legislation to Expand Childcare Relief 

    The Child and Dependent Care Tax Credit Enhancement Act permanently expands childcare tax credits to alleviate childcare costs for working families
    Senator Reverend Warnock has long been a champion for providing tax cuts to working families
    Last week, Senator Reverend Warnock introduced the American Family Act, which would nearly double the Child Tax Credit (CTC) 
    Senator Reverend Warnock: “The Child and Dependent Care Tax Credit Enhancement Act will help parents and caregivers afford caretaking costs in a time when margins are tight for many families across the country. Tax cuts should go to hardworking Americans, not the wealthiest people in the nation”
    Washington, D.C. – U.S. Senators Reverend Raphael Warnock (D-GA), Tina Smith (D-MN), Jeanne Shaheen (D-NH), Patty Murray (D-WA) and Ron Wyden (D-OR) introduced legislation to help more working families cover the rising cost of childcare by increasing the childcare tax credit.
    The Child and Dependent Care Tax Credit Enhancement Act would permanently expand the Child and Dependent Care Tax Credit (CDCTC). This bill would help ease the burden of high childcare costs on working families by increasing the maximum tax credit to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses. It would also make the credit refundable to ensure low-income working families can benefit. The credit would also be indexed to inflation to retain its value over time.
    The Child and Dependent Care Tax Credit Enhancement Act would:
    Increase the maximum credit amount to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses;
    Automatically adjust it to keep pace with inflation;
    Save money by phasing out the credit for families making more than $400,000; and
    Ensure low-income families can benefit from the tax credit by making it refundable.
    “American families have to deal with hefty expenses when raising a child or caring for a loved one. That’s why the Child and Dependent Care Tax Credit Enhancement Act is so crucial, especially right now,” said Senator Reverend Warnock. “It will help parents and caregivers afford caretaking costs in a time when margins are tight for many families across the country. Tax cuts should go to hardworking Americans, not the wealthiest people in the nation.”
    “I constantly hear from families in Minnesota who are struggling with the high cost of childcare. For some, it rivals mortgages and is even higher than tuition at the University of Minnesota. Families need real relief and this bill will lower costs and put more money back into the pockets of parents,”said Senator Smith. “When childcare works, everything else does, too—families thrive, the economy grows, and our communities get stronger. That’s why I’m committed to fighting to lower costs and improve access to childcare.”
    “No matter where I go in New Hampshire, families tell me about how much they struggle to access affordable child care,” said Senator Shaheen. “The Child and Dependent Care Tax Credit is a proven and effective tool for bringing quality, affordable child care within reach for more families. Expanding this credit to keep up with the rising cost of child care is the right thing to do for workers, families and our nation’s economy.”
    “Instead of addressing the growing child care crisis, Trump is indiscriminately firing the very workers who help child care and Head Start centers keep their doors open—making child care more expensive and harder to get for working parents,” said Senator Murray. “While Trump raises families costs by nearly $4000 a year and pushes child care even farther out of reach, my Democratic colleagues and I are continuing to fight to lower families’ costs in every possible way, and I am proud to reintroduce the Child and Dependent Care Tax Credit Enhancement Act as one additional way to help get families some additional relief to afford the child care they need.”
    “The cost of raising a family in this country is already way too high, and it’s getting even more expensive as Trump’s global tariffs jack up the cost of food, cars and products families use every day,” said Senator Wyden. “This proposal is a commonsense, pro-family policy aimed at helping parents and people caring for loved ones, and it’s striking that this kind of bill is nowhere to be found in the Republican tax agenda that costs a staggering $7 trillion. Trump and Republicans are locked in on giving trillions in new handouts to corporations and the wealthy and sticking everybody else with the bill, but pro-family proposals like this one prove that there’s a better way forward.”
    As a Head Start alum, Senator Warnock has long supported child care and early education programs. In September of 2023, Senator Warnock introduced his bipartisan HEADWAY Act (Head Start Education and Development Workforce Advancement and Yield Act). The legislation would address early child care workforce shortages by allowing Early Head Start classroom teachers to teach and earn their Child Development Associate (CDA) credential simultaneously. Additionally, last week Senator Warnock introduced the American Family Act legislation to provide the most generous expansion of the Child Tax Credit (CTC) to date. Senator Warnock successfully pushed to include an expansion of the CTC in the American Rescue Plan, which helped cut child poverty across the country in half until Congress let the tax cut expire. In 2022, Senator Warnock called on Congress to extend the tax cuts for working families and urged the Biden Administration to secure an extension of the expanded CTC as a centerpiece of any subsequent negotiations on economic legislative priorities. 
    In addition to Senators Warnock, Smith, Shaheen, Murray, and Wyden, the Child and Dependent Care Tax Credit Enhancement Act is cosponsored by Senators John Fetterman (D-PA), Brian Schatz (D-HI), Tammy Duckworth (D-IL), Mazie Hirono (D-HI), Chris Van Hollen (D-MD), Dick Durbin (D-IL), Amy Klobuchar (D-MN), Martin Heinrich (D-NM), Maria Cantwell (D-WA), Angus King (I-ME), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Elissa Slotkin (D-MI), Jack Reed (D-RI), Michael Bennet (D-CO), Chris Murphy (D-CT), Peter Welch (D-VT), Ruben Gallego (D-AZ), Chuck Schumer (D-NY), Adam Schiff (D-CA), Tammy Baldwin (D-WI), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI).
    The bill is also endorsed by the National Women’s Law Center Action Fund, Child Care Aware of America, Save the Children, First Focus Campaign for Children, First Five Years Fund, Center for Law and Social Policy (CLASP), Moms Rising, National Association for the Education of Young Children (NAEYC), Zero to Three, Society for Human Resource Management (SHRM) and the Early Care and Education Consortium (ECEC).
    One pager of the bill is availableHERE.

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI USA: Congressman Bean Introduces Bill Removing Barriers to Alternative Marine Fuel Usage

    Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

    WASHINGTON—Today, Ways and Means Committee member U.S. Congressman Aaron Bean (FL-04) along with Congressman John Rutherford (FL-05), Congressman Vern Buchanan (FL-16), Congressman John Garamendi (CA-08), and Congresswoman Jill Tokuda (HI-02) introduced the Maritime Fuel Tax Parity Act (MFTPA), to correct an outdated tax code provision by exempting alternative fuels, including liquefied natural gas (LNG), for marine vessels from paying Federal Highway Trust Fund excise taxes. 

    Upon introduction, Congressman Bean said: “Expanding the use of alternative fuels like LNG will strengthen Jacksonville’s maritime industry and allow maritime vessels to use LNG as a fuel source without being penalized by an onerous tax and compliance burden. I thank Congressman Rutherford for his leadership on this bill, which will modernize our tax code and bring marine fuels into the 21stcentury.” 

    “We should be encouraging, not penalizing, our maritime industry as they find alternative and innovative ways to power American vessels,” said Congressman Rutherford. “Jacksonville’s maritime industry leaders made Northeast Florida home to the world’s very first liquified natural gas-powered containership. As the Trump Administration unleashes American energy and innovation, I am proud to join a bipartisan coalition to introduce this bill that would afford the U.S. maritime industry the freedom and parity to explore new energy opportunities to fuel American shipping and trade.”

    “Florida’s ports play a vital role in fueling our economy, supporting tens of thousands of good-paying jobs and helping move goods across the globe. I’m proud to support this bill to protect our maritime and aviation industries from unnecessary tax burdens and strengthen trade between U.S. ports. With SeaPort Manatee in my district generating billions in annual economic impact for our region, this commonsense measure will keep Florida’s Gulf Coast competitive,” said Congressman Buchanan. 

    BACKGROUND 

    LNG is the cleanest, most readily available fuel for shipping today. Unfortunately, a discrepancy in the tax code unintentionally disincentivizes our domestic maritime carriers from utilizing LNG and other alternatives as a maritime fuel. 

    The current tax code treats diesel more favorably than alternative fuels, which are disadvantaged by being subjected to excise taxes. Diesel fuel used in maritime vessels is exempt from this excise tax today, but alternative fuels, like LNG, are not. 

    According to the International Energy Agency’s (IEA) January 2025 Quarterly Gas Report, based on the current order book for vessels, the number of LNG-fueled ships is expected to almost double and reach over 1,200 vessels by 2028.

    ###

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI: Correction: Sword Group: Information on the Payment of the 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    Subject to approval by the Annual General Meeting on 28 April, the Group confirms the payment of a dividend of €2 gross per share.

    The payment schedule is as follows:
    Ex-Date: 30/04/2025 (unchanged date)
    Record Date: 02/05/2025 (date shifted by one day)
    Payment Date: 05/05/2025 (date changed to Monday)

    Explanation of the different deadlines:
    Ex-date: date (in the morning) from which securities are traded without the dividend
    Record date: date (in the evening) taken into account by the financial intermediaries to determine who is entitled to the dividend

    Explanation of the withholding tax:
    As Sword’s registered office is in Luxembourg, there is a 15% withholding tax.
    However, it is possible to be exempt from this withholding tax, as explained below:

    Individual shareholder who is a French tax resident:
    If the shares are not placed on a PEA:
    – The shareholder will benefit from a tax credit in France equal to the amount withheld at source => double taxation is avoided
    – The IFU will mention the amount of the dividend and the amount of the tax credit 

    If the shares are placed on a PEA:
    – The tax credit cannot be refunded since the dividend is not taxed in France

    A shareholder that is a legal entity established in France (with a holding of less than 10% and an acquisition price of less than 1.2 million euros)
    – The shareholder will benefit from a tax credit in France equal to the amount withheld at source => double taxation is avoided

    A shareholder, whether an individual or a legal entity, residing in a State other than France (with a holding of less than 10% and an acquisition price of less than 1.2 million euros)
    – If the double taxation tax treaty between Luxembourg and the State of residence provides for a lower rate of tax withheld at source, the shareholder can file a request for partial or total reimbursement with the Luxembourg tax authorities (form 901bis)
    – Moreover, in accordance with the tax treaty, the shareholder will benefit in his country of residence from a tax credit that is equal to the amount withheld at source => double taxation is avoided

    A shareholder who is a legal entity able to benefit from the European Parent-Subsidiary Directive (+ EEE and Switzerland), that owns or promises to own on the date of the dividend distribution, for at least twelve months, a holding of at least 10%
    or an acquisition price of at least 1.2 million euros
    – Exoneration from tax withheld at source in Luxembourg

    Agenda
    28/04/25: Annual Shareholders Meeting 2024
    24/07/25: Publication of Q2 2025 Revenue

    About Sword Group

    Sword has 3,500+ IT/Digital specialists active in 50+ countries to accompany you in the growth of your organisation in the digital age.

    As a leader in technological and digital transformation, Sword has a solid reputation in complex IT & business project management.

    Sword optimises your processes and enhances your data.

    Attachment

    • SwordGroup_Dividend 17042025

    The MIL Network –

    April 18, 2025
  • MIL-OSI: Sword Group: Information on the Payment of the 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    Subject to approval by the Annual General Meeting on 28 April, the Group confirms the payment of a dividend of €2 gross per share.

    The payment schedule is as follows:
    Ex-Date: 30/04/2025 (unchanged date)
    Record Date: 02/05/2025 (date shifted by one day)
    Payment Date: 05/05/2025 (date changed to Monday)

    Explanation of the different deadlines:
    Ex-date: date (in the morning) from which securities are traded without the dividend
    Record date: date (in the evening) taken into account by the financial intermediaries to determine who is entitled to the dividend

    Explanation of the withholding tax:
    As Sword’s registered office is in Luxembourg, there is a 15% withholding tax.
    However, it is possible to be exempt from this withholding tax, as explained below:

    Individual shareholder who is a French tax resident:
    If the shares are not placed on a PEA:
    – The shareholder will benefit from a tax credit in France equal to the amount withheld at source => double taxation is avoided
    – The IFU will mention the amount of the dividend and the amount of the tax credit 

    If the shares are placed on a PEA:
    – The tax credit cannot be refunded since the dividend is not taxed in France

    A shareholder that is a legal entity established in France (with a holding of less than 10% and an acquisition price of less than 1.2 million euros)
    – The shareholder will benefit from a tax credit in France equal to the amount withheld at source => double taxation is avoided

    A shareholder, whether an individual or a legal entity, residing in a State other than France (with a holding of less than 10% and an acquisition price of less than 1.2 million euros)
    – If the double taxation tax treaty between Luxembourg and the State of residence provides for a lower rate of tax withheld at source, the shareholder can file a request for partial or total reimbursement with the Luxembourg tax authorities (form 901bis)
    – Moreover, in accordance with the tax treaty, the shareholder will benefit in his country of residence from a tax credit that is equal to the amount withheld at source => double taxation is avoided

    A shareholder who is a legal entity able to benefit from the European Parent-Subsidiary Directive (+ EEE and Switzerland), that owns or promises to own on the date of the dividend distribution, for at least twelve months, a holding of at least 10%
    or an acquisition price of at least 1.2 million euros
    – Exoneration from tax withheld at source in Luxembourg

    Agenda
    28/04/25: Annual Shareholders Meeting 2024
    24/07/25: Publication of Q2 2025 Revenue

    About Sword Group

    Sword has 3,500+ IT/Digital specialists active in 50+ countries to accompany you in the growth of your organisation in the digital age.

    As a leader in technological and digital transformation, Sword has a solid reputation in complex IT & business project management.

    Sword optimises your processes and enhances your data.

    Attachment

    • SwordGroup_Dividend 17042025

    The MIL Network –

    April 18, 2025
  • MIL-OSI Security: New Haven Man Admits Distributing Methamphetamine Pills and Crack While on Supervised Release

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

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that DONALD OGMAN, also known as “Mainey-O” and ”Manny O,” 43, of New Haven, pleaded guilty today before U.S. District Judge Vernon D. Oliver in Hartford to methamphetamine and cocaine distribution offenses.  A trial in this matter was scheduled to begin this morning.

    According to court documents and statements made in court, Ogman has been a leader of the Grape Street Crips (GSC), a violent New Haven gang.  In 2012, the FBI arrested Ogman for offenses related to his role in GSC, including drug trafficking.  He pleaded guilty to narcotics offenses and, on March 10, 2015, was sentenced to 188 months of imprisonment and five years of supervised release.  In August 2022, a federal judge granted Ogman’s motion for compassionate release, reduced Ogman’s sentence to time served, and he was released from prison. 

    Ogman resumed his drug trafficking activity while on federal supervised release, distributing multi-colored pills containing methamphetamine in and around New Haven.  The investigation included surveillance, trash pulls, and controlled purchases of methamphetamine pills from Ogman in March and April 2024.

    Ogman was arrested on May 9, 2024.  On that date, searches of his person and residence revealed additional quantities of methamphetamine, as well as crack cocaine.

    Ogman pleaded guilty to one count of possession with intent to distribute, and distribution of, methamphetamine; three counts of possession with intent to distribute, and distribution of, 50 grams or more of methamphetamine; and one count of possession with intent to distribute 50 grams or more of methamphetamine and a quantity of cocaine. 

    Judge Oliver scheduled sentencing for July 9.  Due to Ogman’s prior conviction for a serious drug felony, he faces a prison term of at least 10 years.  He also faces additional penalties for violating the conditions of his supervised release.

    Ogman has been detained since his arrest.

    This matter has been investigated by the DEA New Haven District Office (NHDO) Task Force, the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), the New Haven Police Department and the Hamden Police Department.  The NHDO Task Force includes members from the DEA, U.S. Marshals Service, Internal Revenue Service – Criminal Investigation Division, Connecticut State Police and the New Haven, Waterbury, East Haven, Branford, West Haven, Ansonia, Meriden, Naugatuck, and Shelton Police Departments.

    The case is being prosecuted by Assistant U.S. Attorneys Stephanie T. Levick and Nathan J. Guevremont through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program.  OCDETF identifies, disrupts, and dismantles drug traffickers, money launderers, gangs, and transnational criminal organizations through a prosecutor-led and intelligence-driven approach that leverages the strengths of federal, state, and local law enforcement agencies. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI Security: North Carolina Woman Sentenced To 7 Years’ Imprisonment For Wire Fraud And Money Laundering In Connection With Embezzlement Of Funds From Her Employer

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Rhonda Rochelle Canidate, age 49, of Greensboro, North Carolina, was sentenced on April 15, 2025, to 84 months’ imprisonment by United States District Judge Kelli M. Neary for wire fraud and money laundering, arising from Canidate’s scheme to embezzle funds from her employer between 2021 and 2022. 

