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MIL-OSI: Veritex Holdings, Inc. Reports Second Quarter 2025 Operating Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

	Quarter to Date
*Financial Highlights*	Q2 2025			Q1 2025			Q2 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	30,906		$	29,070		$	27,202
Diluted EPS		0.56			0.53			0.50
Book value per common share		30.39			30.08			28.49
Return on average assets¹		1.00	%		0.94	%		0.87	%
Return on average equity¹		7.56			7.27			7.10
Net interest margin		3.33			3.31			3.29
Efficiency ratio		61.15			60.91			59.11
Non-GAAP²
Operating earnings	$	30,906		$	29,707		$	28,310
Diluted operating EPS		0.56			0.54			0.52
Tangible book value per common share		22.68			22.33			20.62
Pre-tax, pre-provision operating earnings		42,672			43,413			44,420
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.82			1.89			1.83
Operating return on average assets¹		1.00			0.96			0.91
Return on average tangible common equity¹		10.79			10.49			10.54
Operating return on average tangible common equity¹		10.79			10.70			10.94
Operating efficiency ratio		61.15			60.62			58.41

^{1 Annualized ratio.}
^{2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.}

Other Second Quarter Credit, Capital and Company Highlights

Credit quality remained strong with a nonperforming assets (“NPAs”) to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;
Allowance for Credit Losses (“ACL”) to total loans held-for-investment ratio (excluding mortgage warehouse (“MW”)) remained relatively unchanged at 1.28%;
Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;
Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;
We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and
On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated (“Huntington”), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

Results of Operations for the Three Months Ended June 30, 2025

Net Interest Income

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin (“NIM”) was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank (“FHLB”) and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

Noninterest Income

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

Income Tax

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company’s effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

Financial Condition

Total loans held for investment (“LHI”), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

Credit Quality

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

Dividend Information

On July 18, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.57		$	0.53		$	0.46		$	0.57		$	0.50		$	1.10		$	0.94
Diluted EPS		0.56			0.53			0.45			0.56			0.50			1.09			0.94
Book value per common share		30.39			30.08			29.37			29.53			28.49			30.39			28.49
Tangible book value per common share¹		22.68			22.33			21.61			21.72			20.62			22.68			20.62
Dividends paid per common share outstanding²		0.22			0.22			0.20			0.20			0.20			0.44			0.40

Common Stock Data:
Shares outstanding at period end		54,265			54,297			54,517			54,446			54,350			54,265			54,350
Weighted average basic shares outstanding for the period		54,251			54,486			54,489			54,409			54,457			54,368			54,451
Weighted average diluted shares outstanding for the period		54,766			55,123			55,237			54,932			54,823			54,944			54,832

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.19	%		1.18	%		1.21	%		1.16	%		1.19	%		1.16	%
NPAs to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets³		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total loans and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

Summary Performance Ratios:
Return on average assets³		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Return on average equity³		7.56			7.27			6.17			7.79			7.10			7.42			6.72
Return on average tangible common equity^{1, 3}		10.79			10.49			9.04			11.33			10.54			10.64			10.03
Efficiency ratio		61.15			60.91			67.04			61.94			59.11			61.03			60.72
Net interest margin		3.33			3.31			3.20			3.30			3.29			3.32			3.27

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.56		$	0.54		$	0.54		$	0.59		$	0.52		$	1.10		$	1.05
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.82			1.89			1.72			1.83			1.83			1.86			1.83
Operating return on average assets^1,3		1.00			0.96			0.93			1.00			0.91			0.98			0.93
Operating return on average tangible common equity^1,3		10.79			10.70			10.69			11.74			10.94			10.75			11.14
Operating efficiency ratio¹		61.15			60.62			62.98			60.63			58.41			60.88			58.57

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		13.19	%		12.96	%		12.58	%		12.31	%		12.26	%		13.07	%		12.34	%
Tangible common equity to tangible assets¹		10.16			9.95			9.54			9.37			9.14			10.16			9.14
Tier 1 capital to average assets (leverage)⁴		10.73			10.55			10.32			10.06			10.06			10.73			10.06
Common equity tier 1 capital⁴		11.05			11.04			11.09			10.86			10.49			11.05			10.49
Tier 1 capital to risk-weighted assets⁴		11.32			11.31			11.36			11.13			10.75			11.32			10.75
Total capital to risk-weighted assets⁴		13.46			13.46			13.96			13.91			13.45			13.46			13.45
Risk-weighted assets⁴	$	11,435,978		$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,435,978		$	11,450,997

^{1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.}
^{2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.}
^{3 Annualized ratio for quarterly metrics.}
^{4 June 30, 2025 ratios and risk-weighted assets are estimated.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(unaudited)			(unaudited)						(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	66,696		$	81,088		$	52,486		$	54,165		$	53,462
Interest bearing deposits in other banks		703,869			768,702			802,714			1,046,625			598,375
Cash and cash equivalents		770,565			849,790			855,200			1,100,790			651,837
Debt securities, net		1,418,804			1,463,157			1,478,538			1,423,610			1,349,354
Other investments		73,986			69,452			69,638			71,257			75,885
Loans held for sale (“LHFS”)		69,480			69,236			89,309			48,496			57,046
LHI, MW		669,052			571,775			605,411			630,650			568,047
LHI, excluding MW		8,783,988			8,828,672			8,899,133			9,028,575			9,209,094
Total loans		9,522,520			9,469,683			9,593,853			9,707,721			9,834,187
ACL		(112,262	)		(111,773	)		(111,745	)		(117,162	)		(113,431	)
Bank-owned life insurance		86,048			85,424			85,324			84,776			84,233
Bank premises, furniture and equipment, net		116,642			112,801			113,480			114,202			105,222
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256
Intangible assets, net of accumulated amortization		25,006			27,974			28,664			32,825			35,817
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		212,889			210,863			226,200			211,471			232,518
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,133,294		$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727
Interest-bearing transaction and savings deposits		5,009,137			5,180,495			5,061,157			4,204,708			3,979,454
Certificates and other time deposits		2,792,750			2,679,221			2,958,861			3,625,920			3,744,596
Correspondent money market deposits		482,739			486,762			541,117			561,489			584,067
Total deposits		10,417,920			10,665,123			10,752,592			11,036,011			10,724,844
Accounts payable and other liabilities		135,647			151,579			183,944			168,415			180,585
Advances from FHLB		169,000			—			—			—			—
Subordinated debentures and subordinated notes		156,082			155,909			230,736			230,536			230,285
Total liabilities		10,878,649			10,972,611			11,167,272			11,434,962			11,135,714
Stockholders’ equity:
Common stock		617			615			613			613			612
Additional paid-in capital		1,329,803			1,329,626			1,328,748			1,324,929			1,321,995
Retained earnings		545,015			526,044			507,903			493,921			473,801
Accumulated other comprehensive loss		(38,528	)		(42,170	)		(65,076	)		(40,330	)		(76,713	)
Treasury stock		(187,688	)		(180,635	)		(171,119	)		(171,119	)		(171,079	)
Total stockholders’ equity		1,649,219			1,633,480			1,601,069			1,608,014			1,548,616
Total liabilities and stockholders’ equity	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)
	For the Quarter Ended											For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	149,354	$	146,505	$	154,998		$	167,261	$	166,979	$	295,859	$	328,921
Debt securities		16,883		17,106		16,893			15,830		15,408		33,989		29,103
Deposits in financial institutions and Fed Funds sold		8,039		9,244		11,888			12,571		7,722		17,283		15,772
Equity securities and other investments		847		870		940			1,001		1,138		1,717		2,038
Total interest income		175,123		173,725		184,719			196,663		191,247		348,848		375,834
Interest expense:
Transaction and savings deposits		48,080		45,165		44,841			47,208		45,619		93,245		92,403
Certificates and other time deposits		28,539		30,268		40,279			46,230		44,811		58,807		85,303
Advances from FHLB		113		27		130			47		1,468		140		2,859
Subordinated debentures and subordinated notes		2,056		2,824		3,328			3,116		3,113		4,880		6,227
Total interest expense		78,788		78,284		88,578			96,601		95,011		157,072		186,792
Net interest income		96,335		95,441		96,141			100,062		96,236		191,776		189,042
Provision for credit losses		1,750		4,000		2,300			4,000		8,250		5,750		15,750
Provision (benefit) for unfunded commitments		1,500		1,300		(401	)		—		—		2,800		(1,541	)
Net interest income after provisions		93,085		90,141		94,242			96,062		87,986		183,226		174,833
Noninterest income:
Service charges and fees on deposit accounts		5,702		5,611		5,612			5,442		4,974		11,313		9,870
Loan fees		2,735		2,495		2,265			3,278		2,207		5,230		4,717
Loss on sales of debt securities		—		—		(4,397	)		—		—		—		(6,304	)
Government guaranteed loan income, net		1,688		3,301		5,368			780		1,320		4,989		3,934
Customer swap income		1,550		700		509			271		326		2,250		775
Other income		1,824		2,182		699			3,335		1,751		4,006		4,248
Total noninterest income		13,499		14,289		10,056			13,106		10,578		27,788		17,240
Noninterest expense:
Salaries and employee benefits		34,957		36,624		37,446			37,370		32,790		71,581		66,155
Occupancy and equipment		4,511		4,650		4,633			4,789		4,585		9,161		9,262
Professional and regulatory fees		5,558		4,931		5,564			4,903		5,617		10,489		11,670
Data processing and software expense		5,507		5,403		5,741			5,268		5,097		10,910		9,953
Marketing		2,612		2,032		2,896			2,781		1,976		4,644		3,522
Amortization of intangibles		2,438		2,438		2,437			2,438		2,438		4,876		4,876
Telephone and communications		233		330		323			335		365		563		626
Other		11,346		10,426		12,154			12,216		10,273		21,772		19,193
Total noninterest expense		67,162		66,834		71,194			70,100		63,141		133,996		125,257
Income before income tax expense		39,422		37,596		33,104			39,068		35,423		77,018		66,816
Income tax expense		8,516		8,526		8,222			8,067		8,221		17,042		15,458
Net income	$	30,906	$	29,070	$	24,882		$	31,001	$	27,202	$	59,976	$	51,358

Basic EPS	$	0.57	$	0.53	$	0.46		$	0.57	$	0.50	$	1.10	$	0.94
Diluted EPS	$	0.56	$	0.53	$	0.45		$	0.56	$	0.50	$	1.09	$	0.94
Weighted average basic shares outstanding		54,251		54,486		54,489			54,409		54,457		54,368		54,451
Weighted average diluted shares outstanding		54,766		55,123		55,237			54,932		54,823		54,944		54,832

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,875,970		$	141,688	6.40	%	$	8,886,905		$	140,329	6.40	%	$	9,344,482		$	160,323	6.90	%
LHI, MW		523,203			7,666	5.88			426,724			6,176	5.87			420,946			6,656	6.36
Debt securities		1,440,369			16,883	4.70			1,467,220			17,106	4.73			1,352,293			15,408	4.58
Interest-bearing deposits in other banks		707,933			8,039	4.55			827,751			9,244	4.53			560,586			7,722	5.54
Equity securities and other investments		70,779			847	4.80			70,696			870	4.99			78,964			1,138	5.80
Total interest-earning assets		11,618,254			175,123	6.05			11,679,296			173,725	6.03			11,757,271			191,247	6.54
ACL		(112,369	)						(111,563	)						(115,978	)
Noninterest-earning assets		933,328							938,401							937,413
Total assets	$	12,439,213						$	12,506,134						$	12,578,706

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,502,672		$	48,080	3.50	%	$	5,449,091		$	45,165	3.36	%	$	4,570,329		$	45,619	4.01	%
Certificates and other time deposits		2,742,655			28,539	4.17			2,726,309			30,268	4.50			3,591,035			44,811	5.02
Advances from FHLB and Other		9,813			113	4.62			2,333			27	4.69			106,648			1,468	5.54
Subordinated debentures and subordinated notes		155,985			2,056	5.29			191,638			2,824	5.98			230,141			3,113	5.44
Total interest-bearing liabilities		8,411,125			78,788	3.76			8,369,371			78,284	3.79			8,498,153			95,011	4.50

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,244,745							2,345,586							2,346,908
Other liabilities		142,925							170,389							192,036
Total liabilities		10,798,795							10,885,346							11,037,097
Stockholders’ equity		1,640,418							1,620,788							1,541,609
Total liabilities and stockholders’ equity	$	12,439,213						$	12,506,134						$	12,578,706

Net interest rate spread²						2.29	%						2.24	%						2.04	%
Net interest income and margin³				$	96,335	3.33	%				$	95,441	3.31	%				$	96,236	3.29	%

^{1 Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the quarter are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except percentages)
	For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
Assets
Interest-earning assets:
Loans¹	$	8,881,407		$	282,017	6.40	%	$	9,314,148		$	317,908	6.86	%
LHI, MW		475,230			13,842	5.87			350,252			11,013	6.32
Debt securities		1,453,721			33,989	4.71			1,323,644			29,103	4.42
Interest-bearing deposits in other banks		767,511			17,283	4.54			572,589			15,772	5.54
Equity securities and other investments		70,738			1,717	4.89			77,616			2,038	5.28
Total interest-earning assets		11,648,607			348,848	6.04			11,638,249			375,834	6.49
ACL		(111,969	)						(114,104	)
Noninterest-earning assets		935,850							933,229
Total assets	$	12,472,488						$	12,457,374

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,476,030		$	93,245	3.43	%	$	4,604,887		$	92,403	4.04	%
Certificates and other time deposits		2,734,527			58,807	4.34			3,437,385			85,303	4.99
Advances from FHLB and Other		6,094			140	4.63			103,819			2,859	5.54
Subordinated debentures and subordinated notes		173,713			4,880	5.67			230,011			6,227	5.44
Total interest-bearing liabilities		8,390,364			157,072	3.78			8,376,102			186,792	4.48

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,294,887							2,351,112
Other liabilities		156,580							192,422
Total liabilities		10,841,831							10,919,636
Stockholders’ equity		1,630,657							1,537,738
Total liabilities and stockholders’ equity	$	12,472,488						$	12,457,374

Net interest rate spread²						2.26	%						2.01	%
Net interest income and margin³				$	191,776	3.32	%				$	189,042	3.27	%

¹^{Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the six month periods are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average yield on interest-earning assets:
Loans¹	6.40	%	6.40	%	6.56	%	6.89	%	6.90	%	6.40	%	6.86	%
LHI, MW	5.88		5.87		5.83		6.75		6.36		5.87		6.32
Total Loans	6.37		6.38		6.53		6.89		6.88		6.38		6.84
Debt securities	4.70		4.73		4.61		4.55		4.58		4.71		4.42
Interest-bearing deposits in other banks	4.55		4.53		4.87		5.41		5.54		4.54		5.54
Equity securities and other investments	4.80		4.99		5.18		5.25		5.80		4.89		5.28
Total interest-earning assets	6.05	%	6.03	%	6.15	%	6.49	%	6.54	%	6.04	%	6.49	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.50	%	3.36	%	3.57	%	4.00	%	4.01	%	3.43	%	4.04	%
Certificates and other time deposits	4.17		4.50		4.83		5.00		5.02		4.34		4.99
Advances from FHLB and other	4.62		4.69		4.88		5.73		5.54		4.63		5.54
Subordinated debentures and subordinated notes	5.29		5.98		5.74		5.38		5.44		5.67		5.44
Total interest-bearing liabilities	3.76	%	3.79	%	4.12	%	4.46	%	4.50	%	3.78	%	4.48	%

Net interest rate spread²	2.29	%	2.24	%	2.03	%	2.03	%	2.04	%	2.26	%	2.01	%
Net interest margin³	3.33	%	3.31	%	3.20	%	3.30	%	3.29	%	3.32	%	3.27	%

^{1Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}

Supplemental Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average cost of interest-bearing deposits	3.73	%	3.74	%	4.07	%	4.44	%	4.46	%	3.73	%	3.33	%
Average costs of total deposits, including noninterest-bearing	2.93		2.91		3.16		3.42		3.46		2.92		2.48

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
LHI and Deposit Portfolio Composition
	Jun 30, 2025					Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,692,209		30.6	%	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%
Real Estate:
Owner occupied commercial (“OOCRE”)		800,881		9.1			795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7
Non-owner occupied commercial (“NOOCRE”)		2,311,466		26.3			2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7
Construction and land		1,142,457		13.0			1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7
Farmland		31,589		0.4			31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3
1-4 family residential		1,086,342		12.3			1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0
Multi-family residential		718,946		8.2			782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1
Consumer		8,796		0.1			8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1
Total LHI¹	$	8,792,686		100	%	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%

MW		669,052					571,775					605,411					630,650					568,047

Total LHI¹	$	9,461,738				$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919

Total LHFS		69,480					69,236					89,309					48,496					57,046

Total loans	$	9,531,218				$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965

Deposits
Noninterest-bearing	$	2,133,294		20.5	%	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%
Interest-bearing transaction		603,861		5.8			863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9
Money market		3,856,812		37.0			3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5
Savings		548,464		5.3			586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8
Certificates and other time deposits		2,792,750		26.8			2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9
Correspondent money market accounts		482,739		4.6			486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4
Total deposits	$	10,417,920		100	%	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%

Total loans to deposits ratio		91.5	%				88.9	%				89.3	%				88.0	%				91.8	%

Total loans to deposit ratio, excluding MW loans and LHFS		84.4	%				82.9	%				82.8	%				81.9	%				85.9	%

¹^{Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Asset Quality
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	61,142		$	69,188		$	52,521		$	55,335		$	58,537		$	61,142		$	58,537
Nonaccrual PCD loans¹		196			196			—			70			73			196			73
Accruing loans 90 or more days past due²		4,641			3,249			1,914			2,860			143			4,641			143
Total nonperforming loans held for investment (“NPLs”)		65,979			72,633			54,435			58,265			58,753			65,979			58,753
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256			9,218			24,256
Total NPAs	$	75,197		$	96,901		$	79,172		$	67,299		$	83,009		$	75,197		$	83,009

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	—		$	(31	)	$	—		$	(31	)
Multifamily		—			—			—			—			(198	)		—			(198	)
OOCRE		—			—			—			—			—			—			(120	)
NOOCRE		(215	)		(3,090	)		(5,113	)		—			(1,969	)		(3,305	)		(6,262	)
C&I		(1,571	)		(918	)		(4,586	)		(2,259	)		(5,601	)		(2,489	)		(6,547	)
Consumer		(55	)		(212	)		(420	)		(54	)		(30	)		(267	)		(101	)
Total charge-offs	$	(1,841	)	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(6,061	)	$	(13,259	)

Recoveries:
1-4 family residential	$	1		$	21		$	2		$	3		$	—		$	22		$	1
OOCRE		186			—			—			—			120			186			120
NOOCRE		—			—			1,323			—			—			—			—
C&I		131			32			1,047			1,962			361			163			457
MW		—			—			—			46			—			—			—
Consumer		262			195			30			33			497			457			546
Total recoveries	$	580		$	248		$	2,402		$	2,044		$	978		$	828		$	1,124

Net charge-offs	$	(1,261	)	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,233	)	$	(12,135	)

Provision for credit losses	$	1,750		$	4,000		$	2,300		$	4,000		$	8,250		$	5,750		$	15,750

ACL	$	112,262		$	111,773		$	111,745		$	117,162		$	113,431		$	112,262		$	113,431

Asset Quality Ratios:
NPAs to total assets		0.60	%		0.77	%		0.62	%		0.52	%		0.65	%		0.60	%		0.65	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total LHI and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
NPLs to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
NPLs, excluding nonaccrual PCD loans, to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
ACL to total LHI		1.19			1.19			1.18			1.21			1.16			1.19			1.16
ACL to total LHI, excluding MW		1.28			1.27			1.25			1.30			1.23			1.28			1.23
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