    According to Acting United States Attorney John C. Gurganus, between March 2021 and July 2022, Canidate was employed as an accounting specialist at Henry Molded Products Company (“Henry Molded”) in Lebanon, Pennsylvania. Between October 2021 and June 2022, Canidate entered false payment entries for former Henry Molded employees into Henry Molded’s third-party payroll software, causing the software to issue direct deposit payments from Henry Molded’s bank account to bank accounts controlled by Canidate in the name of the former employees. This fraud not only financially injured Henry Molded, but it also harmed the former employees by creating an overpayment for tax purposes.       

    “The role of IRS Criminal Investigation becomes even more important in embezzlement and fraud cases due to the complex financial transactions that can take time to unravel,” stated Yury Kruty, Special Agent in Charge, IRS-Criminal Investigation, Philadelphia Field Office. “The federal tax laws are normally violated in these cases which can add to additional jail time. As we often see, the victims are not only the taxpayers, but also the individuals and entities who suffer the financial harm.”

    Judge Neary further ordered Canidate to pay restitution in the amount of $480,033.12.

    The case was investigated by the Internal Revenue Service. Assistant United States Attorney David C. Williams is prosecuting the case.

    # # #

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI Security: Three Nampa-Area Residents Plead Guilty to COVID-19 Relief Fraud

    Source: Office of United States Attorneys

    BOISE – Miguel Vittorio, Yessenia Casillas, and Luis Vasquez pleaded guilty to bank fraud charges in separate federal cases for defrauding the Paycheck Protection Program (“PPP”), Acting U.S. Attorney Justin Whatcott announced today.  The PPP was a COVID-19 pandemic relief program administered by the Small Business Administration that provided forgivable loans to small businesses for job retention and certain other related business expenses.

    Miguel Vittorio

    According to court records, Vittorio admitted that he submitted two PPP loan applications in March 2021 that contained false and fraudulent information. In both applications, Vittorio included false information about the number employees and the amount of monthly payroll.  He also submitted false and fraudulent documentation in connection with these loans in an effort to substantiate the false information included on the applications.  Vittorio additionally admitted that he submitted a fraudulent PPP loan application on behalf of another individual which also included false information and fraudulent supporting documentation.  In total, as a result of the fraudulent loans, Vittorio and others received approximately $126,800 in fraudulent PPP loan proceeds.

    Vittorio pleaded guilty to bank fraud last week and Senior U.S. District Judge B. Lynn Winmill will sentence Vittorio on June 16, 2025.  The charge in this case is punishable by up to 30 years in federal prison, a maximum fine of $250,000 and up to 5 years of supervised release.

    Yessenia Casillas

    During her change of plea hearing, Casillas admitted that in February 2021, she submitted two PPP loan applications on behalf of two businesses that contained false information about the number of employees and the amount of payroll.  Casillas also submitted fraudulent documentation with the PPP loan applications in an effort to substantiate the false information included on the loans. As a result of the fraudulent loan applications, Casillas and others received approximately $74,500 in fraudulent loan proceeds.

    Casillas pleaded guilty to bank fraud in January and Senior U.S. District Judge B. Lynn Winmill will sentence Casillas on April 29, 2025.  The charge in this case is punishable by up to 30 years in federal prison, a maximum fine of $250,000 and up to 5 years of supervised release.

    Luis Vasquez

    According to facts admitted at his change of plea, Vasquez engaged in a bank fraud scheme in April 2021 to fraudulently obtain a PPP loan by submitting an application that contained false information about the purported business’s employees and amount of payroll.  Additionally, false and fraudulent documentation was submitted in connection with the loan application including falsified tax documents and payroll reports. As a result of the fraudulent PPP loan application, Vasquez and others received approximately $51,614.   

    Vasquez pleaded guilty in January and U.S. District Judge Amanda K. Brailsford will sentence Vasquez on April 16, 2025.  The charge in this case is punishable by up to 30 years in federal prison, a maximum fine of $250,000 and up to 5 years of supervised release.

    Acting U.S. Attorney Whatcott commended the investigations by the Treasury Inspector General for Tax Administration and the U.S. Small Business Administration, Office of Inspector General, which led to the charges.  Assistant U.S Attorney Brittney Campbell prosecuted the cases.

    ###

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI: Westamerica Bancorporation Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) — Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share (“EPS”) of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19.

    “Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne.

    Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024.

    The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025.

    Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024.

    Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments.

    The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns.

    Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

    Westamerica Bancorporation Web Address: www.westamerica.com

    For additional information contact:
                    Westamerica Bancorporation
                    1108 Fifth Avenue, San Rafael, CA 94901
                    Robert A. Thorson – Investor Relations Contact
                    707-863-6090
                    investments@westamerica.com

    FORWARD-LOOKING INFORMATION:

    The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

    This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

    Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

    Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

        Public Information April 17, 2025  
    WESTAMERICA BANCORPORATION        
    FINANCIAL HIGHLIGHTS        
    March 31, 2025        
               
    1. Net Income Summary.        
        (in thousands except per-share amounts)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
      Net Interest and Loan Fee        
      Income (FTE) $ 56,390   $ 66,094   -14.7 % $ 59,247  
      (Reversal of ) Provision        
      for Credit Losses   (550 )   300   n/m   –  
      Noninterest Income   10,321     10,097   2.2 %   10,633  
      Noninterest Expense   25,127     26,099   -3.7 %   25,853  
      Income Before Taxes (FTE)   42,134     49,792   -15.4 %   44,027  
      Income Tax Provision (FTE)   11,097     13,375   -17.0 %   12,327  
      Net Income $ 31,037   $ 36,417   -14.8 % $ 31,700  
               
      Average Common Shares        
      Outstanding   26,642     26,674   -0.1 %   26,699  
      Diluted Average Common        
      Shares Outstanding   26,642     26,675   -0.1 %   26,701  
               
      Operating Ratios:        
      Basic Earnings Per Common        
      Share $ 1.16   $ 1.37   -15.3 % $ 1.19  
      Diluted Earnings Per        
      Common Share   1.16     1.37   -15.3 %   1.19  
      Return On Assets (a)   2.03 %   2.24 %     2.02 %
      Return On Common        
      Equity (a)   11.9 %   15.2 %     12.1 %
      Net Interest Margin (FTE) (a)   3.90 %   4.30 %     4.01 %
      Efficiency Ratio (FTE)   37.7 %   34.3 %     37.0 %
               
      Dividends Paid Per Common        
      Share $ 0.44   $ 0.44   0.0 % $ 0.44  
      Common Dividend Payout        
      Ratio   38 %   32 %     37 %
               
    2. Net Interest Income.        
        (dollars in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
      Interest and Loan Fee        
      Income (FTE) $ 59,786   $ 69,095   -13.5 % $ 62,713  
      Interest Expense   3,396     3,001   13.2 %   3,466  
      Net Interest and Loan Fee        
      Income (FTE) $ 56,390   $ 66,094   -14.7 % $ 59,247  
               
      Average Earning Assets $ 5,794,836   $ 6,119,368   -5.3 % $ 5,850,620  
      Average Interest-Bearing        
      Liabilities   2,770,099     2,955,565   -6.3 %   2,796,675  
               
      Yield on Earning Assets        
      (FTE) (a)   4.14 %   4.50 %     4.25 %
      Cost of Funds (a)   0.24 %   0.20 %     0.24 %
      Net Interest Margin (FTE) (a)   3.90 %   4.30 %     4.01 %
      Interest Expense /        
      Interest-Bearing        
      Liabilities (a)   0.50 %   0.41 %     0.49 %
      Net Interest Spread (FTE) (a)   3.64 %   4.09 %     3.76 %
               
    3. Loans & Other Earning Assets.        
        (average volume, dollars in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
               
      Total Assets $ 6,187,321   $ 6,525,921   -5.2 % $ 6,243,799  
      Total Earning Assets   5,794,836     6,119,368   -5.3 %   5,850,620  
      Total Loans   789,935     853,553   -7.5 %   821,767  
      Commercial Loans   120,189     133,422   -9.9 %   131,088  
      Commercial Real Estate        
      Loans   497,379     488,989   1.7 %   503,546  
      Consumer Loans   172,367     231,142   -25.4 %   187,133  
      Total Investment Securities   4,395,565     5,098,539   -13.8 %   4,557,436  
      Debt Securities Available for        
      Sale   3,553,755     4,224,474   -15.9 %   3,710,378  
      Debt Securities Held to        
      Maturity   841,810     874,065   -3.7 %   847,058  
      Total Interest-Bearing Cash   609,336     167,276   264.3 %   471,417  
               
      Loans / Deposits   15.9 %   15.9 %     16.3 %
               
    4. Deposits, Other Interest-Bearing Liabilities & Equity.    
        (average volume, dollars in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
               
      Total Deposits $ 4,958,554   $ 5,379,060   -7.8 % $ 5,028,363  
      Noninterest Demand   2,293,059     2,532,381   -9.5 %   2,342,092  
      Interest-Bearing Transaction   935,054     1,058,292   -11.6 %   934,876  
      Savings   1,649,631     1,691,716   -2.5 %   1,666,542  
      Time greater than $100K   29,460     36,135   -18.5 %   31,541  
      Time less than $100K   51,350     60,536   -15.2 %   53,312  
      Total Short-Term Borrowings   104,604     108,886   -3.9 %   110,404  
      Bank Term Funding Program        
      Borrowings   –     62,582   n/m   –  
      Securities Sold under        
      Repurchase Agreements   104,604     46,304   125.9 %   110,404  
      Shareholders’ Equity   1,055,925     965,840   9.3 %   1,039,017  
               
      Demand Deposits /        
      Total Deposits   46.2 %   47.1 %     46.6 %
      Transaction & Savings        
      Deposits / Total Deposits   98.4 %   98.2 %     98.3 %
               
    5. Interest Yields Earned & Rates Paid.        
        (dollars in thousands)  
        Q1’2025  
        Average Income/ Yield (a) /  
        Volume Expense Rate (a)  
      Interest & Loan Fee Income Earned:        
      Total Earning Assets (FTE) $ 5,794,836   $ 59,786   4.14 %  
      Total Loans (FTE)   789,935     10,744   5.51 %  
      Commercial Loans (FTE)   120,189     1,845   6.21 %  
      Commercial Real Estate        
      Loans   497,379     6,473   5.28 %  
      Consumer Loans   172,367     2,426   5.70 %  
      Total Investments (FTE)   4,395,565     42,339   3.85 %  
      Total Debt Securities        
      Available for Sale (FTE)   3,553,755     33,753   3.80 %  
      Corporate Securities   1,991,278     13,522   2.72 %  
      Collateralized Loan        
      Obligations   915,873     14,422   6.30 %  
      Agency Mortgage Backed        
      Securities   254,126     2,034   3.20 %  
      Securities of U.S.        
      Government Sponsored        
      Entities   311,297     2,777   3.57 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   62,651     496   3.17 %  
      U.S. Treasury Securities   4,303     54   5.13 %  
      Other Debt Securities        
      Available for Sale (FTE)   14,227     448   12.60 %  
      Total Debt Securities Held to        
      Maturity (FTE)   841,810     8,586   4.08 %  
      Agency Mortgage Backed        
      Securities   56,006     329   2.35 %  
      Corporate Securities   736,089     7,815   4.25 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   49,715     442   3.56 %  
      Total Interest-Bearing Cash   609,336     6,703   4.40 %  
               
      Interest Expense Paid:        
      Total Earning Assets   5,794,836     3,396   0.24 %  
      Total Interest-Bearing        
      Liabilities   2,770,099     3,396   0.50 %  
      Total Interest-Bearing        
      Deposits   2,665,495     3,229   0.49 %  
      Interest-Bearing Transaction   935,054     46   0.02 %  
      Savings   1,649,631     3,128   0.77 %  
      Time less than $100K   51,350     38   0.30 %  
      Time greater than $100K   29,460     17   0.24 %  
      Total Short-Term Borrowings   104,604     167   0.65 %  
      Securities Sold under        
      Repurchase Agreements   104,604     167   0.65 %  
               
      Net Interest Income and        
      Margin (FTE)   $ 56,390   3.90 %  
        (dollars in thousands)  
        Q1’2024  
        Average Income/ Yield (a) /  
        Volume Expense Rate (a)  
      Interest & Loan Fee Income Earned:        
      Total Earning Assets (FTE) $ 6,119,368   $ 69,095   4.50 %  
      Total Loans (FTE)   853,553     11,413   5.38 %  
      Commercial Loans (FTE)   133,422     2,385   7.19 %  
      Commercial Real Estate        
      Loans   488,989     5,911   4.86 %  
      Consumer Loans   231,142     3,117   5.42 %  
      Total Investments (FTE)   5,098,539     55,399   4.32 %  
      Total Debt Securities        
      Available for Sale (FTE)   4,224,474     46,552   4.38 %  
      Corporate Securities   2,114,861     14,555   2.75 %  
      Collateralized Loan        
      Obligations   1,461,182     26,700   7.23 %  
      Agency Mortgage Backed        
      Securities   252,828     1,552   2.45 %  
      Securities of U.S.        
      Government sponsored        
      entities   308,807     2,777   3.60 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   72,569     544   3.00 %  
      Other Debt Securities        
      Available for Sale (FTE)   14,227     424   11.92 %  
      Total Debt Securities Held to        
      Maturity (FTE)   874,065     8,847   4.05 %  
      Agency Mortgage Backed        
      Securities   76,062     427   2.25 %  
      Corporate Securities   729,273     7,816   4.29 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   68,730     604   3.52 %  
      Total Interest-Bearing Cash   167,276     2,283   5.40 %  
               
      Interest Expense Paid:        
      Total Earning Assets   6,119,368     3,001   0.20 %  
      Total Interest-Bearing        
      Liabilities   2,955,565     3,001   0.41 %  
      Total Interest-Bearing        
      Deposits   2,846,679     2,106   0.30 %  
      Interest-Bearing Transaction   1,058,292     119   0.05 %  
      Savings   1,691,716     1,917   0.46 %  
      Time less than $100K   60,536     49   0.33 %  
      Time greater than $100K   36,135     21   0.23 %  
      Total Short-Term Borrowings   108,886     895   3.30 %  
      Bank Term Funding Program        
      Borrowings   62,582     843   5.40 %  
      Securities Sold under        
      Repurchase Agreements   46,304     52   0.45 %  
               
      Net Interest Income and        
      Margin (FTE)   $ 66,094   4.30 %  
               
    6. Noninterest Income.        
        (dollars in thousands except per-share amounts)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
      Service Charges on Deposit        
      Accounts $ 3,381   $ 3,470   -2.6 % $ 3,501  
      Merchant Processing        
      Services   2,733     2,507   9.0 %   2,735  
      Debit Card Fees   1,581     1,543   2.5 %   1,902  
      Trust Fees   899     794   13.2 %   867  
      ATM Processing Fees   463     591   -21.7 %   506  
      Other Service Fees   429     438   -2.1 %   428  
      Life Insurance Gains   102     –   n/m   –  
      Other Noninterest Income   733     754   -2.8 %   694  
      Total Noninterest Income $ 10,321   $ 10,097   2.2 % $ 10,633  
               
      Operating Ratios:        
      Total Revenue (FTE) $ 66,711   $ 76,191   -12.4 % $ 69,880  
      Noninterest Income /        
      Revenue (FTE)   15.5 %   13.3 %     15.2 %
      Service Charges /        
      Avg. Deposits (a)   0.28 %   0.26 %     0.28 %
      Total Revenue (FTE) Per        
      Avg. Common Share (a) $ 10.16   $ 11.49   -11.6 % $ 10.41  
               
    7. Noninterest Expense.        
        (dollars in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
               
      Salaries and Related Benefits $ 12,126   $ 12,586   -3.7 % $ 12,461  
      Occupancy and Equipment   5,038     5,040   -0.0 %   5,219  
      Outsourced Data Processing   2,697     2,536   6.3 %   2,610  
      Limited Partnership        
      Operating Losses   915     1,440   -36.5 %   1,095  
      Professional Fees   395     402   -1.7 %   369  
      Courier Service   688     649   6.0 %   692  
      Other Noninterest Expense   3,268     3,446   -5.2 %   3,407  
      Total Noninterest Expense $ 25,127   $ 26,099   -3.7 % $ 25,853  
               