^{1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.}
^{2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.}
^{3 Annualized ratio for quarterly metrics.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Common shares outstanding		54,265			54,297			54,517			54,446			54,350

Book value per common share	$	30.39		$	30.08		$	29.37		$	29.53		$	28.49
Tangible book value per common share	$	22.68		$	22.33		$	21.61		$	21.72		$	20.62

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Tangible Assets
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible Assets	$	12,109,548		$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259
Tangible Common Equity to Tangible Assets		10.16	%		9.95	%		9.54	%		9.37	%		9.14	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	32,832		$	30,996		$	26,807		$	32,927		$	29,128		$	63,828		$	55,210

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Return on Average Tangible Common Equity (Annualized)		10.79	%		10.49	%		9.04	%		11.33	%		10.54	%		10.64	%		10.03	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	30,906	$	29,070	$	24,882	$	31,001	$	27,202	$	59,976	$	51,358
Plus: BOLI 1035 exchange charges¹		—		517		—		—		—		517		—
Plus: Severance payments²		—		—		1,545		1,487		613		—		613
Plus: Loss on sales of AFS securities, net		—		—		4,397		—		—		—		6,304
Plus: FDIC special assessment		—		—		—		—		134		—		134
Operating pre-tax income		30,906		29,587		30,824		32,488		27,949		60,493		58,409
Less: Tax impact of adjustments		—		109		1,248		307		166		109		1,489
Plus: Nonrecurring tax adjustments		—		229		193		—		527		229		527
Operating earnings	$	30,906	$	29,707	$	29,769	$	32,181	$	28,310	$	60,613	$	57,447

Weighted average diluted shares outstanding		54,766		55,123		55,237		54,932		54,823		54,944		54,832
Diluted EPS	$	0.56	$	0.53	$	0.45	$	0.56	$	0.50	$	1.09	$	0.94
Diluted operating EPS	$	0.56	$	0.54	$	0.54	$	0.59	$	0.52	$	1.10	$	1.05

^{1Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{2Severance payments relate to certain restructurings made during the periods disclosed.}

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Plus: Provision for income taxes		8,516			8,526			8,222			8,067			8,221			17,042			15,458
Plus: Provision for credit losses and unfunded commitments		3,250			5,300			1,899			4,000			8,250			8,550			14,209
Plus: Severance payments³		—			—			1,545			1,487			613			—			613
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: FDIC special assessment		—			—			—			—			134			—			134
Pre-tax, pre-provision operating earnings	$	42,672		$	43,413		$	40,945		$	44,555		$	44,420		$	86,085		$	88,076

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%

Average loans	$	9,399,173		$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,356,637		$	9,664,400
Pre-tax, pre-provision operating return on average loans¹		1.82	%		1.89	%		1.72	%		1.83	%		1.83	%		1.86	%		1.83	%

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Return on average assets¹		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Operating return on average assets¹		1.00			0.96			0.93			1.00			0.91			0.98			0.93

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	30,906		$	29,707		$	29,769		$	32,181		$	28,310		$	60,613		$	57,447
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	32,832		$	31,633		$	31,694		$	34,107		$	30,236		$	64,465		$	61,299

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Operating return on average tangible common equity¹		10.79	%		10.70	%		10.69	%		11.74	%		10.94	%		10.75	%		11.14	%

Efficiency ratio		61.15	%		60.91	%		67.04	%		61.94	%		59.11	%		61.03	%		60.72	%
Operating efficiency ratio
Net interest income	$	96,335		$	95,441		$	96,141		$	100,062		$	96,236		$	191,776		$	189,042
Noninterest income		13,499			14,289			10,056			13,106			10,578			27,788			17,240
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Operating noninterest income		13,499			14,806			14,453			13,106			10,578			28,305			23,544
Noninterest expense		67,162			66,834			71,194			70,100			63,141			133,996			125,257
Less: FDIC special assessment		—			—			—			—			134			—			134
Less: Severance payments³		—			—			1,545			1,487			613			—			613
Operating noninterest expense	$	67,162		$	66,834		$	69,649		$	68,613		$	62,394		$	133,996		$	124,510
Operating efficiency ratio		61.15	%		60.62	%		62.98	%		60.63	%		58.41	%		60.88	%		58.57	%

^{1 Annualized ratio for quarterly metrics.}
^{2 Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{3 Severance payments relate to certain restructurings made during the periods disclosed.}

The MIL Network –

July 18, 2025

MIL-OSI USA: DHS Axes Wasteful, Misdirected Grants, Saves Taxpayers $18.5M

Source: US Federal Emergency Management Agency

Headline: DHS Axes Wasteful, Misdirected Grants, Saves Taxpayers $18

5M

lass=”text-align-center”>The Department of Homeland Security is gutting dozens of partisan and wasteful grants that failed to counter terrorism threats, saving taxpayers $18

5 Million

WASHINGTON – The Department of Homeland Security (DHS) is slashing waste at the Center for Prevention Programs and Partnerships (CP3), cutting $18

5 million in misappropriated spending that do not meet the stated goal of CP3 to prevent terrorism or targeted violence

CP3, a minor DHS Policy sub-office, with no operational role in monitoring or preventing terrorist attacks, had become a cash cow for radical activists under the Biden Administration—funneling taxpayer dollars to push woke, partisan agendas and silencing dissent

After a strategic review, DHS is discontinuing the funding of grants that have no legitimate nexus to protecting the homeland from the threat of terrorism

Terminated Grants Include:

$209,406

70 to the “Supporting and Mentoring Youth Advocates and Leaders” group, which promoted radical gender ideology in K–12 schools, targeting students as young as kindergartners and flagging parental concerns as risks

$288,760

66 to CenterLink, a nonprofit focused on LGBTQ issues, not terrorism prevention

$851,836

13 to the Eradicate Hate Global Summit, a DEI organization focused on silencing ideological opposition

$206,260

00 to the United States Esports Association, which targeted gamers with “woke” content under the pretext of violence prevention

$479,816

00 to the One World Strong program, which labeled traditional male behaviors as extremist and stigmatizing young males

$651,311

81 to the Institute for Strategic Dialogue and Strong Cities Network, which promoted biased anti-extremism initiatives, LGBTQ+ propaganda, and prioritized radical groups over broader community concerns

“These cancellations reflect DHS’s commitment to fiscal responsibility and national security,” said a Senior DHS official

“By eliminating wasteful and ideologically driven programs, we are redirecting resources to initiatives that uphold American values, respect the rule of law, and effectively combat terrorism and violence

”
# # #

MIL OSI USA News –

July 18, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

About Red White & Bloom Brands Inc.

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

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

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

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

Follow us on social media:

X @rwbbrands
Facebook @redwhitebloombrands
Instagram @redwhitebloombrands

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

FORWARD LOOKING INFORMATION

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

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

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

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

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

The MIL Network –

July 18, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

About Red White & Bloom Brands Inc.

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

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

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

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

Follow us on social media:

X @rwbbrands
Facebook @redwhitebloombrands
Instagram @redwhitebloombrands

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

FORWARD LOOKING INFORMATION

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

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

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

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

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

The MIL Network –

July 18, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

About Red White & Bloom Brands Inc.

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

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

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

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

Follow us on social media:

X @rwbbrands
Facebook @redwhitebloombrands
Instagram @redwhitebloombrands

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

FORWARD LOOKING INFORMATION

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

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

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

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

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

The MIL Network –

July 18, 2025

MIL-OSI: XRP Surges 15% to $3.5 as PFMCrypto Launches Free XRP Mining Contracts, Attracting a Flood of XRP Holders

Source: GlobeNewswire (MIL-OSI)

New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — The recent upswing in XRP’s price follows a series of bullish catalysts, including the launch of futures exchange-traded funds (ETFs), the resolution of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC), and expanding institutional involvement in digital assets. Although XRP prices may be facing a minor pullback, PFMCrypto analysts believe that the upward momentum may be far from over.
With retail and institutional interest at a multi-year high, PFMCrypto’s zero-hardware, AI-optimized mining platform now makes it easier than ever for users to earn XRP passively—without needing specialized equipment or prior experience.
Explore PFMCrypto XRP Mining Platform: https://pfmcrypto.net

XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
Historically known for powering cross-border payments, XRP now enters a new era of accessibility and utility through PFMCrypto’s latest innovation: fully remote cloud mining. Users can earn XRP daily via short-term mining contracts or use PFMCrypto’s AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, and USDC—to ensure maximum returns regardless of market volatility.

Available via both mobile and web, the platform supports global access and is designed to serve first-time users as well as professional crypto investors.
Explore the PFMCrypto website or download the app today.

Key Features of PFMCrypto’s XRP Cloud Mining Contracts:
– Full XRP Integration: Deposit, mine, and withdraw XRP all in one seamless interface.
– Multi-Coin Mining Support: Earn in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, or BCH as preferred.
– AI Revenue Optimization: Intelligent algorithms reallocate mining power to the highest-yielding assets.
– 100% Remote Access: Cloud-based platform—no rigs, no noise, no electricity bills.
– Capital Protection: Principal is fully returned at contract maturity, helping reduce risk exposure.

Mining Contracts for Every Budget and Strategy
To welcome new users during this market upswing, PFMCrypto is offering a wide range of accessible contracts:
$10 Contract – 1 Day – Earn $0.66 (Free with sign-up bonus)
$100 Contract – 2 Days – Earn $3.00/day + $2 bonus
$500 Contract – 5 Days – Earn $6.15/day
$5,000 Contract – 30 Days – Earn $78.50/day
$20,000 Contract – 45 Days – Earn $380.00/day
Whether testing the platform or building a robust mining portfolio, users can enjoy consistent, low-risk earnings in XRP or other digital assets.
Explore more XRP cloud contracts at: https://pfmcrypto.net

Why PFMCrypto’s XRP Mining Stands Out?
– No Hardware Required: Anyone can start mining XRP—no tech skills or setup needed.
– All-in-One Ecosystem: From deposit to withdrawal, everything happens within PFMCrypto.
– Stable Income, Dynamic Strategy: Daily payouts with AI-powered rebalancing to maximize returns.
– Flexible Mining Options: Mine XRP or automatically diversify into multiple coins—all within one plan.
– Instant Setup: Get started from any browser or phone, securely and remotely.

Get Started in 3 Simple Steps:
1. Sign Up – Create an account and claim a $10 free mining contract.
2. Choose a Plan – Select from flexible contracts lasting 1 to 60 days.
3. Start Earning – Monitor profits daily and withdraw in the token of your choice.

XRP Mining for a Digital Future:
Since 2018, PFMCrypto has empowered millions worldwide to earn passive income through secure, cloud-based mining. With the introduction of XRP contracts—paired with AI-powered optimization—users can now mine one of the most in-demand assets without barriers.
“XRP has always been fast and efficient,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. With the crypto market heating up, we’re making sure everyday users can ride the next wave of growth without complexity.”
As XRP approaches new price milestones, PFMCrypto offers a stable, smart path to daily crypto income—no matter where markets move next.
Start mining XRP today at: https://pfmcrypto.net

Or download the PFMCrypto app (iOS & Android)

The MIL Network –

July 18, 2025

MIL-OSI: Mint Miner Launches Cloud Mining™: Free Bonuses and Guaranteed Crypto Returns for Everyone

Source: GlobeNewswire (MIL-OSI)

New York City, NY, July 18, 2025 (GLOBE NEWSWIRE) — Mint Miner, a leading global digital asset infrastructure provider, today officially launched its next-generation Cloud Mining™ platform, making it easy to earn cryptocurrencies without technical expertise.

Offering a $15 sign-up bonus, fixed daily income, and zero maintenance fees, Mint Miner Cloud Mining™ opens the door for retail and institutional investors to participate in sustainable, transparent cryptocurrency mining—all from their smartphones.

Whether you’re a newbie looking for risk-free or an experienced crypto holder seeking reliable returns, Mint Miner Cloud Mining™ offers a fast and easy path to passive income through Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other cryptocurrencies.

Mint Miner main features and advantages:
Platform-friendly interface: Provide users with a clear and visible dashboard panel to view mining data in real time.

●New users can get $15 after registration and get a free trial contract with a daily reward of $0.6, without any prepayment.

●Fixed-rate mining contract
A variety of contract packages are available with flexible terms. Each contract clearly lists the daily income and total income at maturity.

●No hidden fees, worry-free and labor-saving
No hardware, no electricity, no maintenance. What you see is what you get – and predictable income.

●Support multiple assets
Withdraw and recharge with BTC, ETH, USDT (ERC-20 and TRC-20), LTC, XRP, SOL, BCH, USDC, etc.

●Generous referral program
Invite friends and family or share on your social platform to get monthly commission rewards.

●Global Coverage
All contracts are supported by globally distributed mining farms that are powered by renewable energy and provide 24/7 multilingual support to ensure a seamless experience.

Joining Mint Miner and starting cloud mining is very simple:
1. Start registration – Open the Mint Miner official website and fill in your username, email, and password to complete the registration.
2. Choose a contract – Choose a contract that fits your budget, and multiple types of contracts are available
Here is a partial list of contracts:
[New User Experience Contract]: Investment amount: $100, contract period: 2 days, maturity income: $100 + $10
[Avalon Miner A13]: Investment amount: $500, contract period: 5 days, maturity income: $500 + $30.5
[Bitcoin Miner S19 XP+ Hyd]: Investment amount: $1,500, contract period: 9 days, maturity income: $1,500 + $178.2
[ETC Miner E9 Pro]: Investment amount: $3,200, contract period: 14 days, maturity income: $3,200 + $672
[Antminer L7 ]: Investment amount: $5,200, contract period: 20 days, maturity income: $5,200 + $1,612
[Bitcoin MinerS21+ Hyd]: Investment amount: $10,000, contract period: 28 days, maturity income: $10,000 + $4,760

For more contracts, please log in to the Mint Miner official website

Start mining – View daily income growth in the dashboard and withdraw or reinvest at any time.

Mint Miner’s mission is clear: to democratize cryptocurrency mining and make it accessible to everyday users. With Mint Miner CloudMining™, the future way to earn cryptocurrency income is accessible, automated, and powered by green energy.

Join Mint Miner and start mining now – cryptocurrency never stops.

Mint Miner’s CloudMining™ is not just a smart platform, but a step towards inclusive finance in the digital economy. With predictable profits, global coverage, and zero technical barriers to entry, the platform transforms the once complex world of cryptocurrency mining into an accessible experience for everyone.

Media Contact:
Contact Email: info@mintminer.com
Official Website: https://mintminer.com/

Attachment

The MIL Network –

July 18, 2025

MIL-OSI: Ripple’s XRP Mining News: PFMCrypto Launches First-Ever Cloud Mining for XRP with AI-Optimized Daily Rewards

Source: GlobeNewswire (MIL-OSI)

New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
Explore the PFMCrypto website or download the app today.

XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

Key Features of PFMCrypto’s XRP Cloud Mining Contracts
– Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
– Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
– AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
– 100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
– Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

Mining Contracts for Every Budget and Strategy:
PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
$10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
$100 Contract – 2 Days – Earn $3.00 daily + $2 reward
$500 Contract – 5 Days – Earn $6.15 daily
$5,000 Contract – 30 Days – Earn $78.50 daily
$20,000 Contract – 45 Days – Earn $380.00 daily
Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
Click here to explore more XRP cloud contracts.

Why PFMCrypto’s XRP Mining Stands Out?
– Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
– XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
– Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
– Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
– Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

Get Started Today in 3 Easy Steps:
1. Sign Up – Create your account and receive a $10 welcome bonus
2. Choose a Plan – Select a short- or long-term contract (1–60 days available)
3. Start Earning – Track daily profits and withdraw in the token of your choice

Start mining XRP now at: https://pfmcrypto.net
Or download the PFMCrypto mobile app (available for iOS & Android).

XRP Mining for a Digital Future
Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.
“XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
Markets may shift—but daily mining income can remain steady.

Join the XRP mining revolution today at: https://pfmcrypto.net

The MIL Network –

July 18, 2025

MIL-OSI: Ripple’s XRP Mining News: PFMCrypto Launches First-Ever Cloud Mining for XRP with AI-Optimized Daily Rewards

Source: GlobeNewswire (MIL-OSI)

New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
Explore the PFMCrypto website or download the app today.

XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

Key Features of PFMCrypto’s XRP Cloud Mining Contracts
– Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
– Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
– AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
– 100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
– Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

Mining Contracts for Every Budget and Strategy:
PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
$10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
$100 Contract – 2 Days – Earn $3.00 daily + $2 reward
$500 Contract – 5 Days – Earn $6.15 daily
$5,000 Contract – 30 Days – Earn $78.50 daily
$20,000 Contract – 45 Days – Earn $380.00 daily
Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
Click here to explore more XRP cloud contracts.

Why PFMCrypto’s XRP Mining Stands Out?
– Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
– XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
– Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
– Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
– Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

Get Started Today in 3 Easy Steps:
1. Sign Up – Create your account and receive a $10 welcome bonus
2. Choose a Plan – Select a short- or long-term contract (1–60 days available)
3. Start Earning – Track daily profits and withdraw in the token of your choice

Start mining XRP now at: https://pfmcrypto.net
Or download the PFMCrypto mobile app (available for iOS & Android).

XRP Mining for a Digital Future
Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.
“XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
Markets may shift—but daily mining income can remain steady.

Join the XRP mining revolution today at: https://pfmcrypto.net

The MIL Network –

July 18, 2025

MIL-OSI: No Longer Just Holding: PFMCrypto Unleashes Next-Gen XRP Earnings Through AI Liquidity Mining

Source: GlobeNewswire (MIL-OSI)

New York, NY, July 18, 2025 (GLOBE NEWSWIRE) — As the crypto market heats up and XRP edges toward the $2.3 milestone, PFMCrypto is redefining how everyday users and professionals earn mining rewards. The company has officially launched “XRP Liquidity Mining”, the world’s first AI-powered multi-asset cloud mining vault, enabling users to mine multiple cryptocurrencies simultaneously—while dynamically reallocating computing power to maximize real-time returns.
Now live on both web and mobile platforms, this innovative service offers a fully automated crypto earnings strategy that mines XRP, BTC, DOGE, ETH, and other major assets. No hardware, technical setup, or prior experience is required—users can get started with just $10 and begin receiving stable daily payouts from day one.

Why XRP Liquidity Mining Is a Game-Changer for Passive Crypto Income?
Unlike traditional mining models that lock users into a single coin or fixed contract, PFMCrypto’s Liquidity Mining is powered by its proprietary AI engine, AURA. This intelligent system continuously analyzes key variables such as asset price, mining difficulty, network demand, and energy costs—automatically reallocating resources to the most profitable cryptocurrencies in real time.
“Liquidity Mining is like putting your crypto earnings on autopilot,” said PFMCrypto’s CEO. “Whether XRP is surging or Bitcoin’s network adjusts, our system instantly adapts—ensuring your capital is always working at peak efficiency.”

Key Features of PFMCrypto’s XRP Liquidity Mining:
– Multi-Asset Mining: A single deposit mines XRP, BTC, DOGE, ETH, and more.
– AI Revenue Optimization: Smart resource allocation for maximum daily yield.
– Low Entry Barrier: Start with just $10 (plus a $10 welcome bonus for new users).
– Stable Daily Returns: Earnings paid in stablecoins or your preferred crypto.
– Fully Cloud-Based: No mining rigs, no noise, no heat—100% remote access.
– Institutional-Grade Security: Multi-layer custody infrastructure to safeguard user assets.

Investor Demand Surges as XRP Momentum Builds
Ripple’s recent $125 million settlement with the U.S. SEC has revived investor confidence in XRP’s long-term prospects. Analysts are now forecasting a 95% likelihood of an XRP ETF approval by early Q4—potentially unlocking billions in institutional capital.
“PFMCrypto’s XRP Liquidity Mining couldn’t be better timed,” said the company’s Chief Market Strategist. “This offering provides diversified exposure and stable income—without the volatility of direct trading.”