      Operating Ratios:        
      Noninterest Expense /        
      Avg. Earning Assets (a)   1.76 %   1.72 %     1.76 %
      Noninterest Expense /        
      Revenues (FTE)   37.7 %   34.3 %     37.0 %
               
    8. Allowance for Credit Losses.        
        (dollars in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
               
      Average Total Loans $ 789,935   $ 853,553   -7.5 % $ 821,767  
               
      Beginning of Period        
      Allowance for Credit        
      Losses on Loans (ACLL) $ 14,780   $ 16,867   -12.4 % $ 15,318  
      (Reversal of ) Provision        
      for Credit Losses   (550 )   300   n/m   –  
      Net ACLL Losses   (316 )   (1,288 ) -75.5 %   (538 )
      End of Period ACLL $ 13,914   $ 15,879   -12.4 % $ 14,780  
               
      Gross ACLL Recoveries /        
      Gross ACLL Losses   82 %   36 %     63 %
      Net ACLL Losses /        
      Avg. Total Loans (a)   -0.16 %   -0.61 %     -0.26 %
               
        (dollars in thousands)
            %  
        3/31/25 3/31/24 Change 12/31/24
      Allowance for Credit Losses        
      on Loans $ 13,914   $ 15,879   -12.4 % $ 14,780  
      Allowance for Credit Losses        
      on Held to Maturity        
      Securities   1     1   0.0 %   1  
      Total Allowance for Credit        
      Losses $ 13,915   $ 15,880   -12.4 % $ 14,781  
               
      Allowance for Unfunded        
      Credit Commitments $ 201   $ 201   0.0 % $ 201  
               
    9. Credit Quality.        
        (dollars in thousands)
            %  
        3/31/25 3/31/24 Change 12/31/24
      Nonperforming Loans:        
      Nonperforming Nonaccrual        
      Loans $ –   $ 957   n/m $ 201  
      Performing Nonaccrual        
      Loans   –     1   n/m   –  
      Total Nonaccrual Loans   –     958   n/m   201  
      Accruing Loans 90+ Days        
      Past Due   277     525   -47.2 %   534  
      Total Nonperforming Loans $ 277   $ 1,483   -81.3 % $ 735  
               
      Total Loans Outstanding $ 771,030   $ 844,677   -8.7 % $ 820,300  
               
      Total Assets   5,966,624     6,464,685   -7.7 %   6,076,274  
               
      Loans:        
      Allowance for Credit Losses        
      on Loans $ 13,914   $ 15,879   -12.4 % $ 14,780  
      Allowance for Credit Losses        
      on Loans / Loans   1.80 %   1.88 %     1.80 %
      Nonperforming Loans /        
      Total Loans   0.04 %   0.18 %     0.09 %
               
    10. Liquidity.        
               
      At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value.
               
              (in thousands)
              3/31/25
      Debt Securities Eligible as        
      Collateral:        
      Corporate Securities       $ 2,517,299  
      Collateralized Loan        
      Obligations rated AAA         269,817  
      Obligations of States and        
      Political Subdivisions         109,065  
      Agency Mortgage Backed        
      Securities         302,248  
      Securities of U.S. Government        
      Sponsored Entities         299,722  
      Total Debt Securities Eligible        
      as Collateral       $ 3,498,151  
               
      Debt Securities Pledged        
      as Collateral:        
      Debt Securities Pledged        
      at the Federal Reserve Bank       ($ 724,966 )
      Deposits by Public Entities         (713,752 )
      Securities Sold under        
      Repurchase Agreements         (439,287 )
      Other         (4,713 )
      Total Debt Securities Pledged        
      as Collateral       ($ 1,882,718 )
               
      Estimated Debt Securities        
      Available to Pledge       $ 1,615,433  
               
    11. Capital.        
        (in thousands, except per-share amounts)
            %  
        3/31/25 3/31/24 Change 12/31/24
               
      Shareholders’ Equity $ 923,138   $ 791,691   16.6 % $ 889,957  
      Total Assets   5,966,624     6,464,685   -7.7 %   6,076,274  
      Shareholders’ Equity/        
      Total Assets   15.47 %   12.25 %     14.65 %
      Shareholders’ Equity/        
      Total Loans   119.73 %   93.73 %     108.49 %
      Tangible Common Equity        
      Ratio   13.71 %   10.56 %     12.90 %
      Common Shares Outstanding   26,360     26,678   -1.2 %   26,708  
      Common Equity Per Share $ 35.02   $ 29.68   18.0 % $ 33.32  
      Market Value Per Common        
      Share   50.63     48.88   3.6 %   52.46  
               
        (shares in thousands)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
      Share Retirements (Issuances):        
      Total Shares Retired   361     4   n/m   –  
      Average Retirement Price $ 50.96   $ 45.58   n/m $ –  
      Net Shares Retired (Issued)   348     (7 ) n/m   (22 )
               
    12. Period-End Balance Sheets.        
        (unaudited, dollars in thousands)
            %  
        3/31/25 3/31/24 Change 12/31/24
      Assets:        
      Cash and Due from Banks $ 727,336   $ 434,250   67.5 % $ 601,494  
               
      Debt Securities Available for        
      Sale:        
      Corporate Securities   1,802,791     1,879,980   -4.1 %   1,835,937  
      Collateralized Loan        
      Obligations   822,111     1,420,584   -42.1 %   982,589  
      Agency Mortgage Backed        
      Securities   250,844     225,564   11.2 %   218,026  
      Securities of U.S.        
      Government Sponsored        
      Entities   299,722     292,583   2.4 %   292,117  
      Obligations of States and        
      Political Subdivisions   60,581     70,466   -14.0 %   62,186  
      U.S. Treasury Securities   –     –   n/m   4,955  
      Total Debt Securities        
        Available for Sale   3,236,049     3,889,177   -16.8 %   3,395,810  
               
      Debt Securities Held to        
      Maturity:        
      Agency Mortgage Backed        
      Securities   53,528     73,023   -26.7 %   57,927  
      Corporate Securities   737,146     730,350   0.9 %   735,447  
      Obligations of States and        
      Political Subdivisions (1)   48,674     65,352   -25.5 %   51,260  
      Total Debt Securities        
        Held to Maturity (1)   839,348     868,725   -3.4 %   844,634  
               
      Loans   771,030     844,677   -8.7 %   820,300  
      Allowance For Credit Losses        
      on Loans   (13,914 )   (15,879 ) -12.4 %   (14,780 )
      Total Loans, net   757,116     828,798   -8.6 %   805,520  
               
      Premises and Equipment, net   25,722     26,458   -2.8 %   26,133  
      Identifiable Intangibles, net   72     291   -75.2 %   125  
      Goodwill   121,673     121,673   0.0 %   121,673  
      Other Assets   259,308     295,313   -12.2 %   280,885  
               
      Total Assets $ 5,966,624   $ 6,464,685   -7.7 % $ 6,076,274  
               
      Liabilities and Shareholders’        
      Equity:        
      Deposits:        
      Noninterest-Bearing $ 2,241,802   $ 2,514,161   -10.8 % $ 2,333,389  
      Interest-Bearing Transaction   920,461     1,066,038   -13.7 %   953,863  
      Savings   1,633,445     1,681,921   -2.9 %   1,642,360  
      Time   78,387     92,805   -15.5 %   82,238  
      Total Deposits   4,874,095     5,354,925   -9.0 %   5,011,850  
               
      Bank Term Funding        
      Program Borrowings   –     200,000   n/m   –  
      Securities Sold under        
      Repurchase Agreements   113,219     50,334   124.9 %   120,322  
      Total Short-Term        
        Borrowed Funds   113,219     250,334   -54.8 %   120,322  
               
      Other Liabilities   56,172     67,735   -17.1 %   54,145  
      Total Liabilities   5,043,486     5,672,994   -11.1 %   5,186,317  
               
      Shareholders’ Equity:        
      Common Equity:        
      Paid-In Capital   470,844     473,989   -0.7 %   476,506  
      Accumulated Other        
      Comprehensive Loss   (136,768 )   (196,857 ) -30.5 %   (168,104 )
      Retained Earnings   589,062     514,559   14.5 %   581,555  
      Total Shareholders’ Equity   923,138     791,691   16.6 %   889,957  
               
      Total Liabilities and        
        Shareholders’ Equity $ 5,966,624   $ 6,464,685   -7.7 % $ 6,076,274  
               
    13. Income Statements.        
        (unaudited, in thousands except per-share amounts)
            %  
        Q1’2025 Q1’2024 Change Q4’2024
      Interest and Loan Fee Income:        
      Loans $ 10,669   $ 11,324   -5.8 % $ 11,167  
      Equity Securities   195     174   12.1 %   195  
      Debt Securities Available        
      for Sale   33,430     46,243   -27.7 %   36,843  
      Debt Securities Held to        
      Maturity   8,494     8,722   -2.6 %   8,538  
      Interest-Bearing Cash   6,703     2,283   193.6 %   5,659  
      Total Interest and Loan        
      Fee Income   59,491     68,746   -13.5 %   62,402  
               
      Interest Expense:        
      Transaction Deposits   46     119   -61.3 %   46  
      Savings Deposits   3,128     1,917   63.2 %   3,148  
      Time Deposits   55     70   -21.4 %   68  
      Bank Term Funding Program        
      Borrowings   –     843   n/m   –  
      Securities Sold under        
      Repurchase Agreements   167     52   222.1 %   204  
      Total Interest Expense   3,396     3,001   13.2 %   3,466  
               
      Net Interest and Loan        
      Fee Income   56,095     65,745   -14.7 %   58,936  
               
      (Reversal of) Provision        
      for Credit Losses   (550 )   300   n/m   –  
               
      Noninterest Income:        
      Service Charges on Deposit        
      Accounts   3,381     3,470   -2.6 %   3,501  
      Merchant Processing        
      Services   2,733     2,507   9.0 %   2,735  
      Debit Card Fees   1,581     1,543   2.5 %   1,902  
      Trust Fees   899     794   13.2 %   867  
      ATM Processing Fees   463     591   -21.7 %   506  
      Other Service Fees   429     438   -2.1 %   428  
      Life Insurance Gains   102     –   n/m   –  
      Other Noninterest Income   733     754   -2.8 %   694  
      Total Noninterest Income   10,321     10,097   2.2 %   10,633  
               
      Noninterest Expense:        
      Salaries and Related Benefits   12,126     12,586   -3.7 %   12,461  
      Occupancy and Equipment   5,038     5,040   -0.0 %   5,219  
      Outsourced Data Processing   2,697     2,536   6.3 %   2,610  
      Limited Partnership        
      Operating Losses   915     1,440   -36.5 %   1,095  
      Professional Fees   395     402   -1.7 %   369  
      Courier Service   688     649   6.0 %   692  
      Other Noninterest Expense   3,268     3,446   -5.2 %   3,407  
      Total Noninterest Expense   25,127     26,099   -3.7 %   25,853  
               
      Income Before Income Taxes   41,839     49,443   -15.4 %   43,716  
      Income Tax Provision   10,802     13,026   -17.1 %   12,016  
      Net Income $ 31,037   $ 36,417   -14.8 % $ 31,700  
               
      Average Common Shares        
      Outstanding   26,642     26,674   -0.1 %   26,699  
      Diluted Average Common        
      Shares Outstanding   26,642     26,675   -0.1 %   26,701  
               
      Per Common Share Data:        
      Basic Earnings $ 1.16   $ 1.37   -15.3 % $ 1.19  
      Diluted Earnings   1.16     1.37   -15.3 %   1.19  
      Dividends Paid   0.44     0.44   0.0 %   0.44  
               
      Footnotes and Abbreviations:        
      (1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2025, December 31, 2024 and March 31, 2024.
               
      (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
               
      (a) Annualized        

    The MIL Network –

    April 18, 2025
  • MIL-OSI: RISA Labs Raises $3.5M to Eliminate Treatment Delays with AI-Powered Workflow Automation in Oncology

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, April 17, 2025 (GLOBE NEWSWIRE) — Cancer patients don’t just fight the disease – they fight the system. Today, life-saving treatments are routinely delayed by days or even weeks due to manual, error-prone workflows. To solve this, RISA Labs has raised a $3.5M funding round to help healthcare organizations eliminate one of the most persistent barriers to timely cancer care: prior authorization delays. RISA Labs has already proven that faster care is possible by dramatically reducing manual workflows and administrative burden.

    The seed was led by Binny Bansal (Flipkart co-founder) with participation from Oncology Ventures, General Catalyst, z21 Ventures, ODD BIRD VC, and Ashish Gupta. The capital will accelerate deployments in the next 100 cancer centers across the country within the next two years. 

    RISA founders: Kumar Shivang and Kshitij Jaggi.

    “Prior authorizations remain one of the least automated parts of our healthcare system,” said Ben Freeberg, Managing Partner at Oncology Ventures. “In oncology, the stakes are higher. 70% of cancer patients experience delays in care because of prior authorization requirements. In 33% of those cases, the delay is one month—a time window that can increase the risk of death by 13% in certain cancer types. The current system isn’t just inefficient – it’s dangerous.”

    RISA’s platform—Business Operating System as a Service (BOSS) – is not another automation bot or AI assistant. It’s a full-stack orchestration engine built for the vertical complexity of healthcare, Instead of relying on humans to push paperwork or brittle bots that break when systems change, BOSS decomposes complex workflows into micro-tasks, then delegates them to a network of intelligent agents—LLMs, digital twins, and reinforcement learners, extending across an institution’s entire software stack. This allows BOSS to create a parallel digital workforce, operating on behalf of teams and alongside them. A 1,000-person institution can function like a 2,000-person one overnight, with digital agents making up half the workforce.

    “We’ve had Windows, we’ve had Linux, we’ve had Mac, each OS helped humans extract more from machines. But now, we’re drowning in software. There’s too much of it, and a shortage of skilled labor to operate it. Software that was supposed to get work done has become work itself,”  Kshitij Jaggi, co-founder and CEO of RISA Labs adds. “BOSS is an AI OS designed for the post-ChatGPT era : where work is no longer about learning tools, but simply expressing intent.”

    At a leading US cancer center, BOSS reduced prior authorization times from 30 minutes to under five. In just a few months, it processed over $1 million in medications, freed up 80 percent of staff time, and cut administrative costs by 66 percent.

    “Cancer care is time sensitive. Every delay in treatment can affect outcomes. Prior authorizations continue to slow us down. What RISA is building is not just smart technology. It removes barriers so our teams can move faster and stay focused on what matters most: caring for patients,” said Dr. Jeffrey Vacirca, CEO of New York Cancer and Blood Specialists.

    Based in Silicon Valley, RISA is founded by IIT Kanpur alumni and repeat founders, Kshitij Jaggi (CEO) and Kumar Shivang (CTO) who’ve been friends for more than a decade now,  who’ve previously built and scaled Urban Health. Their frustration with fragmented, slow, and error-prone healthcare workflows during that journey inspired the duo to take a systems-first approach, leading them to develop a foundational AI operating system that can simulate, understand, and orchestrate entire institutional workflows from end to end.

    “BOSS is low-entropy system design to bring flow state in system-2 thinking for LLMs; it aims to maximise AI agents’ usefulness for critical problems like oncology operations,” said Kumar Shivang, co-founder & CTO of RISA. “Its orchestration layer then turns that intelligence into precise, real-time execution with integrations with systems of record like Flatiron Health’s EMR.”

    RISA’s founding team first explored these concepts through research, co-authoring ‘Digital Twin Ecosystem in Oncology Clinical Operations’—an early effort to envision smarter, AI-driven cancer care workflows. This foundational work laid the conceptual groundwork that later translated into tangible improvements in real-world oncology operations.

    RISA’s platform signals a broader shift in enterprise AI. “As AI agents unbundle the $4.6 trillion services industry, RISA’s BOSS leads the way—proven in oncology and built to scale,” said Binny Bansal, co-founder of Flipkart and lead investor.”

    Looking ahead, RISA plans to extend across multiple nodes within the oncology ecosystem, positioning itself as the AI transformation partner for both operational and clinical workflows. This includes enabling coordination and intelligence across providers, life sciences organizations, and other stakeholders throughout the journey of a drug – extending the company’s long term vision to building a unified layer for AI-driven orchestration in oncology.

    Ends

    Media images can be found here. 

    About RISA Labs
    RISA Labs is a Palo Alto-based oncology AI company behind BOSS, at the heart of which is the dynamic orchestration engine for mission-critical operations. Founded by Kshitij Jaggi and Kumar Shivang, repeat entrepreneurs and IIT Kanpur alumni, RISA’s platform leverages agentic AI, digital twins, and LLMs to deconstruct complex workflows into micro-tasks and execute them with unprecedented efficiency. Starting with oncology prior authorizations.

    The MIL Network –

    April 18, 2025
  • MIL-OSI: Orchid Security Appoints Former Wiz Executive as Chief Revenue Officer to Fuel Next Phase of Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 17, 2025 (GLOBE NEWSWIRE) — Orchid Security, on a mission to cut through the complexity of identity and access management (IAM), announced that Trish Cagliostro has joined the company as Chief Revenue Officer (CRO) to lead its introduction to the market and build on its early Fortune 1000 customers.

    Cagliostro most recently served as the Vice President of Channels and Alliances at Wiz, where she built the global partner organization behind the company’s lightning fast journey to $100 million in ARR in 18 months and $350 million within its first four years. This momentum led to a $32 billion acquisition by their strategic partner Google. Cagliostro brings a “partner first and only” approach to form the foundation of go-to-market at Orchid Security.

    “I see many parallels between Orchid’s situation and the early days of Wiz, which is one of the main factors that attracted me to this opportunity,” said Cagliostro. “The identity space is now at an inflection point demanding a fundamentally new approach. Just as Wiz harnessed cutting edge technologies like graph databases to reshape cloud security, I see Orchid poised to do the same for IAM.”

    Orchid is leveraging new technologies including OpenTelemetry-powered identity observability and Generative AI / Large Language Model (LLMs) identity flow assessment to bring an application-centric approach to identity. These advances enable organizations to continuously discover and enable identity security, automate legacy manual processes, reduce costs, free up developer time and strengthen security posture.

    “No longer will enterprises be dependent on humans, whether in-house or outsourced, to assess each new application for expected identity controls or each new identity tool for integration with every existing application…over and over and over again,” said Cagliostro. “Instead, Orchid Security automates and accelerates these manual processes to speed up the deployment of new IAM tools and give organizations a complete and continuous view of their true identity security posture and the ability to close identity exposures.”

    As one example, consider Identity Governance and Administration (IGA)- on which organizations spent $3 billion last year according to Gartner. The average project takes 42 months, costs more than $1million and still remains incomplete. Industry experts estimate average IGA coverage at only 9%.

    By contrast, Orchid Security enables organizations to complete such projects in just four months, at a fraction of the cost and with significantly higher coverage. “Reducing project durations while delivering better results is a huge win for partners who can now show immediate value instead of being bogged down in the same project year after year,” said Cagliostro.

    Orchid exited stealth just four months ago with an impressive $36 million seed round and is seeing very strong market traction.

    “We see a clear opportunity ahead—from our inception via Team8’s company-building model to early Fortune 500 customer adoption, all signs point to strong product-market fit,” said Roy Katmor, CEO and co-founder of Orchid Security. “Now, it’s all about execution and scaling. Companies proved that with the right timing, team, and product—backed by a solid plan and execution—extraordinary growth is possible. We believe we’re in a similar position and are thrilled to bring in someone with the first-hand experience to help us reach that next level.”   

    With roughly $5 billion spent on IAM-related services alone each year, partners are an essential part of any identity project, whether as advisors, architects or implementors. Recognizing their critical role, Orchid Security is all-in on the channel as its route to market, with 100% of the business flowing through partners.

    “The fact that the founders at Orchid Security appointed an established channel leader like myself to head the entire sales organization should tell you everything you need to know about our commitment to our channel,” said Cagliostro.

    For more information on Orchid Security visit https://www.orchid.security. To hear more from Trish, read her welcome blog.

    About Orchid
    Orchid Security is an identity security orchestration platform- leveraging Open Telemetry, Prompt Engineering and Large Language Models (LLMs)- to unify and secure complex identity environments across enterprises. Founded by AI and cybersecurity experts Roy Katmor, Robert Weisman, and Ido Kelson, and backed by Intel Capital and Team8, Orchid enables large organizations to reduce the costs and effort of identity and access management (IAM), while maintaining compliance and security across their digital infrastructure. Its platform facilitates the continuous discovery of both self-hosted and SaaS applications, assessment of their native identity controls (and gaps), and remediation of compliance and cyber exposure from a single point of control— without extensive effort or application recoding.

    Media Contact
    Chloe Amante
    Montner Tech PR
    camante@montner.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3879cfa1-332f-4fee-a39b-e7cc1425ce7b

    The MIL Network –

    April 18, 2025
  • MIL-OSI: HTX DAO Burns 11.3T $HTX in Q1, Sustaining Deflationary Momentum Through Stable Burn Mechanism

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 17, 2025 (GLOBE NEWSWIRE) — HTX DAO, the decentralized autonomous organization behind the $HTX token, has officially announced the completion of its Q1 2025 token burn. According to the announcement, a total of 11,338,023,612,750.992 $HTX tokens were permanently removed from circulation, representing a market value of approximately $19.2 million USD. Since its inception, HTX DAO has cumulatively burned over 60.97 trillion $HTX, with an estimated total value exceeding $114 million, demonstrating strong execution of its deflationary model and long-term value alignment.

    In accordance with its governance protocol, HTX DAO allocated 50% of revenue generated by the HTX exchange in Q1 2025 toward this burn. Executions were carried out transparently via Sun.io, with complete on-chain verification available through transaction hashes. Community members can review the full burn transaction here: Burn Hash on Tronscan

    Burn Mechanism: Not a Gimmick, but a Governance-Backed Commitment

    Unlike short-term, price-focused burns used by many projects as speculative marketing tactics, HTX DAO’s burn strategy is rooted in its “Verified Revenue – Automatic Buyback – On-chain Burn” model, introduced in late 2023. This system ensures consistent and verifiable token reductions aligned with real revenue, not artificially inflated figures.

    Key elements of the HTX DAO burn mechanism include:

    • Revenue-Linked Buybacks: A fixed percentage of exchange income is used to repurchase and burn $HTX;
    • Full Transparency: All burn addresses and transactions are recorded and publicly accessible on-chain;
    • Scheduled Execution: Quarterly announcements and hash verifications published for community audit;
    • Governance Supervision: DAO governance oversees adjustments to burn ratios and policies.

    This model makes HTX DAO’s deflationary action a structural economic feature, rather than a temporary performance signal—positioning $HTX for long-term compounding value growth.

    Market Volatility Validates Mechanism Robustness

    In Q1 2025, despite Bitcoin falling from nearly $110,000 to $70,000—a drop of over 30%—and global crypto trading volumes dropping 27% from $200.7B to $146B (source: Coingecko), HTX DAO’s token burn decreased by only 15% compared to Q4 2024 ($22M to $19.2M).

    This measured reduction highlights two important truths:

    • Burn funding is derived from actual revenue, not reserves or pre-allocated marketing budgets;
    • Burn volumes follow a systematic, non-manipulative model, unaffected by short-term market panic.

    Rather than artificial inflation of value, HTX DAO reflects a rational, data-driven growth model, balancing deflation and ecosystem expansion with real income performance.

    Scarcity Effect: Circulating Supply Falls, Value Logic Strengthens

    The cumulative impact of HTX DAO’s deflationary system is becoming more pronounced:

    • Over 60.97 trillion $HTX burned, reducing overall token supply;
    • Increased scarcity for long-term holders;
    • Sustainable tokenomics, with low inflation and high burn rates—making $HTX one of the few net-deflationary exchange ecosystem tokens on the market.

    Following the footsteps of proven models like Ethereum’s EIP-1559 and BNB’s quarterly burns, HTX DAO is establishing a durable path toward value consolidation. Its staking, governance, and node programs are all structurally tied to the burn cycle—creating a positive feedback loop where ecosystem growth triggers further deflation, and vice versa.

    Leading by Example: Real DAO Execution in a Sea of Paper DAOs

    While many projects claim to be DAOs in name, few consistently execute governance-backed decisions with on-chain transparency. HTX DAO sets itself apart by delivering measurable, auditable outcomes—burns, votes, and revenue allocation—visible to all stakeholders.

    In contrast with projects known for inconsistent execution or vague treasury use, HTX DAO demonstrates:

    • High operational reliability
    • Transparent financial data
    • Clear deflationary logic

    This makes HTX DAO a standout among modern DAO ecosystems—not merely in philosophy, but in real-world delivery.

    More Than a Buzzword: DAO as a Mechanism for Value Fulfillment

    This Q1 burn underscores HTX DAO’s continued adherence to its roadmap. Despite macro challenges, it has executed a $19M burn, retained full on-chain traceability, and continued reducing its circulating supply. These attributes collectively validate the DAO’s ability to deliver on promises—not just through whitepapers, but through chain-verified results.

    With renewed user growth, ecosystem expansion, and market recovery expected later in 2025, future burn events are poised to become milestones in HTX DAO’s deflationary growth story. For a sector still grappling with the legitimacy of decentralized governance, HTX DAO offers a compelling answer to the question:

    Can DAOs truly deliver value?

    HTX DAO’s response is already written—on-chain.

    About HTX DAO

    As a multi-chain deployed decentralized autonomous organization (DAO), HTX DAO demonstrates an innovative governance approach. Unlike traditional corporate structures, it adopts a decentralized governance structure composed of a diversified group, jointly committed to the success of this organization. This unique ecosystem advocates openness and encourages all DAO participants to propose ideas that can promote the development of HTX DAO.

    Contact Information

    Website: www.htxdao.com

    Email Address: media@htxdao.com

    Disclaimer: This press release is provided by the HTX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a8ef565-4f84-43ec-bab3-1fee7aebab6c

    The MIL Network –

    April 18, 2025
  • MIL-OSI: Norwood Financial Corp announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Highlights:

    • Fully diluted EPS of $0.63, a 14.5% increase over the same period in 2024
    • Return on assets rises to over 1.00%.
    • Net interest margin increased 30 basis points vs. the prior quarter and 11 basis points over the prior year.
    • Loans grew at a 13.5% annualized rate during the first quarter.
    • Capital continues to improve on increased earnings and lower AOCI adjustment.

    HONESDALE, Pa., April 17, 2025 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months March 31, 2025.

    Jim Donnelly, President and Chief Executive Officer of Norwood Financial Corp and Wayne Bank, stated, “The actions that we took in December 2024 to improve our capital and earnings have given us a great start to 2025. The portfolio repositioning has improved our net interest margin. That, coupled with strong annualized growth in loans and deposits, put us on a positive trajectory for 2025. We continue to benefit from lower deposit costs together with higher assets yields and our deposit growth has allowed us to lower our use of wholesale borrowings.”

    Mr. Donnelly continued, “The capital that we raised in December 2024, has strengthened our balance sheet and will allow our Company to better weather any headwinds that come with global uncertainty. Although we do not have any international business per se, we do have customers who may have exposure to developing trade conditions. Because we are a community bank we are contacting our customers to determine how we can best assist them, if necessary. Additionally, we are being prudent regarding the opportunities in front of us, taking the time to assess the effects of changing economic circumstances.”

    Selected Financial Highlights

    (dollars in thousands, except
    per share data)
    Year-Over Year Linked Quarter Adjusted Linked Quarter1  
      3 Months Ended 3 Months Ended 3 Months Ended  
      Mar-25 Mar-24 Change Dec-24 Change Dec-24 Change  
    Net interest income 17,857   14,710   3,147 16,625   1,232 16,625   1,232  
    Net interest spread (fte) 2.61%   2.08%   53 bps 2.31%   30 bps 2.31%   30 bps  
    Net interest margin (fte) 3.30%   2.80%   50 bps 3.04%   26 bps 3.04%   26 bps  
    Net income (loss) 5,773   4,433   1,340 (12,651)   18,424 3,119   2,654  
    Diluted earnings per share 0.63   0.55   0.08 -1.54   -2.09 0.38   0.25  
    Return on average assets 1.01%   0.80%   21 bps -2.19%   320 bps 0.54%   47 bps  
    Return on tangible equity 12.40%   11.65%   75 bps -30.77%   (4,317 bps) 7.59%   481 bps  
           

    1 – The above table includes non-GAAP financial measures excluding the one-time $20.0 million net realized loss incurred in the fourth quarter as a result of the repositioning of our investment portfolio. Please see “Non-GAAP Financial Measures” below for a reconciliation of all non-GAAP financial measures.

    Discussion of financial results for the three months ended March 31, 2025:

    • The Company had net income of $5.8 million for the three months ended March 31, 2025, an increase $1.3 million over the same period last year.
    • Net interest income increased during the first quarter of 2025 compared to the first quarter of 2024 due to increases in asset yields which outpaced increases in yields on liabilities.
    • Correspondingly, the net interest margin in the first quarter of 2025 was 3.30% compared to 2.80% in the first quarter of 2024.
    • The efficiency ratio for the first quarter of 2025 was 59.7% compared to 70.6% in the first quarter of 2024.
    • As of March 31, 2025, total assets were $2.376 billion, compared to $2.260 billion at March 31, 2024, an increase of 5.07%.
    • Loans receivable were $1.771 billion at March 31 2025, compared to $1.621 billion at March 31, 2024, an increase of 9.24%.
    • Total deposits were $2.004 billion at March 31 2025, compared to $1.839 billion at March 31, 2024, an increase of 9.00%.
    • Tangible Common Equity was 8.16% as of March 31, 2025, versus 6.80% at March 31, 2024.
    • Tangible Book Value per share increased $0.81 from $19.85 at December 31, 2024 to $20.66 at March 31, 2025.

    Norwood Financial Corp is the parent company of Wayne Bank, which operates from sixteen offices throughout Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

    Non-GAAP Financial Measures

    This release references adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity, all of which are non-GAAP (Generally Accepted Accounting Principles) financial measures. Adjusted values were derived by reversing the effect of loss on sale of securities in December 2024 along with the attendant tax effect. We believe the presentation of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on tangible equity ensures comparability of these measures as the portfolio restructuring is not something the Company expects to be a recurring event.

    Adjusted Return on Average Assets      
    (Dollars in thousands)      
      Three Months Ended
      December 31, 2024
    Net (loss) income $ (12,651)  
    Average assets   2,299,732  
    Return on average assets (annualized)   -2.19 %
    Net (loss) income   (12,651)  
    Net realized losses on sale of securities   19,962  
    Tax effect at 21%   (4,192)  
    Adjusted Net Income (Non-GAAP)   3,119  
    Average assets   2,299,732  
    Adjusted return on average assets (annualized)      
    (Non-GAAP)   0.54 %
           
           
    Adjusted Return on Average Tangible Shareholders’ Equity      
    (Dollars in thousands)      
           
      Three Months Ended
      December 31, 2024
    Net (loss) income $ (12,651)  
    Average shareholders’ equity   192,981  
    Average intangible assets   29,424  
    Average tangible shareholders’ equity   163,557  
    Return on average tangible shareholders’ equity (annualized)   -30.77 %
    Net (loss) income   (12,651)  
    Net realized losses on sale of securities   19,962  
    Tax effect at 21%   (4,192)  
    Adjusted Net Income (Non-GAAP)   3,119  
    Average tangible shareholders’ equity   163,557  
    Adjusted return on average shareholders’ equity (annualized)      
    (Non-GAAP)   7.59 %
           
           
    Adjusted Earnings Per Share      
    (Dollars in thousands)      
           
      Three Months Ended
      December 31, 2024
    GAAP-Based Earnings Per Share, Basic $ (1.54)  
    GAAP-Based Earnings Per Share, Diluted $ (1.54)  
    Net (Loss) Income   (12,651)  
    Net realized losses on sale of securities   19,962  
    Tax effect at 21%   (4,192)  
    Adjusted Net Income (Non-GAAP)   3,119  
    Adjusted Earnings per Share, Basic (Non-GAAP) $ 0.38  
    Adjusted Earnings per Share, Diluted (Non-GAAP) $ 0.38  

    The following table reconciles average equity to average tangible equity:

        For the Period Ended
    (dollars in thousands)   March 31
          2025       2024  
                 
    Average equity   $ 218,194     $ 182,088  
    Average goodwill and other intangibles     (29,409 )     (29,476 )
    Average tangible equity   $ 188,785     $ 152,612  
                 

    Forward-Looking Statements

    The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Contact: John M. McCaffery
    Executive Vice President &
    Chief Financial Officer
    NORWOOD FINANCIAL CORP
    272-304-3003
    www.waynebank.com 