Sample Liquidity Mining Plans:
$100 Plan – 2-Day Term – Earn $3.00 per day (plus $2 bonus)
$1,000 Plan – 9-Day Term – Earn $13.10 per day
$5,000 Plan – 30-Day Term – Earn $78.50 per day
$10,000 Plan – 40-Day Term – Earn $180.00 per day
All contracts guarantee full principal return upon maturity, and users may withdraw profits instantly at any time—providing maximum flexibility with minimal risk.

Trusted by Over 9.2 Million Users in 192 Countries
Since its founding in 2018, PFMCrypto has earned a reputation for delivering high-performance, transparent mining solutions. Today, its platform supports over 9.2 million users globally, offering both beginners and institutions access to secure, AI-optimized passive income streams.

Get Started with Liquidity Mining in 3 Simple Steps:
1. Sign Up – Create an account and receive a $10 welcome bonus.
2. Choose a Mining Plan – Select your preferred term and budget
3. Start Earning Daily – Sit back as PFMCrypto’s AI engine mines for you

About PFMCrypto
PFMCrypto is a global pioneer in AI-powered cloud mining and decentralized finance solutions. Founded in 2018, the platform enables remote mining for XRP, BTC, ETH, DOGE, LTC, and SOL—offering high-yield, low-risk opportunities for users across 192 countries.

Start your smarter mining journey today: https://pfmcrypto.net

The MIL Network –

July 18, 2025

MIL-OSI Australia: Entities with a substituted accounting period

Source: New places to play in Gungahlin

Applying for a SAP

An entity’s accounting period is ordinarily the 12-month period ending on 30 June.

You can seek leave from the Commissioner to adopt an alternative annual accounting period (known as a substituted accounting period or SAP).

Use the Application for a substituted accounting period (NAT 5087, PDF 1.7MB)This link will download a file form to:

apply for a SAP
revert to a standard accounting period ending 30 June.

When you apply, you must provide:

a reason for requesting a SAP
supporting evidence.

Find out what supporting evidence you need to provide and why it’s important to lodge as early as possible. For guidance on circumstances that warrant granting a SAP, see Law Administration Practice Statement PS LA 2007/21 Substituted Accounting Periods.

We accept retrospective or out-of-date applications in limited circumstances. See PS LA 2007/21 for details.

If you’ve been granted leave to adopt a SAP, you must meet different lodgment requirements.

See Substituted Accounting Periods to find out:

your lodgment date
tax agent concessions
more about how SAPs work.

Transitioning to a SAP

When you adopt a SAP, the end date of your accounting period changes. This usually results in a transitional period of more or less than 12 months. You must lodge an income tax return for the transitional period.

We will determine and notify you of your transitional period when we approve your SAP.

To better understand your transitional period, see examples of transitional periods for scenarios including:

first time lodgers
existing entities
entities exiting consolidated groups.

When you’ve adopted a SAP, the new accounting period will involve either late or early balancing in relation to a 30 June year end. Whether you are late or early is determined when your application is approved.

For more on how and when an entity transitions to a SAP, see PS LA 2007/21.

What tax return form to use

Prepare your tax return on the form for the year in lieu of which the accounting period has been adopted. For example:

if you adopted a SAP ending 31 December 2024 you’re an early balancer
your transitional period is in lieu of the following income year ending 30 June, being the year ended 30 June 2025
this means you should prepare your tax return on the 2025 tax return form.

We try to release tax time stationery as early as possible. However, if the relevant form has not been produced by the date you wish to lodge, you must use the most recently available tax return form, whether lodging electronically or by paper.

If you are transitioning to a SAP, you must lodge a paper form if you are:

not lodging the entity’s first tax return
lodging before we release next year’s tax time stationery.

For more information, see what tax return form to use and Example 5 – early December SAP.

Franking period

Your transitional period will affect your franking period.

For a corporate tax entity that is not a private company, the franking period depends on the length of its income year. The franking period is different for an early or late balancing corporate tax entity that has adopted a SAP.

Lodging additional information for early balancers

Tax return labels may change when new stationery is released.

If you’re an early balancer and lodged using the most recent tax return form, you may need to lodge an amendment if label changes are relevant to your circumstances.

We expect to publish draft details of tax return label changes each year in December. Where further changes are required due to law changes not currently known or anticipated, we will update the tax return label changes and provide further advice.

Tax return label changes

To help early balancers, each year we provide information on label changes we expect in the new tax time stationery to be released at the end of May.

While tax returns can be lodged from 1 January, our processing for the new labels will not take place before our system is deployed in June 2025.

Company Tax Return 2025

For a list of all changes to the Company Tax Return 2025, refer to the Company Tax Return 2025 Instructions – What’s new for companies?

Reportable tax position schedule 2025

The Reportable tax position schedule and instructions 2025 was published in early 2025.

Tax return instructions for SAPs

You should consider if the Reportable tax position schedule applies.

MIL OSI News –

July 18, 2025

MIL-OSI Australia: Tax Time 2025 update – 15 July

Source: New places to play in Gungahlin

Welcome and governance

The ATO Co-chair welcomed members and ATO attendees to the Tax Practitioner Stewardship Group (TPSG) Tax Time 2025 meeting.

ATO Updates

Frontline Services

We confirmed 1.6 million lodgments have been received. This is a 10% decrease from the same time last year, indicating that our messaging around ‘wait to lodge’ is working with taxpayers choosing to lodge later. Lodgment numbers for self-preparers have decreased 6% and agents down 11% compared to this time last year. We emphasised that it is too early to make any assumptions around these numbers and expect this to level out as tax time progresses.

We have received 44,000 calls from agents, which is 10% down from last year. We highlighted this is as expected, noting call numbers typically follow lodgment trends.

As of 14 July, there have been 467,000 refunds issued to taxpayers, totalling almost $1.2 billion with an average refund amount of around $2,500. With safety nets released, the first refunds landed into taxpayers’ accounts on Friday 11 July as planned.

IT system updates and maintenance

Tax Time Support systems are currently marked green and operating well.

There was a system glitch with myGov login identified with Services Australia impacting Online Services for Individuals, however this has now been resolved. Individuals using the ATO app were not impacted during this time.

ATO Digital services

We noted that digital services are operating as intended and there is nothing to report.

ATO Communications

We have started to see social media attention from taxpayers expressing disappointment in their refund amounts or shock at a tax debt. We noted this reinforces the need for the ‘back to basics’ approach with education and communication.

We have recently updated key tax time resources in 19 languages to help support tax professionals who have clients who prefer information in languages other than English.

The ATO’s Tax and Super Basics media and social media campaign commenced on 13 July, targeting diverse language communities with information to support them with their tax and super obligations.

We continue to support tax practitioners by promoting the ATO’s troubleshooting guide, which can help tax agents get up-to-date information about the availability of ATO online systems and known issues.

As the quarterly BAS lodgment date nears, we are reminding businesses about the due date, and that they may get until 25 August to lodge and pay if they lodge through a registered tax or BAS agent.

ATO communications is highlighting the importance of providing the correct information about family income to private health insurance providers to ensure taxpayers received the right private health insurance rebate.

Member comments

Members expressed the need for a cultural shift around taxpayers’ entitlement to a tax refund. They stated an increasing number of taxpayers are posting to social media their dissatisfaction when they receive an unexpected tax bill at tax time.

We acknowledged that there are many reasons why a taxpayer may receive a tax bill, i.e. gig economy, multiple incomes, PAYGI etc. Members queried if ATO communications can share greater awareness around why some taxpayers may be receiving a tax bill.

Small Business

We have released the Small Business Tax Time toolkit, which has useful information, guides and tools to help small business taxpayers stay informed and organised this tax time.

We have rectified an issue raised relating to ATO website links directing some users to old content. This issue was resolved within 48 hours of being identified and all links are linking to the right content.

Superannuation

As of Monday morning 14 July, 83% of Single Touch Payroll (STP) records have been finalised. There were additional reminders issued on Friday 11 July through ATO social media channels.

We reminded tax agents to ensure employers who haven’t lodged their STP finalisation declarations as of COB Monday 14 July, to do so without delay as they are now overdue. Doing so will ensure employees have the right information to lodge their 2024–25 income tax returns.

Tax agents should make sure their clients have finalised data for all employees paid during the financial year. This includes employees that their clients may have not paid in a while, like employees or casuals who stopped work for them during the year.

Individuals

We will issue a media release around how to help protect yourself against scams next week. We prompted tax agents to remind their clients to be cautious of scams during tax time.

Member comments

Members queried whether there are any plans to issue comms to inform taxpayers who they should contact if they suspect instances of fraud. We confirmed this media release is to educate taxpayers and share the Verify or report a scam | Australian Taxation Office link to help taxpayers recognise any warning signs of tax scams, verify a suspected scam or report a scam.

Member Insights and Experience

Member comments

A member raised reports from tax agents that they are receiving correspondence for incorrect clients through Practice Mail in OSfA. We requested further details to investigate this matter.

A member raised an issue in relation to a super lump sum amount not being visible in pre-fill. We acknowledged the previously identified CSC issue and requested further details to understand if this matter is related.

A member raised a question around the frequency of PAYGI correspondence to tax agents. We asked for examples of these correspondences to investigate this further.

Useful links

MIL OSI News –

July 18, 2025

MIL-OSI USA: Senator Markey Introduces Legislation to Support Recruitment and Retention of Paraeducators in Schools

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Bill Text (PDF)
Washington (July 17, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Health, Education, Labor, and Pensions Committee, today reintroduced the Preparing and Retaining All (PARA) Educators Act, legislation that would establish higher wages, career pipelines, and professional development opportunities for school paraeducators. More than 1.2 million paraeducators across the country provide classroom management support to teachers, assist students with disabilities, and facilitate individual and small group learning.
“As the Trump administration continues its relentless attack on education, it is more important than ever that we ensure paraprofessionals receive the support, compensation, and professional development opportunities they deserve,” said Senator Markey. “Instructional assistants, teachers’ aides, special education aides, and other educators keep our schools running and students thriving—often with little recognition and low pay. My PARA Educators Act will invest in these educators what they invest in our students, our communities, and our future.”
“From special education aides and classroom assistants to English language learning specialists and other support staff, paraeducators are the unsung heroes of our public schools, helping students overcome challenges and reach their potential,” said AFSCME President Lee Saunders. “These hardworking professionals – including thousands of AFSCME members – deserve wages and benefits that match the important contributions they make to teaching and learning every single day. We applaud Senator Markey for sponsoring the PARA Educators Act, which will help more schools – especially in high-need and rural districts – recruit and retain the paraeducators they need to support student success in the classroom and beyond.”
“Students of every color, background and ZIP code deserve qualified and caring educators who are dedicated and have the resources to uncover the passions and potential of every child. Education Support Professionals are essential to supporting students and ensuing we have strong schools and communities across the country. They play a critical role in the lives of students and help keep our schools running and our students safe, healthy, and ready to learn every day,” said Kimberly Johnson Trinca, Director of Government Relations, National Education Association. “The Preparing and Retaining All Educators (PARA) Act will help schools deal with an educator shortage that has been decades in the making. This bill will help schools across the country recruit and retain diverse, qualified and experienced paraeducators in our schools to support our students. This is more important than ever as the Trump Administration continues to take a wrecking ball to public education and the futures of the 50 million students in rural, suburban, and urban communities across America. NEA is pleased to support this legislation, and we applaud Senator Markey for his continued leadership on issues so important to education support professionals.”
Low wages and a lack of training and professional development opportunities contribute to high rates of turnover and position vacancies among paraeducators, particularly in high-poverty school districts. The PARA Educators Act would support the recruitment and retention of paraeducators by funding state and school level initiatives to improve wages, working conditions, and professional development and credentialing programs for paraprofessionals working in public schools.
Specifically, the PARA Educators Act would:
Establish a grant program within the Department of Education to support state and district efforts to recruit and retain paraprofessionals.
Prioritize high-need rural and urban areas to ensure grant funding is distributed equitably.
Provide paraprofessionals with access to high-quality professional development programs that will advance in their careers and benefit their students.
The bill is cosponsored by Senators Kirsten Gillibrand (D-N.Y.), Cory Booker (D-N.J.), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), Alex Padilla (D-Calif), and Sheldon Whitehouse (D-R.I.).
The bill is endorsed by the National Education Association, AFT, the Advocacy Institute, CommunicationFIRST, Council for Exceptional Children, National Rural Education Association, National Center for Learning Disabilities, AFSCME, The Arc.
In April 2025, Senator Markey reintroduced the Paraprofessionals and Education Support Staff Bill of Rights alongside Rep. Jahanna Hayes (D-CT-05), which would establish livable wages, benefits, and dignified working conditions for paraeducators and other essential school support staff. In February 2025, Senator Markey introduced the No Cuts to Public Schools Act, which would block all federal funding cuts to critical education programs serving students with disabilities, English learners, low-income students, and rural students through fiscal year 2027.

MIL OSI USA News –

July 18, 2025

MIL-OSI New Zealand: Government supports Anti-Corruption pilot

Source: New Zealand Government

A cross-agency Anti-Corruption Taskforce pilot highlights the Government’s commitment to protecting public funds and upholding integrity across the state sector, Police Minister Mark Mitchell and Public Service Minister Judith Collins say.

The taskforce is led by the Serious Fraud Office (SFO), supported by NZ Police and the Public Service Commission, and brings together counter fraud and enforcement expertise to identify and combat corruption and fraud risks faced by the public sector.

“The taskforce’s work will build a clearer intelligence picture of the threats that face our public sector. This is about taking proactive action to ensure our prevention and response system remains resilient and fit for purpose,” Mr Mitchell says.

“The public sector accounts for a third of the economy and the pilot is a critical step in protecting and enhancing New Zealand’s reputation as an attractive place to invest.

“Every dollar of public funding counts, and preventing the unlawful taking of taxpayer money is something we take very seriously.”

Ms Collins says the taskforce supports the Government’s broader public integrity agenda.

“New Zealand is widely respected as one of the least corrupt countries in the world, and we intend to keep it that way,” Ms Collins says.

“By increasing transparency, identifying risks and encouraging ethical conduct across the public sector, this taskforce will help maintain trust in our institutions.

“Fighting corruption is not just about prosecution, it’s about leadership, accountability and promoting a culture of integrity.”

The taskforce will begin with a pilot project requiring a group of public sector agencies to assess their fraud and corruption prevention and detection systems. This will include reporting on offending detected and prevented, and the controls agencies have in place to protect public funds.

Participating agencies are the Department of Corrections, Land Information New Zealand, Inland Revenue, ACC, Ministry of Social Development and Sport New Zealand.

The pilot will inform the Government’s future approach to counter-fraud and corruption capability across the state sector, with a public report to be released following its completion.

The Anti-Corruption Taskforce follows the SFO’s launch of a national campaign to tackle Foreign Bribery and new online reporting platform for whistleblowers earlier this year, further strengthening New Zealand’s anti-corruption response.

More information about the Taskforce is available on the SFO’s website: https://www.sfo.govt.nz/fraud-and-corruption/what-we-do/anti-corruption-taskforce-pilot

MIL OSI New Zealand News –

July 18, 2025

MIL-OSI USA: July 17th, 2025 Heinrich Leads Legislation to Protect Dreamers’ Data, Prevent DHS from Referring Dreamers to ICE & CBP

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) led the introduction of the Protect DREAMer Confidentiality Act, legislation to provide a statutory guarantee to current and prospective Deferred Action for Childhood Arrivals (DACA) program applicants, also known as Dreamers, that the private information they provide in their applications will not be weaponized against them as the Trump Administration increases information sharing to advance their draconian mass deportation agenda.

Last month, the Trump Administration gave Department of Homeland Security (DHS) personal data, including immigration status, on millions of Medicaid enrollees and announced it would require some undocumented immigrants to register with DHS. The Administration also finalized an agreement giving U.S. Immigration and Customs Enforcement (ICE) access to taxpayer data from the Internal Revenue Service (IRS) for immigration enforcement. Meanwhile, the Administration’s Department of Government Efficiency (DOGE) recently gained access to key immigration databases, including the Executive Office for Immigration Review’s (EOIR) Courts and Appeals System (ECAS), U.S. Citizenship and Immigration Services’ (USCIS) Data Business Intelligence Services, which contains information on noncitizens who have applied for DACA, and the U.S. Department of Health and Human Services’ (HHS) Unaccompanied Alien Children portal.

The Protect DREAMer Confidentiality Act will prohibit the DHS Secretary from disclosing information included in an individual’s application for the DACA program to law enforcement agencies, including ICE and U.S. Customs and Border Protection (CBP), for any purpose other than the implementation of the DACA program, with limited exceptions.

“Dreamers in New Mexico and across the country are frontline health care workers, teachers, firefighters, police officers, and scientists. These inspiring young people are Americans in every sense of the word except on paper, and they want nothing more than to be productive members of their communities. Unfortunately, the Trump Administration doesn’t care about any of that and is indiscriminately sharing the private information of Dreamers. We need to ensure that Dreamers’ private information is not weaponized against them and is protected — full stop,” said Heinrich. “That’s why, for years, I’ve championed the Protect DREAMer Confidentiality Act to safeguard Dreamers’ DACA application information and provide DACA applicants with a sense of security as they continue on their paths to citizenship. I call on Congress to quickly take up and pass my legislation to make sure Dreamers are able to stay in school, keep working and contribute to our economy, and remain in their homes and neighborhoods.”

Since 2012, more than 825,000 people have received deferred action pursuant to DACA, contributing an estimated $140 billion to the U.S. economy in spending power and paying $40 billion in combined federal, payroll, state, and local taxes.

In 2021, a federal district court judge paused the DACA program and prevented USCIS from approving any new DACA applications. Since then, USCIS has continued to accept and hold initial applications and more than 100,000 initial DACA applications are currently pending. Earlier this year, the U.S. Court of Appeals for the Fifth Circuit issued a decision limiting that 2021 injunction to just Texas, allowing USCIS to begin processing those pending applications from the other 49 states. However, USCIS has not done so, nor have they provided the public with a timeline for when those applications will begin to be processed. And many individuals who could be eligible for DACA fear that applying for the protections afforded by DACA will allow the Trump Administration to weaponize the information they provide against them or their family members.

The Protect DREAMer Confidentiality Act sends a clear message of support to the hundreds of thousands of DACA recipients and prospective applicants. Increased protections for their personal information are essential to make sure that they are not unfairly targeted for immigration enforcement and ensure that they can utilize the DACA program and continue to contribute to our communities in New Mexico and across the country without the fear of retribution.

Specifically, the Protect DREAMer Confidentiality Act will:

Direct the DHS Secretary to protect the information included in an individual’s application to the DACA program from disclosure to ICE, CBP, and any other law enforcement agency for any purpose other than the implementation of the DACA program;
Prohibit the DHS Secretary from referring anyone with deferred enforcement protections pursuant to the DACA program to ICE, CBP, the Department of Justice (DOJ), and any other law enforcement agency; and
Provide limited exceptions for when an individual’s application information may be shared with national security and law enforcement agencies, namely:
- To identify or prevent fraudulent claims;
- For particularized national security concerns; and
- For the investigation or prosecution of a felony, provided that the felony in question is not related to the applicant’s immigration status.

The legislation is led by U.S. Senator Martin Heinrich (D-N.M.). The bill is co-sponsored by U.S. Senators Brian Schatz (D- Hawaii), John Fetterman (D-Penn.), Sheldon Whitehouse (D-R.I.), Ben Ray Lujan (D-N.M.), Patty Murray (D-Wash.), Mazie Hirono (D-Hawaii), Catherine Cortez Masto (D-Nev.), Bernie Sanders (I-Vt.), Ed Markey (D-Mass.), Tammy Duckworth (D-Ill.), Jacky Rosen (D-Nev.), Michael Bennet (D-Colo.), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore.), Andy Kim (D-N.J.), Richard Blumenthal (D-Conn.), Peter Welch (D-Vt.), Amy Klobuchar (D-Minn.), Lisa Blunt Rochester (D-Del.), Angus King (I-Maine), Jack Reed (D-R.I.), Alex Padilla (D-Calif.) and Chris Murphy (D-Conn.).