             
    NORWOOD FINANCIAL CORP        
    Consolidated Balance Sheets        
    (dollars in thousands, except share and per share data)        
     (unaudited)        
        March 31
        2025     2024  
    ASSETS        
       Cash and due from banks $ 31,729   $ 19,519  
       Interest-bearing deposits with banks   43,678     92,444  
              Cash and cash equivalents   75,407     111,963  
             
      Securities available for sale   408,742     398,374  
      Loans receivable   1,771,269     1,621,448  
      Less: Allowance for credit losses   20,442     18,020  
         Net loans receivable   1,750,827     1,603,428  
      Regulatory stock, at cost   7,616     6,545  
      Bank premises and equipment, net   20,273     18,057  
      Bank owned life insurance   46,914     45,869  
      Foreclosed real estate owned   –     97  
      Accrued interest receivable   8,587     8,135  
      Deferred tax assets, net   17,859     21,642  
      Goodwill   29,266     29,266  
      Other intangible assets   136     202  
      Other assets   10,417     16,845  
              TOTAL ASSETS $ 2,376,044   $ 2,260,423  
             
    LIABILITIES        
       Deposits:        
         Non-interest bearing demand $ 391,377   $ 383,362  
         Interest-bearing   1,613,071     1,455,636  
              Total deposits   2,004,448     1,838,998  
      Short-term borrowings   –     60,055  
      Other borrowings   118,590     151,179  
      Accrued interest payable   13,864     11,737  
      Other liabilities   18,435     17,241  
                TOTAL LIABILITIES   2,155,337     2,079,210  
             
    STOCKHOLDERS’ EQUITY        
      Preferred Stock, no par value per share, authorized 5,000,000 shares   –     –  
      Common Stock, $.10 par value per share,        
             authorized: 20,000,000 shares,        
             issued: 2025: 9,489,398 shares, 2024: 8,310,847 shares   949     831  
      Surplus   126,785     97,893  
      Retained earnings   127,865     137,285  
      Treasury stock, at cost: 2025: 229,979 shares, 2024: 200,690 shares   (6,208 )   (5,397 )
      Accumulated other comprehensive loss   (28,684 )   (49,399 )
               TOTAL STOCKHOLDERS’ EQUITY   220,707     181,213  
             
              TOTAL LIABILITIES AND        
                     STOCKHOLDERS’ EQUITY $ 2,376,044   $ 2,260,423  
             
             
    NORWOOD FINANCIAL CORP        
    Consolidated Statements of Income        
    (dollars in thousands, except per share data)        
      (unaudited)        
        Three Months Ended March 31,
        2025     2024  
    INTEREST INCOME        
        Loans receivable, including fees $ 25,988   $ 23,681  
        Securities   3,870     2,526  
        Other   226     731  
             Total Interest income   30,084     26,938  
             
    INTEREST EXPENSE        
       Deposits   10,748     10,110  
       Short-term borrowings   458     336  
       Other borrowings   1,021     1,782  
            Total Interest expense   12,227     12,228  
    NET INTEREST INCOME   17,857     14,710  
    PROVISION FOR (RELEASE OF) CREDIT LOSSES $ 857   $ (624 )
    NET INTEREST INCOME AFTER PROVISION FOR (RELEASE OF) CREDIT LOSSES   17,000     15,334  
             
             
    OTHER INCOME        
        Service charges and fees   1,513     1,343  
        Income from fiduciary activities   325     238  
        Gains on sales of loans, net   47     6  
        Earnings and proceeds on life insurance policies   286     268  
        Other   180     151  
               Total other income   2,351     2,006  
             
    OTHER EXPENSES        
          Salaries and employee benefits   6,472     6,135  
          Occupancy, furniture and equipment   1,378     1,261  
          Data processing and related operations   1,085     1,022  
          Taxes, other than income   192     93  
          Professional fees   659     585  
          FDIC Insurance assessment   406     361  
          Foreclosed real estate   4     21  
          Amortization of intangibles   15     19  
          Other   1,853     2,235  
                 Total other expenses   12,064     11,732  
             
    INCOME BEFORE TAX EXPENSE   7,287     5,608  
    INCOME TAX EXPENSE   1,514     1,175  
    NET INCOME $ 5,773   $ 4,433  
             
    Basic earnings per share $ 0.63   $ 0.55  
             
    Diluted earnings per share $ 0.63   $ 0.55  
                 
    NORWOOD FINANCIAL CORP                                    
    NET INTEREST MARGIN ANALYSIS                                    
    (dollars in thousands)                                    
                                         
      For the Quarter Ended
      March 31, 2025 December 31, 2024 March 31, 2024
      Average   Average   Average   Average   Average   Average  
      Balance Interest    Rate   Balance Interest     Rate   Balance Interest     Rate  
      (2) (1) (3)   (2) (1) (3)   (2) (1) (3)  
    Assets                                    
    Interest-earning assets:                                    
      Interest-bearing deposits with banks $ 20,802   $ 226   4.41   % $ 46,629   $ 574   4.90   % $ 53,930   $ 730   5.44   %
       Securities available for sale:                                    
         Taxable   408,427     3,623   3.60       404,777     2,434   2.39       402,275     2,147   2.15    
         Tax-exempt (1)   44,242     312   2.86       65,628     449   2.72       69,880     481   2.77    
            Total securities available for sale (1)   452,669     3,935   3.53       470,405     2,883   2.44       472,155     2,628   2.24    
         Loans receivable (1) (4) (5)   1,743,572     26,120   6.08       1,690,650     26,246   6.18       1,612,106     23,775   5.93    
            Total interest-earning assets   2,217,043     30,281   5.54       2,207,684     29,703   5.35       2,138,191     27,133   5.10    
    Non-interest earning assets:                                    
       Cash and due from banks   28,705             27,283             24,593          
       Allowance for credit losses   (20,154 )           (18,741 )           (19,096 )        
       Other assets   93,131             83,506             73,692          
            Total non-interest earning assets   101,682             92,048             79,189          
    Total Assets $ 2,318,725           $ 2,299,732           $ 2,217,380          
    Liabilities and Stockholders’ Equity                                    
    Interest-bearing liabilities:                                    
       Interest-bearing demand and money market $ 546,884   $ 2,801   2.08     $ 528,330   $ 3,017   2.27     $ 449,825   $ 2,311   2.07    
       Savings   211,905     142   0.27       209,362     162   0.31       235,545     250   0.43    
       Time   793,803     7,805   3.99       764,819     7,805   4.06       725,199     7,549   4.19    
          Total interest-bearing deposits   1,552,592     10,748   2.81       1,502,511     10,984   2.91       1,410,569     10,110   2.88    
    Short-term borrowings   44,297     458   4.19       46,267     348   2.99       57,997     336   2.33    
    Other borrowings   93,549     1,021   4.43       133,620     1,528   4.55       155,498     1,782   4.61    
       Total interest-bearing liabilities   1,690,438     12,227   2.93       1,682,398     12,860   3.04       1,624,064     12,228   3.03    
    Non-interest bearing liabilities:                                    
       Demand deposits   380,544             394,001             386,066          
       Other liabilities   29,549             30,352             25,162          
          Total non-interest bearing liabilities   410,093             424,353             411,228          
       Stockholders’ equity   218,194             192,981             182,088          
    Total Liabilities and Stockholders’ Equity $ 2,318,725           $ 2,299,732           $ 2,217,380          
    Net interest income/spread (tax equivalent basis)       18,054   2.61   %       16,843   2.31   %       14,905   2.08   %
    Tax-equivalent basis adjustment       (197 )           (218 )           (195 )    
    Net interest income     $ 17,857           $ 16,625           $ 14,710      
    Net interest margin (tax equivalent basis)         3.30   %         3.04   %         2.80   %
                                         
                                         
    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.                           
    (2) Average balances have been calculated based on daily balances.                              
    (3) Annualized                                    
    (4) Loan balances include non-accrual loans and are net of unearned income.                            
    (5) Loan yields include the effect of amortization of deferred fees, net of costs.                            
    NORWOOD FINANCIAL CORP        
    Financial Highlights (Unaudited)        
    (dollars in thousands, except per share data)        
             
    For the Three Months Ended March 31   2025     2024  
             
    Net interest income $ 17,857   $ 14,710  
    Net income   5,773     4,433  
             
    Net interest spread (fully taxable equivalent)   2.61 %   2.08 %
    Net interest margin (fully taxable equivalent)   3.30 %   2.80 %
    Return on average assets   1.01 %   0.80 %
    Return on average equity   10.73 %   9.79 %
    Return on average tangible equity   12.40 %   11.68 %
    Basic earnings per share $ 0.63   $ 0.55  
    Diluted earnings per share $ 0.63   $ 0.55  
             
    As of March 31   2025     2024  
             
    Total assets $ 2,376,044   $ 2,260,423  
    Total loans receivable   1,771,269     1,621,448  
    Allowance for credit losses   20,442     18,020  
    Total deposits   2,004,448     1,838,998  
    Stockholders’ equity   220,707     181,213  
    Trust assets under management   198,761     202,020  
             
    Book value per share $ 23.84   $ 22.34  
    Tangible book value per share $ 20.66   $ 18.71  
    Equity to total assets   9.29 %   8.02 %
    Allowance to total loans receivable   1.15 %   1.11 %
    Nonperforming loans to total loans   0.45 %   0.23 %
    Nonperforming assets to total assets   0.33 %   0.17 %
             
    NORWOOD FINANCIAL CORP                    
    Consolidated Balance Sheets (unaudited)                    
    (dollars in thousands)                    
        March 31   December 31   September 30   June 30   March 31
        2025   2024   2024   2024   2024
    ASSETS                    
    Cash and due from banks $ 31,729 $ 27,562 $ 47,072 $ 29,903 $ 19,519
    Interest-bearing deposits with banks   43,678   44,777   35,808   39,492   92,444
    Cash and cash equivalents   75,407   72,339   82,880   69,395   111,963
                         
    Securities available for sale   408,742   397,846   396,891   397,578   398,374
    Loans receivable   1,771,269   1,713,638   1,675,139   1,641,356   1,621,448
    Less: Allowance for credit losses   20,442   19,843   18,699   17,807   18,020
    Net loans receivable   1,750,827   1,693,795   1,656,440   1,623,549   1,603,428
    Regulatory stock, at cost   7,616   13,366   6,329   6,443   6,545
    Bank owned life insurance   46,914   46,657   46,382   46,121   45,869
    Bank premises and equipment, net   20,273   19,657   18,503   18,264   18,057
    Foreclosed real estate owned   –   –   –   –   97
    Goodwill and other intangibles   29,402   29,418   29,433   29,449   29,468
    Other assets   36,863   44,384   42,893   44,517   46,622
    TOTAL ASSETS $ 2,376,044 $ 2,317,462 $ 2,279,751 $ 2,235,316 $ 2,260,423
                         
    LIABILITIES                    
    Deposits:                    
    Non-interest bearing demand $ 391,377 $ 381,479 $ 420,967 $ 391,849 $ 383,362
    Interest-bearing deposits   1,613,071   1,477,684   1,434,284   1,419,323   1,455,636
    Total deposits   2,004,448   1,859,163   1,855,251   1,811,172   1,838,998
    Borrowings   118,590   214,862   197,412   210,422   211,234
    Other liabilities   32,299   29,929   31,434   31,534   28,978
    TOTAL LIABILITIES   2,155,337   2,103,954   2,084,097   2,053,128   2,079,210
                         
    STOCKHOLDERS’ EQUITY   220,707   213,508   195,654   182,188   181,213
                         
    TOTAL LIABILITIES AND                    
    STOCKHOLDERS’ EQUITY $ 2,376,044 $ 2,317,462 $ 2,279,751 $ 2,235,316 $ 2,260,423
                         
    NORWOOD FINANCIAL CORP                    
    Consolidated Statements of Income (unaudited)                    
    (dollars in thousands, except per share data)                    
        March 31   December 31   September 30   June 30   March 31
    Three months ended   2025    2024    2024    2024    2024 
    INTEREST INCOME                    
    Loans receivable, including fees $ 25,988   $ 26,122   $ 25,464   $ 24,121   $ 23,681  
    Securities   3,870     2,789     2,526     2,584     2,526  
    Other   226     574     497     966     731  
    Total interest income   30,084     29,485     28,487     27,671     26,938  
                         
    INTEREST EXPENSE                    
    Deposits   10,748     10,984     10,553     10,687     10,110  
    Borrowings   1,479     1,876     2,003     2,059     2,118  
    Total interest expense   12,227     12,860     12,556     12,746     12,228  
    NET INTEREST INCOME   17,857     16,625     15,931     14,925     14,710  
    PROVISION FOR (RELEASE OF) CREDIT LOSSES   857     1,604     1,345     347     (624 )
    NET INTEREST INCOME AFTER (RELEASE OF) PROVISION                    
    FOR CREDIT LOSSES   17,000     15,021     14,586     14,578     15,334  
                         
    OTHER INCOME                    
    Service charges and fees   1,513     1,595     1,517     1,504     1,343  
    Income from fiduciary activities   325     224     256     225     238  
    Net realized (losses) gains on sales of securities   –     (19,962 )   –     –     –  
    Gains on sales of loans, net   47     50     103     36     6  
    Gains on sales of foreclosed real estate owned   –     –     –     32     –  
    Earnings and proceeds on life insurance policies   286     275     261     253     268  
    Other   180     159     158     157     151  
    Total other income   2,351     (17,659 )   2,295     2,207     2,006  
                         
    OTHER EXPENSES                    
    Salaries and employee benefits   6,472     6,690     6,239     5,954     6,135  
    Occupancy, furniture and equipment, net   1,378     1,291     1,269     1,229     1,261  
    Foreclosed real estate   4     9     9     15     21  
    FDIC insurance assessment   406     335     339     309     361  
    Other   3,804     5,094     4,175     3,937     3,954  
    Total other expenses   12,064     13,419     12,031     11,444     11,732  
                         
    INCOME BEFORE TAX (BENEFIT) EXPENSE   7,287     (16,057 )   4,850     5,341     5,608  
    INCOME TAX (BENEFIT) EXPENSE   1,514     (3,406 )   1,006     1,128     1,175  
    NET (LOSS) INCOME $ 5,773   $ (12,651 ) $ 3,844   $ 4,213   $ 4,433  
                         
    Basic (loss) earnings per share $ 0.63   $ (1.54 ) $ 0.48   $ 0.52   $ 0.55  
                         
    Diluted (loss) earnings per share $ 0.63   $ (1.54 ) $ 0.48   $ 0.52   $ 0.55  
                         
    Book Value per share $ 23.84   $ 23.02   $ 24.18   $ 22.52   $ 22.34  
    Tangible Book Value per share   20.66     19.85     20.54     18.88     18.71  
                         
    Return on average assets (annualized)   1.01 %   -2.19 %   0.68 %   0.75 %   0.80 %
    Return on average equity (annualized)   10.73 %   -26.08 %   8.09 %   9.41 %   9.79 %
    Return on average tangible equity (annualized)   12.40 %   -30.77 %   9.58 %   11.26 %   11.68 %
                         
    Net interest spread (fte)   2.61 %   2.31 %   2.23 %   2.06 %   2.08 %
    Net interest margin (fte)   3.30 %   3.04 %   2.99 %   2.80 %   2.80 %
                         
    Allowance for credit losses to total loans   1.15 %   1.16 %   1.12 %   1.08 %   1.11 %
    Net charge-offs to average loans (annualized)   0.07 %   0.12 %   0.08 %   0.13 %   0.08 %
    Nonperforming loans to total loans   0.45 %   0.46 %   0.47 %   0.47 %   0.23 %
    Nonperforming assets to total assets   0.33 %   0.34 %   0.35 %   0.34 %   0.17 %

    The MIL Network –

    April 18, 2025
  • MIL-OSI United Kingdom: Low-income families saved £886,000 on water bills through Portsmouth City Council and Southern Water partnership

    Source: City of Portsmouth

    Around £886,000 is set to be cut from the bills of the most vulnerable people in Portsmouth, thanks to a partnership between Portsmouth City Council and Southern Water.

    The council has provided Southern Water with the details of just over 5,000 residents on low incomes or in receipt of benefits who have been found to be eligible for a discount on their bills, as part of a data sharing agreement to save people money.

    All Portsmouth customers who qualify for the cheaper Essentials tariff payment scheme will automatically be moved across. They will have their bills reduced by an average of £177 a year, and Southern Water will be writing to those who have been switched.