A one-page summary of the bill is here.

The text of the bill is here.

MIL OSI USA News –

July 18, 2025

MIL-OSI USA: Pressley Slams Trump DOJ for Seeking One-Day Sentence for Officer Convicted in Breonna Taylor Case

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement slamming the U.S. Department of Justice (DOJ) for seeking a one-day jail sentence for the officer convicted in the 2020 killing of Breonna Taylor.

“Breonna Taylor should be alive today. Instead, she was shot and killed while sleeping when officers fired into her home.

“By seeking a one-day sentence, in the rare instance where a police officer is actually convicted for murdering a Black woman, Trump’s DOJ is sending a cruel and disrespectful message: that they do not value Breonna’s life, nor the pain and loss endured by her loved ones.

“This is an affront to justice, to accountability, and to every person who calls this country home. We should all be outraged.”

Congresswoman Pressley has introduced over a dozen pieces of precise legislation to improve police accountability and fundamentally redefine what justice looks like in America, including the People’s Justice Guarantee, Ending Qualified Immunity Act and Andrew Kearse Accountability for the Denial of Medical Care Act.

In June 2023, Rep. Pressley and Rep. Rashida Tlaib (MI-12)unveiled the Housing for Formerly Incarcerated Reentry and Stable Tenancy (Housing FIRST) Act, bold legislation to help people who are formerly incarcerated and those with criminal histories access safe and stable housing.
In May 2023, Rep. Pressley reintroduced her Justice for Incarcerated Moms Act to improve maternal health care and support for pregnant individuals who are incarcerated. It was originally introduced in March 2020 and reintroduced in February 2021 as part of the Black Maternal Health Momnibus Package—a suite of 12 bills aimed at addressing the Black maternal health crisis.
In May 2023, Rep. Pressley and Rep. Grace Napolitano (CA-31), Co-Chair of the Mental Health Caucus, requested the National Institute of Mental Health (NIMH) to research post-traumatic prison disorder and share findings related to prevention and treatment for people returning from behind the wall.
In April 2023, Rep. Pressley and Senator Edward J. Markey (D-MA) re-introduced their Ending Qualified Immunity Act, legislation that would eliminate the unjust and court-invented doctrine of qualified immunity and restore the ability for people to obtain relief when state and local officials, including police officers, violate their legal and constitutionally secured rights. Rep. Pressley originally introduced the bill in June 2020 with Rep. Justin Amash (L-MI) and reintroduced it with Sen. Markey in March 2021.
On April 6, 2023, Rep. Pressley and Rep. Hank Johnson led 25 of their colleagues in the Congressional Black Caucus in calling on Pete Buttigieg, Secretary of the U.S. Department of Transportation to address racial disparities in traffic enforcement.
In April 2023, Rep. Pressley, in partnership with Reps. Bonnie Watson Coleman (NJ-12) and Ilhan Omar (MN-05), re-introduced the Ending PUSHOUT Act, their legislation to end the punitive pushout of girls of color from schools. It was originally introduced in December 2019 and reintroduced in March 2021.
In March 2023, Rep. Pressley, Congressman Jesús “Chuy” García (IL-04), Congressman Greg Casar (TX-35) and 27 Members of Congress, alongside more than 300 advocacy organizations and community leaders, reintroduced the New Way Forward Act, a landmark piece of legislation that addresses some of the most harmful provisions of immigration law that drive racist enforcement practices, expanded incarceration in immigration detention centers, and unjust deportations. It was originally introduced in December 2019 Reps. Chuy Garcia (IL-04), Pramila Jayapal (WA-07) and Karen Bass (CA-37) and was reintroduced in January 2021.
In March 2023, Rep. Pressley and her colleagues re-introduced the Facial Recognition and Biometric Technology Moratorium Act to stop federal entities’ use of facial recognition tools and prohibit federal support for state and local law enforcement entities that use biometric technology. They reintroduced the bill in June 2021.
In December 2022, the House passed Congresswoman Pressley’s amendment to strengthen maternal health care for people who are incarcerated.
In December 2021, Rep. Pressley unveiled the Fair and Independent Experts in Clemency (FIX Clemency) Act, historic legislation to transform our nation’s clemency system and address the mass incarceration crisis.
In March 2021, Rep. Pressley sent a letter to Attorney General Merrick Garland urging him to consider H. Res. 266, the People’s Justice Guarantee, as a framework for embedding justice in our criminal legal system and building integrity in the Department of Justice (DOJ).
In February 2021, October 2020, Congresswoman Pressley reintroduced the Mental Health Justice Act with Reps. Katie Porter (CA-45), Tony Cardenas (CA-29), and Mary Gay Scanlon (PA-05), to support the creation of mental health first responder units that would be deployed in lieu of law enforcement when 911 is called due to a mental health crisis. The lawmakers originally introduced the legislation in October 2020.
In January 2021, she reintroduced the Federal Death Penalty Prohibition Act of 2021 with Senator Richard Durbin (D-IL) to prohibit the use of the death penalty at the federal level, and require re-sentencing of those currently on death row. The lawmakers originally introduced the bill in July 2019.
In August 2020, she introduced the COVID-19 in Corrections Data Transparency Act with Senator Elizabeth Warren (D-MA) and others, requires federal, state, and local prisons and jails to collect and publicly report COVID-19 data. The legislation was reintroduced last month.
In July 2020, she introduced the Counseling Not Criminalization in Schools Act with Reps. Ilhan Omar (MN-05) and Senators Chris Murphy (D-CT) and Elizabeth Warren (D-MA), to prohibit federal funds to support the increased presence of police in K-12 schools and supports school districts that invests in counselors.
In June 2020, she introduced the Dismantle Mass Incarceration for Public Health Act with Reps. Tlaib (MI-13) and Barbara Lee (CA-13) to require decarceration to mitigate the spread of COVID-19 in prisons and jails.
In June 2020, she introduced the Andrew Kearse Accountability for Denial of Medical Care Act with Senators Elizabeth Warren (D-MA), Kirsten Gillibrand (D-NY) and Ed Markey (D-MA), to hold police officers criminally liable for denying care to those in medical distress.
In May 2020, she introduced a resolution with Reps. Ilhan Omar (MN-05), Karen Bass (CA-37) and Barbara Lee (CA-13) to condemn any and all acts of police brutality, racial profiling, and militarization and over-policing of Black and brown communities.
In July 2019, she introduced the No Biometric Barriers Housing Act with Reps. Yvette Clarke (NY-09) and Rashida Tlaib (MI-13) that would prohibit the use of biometric recognition technology in most public and assisted housing units funded by the Department of Housing and Urban Development (HUD), protecting tenants from biased surveillance technology.
In June 2019, in conjunction with Gun Violence Awareness Month and the 5th Annual National Gun Violence Awareness Day, she introduced a resolution to honor survivors of homicide victims by establishing National Survivors of Homicide Victims Awareness Month.

###

MIL OSI USA News –

July 18, 2025

MIL-OSI Australia: Our performance evolution

Source: New places to play in Gungahlin

Download Our performance evolution

You can download a version of Our performance evolution (PDF, 674KB)This link will download a file.

Commissioner’s foreword

Since commencing as Commissioner of Taxation on 1 March 2024, I continue to be impressed by the expertise, professionalism and dedication of ATO staff.

Our performance is strong, but as with any organisation, we need to take opportunities to improve. Accordingly, I am grateful that the ATO has had the opportunity to be reviewed as part of the Australian Public Service Commission’s (APSC) capability review program, particularly so early in my tenure. Independent reviews such as this provide us with honest and frank perspectives on what to improve to set us up for the future.

I would like to extend my sincere thanks to the review team for their professionalism, rigour, and the depth of insight they brought to this process. Their extensive experience and thoughtful engagement have been invaluable.

The review found that we are a high-performing organisation, which is a testament to the dedication and capability of our people. At the same time, it has identified areas where we can do better – opportunities to strengthen our systems, sharpen our focus, and deliver even greater value to the Australian community.

We deliver well on our core purpose of collecting tax so government can deliver services for the Australian community. However, what delivers us success now will not be enough alone to achieve our vision for an Australia where every taxpayer meets their obligations because:

complying is easy
help is tailored
deliberate non-compliance has consequences.

We need to examine what we do and how we do it, identify opportunities for improvement and make decisive shifts to unlock our full potential.

Our performance evolution will help us get there. Drawing on key insights from our APSC capability review, it outlines how we – as one ATO – will align our efforts to not only deliver today’s priorities, but also prepare for and tackle tomorrow’s challenges.

We are fortunate to be building on a strong foundation. The capability review identified many strengths we can be proud of. We’ll use these strengths to propel us forward on our performance evolution, taking practical actions to set a course for the future, where we will:

think bigger
act bolder
deliver together.

While this plan does not outline every detail of the actions we will take, it establishes the key shifts that will empower us to strengthen what we do best, allowing us to adapt our actions as our environment changes.

The Executive team and I will play a key role here. We must role model the behaviours needed for the ATO to achieve its vision, drive accountability and ensure we don’t lose momentum. We must also openly and genuinely support employees to act as one to deliver our performance evolution.

Whilst the staff who support the Tax Practitioner Board (TPB) and the Australian Charities and Not-for-profits Commission (ACNC) are ATO staff, our performance evolution relates to those in the Tax Office itself.

I will leave it to the Chair of the TPB and the ACNC Commissioner to draw on the Capability Review insights that best serve the delivery of their statutory functions.

I’m grateful to have the opportunity to capitalise on our high performance and look forward to continuing to improve as we implement our performance evolution.

Rob Heferen

Commissioner of Taxation

Registrar of the Australian Business Register

Australian Business Registry Services

Register of Foreign Ownership of Australian Assets

Unlocking the full potential of our high performance

‘The ATO is a high performing organisation with a strong reputation for managing Australia’s tax and superannuation systems in a modern and reliable way.

Its capabilities are good and ATO staff are right to be proud of them.

The findings [of the capability review] are not judgments on current capability, but rather ways the ATO might evolve to be a ‘great’ organisation.’ Capability Review, Australian Taxation Office, 2025 (PDF, 817KB)This link will download a file

The Australian Public Service Commission’s capability review affirmed the ATO’s position as a high performing and globally respected tax administration.

We have a proven track record and have excelled when circumstances have called for us to be at our best. Our role in the government’s response to the pandemic demonstrated what we’re capable of and underscored our potential to be truly exceptional. Learning from this and our many other successes, as well as our mistakes, we should not stand still. We need to continually improve.

The capability review’s insights inform where to focus our ongoing improvement efforts. This future view highlights the capabilities we need to adapt and respond to the changing demands of government, the community and our own operations.

Key insights from the review indicate that to continue to serve the Australian community with excellence and integrity, achieve our vision, and proactively address future challenges, we need to:

work as one ATO to deliver for the Australian community, including through improved internal collaboration
have a leadership group that works as a team and models the right behaviours
establish enterprise-wide priorities and shared plans for achieving them
make trade-offs for the sake of the organisation, work through impasses and take collective responsibility for decisions
accept and reward measured risk taking in the interests of innovation, collaboration and achieving better, faster outcomes.

Our performance evolution sets us on a path to meet these needs and unlock the full potential of our high performance. It does so by bringing together current initiatives and building on the successes of the past to do some things differently and truly excel.

This plan is just the beginning. It lays a foundation for the ongoing implementation of a range of connected actions which will unlock our full potential. A future where:

We will agree on our priorities, how much we are prepared to invest in achieving them, relevant trade‑offs and what risks those carry. We will align our resourcing and performance measures to them.
We will clearly communicate our strategic direction and priorities under it, ensuring they are understood throughout the organisation.
We will ensure accountabilities are clear, and advancing our strategic direction is a collective responsibility.
We will make decisions far enough in advance to ensure that at both the group and individual level, we can effectively plan our contribution to the delivery of our enterprise priorities and our functional accountabilities.
We will work as one ATO, so that improved internal collaboration becomes ‘business as usual’.
We will engage sensibly with risk. To do this, we will think carefully about risk appetite, tolerances and sensible mitigations in the context of our strategic direction.
At the individual level we will be supported in innovating and taking measured risks, aligning our efforts with our strategic direction and by having irritants taken out of how we work.

We will do this by thinking beyond function, beyond our teams and comfort zones.

From	To
Team first	Purpose first
Cautious action	Bold action
Siloed delivery	Shared delivery
Avoiding the hard calls trade‑offs	Courageous trade‑offs

Key shifts

Together, we will unlock the full potential of our high performance by moving together as one ATO, and adapting our mindsets and behaviours to:

Think bigger

Thinking bigger means seeing the broader picture and understanding where we are headed.

This requires each of us to:

expand our view of what we can do to drive the ATO to succeed
consider what is truly possible within our remit
challenge assumptions of what is needed for us to achieve our vision.

If we are to challenge assumptions of what’s needed and expand our view of how we can help the ATO succeed, we first need a common understanding of what success looks like.

This will come from having a clear understanding of our longer-term direction, and the strategies we will prioritise to deliver on it. Clearly communicating our strategic direction (including our priorities, risk tolerances and areas where we are choosing to reduce our focus) will help:

guide our actions
sharpen our focus
expand our perspective on the role we can each play in realising our vision.

We also need the means to think bigger. We will commit the right leadership, accountabilities, resources and funding to the work needed to deliver our purpose and achieve our vision.

Initial actions

Develop and communicate our strategic direction – We will agree on strategies that will move us forward in delivering our purpose and achieving our vision over the next 5 years and communicate the roadmap for delivery.

Align investment – We will invest our resources in line with our strategic direction.

Make clear decisions – We will be clear about our decisions on our priorities, their scope and implications (including for accountabilities, resourcing, performance measures and risks).

Act bolder

Being bold takes both individual courage and confident leadership to support our action.

This requires each of us to:

proactively address issues
work through impasses and make the call, including trade-offs needed to deliver on priorities
use good judgment to make decisions and support those who do the same – regardless of the outcome.

With our strategic direction, priorities, functional accountabilities and shared responsibilities clear, we are trusted to use good judgment, sensibly engage with risk, and take decisive action within the parameters of our authority.

Doing this boldly will come from knowing that informed and decisive action is supported at the highest levels of the ATO and encouraged at all levels across the ATO. Acting within our remit, this will help us to:

make decisive calls
adopt innovative approaches
act proactively to resolve impasses and agree trade-offs
slow, change or stop work when we need to make room for higher priorities
use good judgment to make sound, timely and innovative recommendations that inform decisions beyond our level of delegation.

Being bolder is also stretching our comfort zone, supporting mobility to expand our perspective and empowering people to take appropriate measured risks.

Initial actions

Support and reward decision-making – We will encourage and recognise:

measured risk-taking
staff who innovate.

We will support decision-makers with appropriate guidance and tools.

Reinforce support for mobility – We will increase mobility, including amongst our SES.

Clarify delegations – We will refresh and reinforce delegations and decision-making authorities.

Deliver together

We excel when we are aligned – around purpose, priorities and outcomes. Collaboration is just the starting point.

This requires each of us to:

recognise that our impact goes beyond our function
take shared ownership of our strategic direction, respecting any trade-offs
move together to deliver our core purpose and advance our vision.

To deliver our core purpose and achieve our vision, we need to unlock the full potential of our high performance together – as one ATO.

Delivering as one ATO will come from:

understanding both the big picture and the detail of how work flows, how different areas interact, and how it all fits together
working collaboratively with those impacted by our work
understanding what our part to play is.

Enhancing our forward planning and ensuring that effective internal collaboration is part of our ‘business as usual’ will help us:

understand how our plans deliver our strategic direction
take shared ownership of our plans
know what we must do
move together, to deliver what is needed.

This does not mean everyone doing everything. Accountabilities and decision-making will still lie with individuals, but understanding who else is responsible for contributing to those outcomes, and interconnecting our many moving parts will help us deliver together, as one ATO.

Delivering together also requires that we be proactive in reducing frictions that might otherwise divert our focus away from the work that contributes most to our purpose and vision. We’ll take action to reduce irritants in how we work, deliver incremental changes that improve our efficiency and lay a clear pathway to prioritise larger improvements.

Initial actions

Plan as one ATO – We will:

bring planning discussions forward
design and integrate our group and line plans to deliver on our strategic direction.

Agree on our part – We will ensure everyone understands their contribution, not just to their direct responsibilities and functional accountabilities, but to broader outcomes. We will agree on collective responsibilities for the priorities and outcomes that deliver on our strategic direction and reinforce collaboration expectations.

Address irritants – We will address some of the more pervasive technology irritants and smaller opportunities as informed by users through Pulse surveys and our Census action plan.

User insights will also inform and drive longer-term planning for the IT tools and data we need to work efficiently.

Be the key

We’re building on the strong foundations of a high-performing organisation that:

is trusted by government and the community to get things done
has a proven track record.

From this position of strength, we are making a call to action: Our performance evolution will only happen through positive steps and everyday actions taken by all of us.

We all need to contribute to unlocking the potential of our high performance. To do this we can ask ourselves some questions to help us get there.

Think bigger:
- Do I know where we are headed?
- Am I putting myself in the Commissioner’s shoes?
- What positive change am I creating beyond my team?
Act bolder:
- Have I raised necessary issues and worked through impasses?
- What’s standing in the way of me making decisions I’m empowered to make?
- How can I support my team to make the decisions they are empowered to make?
- Should I be getting outside my comfort zone?
Deliver together:
- How am I contributing to organisational outcomes?
- Who should I work with to get it done?
- Do I have solutions for blockers or irritants impeding smooth delivery?

MIL OSI News –

July 18, 2025

MIL-OSI Australia: Claiming FRCGW as a credit this tax time

Source: New places to play in Gungahlin

Our commitment to you

We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.

Copyright notice

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

MIL OSI News –

July 18, 2025

MIL-OSI USA: Kaptur Secures $400,000 in Federal Aviation Funds for Northwest Ohio Airports

Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

Washington, DC – Today, Congresswoman Marcy Kaptur (OH-09) announced that three regional airports in Northwest Ohio will receive a total of $399,097 in federal funding from the US Department of Transportation to begin critical airport infrastructure improvements.

“These airports may not make national headlines, but they’re essential arteries for our local economy, medical transport, and business access,” said Congresswoman Kaptur (OH-09). “Whether it’s replacing aging lighting systems in Port Clinton, restoring pavement in Bryan, or upgrading hangar access in Walbridge, this funding ensures safer, more efficient travel and supports jobs across our region. Every community deserves the opportunity to thrive, whether it’s served by a big terminal or a two-runway field.”

The funds, awarded through the Federal Aviation Administration’s Airport Improvement Program (AIP), are each targeted at design-phase projects. The first critical step before construction can begin. The projects are as follows:

Erie-Ottawa International Airport (Port Clinton, OH) – $83,792

Funding will support the design phase for replacing Taxiway C’s lighting system, which has reached the end of its operational life. The lighting upgrade is essential to maintain safe aircraft movement, especially during low-visibility conditions.

Williams County Airport (Bryan, OH) – $117,800

The award will fund the design of a rehabilitation project for 7,750 square yards of apron pavement. This surface, where aircraft park and refuels, is showing signs of wear and tear and needs to be reinforced to preserve safety and reliability.

Toledo Executive Airport (Walbridge, OH) – $197,505

Funds will go toward the design to reconstruct 4,400 square yards of T-Hangar Apron pavement and 1,350 feet of taxi lanes, both of which have deteriorated over time. The improvements will enhance access for small aircraft operators and improve the overall functionality of the airport’s general aviation facilities.

All three projects are being administered by the Federal Aviation Administration. Each will begin with design and engineering, setting the stage for full-scale construction phases expected to follow in future funding cycles.

# # #

MIL OSI USA News –

July 18, 2025

MIL-OSI Security: Laplace Woman Sentenced for Making False Statements to Small Business Administration

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that LATRICIA HOPE HAYNES MOLIERE (“MOLIERE”), age 51, a resident of LaPlace, Louisiana was sentenced on July 10, 2025, for making False Statements to the Small Business Administration (SBA), in violation of Title 18, United States Code, Section 1001.

According to court documents, MOLIERE submitted an application for a loan through the Paycheck Protection Program (PPP) in March 2021. In this application, she falsely represented that she owned a baking sole proprietorship with an average monthly payroll of $8,041. In support of the PPP application, MOLIERE attached a fraudulent Internal Revenue Service Form 1040 Schedule C. Several months later, MOLIERE filed a petition for bankruptcy in which she said that she was not a sole proprietor. As a result of her false representations, MOLIERE received $20,102 from the SBA. This loan was later forgiven because MOLIERE falsely represented that she had spent the SBA funds on payroll.

United States District Judge Eldon E. Fallon sentenced MOLIERE to 3 years of probation, and a mandatory special assessment fee of $100. MOLIERE also agreed to pay restitution in the amount of $22,742.71 to the SBA.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Acting U.S. Attorney Simpson praised the work of the United States Secret Service and the United States Trustee in investigating this case. Assistant United States Attorney Maria M. Carboni of the Financial Crimes Unit is handling the prosecution.

MIL Security OSI –

July 18, 2025

MIL-OSI: Chemung Financial Corporation Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

ELMIRA, N.Y., July 17, 2025 (GLOBE NEWSWIRE) — Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported a net loss of $6.5 million, or $1.35 per share, for the second quarter of 2025, compared to net income of $6.0 million, or $1.26 per share, for the first quarter of 2025, and net income of $5.0 million, or $1.05 per share, for the second quarter of 2024.

“The Corporation executed two major components of a transformational balance sheet repositioning in the second quarter by issuing subordinated debt and selling a significant portion of our securities portfolio,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “These strategic actions strengthen our regulatory capital position, improved commercial real estate concentration ratios, and enhanced our flexibility in funding loan growth in key expansion markets while positioning the Corporation to benefit from lower funding costs beginning in the third quarter,” Tomson added.

“Core operating results for the quarter were solid and we remain encouraged by continued success in executing on principal initiatives. These results reflect the resilience of our customer base and the disciplined approach taken by our organization,” said Tomson. “The recent addition of deposit focused team members in our growth markets will complement the strong loan pipelines we are seeing across our footprint,” concluded Tomson.

Second Quarter Highlights:

The Corporation issued $45.0 million in aggregate principal Fixed-to-Floating Rate Subordinated Notes on June 10, 2025, due June 2035. The notes qualify as tier 2 capital at Chemung Financial Corporation.

Available for sale securities with a book value of $245.5 million were sold in June 2025 as part of a balance sheet repositioning in conjunction with the Corporation’s subordinated debt issuance, resulting in a realized pre-tax loss of $17.5 million. Proceeds from the sales totaled $227.3 million.

Non-GAAP net income and earnings per share, excluding the impact of one-time items, was $6.3 million and $1.31, respectively, for the second quarter of 2025.¹

Net interest margin increased nine basis points, to 3.05%, for the second quarter 2025, compared to 2.96% for the first quarter 2025, partially due to the impact of the Corporation’s balance sheet repositioning on the composition of interest-earning assets.¹

Dividends declared during the second quarter of 2025 were $0.32 per share.

¹ See the GAAP to Non-GAAP reconciliations.

2nd Quarter 2025 vs 1st Quarter 2025

Net Interest Income:
Net interest income for the second quarter of 2025 totaled $20.8 million, compared to $19.8 million for the prior quarter, an increase of $1.0 million, or 5.0%, driven by increases of $1.3 million in interest income on loans and $0.5 million in interest income on interest-earning deposits, partially offset by a decrease of $0.5 million in interest income on taxable securities and an increase of $0.4 million in interest expense on borrowed funds.

Interest income on loans increased largely due to an increase of $30.8 million in average balances of total loans, compared to the prior quarter, an increase of 12 basis points in the average yield on total loans, compared to the prior quarter, and the recognition of $0.1 million in interest income on the payoff of a previously nonaccrual multifamily commercial mortgage. The increase in average balances of total loans was concentrated in commercial real estate. Average balances of commercial loans increased $39.2 million, due mainly to an increase in average balances of commercial real estate loans, while average balances of consumer loans decreased $9.3 million, each compared to the prior quarter. Average balances of residential mortgage loans were roughly in line with the prior quarter. Consumer loan average balances decreased primarily due to a decrease in average balances of indirect auto loans, as the Corporation largely continued to prioritize other types of lending, although auto loan origination activity increased toward the end of the second quarter. This decrease was partially offset by an increase in average balances of home equity lines of credit, largely due to promotional efforts in the first half of 2025. The increase in the average yield on total loans was largely driven by an increase of 11 basis points in the average yield on commercial loans, which was supported by stability in benchmark interest rates in the current period and strong origination yields in recent periods. Interest income recognized on the payoff of one nonaccrual multifamily commercial mortgage positively impacted the second quarter’s average commercial loan yield by approximately two basis points, and the total average loan yield by one basis point.

Interest income on interest-earning deposits increased mainly due to an increase of $46.2 million in average balances of interest-earning deposits, largely comprised of proceeds from the Corporation’s sale of available for sale securities in the second quarter of 2025, as well as proceeds from the Corporation’s subordinated debt issuance in the second quarter of 2025. The Corporation maintained elevated levels of deposits at the Federal Reserve Bank of New York (FRBNY) at the end of the second quarter, partially in anticipation of the maturity of $155.0 million of total wholesale funding early in the third quarter of 2025. A portion of remaining balances of interest-earning deposits are expected to fund loan growth across the Corporation’s markets.

Interest income on taxable securities decreased largely due to a decrease of $51.0 million in average balances of taxable securities, compared to the prior quarter, as well as a decrease of 20 basis points in the average yield on taxable securities, compared to the prior quarter. The decrease in average balances of taxable securities was due to both normal paydown activity on mortgage-backed and SBA pooled loan securities, as well as the Corporation’s sale of available for sale securities in the second quarter of 2025. The decrease in the average yield on taxable securities primarily reflected the sale of relatively higher-yielding securities, executed to optimize sale proceeds, which generally resulted in the sale of securities which had yields above the portfolio weighted average yield prior to the sale. Additionally, an increase in amortization on SBA pooled loan securities, driven by paydown activity prior to the sale, also contributed to the decrease.

Interest expense on borrowed funds increased primarily due to the issuance of $45.0 million in subordinated notes in the second quarter of 2025, as well as an increase of $35.5 million in average balances of Federal Home Loan Bank of New York (FHLBNY) term advances, partially offset by a decrease of $16.4 million in average balances of FHLBNY overnight advances, both compared to the prior quarter. The subordinated notes were issued at a fixed interest rate of 7.75%, which will convert to a floating interest rate of the then-current Three-Month Term SOFR rate plus a spread of 415 basis points in the second quarter of 2030. There were $0.9 million in deferred issuance costs associated with the offering. The increase in average balances of FHLBNY term advances was primarily due to decreases in average balances of other types of wholesale funding, including FHLBNY overnight advances and brokered deposits. The average cost of FHLBNY term advances was consistent with the prior quarter, while the average cost of FHLBNY overnight advances decreased three basis points compared to the prior quarter.

Interest expense on deposits decreased by less than $0.1 million compared to the prior quarter, largely due to decreases in the average cost of customer time deposits and brokered deposits of 21 and 26 basis points, respectively, and a decrease of $20.0 million in average balances of brokered deposits, compared to the prior quarter, mostly offset by an increase of 13 basis points in the average cost of savings and money market deposits, compared to the prior quarter. The decrease in the average cost of customer time deposits was mainly due to the duration of deposits in the portfolio and the repricing of CDs issued in earlier periods as deposits were renewed or matured. The decrease in average balances of brokered deposits was partially due to an increase in average balances of other wholesale funding sources. The increase in the average cost of savings and money market deposits was primarily due to municipal deposit inflows, which tend to carry a higher cost than equivalent products for consumer or commercial clients.

Fully taxable equivalent net interest margin was 3.05% for the current quarter, compared to 2.96% for the prior quarter. Average interest-earning assets increased $20.2 million, while average interest-bearing liabilities increased $21.2 million during the second quarter, compared to the prior quarter. The average yield on interest-earning assets increased 11 basis points to 4.83%, while the average cost of interest-bearing liabilities increased two basis points to 2.57%, compared to the prior quarter. Total cost of funds was 1.94% for the current quarter, compared to 1.92% for the prior quarter, an increase of two basis points.

Provision for Credit Losses:
Provision for credit losses was $1.1 million for the second quarter of 2025, in line with the prior quarter. The provision was largely due to growth in commercial loan balances and changes in model inputs, including FOMC forecasts for increased unemployment and a decline in GDP growth, as well as declines in modeled prepayment speeds. A majority of loan balances charged-off in the second quarter related to loans that carried full specific allocations in the Corporation’s allowance for credit losses, and therefore did not affect the provision for credit losses for the quarter. Charge-offs on loans which did not carry specific allocations were comparable to the prior quarter.

Non-Interest Income:
The Corporation recognized a pre-tax loss of $17.5 million on the sale of a portion of its available for sale securities portfolio in the second quarter of 2025, resulting in overall negative non-interest income of $10.7 million for the quarter, compared to positive non-interest income of $5.9 million for the prior quarter. Recurring non-interest income (see Non-GAAP reconciliations), which excludes the loss on the sale of available for sale securities and the gain on the sale of a previous branch property, increased $0.3 million compared to the prior quarter, driven by an increase in the change in fair value of equity investments of $0.2 million.

The loss recognized on the sale of available for sale securities was a major component of the Corporation’s strategic balance sheet repositioning, where proceeds from the sale of securities are largely expected to be used to pay off more expensive wholesale funding liabilities later in 2025 and fund future loan growth. The pre-tax loss of $17.5 million represents 7.1% of the book value of securities sold as of the transaction date. The composition of securities sold included all the Corporation’s U.S. Treasury and SBA pooled-loan securities, as well as portions of the Corporation’s mortgage-backed securities and municipal bond portfolios. The weighted average book yield and weighted average life of securities sold were approximately 2.1% and three years, respectively, while the weighted average book yield and weighted average life of securities remaining were approximately 2.0% and seven years, respectively.

The Corporation also recognized a gain of $0.6 million on the sale of its previously disclosed held for sale branch property in Ithaca, New York. As previously disclosed all operations of the branch, formerly known as the “Ithaca Station” branch, were consolidated into a nearby branch in Ithaca in the fourth quarter of 2024. The increase in the change in fair value of equity investments was largely due to an increase in the market value of the Corporation’s deferred compensation plan, due to improvements in financial markets during the current quarter.

Non-Interest Expense:
Non-interest expense for the second quarter of 2025 was $17.8 million, compared to $16.9 million for the prior quarter, an increase of $0.9 million, or 5.3%, driven by increases of $0.4 million in salaries and wages, $0.2 million in pension and other employee benefits, and $0.2 million in professional services.

Salaries and wages increased largely due to an increase in full-time equivalent employees compared to the prior quarter, including additional staffing in the Western New York Canal Bank division and temporary summer employees, as well as an increase in salary expense attributable to the increase in the market value of the Corporation’s deferred compensation plan. Pension and other employee benefits increased primarily due to an increase in employee healthcare-related expenses, compared to the prior quarter. Professional services increased largely due to tax services related to the Corporation’s Wealth Management Group, compared to the prior quarter.

Income Tax Expense:
Income tax expense for the second quarter of 2025 was a tax benefit of $2.4 million, compared to income tax expense of $1.7 million for the prior quarter, a decrease of $4.1 million. The decrease in income tax expense was primarily due to the net loss on the Corporation’s sale of available for sale securities in the second quarter of 2025.

2nd Quarter 2025 vs 2nd Quarter 2024

Net Interest Income:
Net interest income for the second quarter of 2025 totaled $20.8 million, compared to $17.8 million for the same period in the prior year, an increase of $3.0 million, or 16.9%, driven by increases of $1.9 million in interest income on loans and $0.5 million in interest income on interest-earning deposits, and a decrease of $1.6 million in interest expense on deposits, partially offset by a decrease of $0.7 million in interest income on taxable securities.

Interest income on loans increased largely due to an increase of $98.7 million in average balances of total loans compared to the same period in the prior year, as well as an increase of nine basis points in the average yield on total loans compared to the same period in the prior year. The increase in average balances of total loans was concentrated in commercial loans, which grew by $129.2 million compared to the same period in the prior year, largely comprised of growth in commercial real estate balances, particularly in the Bank’s Capital region and Western New York markets. The average yield on commercial loans decreased one basis point compared to the same period in the prior year, largely due to declines in benchmark interest rates on existing loans and the lower market interest rate environment on new originations.

Average balances of residential mortgage loans increased $2.9 million while the average yield on residential mortgage loans increased 37 basis points, each compared to the same period in the prior year. Mortgage origination activity increased in the first half of 2025 compared to the same period in the prior year, however overall origination volumes continue to trail levels experienced in recent years. The increase in the average yield on residential mortgages was partially driven by a shift in portfolio composition toward variable rate and construction-to-permanent mortgages, which are currently higher-yielding than fixed rate mortgages. Average balances of consumer loans decreased $33.3 million while the average yield on consumer loans increased 25 basis points, each compared to the same period in the prior year. The decrease in average balances was mainly due to a decrease in indirect auto origination activity, and normal portfolio turnover, as the Bank prioritized funding other types of lending over the past year. The increase in the average yield on consumer loans was primarily due to portfolio turnover in the indirect auto portfolio as older, lower-yielding balances were replaced by higher-yielding balances.

Interest income on interest-earning deposits increased mainly due to an increase of $45.9 million in average balances of interest-earning deposits, despite a decrease of 42 basis points in the average yield on interest-earning deposits, each compared to the same period in the prior year. The increase in average balances was largely due to proceeds from the Corporation’s sale of available for sale securities in the second quarter of 2025 being held as deposits at the FRBNY in advance of $155.0 million in wholesale funding maturing early in the third quarter of 2025. The decrease in the average yield on interest-earning deposits was largely due to a decrease in the Federal Funds Target Range Upper Limit of 100 basis points between the second quarter of 2024 and second quarter of 2025. Deposits held at the FRBNY receive interest at a rate 10 basis points below the Federal Funds Upper Limit.

Interest expense on deposits decreased primarily due to a decrease of 79 basis points in the average cost of customer time deposits, as well as a decrease of 106 basis points in the average cost of brokered deposits, each compared to the same period in the prior year, resulting in a decrease of 83 basis points in the average cost of total time deposits. The decrease in the cost of customer time deposits was largely due to changes in offered terms on CD campaigns, including a shift towards shorter duration products, while the decrease in the average cost of brokered deposits was largely due to the declining market interest rate environment, which the Corporation was able to take advantage of by primarily utilizing brokered deposits with original durations of three months or less. Average balances of customer time deposits comprised 21.3% of total average deposits for the second quarter of 2025, compared to 21.9% for the second quarter of 2024. Also contributing to the decrease in interest expense on deposits were decreases of 28 basis points and seven basis points in the average cost of interest-bearing demand deposits and savings and money market deposits, respectively, compared to the same period in the prior year. Combined, these decreases resulted in a decrease of 41 basis points in the total average cost of interest-bearing deposits compared to the same period in the prior year, from 2.86% in the second quarter of 2024 to 2.45% in the second quarter of 2025. The deposit beta on total deposits was 28% between these two periods.

Interest income on taxable securities decreased largely due to a decrease of $86.6 million in average balances of taxable securities, as well as a decrease of 21 basis points in the average yield on taxable securities, both compared to the same period in the prior year. The decrease in average balances was mainly attributable to $57.2 million in paydowns and maturities of available for sale securities between the second quarters of 2024 and 2025, as well as $245.5 million in sales of available for sale securities during the second quarter of 2025 as part of the Corporation’s balance sheet repositioning efforts. The decrease in the average yield on taxable securities was mainly attributable to decreases in interest rates earned on variable rate securities such as SBA loan pooled securities between the second quarters of 2024 and 2025, as well as the average yield of securities sold in the second quarter 2025 being higher than the overall average yield on the portfolio at the time of the sale.

Fully taxable equivalent net interest margin was 3.05% for the second quarter of 2025, compared to 2.66% for the same period in the prior year. Average interest-earning assets increased $50.5 million, while average interest-bearing liabilities increased $45.8 million, compared to the same period in the prior year. The average yield on interest-earning assets increased fourteen basis points to 4.83%, while the average cost of interest-bearing liabilities decreased 37 basis points to 2.57%, compared to the same period in the prior year. Total cost of funds was 1.94% for the current quarter, compared to 2.20% for the same period in the prior year, a decrease of 26 basis points.

Provision for Credit Losses:
Provision for credit losses was $1.1 million for the second quarter of 2025, compared to $0.9 million for the same period in the prior year, an increase of $0.2 million. The increase was largely due to stronger loan growth in the second quarter of 2025, which totaled $34.8 million, compared to the same period in the prior year, as well as changes in the FOMC’s projections for increased unemployment and a decline in GDP growth during the second quarter of 2025, compared to relatively stable projections during the second quarter of 2024.

Non-Interest Income:
The Corporation recognized a pre-tax loss of $17.5 million on the sale of a portion of its available for sale securities portfolio in the second quarter of 2025, resulting in overall negative non-interest income of $10.7 million for the quarter, compared to positive non-interest income of $5.6 million for the same period in the prior year. Recurring non-interest income (see Non-GAAP reconciliations), which excludes the loss on the sale of available for sale securities and the gain on the sale of a previous branch property, increased $0.6 million compared to the same period in the prior year, driven by increases of $0.2 million in service charges on deposits and $0.1 million in each of wealth management group fee income and change in fair value of equity investments.

As previously mentioned in the quarter over quarter comparison, the $17.5 million loss recognized on the sale of available for sale securities was a major component of the Corporation’s balance sheet repositioning. Additionally, the $0.6 million gain on the sale of a previous branch property was part of ongoing rationalization of the Bank’s physical distribution network. Both the increase in service charges on deposits and wealth management group fee income were largely attributable to fee schedule increases implemented in the second half of 2024. Wealth management group fee income also benefited from positive changes in financial markets during the second quarter of 2025, which was also the primary driver in the change in fair value of equity investments, resulting in an increase in the market value of assets held for the Corporation’s deferred compensation plan.

Non-Interest Expense:
Non-interest expense for the second quarter of 2025 was $17.8 million, compared to $16.2 million for the same period in the prior year, an increase of $1.6 million, or 9.9%, driven by increases of $0.8 million in salaries and wages, $0.3 million in data processing, and $0.2 million in professional services.

Salaries and wages increased largely due to an increase in base salaries, including merit-based increases and additional staffing for the Corporation’s Western New York regional banking center. The increase in data processing was primarily due to an increase in core service provider expenses and additional expenses related to Canal Bank operations in Western New York. The increase in professional services was mainly due to an increase in consulting expenses, partially attributable to results-based fees related to the Corporation’s implementation of fee schedule increases in 2024.

Income Tax Expense:
Income tax expense for the second quarter of 2025 was a tax benefit of $2.4 million, compared to income tax expense of $1.3 million for the second quarter of 2024, a decrease of $3.7 million. The decrease in income tax expense was primarily due to the net loss on the Corporation’s sale of available for sale securities in the second quarter of 2025.