    The tariff is designed to help customers who are struggling to pay by providing a discount of at least 45% for low-income households in receipt of Council Tax Support.

    It’s part of Portsmouth City Council’s ongoing work to support residents with the cost of living, which includes:

    • Awarding £245,200 to 1,414 low-income pensioner households through our one-off Portsmouth Older Persons’ Energy Payment scheme
    • Hardship payments for daily costs like food and energy bills through the UK Government-funded Household Support Fund, which is extended for another 12 months.
    • The local Council Tax Support Scheme for households eligible for a discount
    • Holiday Activity and Food (HAF) programme, currently running over Easter, and extended by another 12 months
    • The council’s cost of living hub and phone number, offering free money advice for all
    • Switched on Portsmouth providing free energy and money saving advice

    Council Leader Cllr Steve Pitt said:

    “We are committed to exploring every avenue possible to save Portsmouth residents money, because rising costs continue to impact people’s quality of life.

    “Through this proactive partnership with Southern Water, we have been able to help another 5,000 save a collective £886,000, which is a really significant individual saving.

    “We will be offering more one-off payment schemes to help the most vulnerable to pay for bills and food, and I would urge anyone who needs advice and support around money to call our cost of living hub.”

    Nicky Chitty, Southern Water’s affordability and vulnerability lead, said:

    “We are delighted to be working together with colleagues at Portsmouth so that no households miss out on the support they may be entitled to.

    “By joining our Essentials tariff, these customers will automatically receive a minimum discount of 45% off their bills.”

    The council will continue to pass on the details of any residents that may be eligible for the Essentials tariff to Southern Water.

    The partnership is subject to strict rules around personal data and security and the information shared is solely for the purpose of benefiting eligible residents.

    MIL OSI United Kingdom –

    April 17, 2025
  • MIL-OSI United Kingdom: More than half a million more people in line for savings boost

    Source: United Kingdom – Executive Government & Departments

    Press release

    More than half a million more people in line for savings boost

    Thousands more are eligible to open a Help to Save account.

    • Government’s Help to Save scheme now open to 550,000 more people to help with cost of living
    • Those saving £50 a month can expect £25 Government top-up, putting more money in people’s pockets
    • Part of Government’s mission to grow the economy and deliver on our Plan for Change

    More than half a million more UK savers are in line for Government bonuses worth up to £25 a month to boost their cash pots and help ease rises in the cost of living, HM Revenue and Customs (HMRC) has announced today.

    As part of the Government’s mission to grow the economy and improve lives in every corner of the UK and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit – rewarding 550,000 more people.

    Its extension to April 2027 means more can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018.

    This is evidence of the Government backing the most vulnerable in society with 93% of savers paying in the maximum £50 every month to their Help to Save account.

    An account can be set up in less than 5 minutes and easily managed through GOV.UK or the HMRC app, making it accessible to people throughout the UK.

    Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year.

    Emma Reynolds, Economic Secretary to the Treasury, said:

    Security for working people is at the heart of our Plan for Change.

    We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 

    Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.

    Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.

    Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order.

    Money can be withdrawn at any time, although this may affect the 50% bonus payments.

    Michelle Highman, Chief Executive of The Money Charity, said:

    We are really pleased to see the Help to Save scheme extended and made available to more people. It’s a brilliant way for people to start to save and to build their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it’s a great place to boost your savings.

    Find out more about Help to Save at GOV.UK.

    Further Information

    1. Latest statistics on Help to Save up to April 2024 were released in September 2024
    Number of Accounts Opened to end-April 2024 Total value of deposits
    UK Total 516,800 £492,539,000
    England 439,900 £420,318,000
    North East 22,750 £20,668,000
    North West 67,650 £63,479,000
    Yorkshire and The Humber 49,600 £47,043,000
    East Midlands 43,000 £41,219,000
    West Midlands 49,550 £46,130,000
    East of England 44,900 £43,176,000
    London 55,550 £52,935,000
    South East 60,500 £57,563,000
    South West 46,400 £48,106,000
    Wales 24,850 £23,683,000
    Scotland 36,050 £33,584,000
    Northern Ireland 15,650 £14,700,000

    Help to Save was launched in September 2018 and was due to end in September 2023. It was extended to April 2025 and has now been extended until April 2027.

    Previous eligibility criteria meant savers had to be in receipt of Tax Credits or Universal Credit and be earning at least 16 hours a week at National Living Wage.

    How the bonus payments work:

    • after the first 2 years, customers will get a first bonus if they have been using their account to save. This bonus will be 50% of the highest balance saved.
    • after 4 years, they will get a final bonus if they continue to save. This bonus will be 50% of the difference between 2 amounts:
      • the highest balance saved in the first 2 years (years 1 and 2)
      • the highest balance saved in the last 2 years (years 3 and 4)
    • if their highest balance does not increase, they will not earn a final bonus.
    • the bonus is paid into their bank account, not their Help to Save account.

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    Updates to this page

    Published 17 April 2025

    MIL OSI United Kingdom –

    April 17, 2025
  • MIL-OSI Asia-Pac: Investigation Report on incident of freighter taxiing to unopened area at Hong Kong International Airport published

    Source: Hong Kong Government special administrative region

    The Air Accident Investigation Authority (AAIA) today (April 17) published the Investigation Report IVR-2025-03 on the investigation into a taxiing incident involving a Boeing 737-800BCF freighter (registration mark VP-BEN) operated by Siberia Airlines at Hong Kong International Airport (HKIA) on October 14, 2021.

    At 00.03am that day, the freighter touched down at the then North Runway of HKIA. While following the instruction of Air Traffic Control (ATC) to vacate the runway via Taxiway (TWY) A7, the freighter mistakenly taxied onto a paved area yet to be commissioned for operational use between TWYs A6 and A7 and stopped in front of marker boards in that unopened area. No person was injured in the incident, and there was no damage to the aircraft, runway or airport facilities.

    The investigation identified that the flight crew members concerned had no prior knowledge of the presence of the paved and unopened area at HKIA and mistook the area for the assigned runway exit. The investigation team made two safety recommendations. While Siberia Airlines should assess the pilots’ pre-flight understanding of pertinent aeronautical information regarding flight safety and operations such as those stated in the Aeronautical Information Circular, the Airport Authority Hong Kong should conduct a holistic safety risk assessment during the planning and implementation phases of work projects in aircraft movement areas to ensure the continued effectiveness of risk mitigation measures taken in relation to aircraft operations.

    The investigation was conducted by a team of professional investigators in strict adherence to international standards of the International Civil Aviation Organization (ICAO). “The objective of the investigation was to identify the circumstances and causes of the incident with a view to preventing a recurrence,” an AAIA spokesperson said.

    Throughout the investigation, all parties concerned were properly consulted on the report. The report is available for downloading on the AAIA webpage (www.tlb.gov.hk/aaia/eng/investigation_reports/index.html). 

    The AAIA, an independent investigation authority formed under the Transport and Logistics Bureau, is responsible for the investigation of civil aircraft accidents and incidents in accordance with the Hong Kong Civil Aviation (Investigation of Accidents) Regulations (Cap. 448B) and with reference to the ICAO standards.

    MIL OSI Asia Pacific News –

    April 17, 2025
  • MIL-OSI: Texas Capital Bancshares, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First quarter 2025 net income of $47.0 million and net income available to common 
    stockholders of $42.7 million, or $0.92 per diluted share

    Strong balance sheet growth with total deposits increasing 9% and total loans growing 7% year-over-year

    Book Value and Tangible Book Value(1)per share both increasing 11% year-over-year, reaching record levels

    Capital ratios continue to be strong, including 11.6% CET1 and 15.6% Total Capital

    DALLAS, April 17, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the first quarter of 2025.

    “We continue to leverage our diversified product suite and financially resilient balance sheet to effectively support our clients’ objectives,” said Rob C. Holmes, Chairman, President & CEO. “With significant year-over-year improvements to many key financial and operating metrics, we remain focused on achieving published financial targets in the back-half of this year.”

      1st Quarter   4th Quarter   1st Quarter
    (dollars in thousands except per share data)   2025       2024       2024  
    OPERATING RESULTS          
    Net income $ 47,047     $ 71,023     $ 26,142  
    Net income available to common stockholders $ 42,734     $ 66,711     $ 21,829  
    Pre-provision net revenue(3) $ 77,458     $ 111,522     $ 53,935  
    Diluted earnings per common share $ 0.92     $ 1.43     $ 0.46  
    Diluted common shares   46,616,704       46,770,961       47,711,192  
    Return on average assets   0.61 %     0.88 %     0.36 %
    Return on average common equity   5.56 %     8.50 %     3.03 %
               
    OPERATING RESULTS, ADJUSTED(2)          
    Net income $ 47,047     $ 71,023     $ 33,898  
    Net income available to common stockholders $ 42,734     $ 66,711     $ 29,585  
    Pre-provision net revenue(3) $ 77,458     $ 111,522     $ 63,953  
    Diluted earnings per common share $ 0.92     $ 1.43     $ 0.62  
    Diluted common shares   46,616,704       46,770,961       47,711,192  
    Return on average assets   0.61 %     0.88 %     0.47 %
    Return on average common equity   5.56 %     8.50 %     4.11 %
               
    BALANCE SHEET          
    Loans held for investment $ 17,654,243     $ 17,234,492     $ 16,677,691  
    Loans held for investment, mortgage finance   4,725,541       5,215,574       4,153,313  
    Total loans held for investment   22,379,784       22,450,066       20,831,004  
    Loans held for sale   —       —       37,750  
    Total assets   31,375,749       30,731,883       29,180,585  
    Non-interest bearing deposits   7,874,780       7,485,428       8,478,215  
    Total deposits   26,053,034       25,238,599       23,954,037  
    Stockholders’ equity   3,429,774       3,367,936       3,170,662  
               

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
    (3) Net interest income plus non-interest income, less non-interest expense.

    FIRST QUARTER 2025 COMPARED TO FOURTH QUARTER 2024

    For the first quarter of 2025, net income available to common stockholders was $42.7 million, or $0.92 per diluted share, compared to $66.7 million, or $1.43 per diluted share, for the fourth quarter of 2024.

    Provision for credit losses for the first quarter of 2025 was $17.0 million, compared to $18.0 million for the fourth quarter of 2024. The $17.0 million provision for credit losses recorded in the first quarter of 2025 resulted primarily from an increase in criticized loans and $9.8 million in net charge-offs, as well as uncertainty in the economic outlook.

    Net interest income was $236.0 million for the first quarter of 2025, compared to $229.6 million for the fourth quarter of 2024, as a decrease in funding costs was partially offset by a decrease in average earning assets. Net interest margin for the first quarter of 2025 was 3.19%, an increase of 26 basis points from the fourth quarter of 2024. LHI, excluding mortgage finance, yields increased 3 basis points from the fourth quarter of 2024 and LHI, mortgage finance, yields increased 20 basis points from the fourth quarter of 2024. Total cost of deposits was 2.76% for the first quarter of 2025, a 5 basis point decrease from the fourth quarter of 2024.

    Non-interest income for the first quarter of 2025 decreased $9.6 million compared to the fourth quarter of 2024 primarily due to a decrease in investment banking and advisory fees.

    Non-interest expense for the first quarter of 2025 increased $30.9 million, or 18%, compared to the fourth quarter of 2024, primarily due to an increase in salaries and benefits, primarily as a result of the effect of seasonal payroll expenses that peak in the first quarter.

    FIRST QUARTER 2025 COMPARED TO FIRST QUARTER 2024

    Net income available to common stockholders was $42.7 million, or $0.92 per diluted share, for the first quarter of 2025, compared to $21.8 million, or $0.46 per diluted share, for the first quarter of 2024.

    The first quarter of 2025 included a $17.0 million provision for credit losses, reflecting an increase in criticized loans, $9.8 million in net charge-offs and uncertainty in the economic outlook, compared to a $19.0 million provision for credit losses for the first quarter of 2024.

    Net interest income increased to $236.0 million for the first quarter of 2025, compared to $215.0 million for the first quarter of 2024, primarily due to an increase in average total LHI and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities and a decrease in earning asset yields. Net interest margin increased 16 basis points to 3.19% for the first quarter of 2025, as compared to the first quarter of 2024. LHI, excluding mortgage finance, yields decreased 41 basis points compared to the first quarter of 2024 and LHI, mortgage finance yields increased 33 basis points from the first quarter of 2024. Total cost of deposits decreased 21 basis points compared to the first quarter of 2024.

    Non-interest income for the first quarter of 2025 increased $3.1 million compared to the first quarter of 2024 primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by a decrease in investment banking and advisory fees.

    Non-interest expense for the first quarter of 2025 increased $627,000 compared to the first quarter of 2024, primarily due to increases in salaries and benefits and communications and technology expense, partially offset by a decrease in Federal Deposit Insurance Corporation (“FDIC”) expense. The first quarter of 2024 included $3.0 million in additional FDIC special assessment expense.

    CREDIT QUALITY

    Net charge-offs of $9.8 million were recorded during the first quarter of 2025, compared to net charge-offs of $12.1 million and $10.8 million during the fourth quarter of 2024 and the first quarter of 2024, respectively. Criticized loans totaled $762.9 million at March 31, 2025, compared to $714.0 million at December 31, 2024 and $859.5 million at March 31, 2024. Non-accrual LHI totaled $93.6 million at March 31, 2025, compared to $111.2 million at December 31, 2024 and $92.8 million at March 31, 2024. The ratio of non-accrual LHI to total LHI for the first quarter of 2025 was 0.42%, compared to 0.50% for the fourth quarter of 2024 and 0.45% for the first quarter of 2024. The ratio of total allowance for credit losses to total LHI was 1.48% at March 31, 2025, compared to 1.45% and 1.46% at December 31, 2024 and March 31, 2024, respectively.

    REGULATORY RATIOS AND CAPITAL

    All regulatory ratios continue to be in excess of “well capitalized” requirements as of March 31, 2025. CET1, tier 1 capital, total capital and leverage ratios were 11.6%, 13.1%, 15.6% and 11.8%, respectively, at March 31, 2025, compared to 11.4%, 12.8%, 15.4% and 11.3%, respectively, at December 31, 2024 and 12.4%, 13.9%, 16.6% and 12.4%, respectively, at March 31, 2024. At March 31, 2025, our ratio of tangible common equity to total tangible assets was 10.0%, compared to 10.0% at December 31, 2024 and 9.8% at March 31, 2024.

    During the first quarter of 2025, the Company repurchased 396,106 shares of its common stock for an aggregate purchase price, including excise tax expense, of $31.2 million, at a weighted average price of $78.25 per share.

    About Texas Capital Bancshares, Inc.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000®Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global conflict (including those already reported by the media, as well as others that may arise), or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

    TEXAS CAPITAL BANCSHARES, INC.
    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
    (dollars in thousands except per share data)
      1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
        2025     2024    2024 
      2024     2024  
    CONSOLIDATED STATEMENTS OF INCOME          
    Interest income $ 427,289   $ 437,571   $ 452,533   $ 422,068   $ 417,378  
    Interest expense   191,255     207,964     212,431     205,486     202,369  
    Net interest income   236,034     229,607     240,102     216,582     215,009  
    Provision for credit losses   17,000     18,000     10,000     20,000     19,000  
    Net interest income after provision for credit losses   219,034     211,607     230,102     196,582     196,009  
    Non-interest income   44,444     54,074     (114,771 )   50,424     41,319  
    Non-interest expense   203,020     172,159     195,324     188,409     202,393  
    Income/(loss) before income taxes   60,458     93,522     (79,993 )   58,597     34,935  
    Income tax expense/(benefit)   13,411     22,499     (18,674 )   16,935     8,793  
    Net income/(loss)   47,047     71,023     (61,319 )   41,662     26,142  
    Preferred stock dividends   4,313     4,312     4,313     4,312     4,313  
    Net income/(loss) available to common stockholders $ 42,734   $ 66,711   $ (65,632 ) $ 37,350   $ 21,829  
    Diluted earnings/(loss) per common share $ 0.92   $ 1.43   $ (1.41 ) $ 0.80   $ 0.46  
    Diluted common shares   46,616,704     46,770,961     46,608,742     46,872,498     47,711,192  
    CONSOLIDATED BALANCE SHEET DATA          
    Total assets $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994   $ 29,180,585  
    Loans held for investment   17,654,243     17,234,492     16,764,512     16,700,569     16,677,691  
    Loans held for investment, mortgage finance   4,725,541     5,215,574     5,529,659     5,078,161     4,153,313  
    Loans held for sale   —     —     9,022     36,785     37,750  
    Interest bearing cash and cash equivalents   3,600,969     3,012,307     3,894,537     2,691,352     3,148,157  
    Investment securities   4,531,219     4,396,115     4,405,520     4,388,976     4,414,280  
    Non-interest bearing deposits   7,874,780     7,485,428     9,070,804     7,987,715     8,478,215  
    Total deposits   26,053,034     25,238,599     25,865,255     23,818,327     23,954,037  
    Short-term borrowings   750,000     885,000     1,035,000     1,675,000     750,000  
    Long-term debt   660,521     660,346     660,172     659,997     859,823  
    Stockholders’ equity   3,429,774     3,367,936     3,354,044     3,175,601     3,170,662  
               
    End of period shares outstanding   46,024,933     46,233,812     46,207,757     46,188,078     46,986,275  
    Book value per share $ 68.00   $ 66.36   $ 66.09   $ 62.26   $ 61.10  
    Tangible book value per share(1) $ 67.97   $ 66.32   $ 66.06   $ 62.23   $ 61.06  
    SELECTED FINANCIAL RATIOS          
    Net interest margin   3.19 %   2.93 %   3.16 %   3.01 %   3.03 %
    Return on average assets   0.61 %   0.88 %   (0.78 )%   0.56 %   0.36 %
    Return on average assets, adjusted(4)   0.61 %   0.88 %   1.00 %   0.57 %   0.47 %
    Return on average common equity   5.56 %   8.50 %   (8.87 )%   5.26 %   3.03 %
    Return on average common equity, adjusted(4)   5.56 %   8.50 %   10.04 %   5.31 %   4.11 %
    Efficiency ratio(2)   72.4 %   60.7 %   155.8 %   70.6 %   79.0 %
    Efficiency ratio, adjusted(2)(4)   72.4 %   60.7 %   62.3 %   70.4 %   75.1 %
    Non-interest income to average earning assets   0.60 %   0.69 %   (1.52 )%   0.71 %   0.59 %
    Non-interest income to average earning assets, adjusted(4)   0.60 %   0.69 %   0.86 %   0.71 %   0.59 %
    Non-interest expense to average earning assets   2.75 %   2.21 %   2.59 %   2.65 %   2.89 %
    Non-interest expense to average earning assets, adjusted(4)   2.75 %   2.21 %   2.52 %   2.65 %   2.74 %
    Common equity to total assets   10.0 %   10.0 %   9.7 %   9.6 %   9.8 %
    Tangible common equity to total tangible assets(3)   10.0 %   10.0 %   9.7 %   9.6 %   9.8 %
    Common Equity Tier 1   11.6 %   11.4 %   11.2 %   11.6 %   12.4 %
    Tier 1 capital   13.1 %   12.8 %   12.6 %   13.1 %   13.9 %
    Total capital   15.6 %   15.4 %   15.2 %   15.7 %   16.6 %
    Leverage   11.8 %   11.3 %   11.4 %   12.2 %   12.4 %

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) Non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
    (4) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

     
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
      March 31,
    2025
    December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    Assets          
    Cash and due from banks $ 201,504   $ 176,501   $ 297,048   $ 221,727   $ 167,985  
    Interest bearing cash and cash equivalents   3,600,969     3,012,307     3,894,537     2,691,352     3,148,157  
    Available-for-sale debt securities   3,678,378     3,524,686     3,518,662     3,483,231     3,491,510  
    Held-to-maturity debt securities   779,354     796,168     812,432     831,513     849,283  
    Equity securities   71,679     75,261     74,426     74,232     73,487  
    Trading securities   1,808     —     —     —     —  
    Investment securities   4,531,219     4,396,115     4,405,520     4,388,976     4,414,280  
    Loans held for sale   —     —     9,022     36,785     37,750  
    Loans held for investment, mortgage finance   4,725,541     5,215,574     5,529,659     5,078,161     4,153,313  
    Loans held for investment   17,654,243     17,234,492     16,764,512     16,700,569     16,677,691  
    Less: Allowance for credit losses on loans   278,379     271,709     273,143     267,297     263,962  
    Loans held for investment, net   22,101,405     22,178,357     22,021,028     21,511,433     20,567,042  
    Premises and equipment, net   84,575     85,443     81,577     69,464     49,899  
    Accrued interest receivable and other assets   854,581     881,664     919,071     933,761     793,976  
    Goodwill and intangibles, net   1,496     1,496     1,496     1,496     1,496  
    Total assets $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994   $ 29,180,585  
               
    Liabilities and Stockholders’ Equity          
    Liabilities:          
    Non-interest bearing deposits $ 7,874,780   $ 7,485,428   $ 9,070,804   $ 7,987,715   $ 8,478,215  
    Interest bearing deposits   18,178,254     17,753,171     16,794,451     15,830,612     15,475,822  
    Total deposits   26,053,034     25,238,599     25,865,255     23,818,327     23,954,037  
    Accrued interest payable   25,270     23,680     18,679     23,841     32,352  
    Other liabilities   457,150     556,322     696,149     502,228     413,711  
    Short-term borrowings   750,000     885,000     1,035,000     1,675,000     750,000  
    Long-term debt   660,521     660,346     660,172     659,997     859,823  
    Total liabilities   27,945,975     27,363,947     28,275,255     26,679,393     26,009,923  
               
    Stockholders’ equity:          
    Preferred stock, $.01 par value, $1,000 liquidation value:          
    Authorized shares – 10,000,000          
    Issued shares(1)   300,000     300,000     300,000     300,000     300,000  
    Common stock, $.01 par value:          
    Authorized shares – 100,000,000          
    Issued shares(2)   517     515     515     515     514  
    Additional paid-in capital   1,060,028     1,056,719     1,054,614     1,050,114     1,044,669  
    Retained earnings   2,538,385     2,495,651     2,428,940     2,494,572     2,457,222  
    Treasury stock(3)   (332,994 )   (301,842 )   (301,868 )   (301,868 )   (251,857 )
    Accumulated other comprehensive loss, net of taxes   (136,162 )   (183,107 )   (128,157 )   (367,732 )   (379,886 )
    Total stockholders’ equity   3,429,774     3,367,936     3,354,044     3,175,601     3,170,662  
    Total liabilities and stockholders’ equity $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994   $ 29,180,585  
               
    (1)Preferred stock – issued shares   300,000     300,000     300,000     300,000     300,000  
    (2)Common stock – issued shares   51,707,542     51,520,315     51,494,260     51,474,581     51,420,680  
    (3)Treasury stock – shares at cost   5,682,609     5,286,503     5,286,503     5,286,503     4,434,405  
    TEXAS CAPITAL BANCSHARES, INC.    
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)    
    (dollars in thousands except per share data)    
      Three Months Ended March 31,
        2025   2024
    Interest income    
    Interest and fees on loans $ 334,150 $ 330,879
    Investment securities   46,565   32,144
    Interest bearing cash and cash equivalents   46,574   54,355
    Total interest income   427,289   417,378
    Interest expense    
    Deposits   174,936   175,600
    Short-term borrowings   8,246   12,783
    Long-term debt   8,073   13,986
    Total interest expense   191,255   202,369
    Net interest income   236,034   215,009
    Provision for credit losses   17,000   19,000
    Net interest income after provision for credit losses   219,034   196,009
    Non-interest income    
    Service charges on deposit accounts   7,840   6,339
    Wealth management and trust fee income   3,964   3,567
    Brokered loan fees   1,949   1,911
    Investment banking and advisory fees   16,478   18,424
    Trading income   5,939   4,712
    Other   8,274   6,366
    Total non-interest income   44,444   41,319
    Non-interest expense    
    Salaries and benefits   131,641   128,727
    Occupancy expense   10,844   9,737
    Marketing   5,009   6,036
    Legal and professional   14,989   16,195
    Communications and technology   23,642   21,114
    Federal Deposit Insurance Corporation insurance assessment   5,341   8,421
    Other   11,554   12,163
    Total non-interest expense   203,020   202,393
    Income before income taxes   60,458   34,935
    Income tax expense   13,411   8,793
    Net income   47,047   26,142
    Preferred stock dividends   4,313   4,313
    Net income available to common stockholders $ 42,734 $ 21,829
         
    Basic earnings per common share $ 0.93 $ 0.46
    Diluted earnings per common share $ 0.92 $ 0.46
    TEXAS CAPITAL BANCSHARES, INC.
    SUMMARY OF CREDIT LOSS EXPERIENCE
    (dollars in thousands)
      1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
        2025     2024     2024     2024     2024  
    Allowance for credit losses on loans:          
    Beginning balance $ 271,709   $ 273,143   $ 267,297   $ 263,962   $ 249,973  
    Allowance established for acquired purchase credit deterioration loans   —     —     2,579     —     —  
    Loans charged-off:          
    Commercial   10,197     14,100     6,120     9,997     7,544  
    Commercial real estate   500     2,566     262     2,111     3,325  
    Consumer   —     —     30     —     —  
    Total charge-offs   10,697     16,666     6,412     12,108     10,869  
    Recoveries:          
    Commercial   483     4,562     329     153     105  
    Commercial real estate   413     18     —     —     —  
    Consumer   4     15     —     —     —  
    Total recoveries   900     4,595     329     153     105  
    Net charge-offs   9,797     12,071     6,083     11,955     10,764  
    Provision for credit losses on loans   16,467     10,637     9,350     15,290     24,753  
    Ending balance $ 278,379   $ 271,709   $ 273,143   $ 267,297   $ 263,962  
               
    Allowance for off-balance sheet credit losses:          
    Beginning balance $ 53,332   $ 45,969   $ 45,319   $ 40,609   $ 46,362  
    Provision for off-balance sheet credit losses   533     7,363     650     4,710     (5,753 )
    Ending balance $ 53,865   $ 53,332   $ 45,969   $ 45,319   $ 40,609  
               
    Total allowance for credit losses $ 332,244   $ 325,041   $ 319,112   $ 312,616   $ 304,571  
    Total provision for credit losses $ 17,000   $ 18,000   $ 10,000   $ 20,000   $ 19,000  
               
    Allowance for credit losses on loans to total loans held for investment   1.24 %   1.21 %   1.23 %   1.23 %   1.27 %
    Allowance for credit losses on loans to average total loans held for investment   1.29 %   1.22 %   1.24 %   1.27 %   1.32 %
    Net charge-offs to average total loans held for investment(1)   0.18 %   0.22 %   0.11 %   0.23 %   0.22 %
    Net charge-offs to average total loans held for investment for last 12 months(1)   0.18 %   0.19 %   0.20 %   0.22 %   0.20 %
    Total provision for credit losses to average total loans held for investment(1)   0.32 %   0.32 %   0.18 %   0.38 %   0.38 %
    Total allowance for credit losses to total loans held for investment   1.48 %   1.45 %   1.43 %   1.44 %   1.46 %

    (1) Interim period ratios are annualized.

               
    TEXAS CAPITAL BANCSHARES, INC.          
    NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS      
    (dollars in thousands)          
      1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
        2025     2024     2024     2024     2024  
    NON-PERFORMING ASSETS          
    Non-accrual loans held for investment $ 93,565   $ 111,165   $ 88,960   $ 85,021   $ 92,849  
    Non-accrual loans held for sale(1)   —     —     —     —     9,250  
    Other real estate owned   —     —     —     —     —  
    Total non-performing assets $ 93,565   $ 111,165   $ 88,960   $ 85,021   $ 102,099  
               
    Non-accrual loans held for investment to total loans held for investment   0.42 %   0.50 %   0.40 %   0.39 %   0.45 %
    Total non-performing assets to total assets   0.30 %   0.36 %   0.28 %   0.28 %   0.35 %
    Allowance for credit losses on loans to non-accrual loans held for investment 3.0x 2.4x 3.1x 3.1x 2.8x
    Total allowance for credit losses to non-accrual loans held for investment 3.6x 2.9x 3.6x 3.7x 3.3x
               
    LOANS PAST DUE          
    Loans held for investment past due 90 days and still accruing $ 791   $ 4,265   $ 5,281   $ 286   $ 3,674  
    Loans held for investment past due 90 days to total loans held for investment   — %   0.02 %   0.02 %   — %   0.02 %
    Loans held for sale past due 90 days and still accruing $ —   $ —   $ —   $ 64   $ 147  
               
    CRITICIZED LOANS          
    Criticized loans $ 762,887   $ 713,951   $ 897,727   $ 859,671   $ 859,539  
    Criticized loans to total loans held for investment   3.41 %   3.18 %   4.03 %   3.95 %   4.13 %
    Special mention loans $ 484,165   $ 435,626   $ 579,802   $ 593,305   $ 584,528  
    Special mention loans to total loans held for investment   2.16 %   1.94 %   2.60 %   2.72 %   2.81 %

    (1) First quarter 2024 includes one non-accrual loan previously reported in loans held for investment that was transferred at fair value to held for sale as of March 31, 2024.

     
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands)
               
      1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
        2025   2024   2024     2024   2024
    Interest income          
    Interest and fees on loans $ 334,150 $ 340,388 $ 361,407   $ 345,251 $ 330,879
    Investment securities   46,565   44,102   38,389     33,584   32,144
    Interest bearing deposits in other banks   46,574   53,081   52,737     43,233   54,355
    Total interest income   427,289   437,571   452,533     422,068   417,378
    Interest expense          
    Deposits   174,936   189,061   190,255     181,280   175,600
    Short-term borrowings   8,246   10,678   13,784     12,749   12,783
    Long-term debt   8,073   8,225   8,392     11,457   13,986
    Total interest expense   191,255   207,964   212,431     205,486   202,369
    Net interest income   236,034   229,607   240,102     216,582   215,009
    Provision for credit losses   17,000   18,000   10,000     20,000   19,000
    Net interest income after provision for credit losses   219,034   211,607   230,102     196,582   196,009
    Non-interest income          
    Service charges on deposit accounts   7,840   6,989   6,307     5,911   6,339
    Wealth management and trust fee income   3,964   4,009   4,040     3,699   3,567
    Brokered loan fees   1,949   2,519   2,400     2,131   1,911
    Investment banking and advisory fees   16,478   26,740   34,753     25,048   18,424
    Trading income   5,939   5,487   5,786     5,650   4,712
    Available-for-sale debt securities losses, net   —   —   (179,581 )   —   —
    Other   8,274   8,330   11,524     7,985   6,366
    Total non-interest income   44,444   54,074   (114,771 )   50,424   41,319
    Non-interest expense          
    Salaries and benefits   131,641   97,873   121,138     118,840   128,727
    Occupancy expense   10,844   11,926   12,937     10,666   9,737
    Marketing   5,009   4,454   5,863     5,996   6,036
    Legal and professional   14,989   15,180   11,135     11,273   16,195
    Communications and technology   23,642   24,007   25,951     22,013   21,114
    Federal Deposit Insurance Corporation insurance assessment   5,341   4,454   4,906     5,570   8,421
    Other   11,554   14,265   13,394     14,051   12,163
    Total non-interest expense   203,020   172,159   195,324     188,409   202,393
    Income/(loss) before income taxes   60,458   93,522   (79,993 )   58,597   34,935
    Income tax expense/(benefit)   13,411   22,499   (18,674 )   16,935   8,793
    Net income/(loss)   47,047   71,023   (61,319 )   41,662   26,142
    Preferred stock dividends   4,313   4,312   4,313     4,312   4,313
    Net income/(loss) available to common shareholders $ 42,734 $ 66,711 $ (65,632 ) $ 37,350 $ 21,829
    TEXAS CAPITAL BANCSHARES, INC.
    TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1)
    (dollars in thousands)
      1st Quarter 2025   4th Quarter 2024   1st Quarter 2024
      Average
    Balance
    Income/
    Expense
    Yield/
    Rate
      Average
    Balance
    Income/
    Expense
    Yield/
    Rate
      Average
    Balance
    Income/
    Expense
    Yield/
    Rate
    Assets                      
    Investment securities(2) $ 4,463,876 $ 46,565 4.10 %   $ 4,504,101 $ 44,102 3.79 %   $ 4,299,368 $ 32,144 2.77 %
    Interest bearing cash and cash equivalents   4,255,796   46,574 4.44 %     4,472,772   53,081 4.72 %     4,051,627   54,355 5.40 %
    Loans held for sale   335   2 2.97 %     —   — — %     51,164   1,184 9.31 %
    Loans held for investment, mortgage finance   3,972,106   38,527 3.93 %     5,409,980   50,685 3.73 %     3,517,707   31,455 3.60 %
    Loans held for investment(3)   17,527,070   296,091 6.85 %     16,919,925   289,916 6.82 %     16,522,089   298,306 7.26 %
    Less: Allowance for credit losses on loans   272,758   — — %     272,975   — —       249,936   — — %
    Loans held for investment, net   21,226,418   334,618 6.39 %     22,056,930   340,601 6.14 %     19,789,860   329,761 6.70 %
    Total earning assets   29,946,425   427,759 5.76 %     31,033,803   437,784 5.59 %     28,192,019   417,444 5.88 %
    Cash and other assets   1,157,184         1,178,284         1,058,463    
    Total assets $ 31,103,609       $ 32,212,087       $ 29,250,482    
                           