Asset Quality
Non-performing loans totaled $8.2 million as of June 30, 2025, or 0.39% of total loans, compared to $9.0 million, or 0.43% of total loans as of December 31, 2024. The decrease in non-performing loans was largely due to paydown and charge-off activity in the first half of 2025. There were $1.4 million in paydowns on and payoffs of non-performing commercial loans in the first half of 2025, including the payoff of a $1.0 million non-performing multifamily commercial mortgage. Additionally, $0.8 million in non-performing commercial and industrial loan balances were charged-off in the first half of 2025. These decreases were partially offset by $0.3 million in commercial loan balances added to non-performing loans in the first half of 2025. Retail non-performing loans increased $0.7 million compared to December 31, 2024, largely concentrated in home equity and indirect auto loans. Approximately half of the total increase in non-performing retail loans related to one well-secured first lien home equity loan which was placed into nonaccrual status in the first quarter of 2025. Non-performing assets, which are comprised of non-performing loans, other real estate owned, and repossessed vehicles, were $8.4 million, or 0.30% of total assets as of June 30, 2025, compared to $9.6 million, or 0.35% of total assets as of December 31, 2024. The decrease in non-performing assets was largely due to a decrease in non-performing loans. Other real estate owned decreased to $0.1 million as of June 30, 2025 from $0.4 million as of December 31, 2024, and was comprised of only one property as of June 30, 2025, while repossessed vehicles were $0.2 million as of June 30, 2025 and December 31, 2024.

Total loan delinquencies as of June 30, 2025 decreased compared to December 31, 2024, primarily driven by a decrease in commercial loan delinquencies. As of June 30, 2025, there were less than $0.1 million in performing commercial loan balances considered to be delinquent, compared to $3.9 million as of December 31, 2024. Annualized net charge-offs to total average loans for the second quarter of 2025 were 0.19%, compared to 0.05% for the first quarter of 2025, an increase of 14 basis points. Net charge-offs experienced in the second quarter of 2025 included a $0.7 million charge-off on an unsecured commercial and industrial loan which had previously carried a full allocation in the allowance for credit losses, as well as an unrelated $0.1 million partial charge-off on another commercial and industrial loan which also carried a specific allocation in the allowance for credit losses. Annualized net commercial charge-offs represented 0.20% of average balances for the second quarter of 2025. Consumer loan net charge-offs continues to be concentrated in indirect auto loans, with annualized consumer charge-offs representing 0.35% of average balances for the second quarter of 2025. Residential mortgages had an immaterial net recovery rate for the second quarter of 2025. Annualized net-charge offs for the six months ended June 30, 2025 were 0.12% of total average loan balances, compared to net charge-offs of 0.05% for the six months ended June 30, 2024, an increase of seven basis points, largely due to the $0.7 million commercial and industrial charge-off in the second quarter of 2025.

The allowance for credit losses on loans was $22.7 million as of June 30, 2025 compared to $21.4 million as of December 31, 2024. The allowance for credit losses on unfunded commitments, a component of other liabilities, was $0.5 million as of June 30, 2025 and $0.8 million as of December 31, 2024. The increase in the allowance for credit losses on loans was partially attributable to the annual review and update to loss drivers used in the Bank’s CECL model, which resulted in higher baseline loss rates for most of the Bank’s portfolio segments. Also contributing to the increase in the allowance was year-to-date net loan growth and deterioration in FOMC forecasted data points used in modeling for national unemployment and GDP growth. Forecasts for year-end 2025 GDP growth decreased 70 basis points compared to December 31, 2024, while forecasts for year-end 2025 unemployment increased 20 basis points compared to December 31, 2024. Partially offsetting the overall increase in the allowance was a $0.8 million decrease in allowance allocations for individually analyzed loans, due to commercial net charge-offs in the first half of 2025. Provision for credit losses as a percentage of period-end loan balances was 0.05% for both the second quarter of 2025 and for the first quarter of 2025. The allowance for credit losses on loans to total loans was 1.06% as of June 30, 2025 and 1.03% as of December 31, 2024 while the allowance for credit losses on loans was 275.16% of non-performing loans as of June 30, 2025 and 238.87% as of December 31, 2024.

Balance Sheet Activity
Total assets were $2.852 billion as of June 30, 2025, compared to $2.776 billion as of December 31, 2024, an increase of $76.3 million, or 2.7%. This increase was driven by increases of $273.0 million in cash and cash equivalents and $61.0 million in loans, net of deferred origination fees and costs, partially offset by decreases of $244.1 million in securities available for sale and $11.0 million in accrued interest receivable and other assets.

Cash and cash equivalents increased largely due to proceeds of $227.3 million from the Corporation’s sale of available for sale securities in the second quarter of 2025. Cash balances as of June 30, 2025 were held almost entirely at the FRBNY and the Corporation utilized a portion of these proceeds to pay off wholesale funding which matured early in the third quarter of 2025. An increase of $72.1 million in total deposits, primarily due to inflows of municipal deposits, and proceeds from the Corporation’s issuance of subordinated debt in the second quarter of 2025, also contributed to the increase in cash and cash equivalents balances.

Loans, net of deferred origination fees and costs increased mainly due to growth in commercial real estate balances. Total commercial loan balances increased $75.5 million, or 5.0%, compared to prior year-end, comprised of an increase of $80.5 million in commercial real estate balances, partially offset by a decrease of $5.0 million in commercial and industrial balances. Year-to-date commercial loan growth was relatively evenly distributed between the Bank’s Capital Bank and Canal Bank divisions in the Albany and Buffalo markets, respectively. Residential mortgages increased $3.2 million, or 1.2%, compared to the prior year-end, with overall year-to-date origination activity as of June 30, 2025 increasing compared to the same period in the prior year. Consumer loans decreased $17.7 million, or 6.3%, compared to the prior-year end, largely due to lower levels of indirect auto loan origination activity, and a relatively fast turnover rate in the portfolio, however origination activity increased toward the end of the second quarter as a result of a decrease in interest rates offered in the indirect lending program.

Securities available for sale decreased primarily due to the Corporation’s ongoing strategic balance sheet repositioning, which included the sale of available for sale securities with a market value totaling $227.3 million in the second quarter of 2025. The sale of securities included the Corporation’s entire portfolio of U.S Treasury and SBA pooled-loan securities, as well as portions of the mortgage-backed securities and municipal bonds portfolios. Year-to-date net paydowns and maturities on available for sale securities totaled $28.3 million, largely on mortgage-backed and SBA pooled-loan securities. Partially offsetting the overall decrease in the available for sale securities portfolio was an increase of $12.6 million in the fair value of securities, mainly due to favorable changes in interest rates compared to December 31, 2024. Accrued interest receivable and other assets decreased largely due to a decrease in the fair value of interest rate swap assets, due to changes in interest rates.

Total liabilities were $2.618 billion as of June 30, 2025, compared to $2.561 billion as of December 31, 2024, an increase of $56.7 million, or 2.2%. This increase was driven by increases of $72.1 million in total deposits and $44.1 million in subordinated debt, net of deferred issuance costs, partially offset by decreases of $54.3 million in advances and other debt and $5.0 million in accrued interest payable and other liabilities.

Total deposits increased $72.1 million, or 3.0%, compared to the prior year-end, largely due to increases of $44.6 million in money market deposits and $41.6 million in interest-bearing demand deposits. Increases in these deposit types were primarily attributable to seasonal inflows of municipal deposits. Total time deposits decreased $5.4 million, consisting of a decrease of $13.3 million in customer time deposits partially offset by an increase of $7.8 million in brokered deposits. The decrease in customer time deposits was partially due to the maturity of previous CD campaign offerings which were not renewed. The Bank has continued to focus on shorter-duration CD campaigns, such as six and 15-month offerings, while also introducing a 36-month option in 2025 to broaden its product offerings. All of the Corporation’s brokered deposits matured in early July 2025 and were paid off in full using a portion of the proceeds from the previously mentioned securities sale. Excluding brokered deposits, total deposits increased $64.2 million from December 31, 2024. Additionally, savings deposits decreased $7.3 million while non interest-bearing demand deposits decreased $1.4 million from December 31, 2024. Non interest-bearing deposits comprised 25.3% and 26.1% of total deposits as of June 30, 2025 and December 31, 2024, respectively.

Subordinated debt, net of deferred issuance costs, increased due to the issuance of $45.0 million in 7.75% fixed-to-floating rate notes in June 2025 in a private offering. There were $0.9 million in deferred issuance costs associated with the offering. The subordinated debt qualifies as tier 2 capital at the holding company and tier 1 capital at the Bank. Of the $45.0 million in subordinated debt issued, $37.0 million was downstreamed to the Bank, qualifying as tier 1 capital. The notes carry an original term of ten years and are redeemable by the Corporation beginning in June 2030, and beginning in June 2030 will float based on the then current Three-Month Term SOFR, plus 415 basis points. Further details regarding the offering can be found in the Corporation’s Form 8-K filed with the Securities and Exchange Commission on June 10, 2025.

Advances and other debt decreased mainly due to increases in cash and cash equivalents and total deposits. Advances and other debt as of June 30, 2025 largely consisted of a $55.0 million two-month term advance from the FHLBNY, which matured in July 2025, whereas the composition of advances and other debt as of the prior year-end consisted primarily of FHLBNY overnight advances. The decrease in accrued interest payable and other liabilities was mainly due to a decrease in interest rate swap liabilities, due to changes in interest rates.

Total shareholders’ equity was $235.0 million as of June 30, 2025, compared to $215.3 million as of December 31, 2024, an increase of $19.7 million, or 9.2%, driven by a decrease of $22.4 million in accumulated other comprehensive loss and partially offset by a decrease of $3.5 million in retained earnings. The decrease in accumulated other comprehensive loss was largely due to the reclassification of a portion of losses attributable to the available for sale securities portfolio into current period earnings, due to the Corporation’s sale of available for sale securities in the second quarter of 2025, as well as an increase in the fair value of securities available for sale, mainly due to favorable changes in market interest rates. The decrease in retained earnings was mainly due to a net loss for the six months ended June 30, 2025, due to the Corporation’s loss on the sale of available for sale securities, and dividends declared of $3.1 million during the six months ended June 30, 2025.

The total equity to total assets ratio was 8.24% as of June 30, 2025, compared to 7.76% as of December 31, 2024, and the tangible equity to tangible assets ratio was 7.53% as of June 30, 2025, compared to 7.02% as of December 31, 2024.¹ Book value per share and tangible book value per share increased to $48.85 and $44.31, respectively, as of June 30, 2025 from $45.13 and $40.55, respectively, as of December 31, 2024.¹ The Corporation’s sale of securities available for sale did not impact book value per share or tangible book value per share. As of June 30, 2025, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

¹ See the GAAP to Non-GAAP reconciliations

Liquidity
The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits of $250,000 or greater, brokered deposits, FHLBNY overnight and term advances, and FRB advances. Borrowings may be used on a short-term basis for liquidity purposes or on a long-term basis to fund asset growth. As of June 30, 2025, the Corporation’s cash and cash equivalents balance was $320.1 million, largely consisting of the proceeds from the Corporation’s sale of a portion of the available for sale securities portfolio in the second quarter of 2025. The Corporation continues to maintain an investment portfolio of securities available for sale, comprised of government sponsored entity mortgage-backed securities, municipal bonds, and corporate bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if needed. As of June 30, 2025, the Corporation’s investment in securities available for sale was $287.3 million, $74.2 million of which was not pledged as collateral. Additionally, as of June 30, 2025, the Bank’s total advance line capacity at the Federal Home Loan Bank of New York was $170.2 million, $55.0 million of which was utilized and $115.2 million of which was available as additional borrowing capacity.

As of June 30, 2025, uninsured deposits totaled $694.3 million, or 28.1% of total deposits, including $187.4 million of municipal deposits collateralized by pledged assets, when required. As of December 31, 2024, uninsured deposits totaled $652.3 million, or 27.2% of total deposits, including $145.6 million of municipal deposits collateralized by pledged assets, when required. Due to their fluidity, the Corporation closely monitors uninsured deposit levels when considering liquidity management strategies.

As of June 30, 2025, the Corporation had brokered deposits totaling $100.0 million, all of which matured in early July 2025. As part of its strategic balance sheet repositioning, the Corporation did not replace the brokered deposits at maturity, reflecting its efforts to reduce reliance on wholesale funding sources. The Corporation may use brokered deposits in the future either as a secondary source in funding asset growth or as an additional source of liquidity in supporting ongoing operations.

Other Items
The market value of total assets under management or administration in our Wealth Management Group was $2.313 billion as of June 30, 2025, including $334.0 million of assets under management or administration for the Corporation, compared to $2.212 billion as of December 31, 2024, including $301.9 million of assets under management or administration for the Corporation, an increase of $101.0 million, or 4.5%. Excluding assets under management or administration for the Corporation, total market value of Wealth Management Group assets increased $69.0 million, or 3.7%, largely due to improvements in financial markets during 2025, largely concentrated in the second quarter 2025.

In April 2025, the Corporation completed the sale of its previous branch property on West Buffalo Street in Ithaca, New York, resulting in a pre-tax gain on the sale of $0.6 million. Branch operations had previously been consolidated into a nearby Ithaca branch in November 2024. The gain on the sale of this property has been excluded for the purposes of calculating certain non-GAAP metrics appearing elsewhere in this press release.

As previously announced on January 8, 2021, the Corporation’s Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. As of June 30, 2025, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. No shares were repurchased in the second quarter of 2025. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares as of June 30, 2025.

About Chemung Financial Corporation
Chemung Financial Corporation is a $2.9 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services, and insurance.

This press release may be found at: www.chemungcanal.com under Investor Relations.

Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation’s expected financial position and operating results, the Corporation’s business strategy, the Corporation’s financial plans, forecasted demographic and economic trends relating to the Corporation’s industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation’s use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or “intend.” The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation’s actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.

Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC’s website at http://www.sec.gov, on the Corporation’s website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.


Chemung Financial Corporation
Consolidated Balance Sheets (Unaudited)
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(in thousands)	2025			2025			2024			2024			2024
ASSETS
Cash and due from financial institutions	$	35,825		$	32,087		$	26,224		$	36,247		$	23,184
Interest-earning deposits in other financial institutions		284,226			21,348			20,811			44,193			47,033
Total cash and cash equivalents		320,051			53,435			47,035			80,440			70,217

Equity investments		3,387			3,249			3,235			3,244			3,090

Securities available for sale		287,335			528,327			531,442			554,575			550,927
Securities held to maturity		680			808			808			657			657
FHLB and FRB stock, at cost		6,826			8,040			9,117			4,189			5,506
Total investment securities		294,841			537,175			541,367			559,421			557,090

Commercial		1,591,999			1,555,988			1,516,525			1,464,205			1,445,258
Residential mortgage		278,221			275,448			274,979			274,099			271,620
Consumer		262,194			266,200			279,915			290,650			294,594
Loans, net of deferred loan fees		2,132,414			2,097,636			2,071,419			2,028,954			2,011,472
Allowance for credit losses		(22,665	)		(22,522	)		(21,388	)		(21,441	)		(21,031	)
Loans, net		2,109,749			2,075,114			2,050,031			2,007,513			1,990,441

Loans held for sale		2,212			284			—			—			381
Premises and equipment, net		15,438			16,222			16,375			14,915			14,731
Operating lease right-of-use assets		5,139			5,332			5,446			5,637			5,827
Goodwill		21,824			21,824			21,824			21,824			21,824
Accrued interest receivable and other assets		79,847			84,090			90,834			81,221			92,212
Total assets	$	2,852,488		$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non interest-bearing demand deposits	$	624,389		$	619,645		$	625,762		$	616,126		$	619,192
Interest-bearing demand deposits		348,169			339,790			306,536			349,383			328,370
Money market deposits		639,706			625,505			595,123			630,870			613,131
Savings deposits		238,228			249,541			245,550			242,911			248,528
Time deposits		618,470			598,915			623,912			611,831			606,700
Total deposits		2,468,962			2,433,396			2,396,883			2,451,121			2,415,921

Advances and other debt		58,616			88,701			112,889			53,757			83,835
Subordinated debt, net of deferred issuance costs		44,146			—			—			—			—
Operating lease liabilities		5,319			5,516			5,629			5,820			6,009
Accrued interest payable and other liabilities		40,479			40,806			45,437			42,863			48,826
Total liabilities		2,617,522			2,568,419			2,560,838			2,553,561			2,554,591

Shareholders’ equity
Common stock		53			53			53			53			53
Additional paid-in capital		48,502			48,157			48,783			48,457			48,102
Retained earnings		244,211			252,195			247,705			243,266			239,021
Treasury stock, at cost		(15,095	)		(15,180	)		(16,167	)		(15,987	)		(16,043	)
Accumulated other comprehensive loss		(42,705	)		(56,919	)		(65,065	)		(55,135	)		(69,911	)
Total shareholders’ equity		234,966			228,306			215,309			220,654			201,222
Total liabilities and shareholders’ equity	$	2,852,488		$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813

Period-end shares outstanding		4,810			4,807			4,771			4,774			4,772

Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)
	Three Months Ended June 30,						Percent			Six Months Ended June 30,						Percent
(in thousands, except per share data)	2025			2024			Change			2025			2024			Change
Interest and dividend income:
Loans, including fees	$	29,435		$	27,514			7.0		$	57,534		$	54,712			5.2
Taxable securities		2,530			3,251			(22.2	)		5,553			6,808			(18.4	)
Tax exempt securities		214			254			(15.7	)		465			512			(9.2	)
Interest-earning deposits		855			367			133.0			1,180			573			105.9
Total interest and dividend income		33,034			31,386			5.3			64,732			62,605			3.4

Interest expense:
Deposits		11,076			12,711			(12.9	)		22,232			24,856			(10.6	)
Borrowed funds		1,150			914			25.8			1,875			1,899			(1.3	)
Total interest expense		12,226			13,625			(10.3	)		24,107			26,755			(9.9	)

Net interest income		20,808			17,761			17.2			40,625			35,850			13.3
Provision (credit) for credit losses		1,145			879			30.3			2,237			(1,161	)		292.7
Net interest income after provision for credit losses		19,663			16,882			16.5			38,388			37,011			3.7

Non-interest income:
Wealth management group fee income		2,993			2,860			4.7			5,860			5,563			5.3
Service charges on deposit accounts		1,114			964			15.6			2,234			1,913			16.8
Interchange revenue from debit card transactions		1,110			1,141			(2.7	)		2,147			2,204			(2.6	)
Net gains (losses) on securities transactions		(17,498	)		—			N/M			(17,498	)		—			N/M
Change in fair value of equity investments		108			14			N/M			61			115			(47.0	)
Net gains on sales of loans held for sale		51			39			30.8			91			71			28.2
Net gains (losses) on sales of other real estate owned		3			(3	)		200.0			(8	)		(3	)		(166.7	)
Income from bank owned life insurance		8			10			(20.0	)		16			19			(15.8	)
Other		1,406			573			145.4			2,281			1,373			66.1
Total non-interest income		(10,705	)		5,598			(291.2	)		(4,816	)		11,255			(142.8	)

Non-interest expense:
Salaries and wages		7,579			6,823			11.1			14,788			13,839			6.9
Pension and other employee benefits		2,112			2,078			1.6			4,034			4,160			(3.0	)
Other components of net periodic pension and postretirement benefits		(113	)		(232	)		51.3			(226	)		(464	)		51.3
Net occupancy		1,431			1,445			(1.0	)		2,964			2,938			0.9
Furniture and equipment		455			397			14.6			828			795			4.2
Data processing		2,563			2,297			11.6			5,097			4,870			4.7
Professional services		805			558			44.3			1,443			1,117			29.2
Marketing and advertising		351			388			(9.5	)		690			733			(5.9	)
Other real estate owned expense		3			12			(75.0	)		14			61			(77.0	)
FDIC insurance		434			516			(15.9	)		873			1,093			(20.1	)
Loan expense		296			200			48.0			574			455			26.2
Other		1,853			1,737			6.7			3,617			3,320			8.9
Total non-interest expense		17,769			16,219			9.6			34,696			32,917			5.4