    Liabilities and Stockholders’ Equity                      
    Transaction deposits $ 2,163,250 $ 13,908 2.61 %   $ 2,141,739 $ 15,403 2.86 %   $ 2,006,493 $ 16,858 3.38 %
    Savings deposits   13,357,243   133,577 4.06 %     12,932,458   144,393 4.44 %     11,409,677   136,790 4.82 %
    Time deposits   2,329,384   27,451 4.78 %     2,331,009   29,265 4.99 %     1,719,325   21,952 5.14 %
    Total interest bearing deposits   17,849,877   174,936 3.97 %     17,405,206   189,061 4.32 %     15,135,495   175,600 4.67 %
    Short-term borrowings   751,500   8,246 4.45 %     883,326   10,678 4.81 %     912,088   12,783 5.64 %
    Long-term debt   660,445   8,073 4.96 %     660,270   8,225 4.96 %     859,509   13,986 6.54 %
    Total interest bearing liabilities   19,261,822   191,255 4.03 %     18,948,802   207,964 4.37 %     16,907,092   202,369 4.81 %
    Non-interest bearing deposits   7,875,244         9,319,711         8,637,775    
    Other liabilities   552,154         522,641         509,286    
    Stockholders’ equity   3,414,389         3,420,933         3,196,329    
    Total liabilities and stockholders’ equity $ 31,103,609       $ 32,212,087       $ 29,250,482    
    Net interest income   $ 236,504       $ 229,820       $ 215,075  
    Net interest margin     3.19 %       2.93 %       3.03 %

    (1) Taxable equivalent rates used where applicable.
    (2) Yields on investment securities are calculated using available-for-sale securities at amortized cost.
    (3) Average balances include non-accrual loans.

    GAAP TO NON-GAAP RECONCILIATIONS

    The following items are non-GAAP financial measures: adjusted non-interest income, adjusted non-interest expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings/(loss) per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.

    These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about Texas Capital Bancshares, Inc. to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

    Reconciliation of Non-GAAP Financial Measures      
    (dollars in thousands except per share data) 1st Quarter
    2025
    4th Quarter
    2024
    3rd Quarter
    2024
    2nd Quarter
    2024
    1st Quarter
    2024
    Net interest income $ 236,034   $ 229,607   $ 240,102   $ 216,582   $ 215,009  
               
    Non-interest income   44,444     54,074     (114,771 )   50,424     41,319  
    Available-for-sale debt securities losses, net   —     —     179,581     —     —  
    Non-interest income, adjusted   44,444     54,074     64,810     50,424     41,319  
               
    Non-interest expense   203,020     172,159     195,324     188,409     202,393  
    FDIC special assessment   —     —     651     (462 )   (3,000 )
    Restructuring expenses   —     —     (5,923 )   —     (2,018 )
    Legal Settlement   —     —     —     —     (5,000 )
    Non-interest expense, adjusted   203,020     172,159     190,052     187,947     192,375  
               
    Provision for credit losses   17,000     18,000     10,000     20,000     19,000  
               
    Income tax expense/(benefit)   13,411     22,499     (18,674 )   16,935     8,793  
    Tax effect of adjustments   —     —     44,880     104     2,262  
    Income tax expense/(benefit), adjusted   13,411     22,499     26,206     17,039     11,055  
               
    Net income/(loss)(1) $ 47,047   $ 71,023   $ (61,319 ) $ 41,662   $ 26,142  
    Net income/(loss), adjusted(1) $ 47,047   $ 71,023   $ 78,654   $ 42,020   $ 33,898  
               
    Preferred stock dividends   4,313     4,312     4,313     4,312     4,313  
               
    Net income/(loss) to common stockholders(2) $ 42,734   $ 66,711   $ (65,632 ) $ 37,350   $ 21,829  
    Net income/(loss) to common stockholders, adjusted(2) $ 42,734   $ 66,711   $ 74,341   $ 37,708   $ 29,585  
               
    PPNR(3) $ 77,458   $ 111,522   $ (69,993 ) $ 78,597   $ 53,935  
    PPNR(3), adjusted $ 77,458   $ 111,522   $ 114,860   $ 79,059   $ 63,953  
               
    Weighted average common shares outstanding, diluted   46,616,704     46,770,961     46,608,742     46,872,498     47,711,192  
    Diluted earnings/(loss) per common share $ 0.92   $ 1.43   $ (1.41 ) $ 0.80   $ 0.46  
    Diluted earnings/(loss) per common share, adjusted $ 0.92   $ 1.43   $ 1.59   $ 0.80   $ 0.62  
               
    Average total assets $ 31,103,609   $ 32,212,087   $ 31,215,173   $ 29,750,852   $ 29,250,482  
    Return on average assets   0.61 %   0.88 % (0.78 )%   0.56 %   0.36 %
    Return on average assets, adjusted   0.61 %   0.88 %   1.00 %   0.57 %   0.47 %
               
    Average common equity $ 3,114,389   $ 3,120,933   $ 2,945,238   $ 2,857,661   $ 2,896,329  
    Return on average common equity   5.56 %   8.50 % (8.87 )%   5.26 %   3.03 %
    Return on average common equity, adjusted   5.56 %   8.50 %   10.04 %   5.31 %   4.11 %
               
    Efficiency ratio(4)   72.4 %   60.7 %   155.8 %   70.6 %   79.0 %
    Efficiency ratio, adjusted(4)   72.4 %   60.7 %   62.3 %   70.4 %   75.1 %
               
    Average earning assets $ 29,946,425   $ 31,033,803   $ 29,975,318   $ 28,573,791   $ 28,192,019  
    Non-interest income to average earning assets   0.60 %   0.69 % (1.52 )%   0.71 %   0.59 %
    Non-interest income to average earning assets, adjusted   0.60 %   0.69 %   0.86 %   0.71 %   0.59 %
    Non-interest expense to average earning assets   2.75 %   2.21 %   2.59 %   2.65 %   2.89 %
    Non-interest expense to average earning assets, adjusted   2.75 %   2.21 %   2.52 %   2.65 %   2.74 %

    (1) Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense/(benefit). On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted, provision for credit losses and income tax expense/(benefit), adjusted.
    (2) Net income/(loss), less preferred stock dividends. On an adjusted basis, net income/(loss), adjusted, less preferred stock dividends.
    (3) Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income, adjusted.

    The MIL Network –

    April 17, 2025
  • MIL-OSI: BlackRock® Canada Announces April Cash Distributions for the iShares® ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 17, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the April 2025 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis. Unitholders of record of the applicable iShares ETF on April 25, 2025 will receive cash distributions payable in respect of that iShares ETF on April 30, 2025.

    Details regarding the “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker
    Cash
    Distribution
    Per Unit
    iShares 1-10 Year Laddered Corporate Bond Index ETF CBH $0.049
    iShares 1-5 Year Laddered Corporate Bond Index ETF CBO $0.051
    iShares S&P/TSX Canadian Dividend Aristocrats Index ETF CDZ $0.128
    iShares Equal Weight Banc & Lifeco ETF CEW $0.066
    iShares 1-5 Year Laddered Government Bond Index ETF CLF $0.032
    iShares 1-10 Year Laddered Government Bond Index ETF CLG $0.037
    iShares S&P/TSX Canadian Preferred Share Index ETF CPD $0.058
    iShares US Dividend Growers Index ETF (CAD-Hedged) CUD $0.102
    iShares Convertible Bond Index ETF CVD $0.071
    iShares Global Monthly Dividend Index ETF (CAD-Hedged) CYH $0.078
    iShares Canadian Financial Monthly Income ETF FIE $0.040
    iShares U.S. Aggregate Bond Index ETF XAGG $0.105
    iShares U.S. Aggregate Bond Index ETF(1) XAGG.U $0.076
    iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) XAGH $0.096
    iShares Core Canadian Universe Bond Index ETF XBB $0.079
    iShares Core Canadian Corporate Bond Index ETF XCB $0.069
    iShares ESG Advanced Canadian Corporate Bond Index ETF XCBG $0.119
    iShares U.S. IG Corporate Bond Index ETF XCBU $0.122
    iShares U.S. IG Corporate Bond Index ETF(1) XCBU.U $0.088
    iShares Core MSCI Global Quality Dividend Index ETF XDG $0.074
    iShares Core MSCI Global Quality Dividend Index ETF(1) XDG.U $0.044
    iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged) XDGH $0.057
    iShares Core MSCI Canadian Quality Dividend Index ETF XDIV $0.115
    iShares Core MSCI US Quality Dividend Index ETF XDU $0.064
    iShares Core MSCI US Quality Dividend Index ETF(1) XDU.U $0.046
    iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged) XDUH $0.055
    iShares Canadian Select Dividend Index ETF XDV $0.108
    iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) XEB $0.059
    iShares S&P/TSX Composite High Dividend Index ETF XEI $0.136
    iShares Core Canadian 15+ Year Federal Bond Index ETF XFLB $0.112
    iShares Flexible Monthly Income ETF XFLI $0.192
    iShares Flexible Monthly Income ETF(1) XFLI.U $0.138
    iShares Flexible Monthly Income ETF (CAD-Hedged) XFLX $0.179
    iShares S&P/TSX Capped Financials Index ETF XFN $0.169
    iShares Floating Rate Index ETF XFR $0.052
    iShares Core Canadian Government Bond Index ETF XGB $0.050
    iShares Global Government Bond Index ETF (CAD-Hedged) XGGB $0.042
    iShares Canadian HYBrid Corporate Bond Index ETF XHB $0.074
    iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) XHD $0.077
    iShares U.S. High Dividend Equity Index ETF XHU $0.074
    iShares U.S. High Yield Bond Index ETF (CAD-Hedged) XHY $0.084
    iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIG $0.075
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIGS $0.106
    iShares Core Canadian Long Term Bond Index ETF XLB $0.062
    iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) XPF $0.065
    iShares High Quality Canadian Bond Index ETF XQB $0.053
    iShares S&P/TSX Capped REIT Index ETF XRE $0.062
    iShares ESG Aware Canadian Aggregate Bond Index ETF XSAB $0.048
    iShares Core Canadian Short Term Bond Index ETF XSB $0.072
    iShares Conservative Short Term Strategic Fixed Income ETF XSC $0.056
    iShares Conservative Strategic Fixed Income ETF XSE $0.052
    iShares Core Canadian Short Term Corporate Bond Index ETF XSH $0.060
    iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF XSHG $0.120
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF XSHU $0.137
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1) XSHU.U $0.099
    iShares Short Term Strategic Fixed Income ETF XSI $0.061
    iShares ESG Aware Canadian Short Term Bond Index ETF XSTB $0.048
    iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) XSTH $0.271
    iShares 0-5 Year TIPS Bond Index ETF XSTP $0.299
    iShares 0-5 Year TIPS Bond Index ETF(1) XSTP.U $0.215
    iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) XTLH $0.113
    iShares 20+ Year U.S. Treasury Bond Index ETF XTLT $0.131
    iShares 20+ Year U.S. Treasury Bond Index ETF(1) XTLT.U $0.102
    iShares Diversified Monthly Income ETF XTR $0.040
    iShares S&P/TSX Capped Utilities Index ETF XUT $0.110


    (1
    ) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, XTLT.U

    Estimated April Cash Distributions for the iShares Premium Money Market ETF

    The April cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

    Fund Name Fund Ticker Estimated
    Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.121

    BlackRock Canada expects to issue a press release on or about April 24, 2025, which will provide the final amounts for the iShares Premium Money Market ETF.

    Further information on the iShares Funds can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”), which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds.

    MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

    April 17, 2025
  • MIL-OSI: FLYR Hospitality to Power Business Intelligence for Ennismore

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 17, 2025 (GLOBE NEWSWIRE) — FLYR, the technology company that unlocks freedom to innovate for the travel industry, today announced that Ennismore, the fastest-growing lifestyle and leisure hospitality company, is working with FLYR Hospitality to continue to uplevel its commercial operations. With more than 180 hotels and 500 restaurants and bars across 17 brands, Ennismore is leveraging FLYR’s platform for revenue management, sales, distribution and marketing across its global operations.

    By implementing FLYR Hospitality, Ennismore can benefit from AI-powered forecasting, real-time property and corporate-level analytics, and a standardized technology stack that enhances visibility and operational efficiency.

    “Making decisions based on the latest intel is critical to our business,” said Dan Gordon, EVP of Revenue Management and BI at Ennismore. “With our great partners at FLYR Hospitality, we’re unlocking the ability to democratize data across our portfolio, by creating tailored dashboards that serve our brand-specific, region-specific and enterprise-wide needs.”

    Since going live with FLYR, Ennismore has deployed the platform across 100 properties, enabling its commercial teams—both on-property and at the corporate level—to access real-time insights that improve budgeting, forecasting, and market share analysis.

    “Ennismore is one of the most forward-thinking companies in hospitality, and we’re proud to support their journey toward AI-driven revenue management,” said Lukas Hughes, Vice President of Product at FLYR Hospitality. “By providing a single source of truth for commercial teams across properties and brands, we’re helping Ennismore achieve greater efficiency, agility, and profitability.”

    FLYR Hospitality seamlessly integrates with key industry partners, including STR, Lighthouse, and Oracle (OPERA Cloud), providing Ennismore with a holistic view of market trends and performance metrics.

    About FLYR
    FLYR is a technology company that unlocks freedom to innovate for the travel industry – eliminating legacy constraints to enable real-time decision making and create the experiences travelers seek. Cloud native, FLYR leverages technologies including deep learning, an advanced form of AI. FLYR is helping airlines and hospitality businesses around the globe improve revenue performance, reduce cost, and modernize their e-commerce experience. Learn more at flyr.com.

    The MIL Network –

    April 17, 2025
  • MIL-OSI: Dividend Payment Procedure

    Source: GlobeNewswire (MIL-OSI)

    The Ordinary general meeting of shareholders held on 31 March 2025 approved allocation of the profit of Šiaulių Bankas AB which included a pay-out of dividends – 0.061 euro shall be paid for each ordinary registered share with a nominal value of 0.29 euro. Dividends shall be paid out to persons who were the shareholders of Šiaulių Bankas AB at the end of the record day – 14 April 2025.

     

    The Bank shall pay out dividends on 25 April 2025 in compliance with the following procedure:

    – those shareholders whose shares are being accounted in the securities accounts with banks and financial brokerage companies rendering investment services will receive an amount of dividends after deduction of Personal Income Tax or Corporate Profit Tax in compliance with the laws of the Republic of Lithuania which shall be transferred to the accounts with the respective banks or financial brokerage companies;

     – for shareholders whose shares are accounted for in Šiaulių Bankas AB in the issuer’s accounting, the amount of dividends, after deducting personal income tax or income tax in accordance with the laws of the Republic of Lithuania, will be transferred to the account specified by the shareholder. If the shareholder has not specified an account for the transfer of dividends, he/she must submit an application for the transfer of dividends. Applications are accepted from     18 April 2025 in all customer service points of Šiaulių Bankas AB. Before going to the customer service department, it is necessary to register for a visit on-line at https://sb.lt/en or by phone +370 610 44447. Applications for dividend transfer can also be submitted via the Internet Bank.

     

    Taxation of dividends:

    – Dividends of natural persons residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Personal Income Tax rate;

    – Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Corporate Profit Tax rate, unless otherwise provided for in the laws.

     

    Additional information:

    Director of Securities Operations Department Jolanta Dobiliauskienė

    jolanta.dobiliauskiene@sb.lt , +370 610 28757

    The MIL Network –

    April 17, 2025
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