Income before income tax expense		(8,811	)		6,261			(240.7	)		(1,124	)		15,349			(107.3	)
Income tax expense		(2,359	)		1,274			(285.2	)		(695	)		3,312			(121.0	)
Net income	$	(6,452	)	$	4,987			(229.4	)	$	(429	)	$	12,037			(103.6	)

Basic and diluted earnings per share	$	(1.35	)	$	1.05					$	(0.09	)	$	2.53
Cash dividends declared per share	$	0.32		$	0.31					$	0.64		$	0.62
Average basic and diluted shares outstanding		4,808			4,770						4,798			4,767


N/M – Not Meaningful

Chemung Financial Corporation	As of or for the Three Months Ended															As of or for the Six Months Ended
Consolidated Financial Highlights (Unaudited)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except per share data)	2025			2025			2024			2024			2024			2025			2024
RESULTS OF OPERATIONS
Interest income	$	33,034		$	31,698		$	32,597		$	32,362		$	31,386		$	64,732		$	62,605
Interest expense		12,226			11,881			12,776			13,974			13,625			24,107			26,755
Net interest income		20,808			19,817			19,821			18,388			17,761			40,625			35,850
Provision (credit) for credit losses		1,145			1,092			551			564			879			2,237			(1,161	)
Net interest income after provision for credit losses		19,663			18,725			19,270			17,824			16,882			38,388			37,011
Non-interest income		(10,705	)		5,889			6,056			5,919			5,598			(4,816	)		11,255
Non-interest expense		17,769			16,927			17,823			16,510			16,219			34,696			32,917
Income before income tax expense		(8,811	)		7,687			7,503			7,233			6,261			(1,124	)		15,349
Income tax expense		(2,359	)		1,664			1,589			1,513			1,274			(695	)		3,312
Net income	$	(6,452	)	$	6,023		$	5,914		$	5,720		$	4,987		$	(429	)	$	12,037

Basic and diluted earnings per share	$	(1.35	)	$	1.26		$	1.24		$	1.19		$	1.05		$	(0.09	)	$	2.53
Average basic and diluted shares outstanding		4,808			4,791			4,774			4,773			4,770			4,798			4,767
PERFORMANCE RATIOS
Return on average assets		(0.92	%)		0.88	%		0.85	%		0.83	%		0.73	%		(0.03	%)		0.89	%
Return on average equity		(11.29	%)		10.96	%		10.73	%		10.81	%		10.27	%		(0.38	%)		12.37	%
Return on average tangible equity (a)		(12.48	%)		12.15	%		11.92	%		12.07	%		11.56	%		(0.42	%)		13.93	%
Efficiency ratio (unadjusted) (e)		175.88	%		65.85	%		68.88	%		67.92	%		69.43	%		96.89	%		69.88	%
Efficiency ratio (adjusted) (a)		65.69	%		65.64	%		68.64	%		67.69	%		69.19	%		65.67	%		69.64	%
Non-interest expense to average assets		2.54	%		2.47	%		2.57	%		2.39	%		2.38	%		2.50	%		2.42	%
Loans to deposits		86.37	%		86.20	%		86.42	%		82.78	%		83.26	%		86.37	%		83.26	%
YIELDS / RATES – Fully Taxable Equivalent
Yield on loans		5.61	%		5.49	%		5.61	%		5.65	%		5.52	%		5.55	%		5.51	%
Yield on investments		2.27	%		2.26	%		2.29	%		2.21	%		2.27	%		2.26	%		2.31	%
Yield on interest-earning assets		4.83	%		4.72	%		4.79	%		4.78	%		4.69	%		4.78	%		4.69	%
Cost of interest-bearing deposits		2.45	%		2.48	%		2.67	%		2.88	%		2.86	%		2.47	%		2.80	%
Cost of borrowings		4.90	%		4.54	%		4.74	%		5.08	%		5.04	%		4.76	%		5.10	%
Cost of interest-bearing liabilities		2.57	%		2.55	%		2.73	%		2.97	%		2.94	%		2.56	%		2.90	%
Cost of funds		1.94	%		1.92	%		2.04	%		2.24	%		2.20	%		1.93	%		2.16	%
Interest rate spread		2.26	%		2.17	%		2.06	%		1.81	%		1.75	%		2.22	%		1.79	%
Net interest margin, fully taxable equivalent		3.05	%		2.96	%		2.92	%		2.72	%		2.66	%		3.00	%		2.69	%
CAPITAL
Total equity to total assets at end of period		8.24	%		8.16	%		7.76	%		7.95	%		7.30	%		8.24	%		7.30	%
Tangible equity to tangible assets at end of period (a)		7.53	%		7.44	%		7.02	%		7.22	%		6.56	%		7.53	%		6.56	%
Book value per share	$	48.85		$	47.49		$	45.13		$	46.22		$	42.17		$	48.85		$	42.17
Tangible book value per share (a)		44.31			42.95			40.55			41.65			37.59			44.31			37.59
Period-end market value per share		48.47			47.57			48.81			48.02			48.00			48.47			48.00
Dividends declared per share		0.32			0.32			0.31			0.31			0.31			0.64			0.62
AVERAGE BALANCES
Loans and loans held for sale (b)	$	2,108,557		$	2,077,739		$	2,046,270		$	2,020,280		$	2,009,823		$	2,093,233		$	1,999,504
Interest-earning assets		2,749,856			2,729,661			2,711,995			2,699,968			2,699,402			2,739,813			2,690,230
Total assets		2,802,226			2,784,414			2,761,875			2,751,392			2,740,967			2,793,369			2,732,679
Deposits		2,432,713			2,445,597			2,446,662			2,410,735			2,419,169			2,439,119			2,410,692
Total equity		229,161			222,802			219,254			210,421			195,375			225,999			195,618
Tangible equity (a)		207,337			200,978			197,430			188,597			173,551			204,175			173,794
ASSET QUALITY
Net charge-offs	$	992		$	262		$	594		$	78		$	306		$	1,254		$	488
Non-performing loans (c)		8,237			9,881			8,954			10,545			8,195			8,237			8,195
Non-performing assets (d)		8,447			10,282			9,606			11,134			8,872			8,447			8,872
Allowance for credit losses		22,665			22,522			21,388			21,441			21,031			22,665			21,031
Annualized net charge-offs to average loans		0.19	%		0.05	%		0.12	%		0.02	%		0.06	%		0.12	%		0.05	%
Non-performing loans to total loans		0.39	%		0.47	%		0.43	%		0.52	%		0.41	%		0.39	%		0.41	%
Non-performing assets to total assets		0.30	%		0.37	%		0.35	%		0.40	%		0.32	%		0.30	%		0.32	%
Allowance for credit losses to total loans		1.06	%		1.07	%		1.03	%		1.06	%		1.05	%		1.06	%		1.05	%
Allowance for credit losses to non-performing loans		275.16	%		227.93	%		238.87	%		203.33	%		256.63	%		275.16	%		256.63	%

(a) See the GAAP to Non-GAAP reconciliations.
(b) Loans and loans held for sale do not reflect the allowance for credit losses.
(c) Non-performing loans include nonaccrual loans only.
(d) Non-performing assets include non-performing loans plus other real estate owned and repossessed vehicles.
(e) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income.

Chemung Financial Corporation
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)

	Three Months Ended June 30, 2025									Three Months Ended June 30, 2024									Three Months Ended June 30, 2025 vs. 2024
(in thousands)	Average Balance			Interest			Yield / Rate			Average Balance			Interest			Yield / Rate			Total Change			Due to Volume			Due to Rate

Interest-earning assets:
Commercial loans	$	1,568,239		$	22,909			5.86	%	$	1,439,085		$	21,005			5.87	%	$	1,904		$	1,939		$	(35	)
Residential mortgage loans		276,391			2,847			4.13	%		273,482			2,569			3.76	%		278			27			251
Consumer loans		263,927			3,727			5.66	%		297,256			3,996			5.41	%		(269	)		(453	)		184
Taxable securities		533,573			2,533			1.90	%		620,201			3,254			2.11	%		(721	)		(421	)		(300	)
Tax-exempt securities		31,967			239			3.00	%		39,567			276			2.81	%		(37	)		(55	)		18
Interest-earning deposits		75,759			855			4.53	%		29,811			367			4.95	%		488			521			(33	)
Total interest-earning assets		2,749,856			33,110			4.83	%		2,699,402			31,467			4.69	%		1,643			1,558			85

Non interest-earning assets:
Cash and due from banks		25,005									25,054
Other assets		49,911									37,120
Allowance for credit losses		(22,546	)								(20,609	)
Total assets	$	2,802,226								$	2,740,967

Interest-bearing liabilities:
Interest-bearing checking	$	334,957		$	1,297			1.55	%	$	305,620		$	1,391			1.83	%	$	(94	)	$	128		$	(222	)
Savings and money market		867,723			4,237			1.96	%		854,456			4,317			2.03	%		(80	)		68			(148	)
Time deposits		519,181			4,536			3.50	%		529,063			5,643			4.29	%		(1,107	)		(102	)		(1,005	)
Brokered deposits		92,826			1,006			4.35	%		101,182			1,360			5.41	%		(354	)		(105	)		(249	)
FHLBNY overnight advances		4,381			50			4.58	%		10,824			151			5.52	%		(101	)		(79	)		(22	)
Term advances and other debt		79,413			893			4.51	%		61,809			763			4.96	%		130			204			(74	)
Subordinated debt		10,254			207			8.10	%		—			—		N/A				207			207			—
Total interest-bearing liabilities		1,908,735			12,226			2.57	%		1,862,954			13,625			2.94	%		(1,399	)		321			(1,720	)

Non interest-bearing liabilities:
Demand deposits		618,026									628,848
Other liabilities		46,304									53,790
Total liabilities		2,573,065									2,545,592
Shareholders’ equity		229,161									195,375
Total liabilities and shareholders’ equity	$	2,802,226								$	2,740,967

Fully taxable equivalent net interest income					20,884									17,842					$	3,042		$	1,237		$	1,805
Net interest rate spread (1)								2.26	%								1.75	%
Net interest margin, fully taxable equivalent (2)								3.05	%								2.66	%
Taxable equivalent adjustment					(76	)								(81	)
Net interest income				$	20,808								$	17,761

(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.

Chemung Financial Corporation
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)

	Six Months Ended June 30, 2025									Six Months Ended June 30, 2024									Six Months Ended June 30, 2025 vs. 2024
	Average Balance			Interest			Yield / Rate			Average Balance			Interest			Yield / Rate			Total Change			Due to Volume			Due to Rate
(in thousands)
Interest-earning assets:
Commercial loans	$	1,548,741		$	44,605			5.81	%	$	1,423,018		$	41,647			5.89	%	$	2,958		$	3,543		$	(585	)
Residential mortgage loans		275,960			5,548			4.05	%		275,571			5,166			3.75	%		382			6			376
Consumer loans		268,532			7,478			5.62	%		300,915			8,012			5.35	%		(534	)		(912	)		378
Taxable securities		558,952			5,559			2.01	%		626,747			6,814			2.19	%		(1,255	)		(713	)		(542	)
Tax-exempt securities		34,846			518			3.00	%		39,916			558			2.81	%		(40	)		(76	)		36
Interest-earning deposits		52,782			1,180			4.51	%		24,063			573			4.79	%		607			642			(35	)
Total interest-earning assets		2,739,813			64,888			4.78	%		2,690,230			62,770			4.69	%		2,118			2,490			(372	)

Non interest-earning assets:
Cash and due from banks		25,527									25,154
Other assets		50,083									38,893
Allowance for credit losses		(22,054	)								(21,598	)
Total assets	$	2,793,369								$	2,732,679

Interest-bearing liabilities:
Interest-bearing checking	$	335,556		$	2,601			1.56	%	$	306,758		$	2,725			1.79	%	$	(124	)	$	243		$	(367	)
Savings and money market		863,354			8,103			1.89	%		859,785			8,583			2.01	%		(480	)		36			(516	)
Time deposits		517,045			9,239			3.60	%		505,512			10,547			4.20	%		(1,308	)		234			(1,542	)
Brokered deposits		102,777			2,289			4.49	%		111,295			3,001			5.42	%		(712	)		(220	)		(492	)
FHLBNY overnight advances		12,535			285			4.58	%		22,849			639			5.53	%		(354	)		(256	)		(98	)
Term advances and other debt		61,780			1,383			4.51	%		51,638			1,260			4.91	%		123			231			(108	)
Subordinated debt		5,155			207			8.10	%		—			—		N/A				207			207			—
Total interest-bearing liabilities		1,898,202			24,107			2.56	%		1,857,837			26,755			2.90	%		(2,648	)		475			(3,123	)

Non interest-bearing liabilities:
Demand deposits		620,387									627,342
Other liabilities		48,781									51,882
Total liabilities		2,567,370									2,537,061
Shareholders’ equity		225,999									195,618
Total liabilities and shareholders’ equity	$	2,793,369								$	2,732,679

Fully taxable equivalent net interest income					40,781									36,015					$	4,766		$	2,015		$	2,751
Net interest rate spread (1)								2.22	%								1.79	%
Net interest margin, fully taxable equivalent (2)								3.00	%								2.69	%
Taxable equivalent adjustment					(156	)								(165	)
Net interest income				$	40,625								$	35,850

(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.

Chemung Financial Corporation
Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)

	Three Months Ended June 30, 2025									Three Months Ended March 31, 2025									Three Months Ended June 30, 2025 vs. March 31, 2025
	Average Balance			Interest			Yield / Rate			Average Balance			Interest			Yield / Rate			Total Change			Due to Volume			Due to Rate
(in thousands)
Interest-earning assets:
Commercial loans	$	1,568,239		$	22,909			5.86	%	$	1,529,028		$	21,696			5.75	%	$	1,213		$	695		$	518
Residential mortgage loans		276,391			2,847			4.13	%		275,524			2,701			3.98	%		146			12			134
Consumer loans		263,927			3,727			5.66	%		273,187			3,751			5.57	%		(24	)		(99	)		75
Taxable securities		533,573			2,533			1.90	%		584,614			3,026			2.10	%		(493	)		(235	)		(258	)
Tax-exempt securities		31,967			239			3.00	%		37,758			279			3.00	%		(40	)		(40	)		—
Interest-earning deposits		75,759			855			4.53	%		29,550			325			4.46	%		530			525			5
Total interest-earning assets		2,749,856			33,110			4.83	%		2,729,661			31,778			4.72	%		1,332			858			474

Non interest-earning assets:
Cash and due from banks		25,005									26,055
Other assets		49,911									50,256
Allowance for credit losses		(22,546	)								(21,558	)
Total assets	$	2,802,226								$	2,784,414

Interest-bearing liabilities:
Interest-bearing checking	$	334,957		$	1,297			1.55	%	$	336,162		$	1,303			1.57	%	$	(6	)	$	(1	)	$	(5	)
Savings and money market		867,723			4,237			1.96	%		858,937			3,866			1.83	%		371			47			324
Time deposits		519,181			4,536			3.50	%		514,884			4,704			3.71	%		(168	)		48			(216	)
Brokered deposits		92,826			1,006			4.35	%		112,840			1,283			4.61	%		(277	)		(210	)		(67	)
FHLBNY overnight advances		4,381			50			4.58	%		20,781			236			4.61	%		(186	)		(184	)		(2	)
Term advances and other debt		79,413			893			4.51	%		43,950			489			4.51	%		404			404			—
Subordinated debt		10,254			207			8.10	%		—			—		N/A				207			207			—
Total interest-bearing liabilities		1,908,735			12,226			2.57	%		1,887,554			11,881			2.55	%		345			311			34

Non interest-bearing liabilities:
Demand deposits		618,026									622,774
Other liabilities		46,304									51,284
Total liabilities		2,573,065									2,561,612
Shareholders’ equity		229,161									222,802
Total liabilities and shareholders’ equity	$	2,802,226								$	2,784,414

Fully taxable equivalent net interest income					20,884									19,897					$	987		$	547		$	440
Net interest rate spread (1)								2.26	%								2.17	%
Net interest margin, fully taxable equivalent (2)								3.05	%								2.96	%
Taxable equivalent adjustment					(76	)								(80	)
Net interest income				$	20,808								$	19,817

(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.

Chemung Financial Corporation

GAAP to Non-GAAP Reconciliations (Unaudited)

The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.

In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules, although we are unable to state with certainty that the SEC would so regard them.

Fully Taxable Equivalent Net Interest Income and Net Interest Margin

Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution’s net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution’s net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax-exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.

																As of or for the
	As of or for the Three Months Ended															Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except ratio data)	2025			2025			2024			2024			2024			2025			2024
NET INTEREST MARGIN – FULLY TAXABLE EQUIVALENT
Net interest income (GAAP)	$20,808			$19,817			$19,821			$18,388			$17,761			$40,625			$35,850
Fully taxable equivalent adjustment		76			80			88			83			81			156			165
Fully taxable equivalent net interest income (non-GAAP)	$20,884			$19,897			$19,909			$18,471			$17,842			$40,781			$36,015

Average interest-earning assets (GAAP)	$2,749,856			$2,729,661			$2,711,995			$2,699,968			$2,699,402			$2,739,813			$2,690,230

Net interest margin – fully taxable equivalent (non-GAAP)		3.05	%		2.96	%		2.92	%		2.72	%		2.66	%		3.00	%		2.69	%

Efficiency Ratio

The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non-interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.

																As of or for the
	As of or for the Three Months Ended															Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except ratio data)	2025			2025			2024			2024			2024			2025			2024
EFFICIENCY RATIO
Net interest income (GAAP)	$20,808			$19,817			$19,821			$18,388			$17,761			$40,625			$35,850
Fully taxable equivalent adjustment		76			80			88			83			81			156			165
Fully taxable equivalent net interest income (non-GAAP)	$20,884			$19,897			$19,909			$18,471			$17,842			$40,781			$36,015

Non-interest income (GAAP)	$(10,705		)	$5,889			$6,056			$5,919			$5,598			$(4,816		)	$11,255
Less: net (gains) losses on security transactions		17,498			—			—			—			—			17,498			—
Less: (gain) loss on sale of branch property (net of tax)		(629	)		—			—			—			—			(629	)		—
Adjusted non-interest income (non-GAAP)	$6,164			$5,889			$6,056			$5,919			$5,598			$12,053			$11,255

Non-interest expense (GAAP)	$17,769			$16,927			$17,823			$16,510			$16,219			$34,696			$32,917

Efficiency ratio (unadjusted)		175.88	%		65.85	%		68.88	%		67.92	%		69.43	%		96.89	%		69.88	%
Efficiency ratio (adjusted)		65.69	%		65.64	%		68.64	%		67.69	%		69.19	%		65.67	%		69.64	%

Tangible Equity and Tangible Assets (Period-End)

Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

																As of or for the
	As of or for the Three Months Ended															Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except per share and ratio data)	2025			2025			2024			2024			2024			2025			2024
TANGIBLE EQUITY AND TANGIBLE ASSETS
(PERIOD END)
Total shareholders’ equity (GAAP)	$	234,966		$	228,306		$	215,309		$	220,654		$	201,222		$	234,966		$	201,222
Less: intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Tangible equity (non-GAAP)	$	213,142		$	206,482		$	193,485		$	198,830		$	179,398		$	213,142		$	179,398

Total assets (GAAP)	$	2,852,488		$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813		$	2,852,488		$	2,755,813
Less: intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Tangible assets (non-GAAP)	$	2,830,664		$	2,774,901		$	2,754,323		$	2,752,391		$	2,733,989		$	2,830,664		$	2,733,989

Total equity to total assets at end of period (GAAP)		8.24	%		8.16	%		7.76	%		7.95	%		7.30	%		8.24	%		7.30	%
Book value per share (GAAP)	$	48.85		$	47.49		$	45.13		$	46.22		$	42.17		$	48.85		$	42.17

Tangible equity to tangible assets at end of period (non-GAAP)		7.53	%		7.44	%		7.02	%		7.22	%		6.56	%		7.53	%		6.56	%
Tangible book value per share (non-GAAP)	$	44.31		$	42.95		$	40.55		$	41.65		$	37.59		$	44.31		$	37.59

Tangible Equity (Average)

Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

																As of or for the
	As of or for the Three Months Ended															Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except ratio data)	2025			2025			2024			2024			2024			2025			2024
TANGIBLE EQUITY (AVERAGE)
Total average shareholders’ equity (GAAP)	$	229,161		$	222,802		$	219,254		$	210,421		$	195,375		$	225,999		$	195,618
Less: average intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Average tangible equity (non-GAAP)	$	207,337		$	200,978		$	197,430		$	188,597		$	173,551		$	204,175		$	173,794

Return on average equity (GAAP)		(11.29	%)		10.96	%		10.73	%		10.81	%		10.27	%		(0.38	%)		12.37	%
Return on average tangible equity (non-GAAP)		(12.48	%)		12.15	%		11.92	%		12.07	%		11.56	%		(0.42	%)		13.93	%

Adjustments for Certain Items of Income or Expense

In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.

																As of or for the
	As of or for the Three Months Ended															Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
(in thousands, except per share and ratio data)	2025			2025			2024			2024			2024			2025			2024
NON-GAAP NET INCOME
Reported net income (GAAP)	$	(6,452	)	$	6,023		$	5,914		$	5,720		$	4,987		$	(429	)	$	12,037
Net (gains) losses on security transactions (net of tax)		13,237			—			—			—			—			13,237			—
Net (gain) loss on sale of branch property (net of tax)		(463	)		—			—			—			—			(463	)		—
Net income (non-GAAP)	$	6,322		$	6,023		$	5,914		$	5,720		$	4,987		$	12,345		$	12,037

Average basic and diluted shares outstanding		4,808			4,791			4,774			4,773			4,770			4,798			4,767

Reported basic and diluted earnings per share (GAAP)	$	(1.35	)	$	1.26		$	1.24		$	1.19		$	1.05		$	(0.09	)	$	2.53
Reported return on average assets (GAAP)		(0.92	%)		0.88	%		0.85	%		0.83	%		0.73	%		(0.03	%)		0.89	%
Reported return on average equity (GAAP)		(11.29	%)		10.96	%		10.73	%		10.81	%		10.27	%		(0.38	%)		12.37	%

Basic and diluted earnings per share (non-GAAP)	$	1.31		$	1.26		$	1.24		$	1.19		$	1.05		$	2.57		$	2.53
Return on average assets (non-GAAP)		0.90	%		0.88	%		0.85	%		0.83	%		0.73	%		0.89	%		0.89	%
Return on average equity (non-GAAP)		11.07	%		10.96	%		10.73	%		10.81	%		10.27	%		11.02	%		12.37	%

For further information contact:
Dale M. McKim, III, EVP and CFO
dmckim@chemungcanal.com
Phone: 607-737-3714

Category: Financial

Source: Chemung Financial Corp

The MIL Network –

July 18, 2025

MIL-OSI USA: Sen. Larry Walker III Appointed to Senate Special Committee on Eliminating Georgia’s State Income Tax

Source: US State of Georgia

ATLANTA (July 17, 2025) — Today, Lt. Governor Burt Jones appointed Senator Larry Walker III (R–Perry) to the newly formed Senate Special Committee on Eliminating Georgia’s State Income Tax.

“I’m honored to be appointed by Lt. Governor Burt Jones to serve on this important committee,” said Sen. Walker. “This effort marks a critical step toward shaping Georgia’s economic future. Eliminating the state income tax is a bold goal that requires serious, thoughtful commitment. Our mission is to ensure that any proposed changes are fiscally responsible and in the best interest of Georgia’s families and businesses.”

The Senate Special Committee on Eliminating Georgia’s State Income Tax is charged with identifying viable pathways to eliminate the state income tax for all Georgians entirely. While the General Assembly has taken steps in recent years to reduce income tax rates for households and businesses, many Georgians still face a heavy tax burden. This committee will work to explore responsible solutions that ease that burden and create a more competitive economic environment.

Senator Blake Tillery (R–Vidalia) will serve as Chairman of the committee.

More information about this committee can be found here.

# # # #

Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County. He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

MIL OSI USA News –

July 18, 2025

MIL-OSI Security: Homeland Security Task Force Created in Houston

Source: US FBI

Task Force Will Combat Emerging Transnational Criminal Threats

HOUSTON—The U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI) Houston Field Office and FBI Houston announced the establishment of a regional Homeland Security Task Force (HSTF) on July 17 to combat emerging threats from transnational criminal organizations in Southeast Texas.

The task force was created as a regional component to the national Homeland Security Task Force established by the Department of Homeland Security and Department of Justice pursuant to an Executive Order issued by President Donald Trump on January 29, 2025, to protect the American people from invasion by transnational criminals.

The Houston HSTF’s objective is to end the presence of criminal cartels, foreign gangs, and transnational criminal organizations operating in Southeast Texas through a collaborative, whole-of-government approach. To accomplish this mission, the HSTF will conduct intelligence-driven, multi-jurisdictional investigations targeting drug trafficking, money laundering, weapons trafficking, human trafficking, alien smuggling, homicide, extortion, kidnapping, child exploitation, and other transnational crimes. The task force will work closely with state and local partners to identify, investigate, and eliminate violent criminal organizations and associates operating in communities throughout Southeast Texas.

“As transnational criminal organizations, foreign terrorist organizations, drug cartels, foreign gangs and other bad actors continue to evolve and become more sophisticated, it’s vital that we work together as a law enforcement community to find transformative ways to confront emerging threats,” said HSI Houston Special Agent in Charge Chad Plantz. “This is especially true in Southeast Texas where we face a myriad of unique border-related challenges and threats from transnational criminal organizations. By establishing this permanently integrated multi-agency task force with dedicated personnel from federal, state and local law enforcement working side-by-side with a common mission, we will be better postured to detect and respond to any type of threat we might face.”

“Foreign terror organizations who profit off violence, drugs, and human lives now face a united front unseen before in Houston,” said FBI Houston Special Agent in Charge Douglas Williams. “For the first time, law enforcement and intelligence agencies are focused on hunting down and eradicating transnational criminals within Houston communities. Federal, state, and local police will coordinate with the U.S. Intelligence Community and overseas partners to efficiently eliminate newly designated terrorists wreaking havoc in our neighborhoods.”

The Homeland Security Task Force will be headquartered in Houston and have a satellite office in Corpus Christi. The heads of HSI Houston and FBI Houston will co-lead the task force with input from a regional executive committee comprised of leaders from participating agencies. Task force personnel will include law enforcement agents, intelligence analysts, and professional staff.

Participating agencies will include the Drug Enforcement Administration, Bureau of Alcohol, Tobacco, Firearms, and Explosives, U.S. Marshals Service, Internal Revenue Service Criminal Investigative Division, U.S. Postal Inspection Service, U.S. Customs and Border Protection Office of Field Operations, Texas Department of Public Safety, Houston Police Department, Harris County Sheriff’s Office, Montgomery County Sheriff’s Office, the High Intensity Drug Trafficking Area Director, U.S. Attorneys from the Southern and Eastern Districts of Texas, and other federal, state, and local partners.

For more news and information on the Houston Homeland Security Task Force follow @FBIHouston and @HSIHouston on X.

MIL Security OSI –

July 18, 2025

MIL-OSI Russia: Alexander Novak held a meeting on the issue of energy supply for mining activities

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Deputy Prime Minister Alexander Novak held a meeting on the issue of energy supply to consumers engaged in mining activities. It was attended by representatives of federal authorities, energy companies, public business associations and industry associations, and State Duma deputies.

The representative of the Ministry of Energy reported on the current state of regulation of energy supply for mining activities in Russia, including issues of identifying and preventing electricity consumption by miners in regions where this activity is prohibited. A number of amendments to the current legislation were proposed in order to further improve energy supply for mining. This concerns the procedure for using capacity temporarily unclaimed by miners during the period of the ban on their work, increasing liability for violating the requirements for mining cryptocurrency, and a proposal to label and certify foreign equipment for mining cryptocurrency imported into Russia. In addition, the representative of the Ministry of Energy reported on the status of the preparation of regulatory legal acts providing for the creation of a fourth category of reliability of energy supply to consumers, which takes into account the introduction of remote restriction of the consumption mode during peak loads and the threat of energy and power shortages in the region.

The head of the Federal Service for Supervision of Communications, Information Technology and Mass Media Andrey Lipov spoke about tools for identifying individuals mining cryptocurrencies by analyzing Internet traffic and electricity consumption patterns.

A representative of the Federal Tax Service reported on the number of persons registered in the relevant mining registries. This refers to entities or companies mining cryptocurrencies and to mining infrastructure operators.

Alexander Novak instructed the Ministry of Energy to finalize proposals for the introduction of the fourth category of reliability of energy consumers, and in close cooperation with regional authorities and energy companies to prepare a final proposal on the mechanism for the redistribution of released capacity when limiting mining activities in the region in order to connect socially significant consumers to power grids. The Deputy Prime Minister instructed to work out proposals to increase liability for illegal connection to power grids, theft of electricity, and violation of the ban on limiting mining activities in terms of electricity supply.

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

MIL OSI Russia News –

July 18, 2025

MIL-OSI Europe: Written question – Revision of Directive 2011/64/EU – P-002918/2025

Source: European Parliament

Priority question for written answer P-002918/2025
to the Commission
Rule 144
Tomasz Buczek (PfE)

The Commission’s tax policy priorities for 2025 were presented at the meeting of the Subcommittee on Tax Matters (FISC) on 6 February 2025. These included a revision of Directive 2011/64/EU on the taxation of tobacco products as one of the key areas for action.

The tobacco sector is an important part of the Polish economy, providing employment for over half a million people across the entire value chain, from the cultivation of raw tobacco and processing to distribution.

Poland also pursues a prudent and effective tax policy, resulting in significant budget revenues and one of the smallest grey economies in the EU (below 5%). This is due not only to the efficiency of the domestic customs and tax administration, but also to the implementation of a long-term roadmap for excise duty increases, which provides the market with predictability and stability.

However, we are witnessing increasing regulatory overload in this area. The numerous legislative changes in the areas of both excise duty and health regulations over the last year are creating an atmosphere of uncertainty for businesses and discouraging investment.

In light of the foregoing:

1.Does the Commission intend to take the differences in terms of health risks into account by appropriately adjusting the taxation of smokeless products in relation to traditional tobacco products?
2.Does the Commission foresee an increase in the fiscal burden imposed on products covered by the Directive as a result of its revision?

Submitted: 16.7.2025

Last updated: 17 July 2025

MIL OSI Europe News –

July 18, 2025

MIL-OSI USA: Senator Rand Paul Reintroduces Audit the Fed Bill

US Senate News:

Source: United States Senator for Kentucky Rand Paul

FOR IMMEDIATE RELEASE:

July 17th, 2025

Contact: Press_Paul@paul.senate.gov, 202-224-4343

WASHINGTON, D.C. – Dr. Rand Paul (R-KY) has reintroduced the Federal Reserve Transparency Act, famously known as ‘Audit the Fed” legislation to require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making. In conjunction with the bill’s reintroduction, Senator Paul also released the latest edition of his Waste Report, which exposed the Federal Reserve’s $600 million cost overrun on renovations to its Washington, D.C. headquarters—now projected to cost taxpayers $2.5 billion in total. The report underscores the lack of transparency and accountability at the Fed, which remains exempt from a full audit by Congress or the Government Accountability Office.

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Dr. Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

“It is Congress’ duty to hold the Fed accountable,” said Senator Marsha Blackburn (R-TN). “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”

“Idahoans deserve to know what the Federal Reserve is doing to our nation’s economy,” said Senator Jim Risch (R-ID). “Congress must hold the Fed accountable and pull back the curtain on the actions of this unelected Washington establishment.”

“I support this effort to provide more transparency to the American people and more insight into how the Federal Reserve operates. This bill is a common-sense step towards good government,” said Senator Todd Young (R-IN).

The Federal Reserve Transparency Act would require the independent Government Accountability Office (GAO) to conduct a complete audit of the Board of Governors and the Federal Reserve Banks within one year of enactment and to report its findings to Congress within 90 days of completing the audit.

The legislation is also cosponsored by Senators Ted Cruz (R-TX), Rick Scott (R- FL), and John Barrasso (R-WY).

The bill is supported by the National Taxpayers Union Foundation, Frontiers of Freedom Institute, and Young Americans for Liberty.

Read the bill HERE.

MIL OSI USA News –

July 18, 2025

MIL-OSI USA: Congressman David Scott Introduces Legislation to Bolster Market Access and Increase Civil Rights Protections for Black Farmers

Source: United States House of Representatives – Congressman David Scott (GA-13)

WASHINGTON D.C. – Today, Congressman David Scott (GA-13), a senior member of the House Agriculture Committee, was joined by fellow House Agriculture Committee member Congressmen Jonathan Jackson (IL-1) in reintroducing the Black Farmers and Socially Disadvantaged Farmers Increased Market Share Act, a bill designed to expand market access for Black and historically disadvantaged farmers. The proposal combines economic development with civil rights reforms to confront longstanding discrimination inequities faced by Black and minority farmers within the U.S. Department of Agriculture (USDA).

“Generations of Black farmers have lost their land and livelihoods because of systemic discrimination and the federal government’s failures to meaningfully intervene,” said Congressman David Scott. “Black farming communities have been deeply harmed by this historical injustice. Whereas they comprised over 14% of all U.S. farmers less than a century ago, they now represent less than 2%. We know that combining targeted economic development with civil rights reforms is the surest way of confronting longstanding inequities. That is exactly what this bill does. Congress has a responsibility to reverse the decades of inaction by restoring trust, creating new market opportunities, and ensuring USDA supports our Black and socially disadvantaged farmers.”

“Black farmers have been the backbone of American agriculture since this nation’s founding, yet they’ve endured over a century of systemic discrimination, land loss, and exclusion from federal farm programs,” said Congressman Jonathan L. Jackson. “In 1920, there were nearly 1 million Black farmers in the United States. But today, fewer than 50,000 remain. That’s a staggering 95% decline. This did not happen by accident — it is the result of broken policies, discriminatory lending practices, and a lack of market access. The Black Farmers and Socially Disadvantaged Farmers Increased Market Share Act represents a crucial opportunity to reverse that legacy and build a future where equity in agriculture is not just an ideal, but a reality. I am proud to support legislation that helps restore what was taken and empowers the next generation of Black farmers to reclaim their rightful place in our agricultural economy.”

The Black and Socially Disadvantaged Farmers Increased Market Share Act of 2025 would:

· Establish Food Hub Grants – a competitive grant program to support new and expanding food hubs that are designed to increase market access to help Black and minority farmers reach wholesale, retail and institutional buyers.

· Establish New Tax Incentives – creates a 25% tax credit for agricultural food products purchased from food hubs that have been expanded under the bill.

· Prioritize Procurement – directs USDA to establish new processes to prioritize the purchase of agricultural products from socially disadvantaged farmers.

· Civil Rights Accountability – establishes an independent Office of the Civil Rights Ombudsperson to assist farmers navigating the civil rights review process; makes structural reforms by which USDA is held accountable for engaging in discriminatory practices, harassment, retaliation, or civil rights-violating actions.

· Improve USDA Policies – including the methods by which USDA can provide monetary relief to farmers wrongly denied access to payment and loan programs.

The Black and Socially Disadvantaged Farmers Increased Market Share Act, builds on Congressman David Scott’s decades-long effort to spotlight the intertwined crises of historical discrimination and modern inequities faced by Black farmers. His advocacy encompasses the fight to defend pandemic relief for Black farmers under the American Rescue Plan Act and expanding land ownership for minority famers across the nation. As Chairman, he highlighted the deeply unequal distribution in COVID-era farm aid, citing testimony that only 0.1% of a $26 billion USDA spending package went to Black farmers. He continues to champion tax incentives to incentivize processors and buyers to source from socially disadvantaged farmers and penalties for USDA Civil Rights violations. With renewed discussions around a Farm Bill Reauthorization, the proposal can ensure equity and justice remains front and center in any negotiations.

Full text of the bill can be accessed HERE.

###

MIL OSI USA News –

July 18, 2025

MIL-OSI USA: Warner, Capito Reintroduce Methane Reduction and Economic Growth Act

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and Shelley Moore Capito (R-WV) reintroduced legislation to create a tax credit that will incentivize the capture and repurposing of methane emissions from active and abandoned mines. Methane is a greenhouse gas that is 28 times more potent than carbon dioxide, and coal mines are the country’s fifth-largest source of methane emissions. Leveraging methane capture technology would not only prevent harmful emissions from entering our atmosphere, but also allow the gas to be converted or reused for productive use, providing an additional supply of lower-emission energy that has numerous industrial and commercial applications.

“This legislation takes a critical step in boosting Virginia’s efforts to address the harmful impact of methane when emitted into the atmosphere while simultaneously creating good-paying jobs and supporting economic growth,” said Sen. Warner. “By incentivizing the reduction of methane emissions, we’re not only protecting the environment but also strengthening our energy independence, I’m proud to reintroduce this legislation.”

“I’m proud to help reintroduce the Methane Reduction and Economic Growth Act, which will help capture and utilize mine methane emissions as a fuel source from coal mines. This legislation will result in positive environmental and economic impacts, and create another step for West Virginia to continue to lead the nation in an ‘all-of-the-above’ energy approach,” Sen. Capito said.

The Methane Reduction and Economic Growth Act would amend Section 45Q of the Internal Revenue Code – which houses an existing tax credit for carbon capture and sequestration – to create a Mine Methane Capture Incentive Credit. The new credit would be attributed to taxpayers based on the amount of qualified methane that is captured and injected into a pipeline or is otherwise used for producing heat or energy. Qualified methane includes methane which:

Is captured from mining activities, including underground mines, abandoned or closed mines, or surface mines;
Would otherwise be released into the atmosphere as industrial greenhouse gas emission; and
Is measured at the source of capture and verified at the point of injection or utilization.

Sen. Warner has been a leader on efforts to clean up and reclaim abandoned mine lands (AML) in Virginia, including by securing funding for this process through the bipartisan infrastructure law he helped to negotiate. Companion legislation has been introduced in the House of Representatives by U.S. Reps. Carol Miller (R-WV) and Terri Sewell (D-AL), along with Reps. Morgan Griffith (R-VA), Chris Deluzio (D-PA), Guy Reschenthaler (R-PA), and Darin LaHood (R-IL).

“Finding ways to incentivize the capture of mine methane will have a positive impact here in Virginia,” Jonathan Belcher, Executive Director of the Virginia Coalfield Economic Development Authority, said. “Encouraging beneficial use of methane, which would otherwise be wasted and emitted into the atmosphere, stimulates our economy by creating jobs in our local communities and improves our tax base, while reducing emissions both at a local and global level. Captured methane can be sold into existing marketplaces to help drive down costs for consumers and can be used as both a fuel source and a manufacturing feedstock, which will assist our existing industry and encourage new economic development in the region. We applaud Senator Warner for his leadership on this issue and his focus on the economic health of Southwest Virginia.”

“This is a perfect example of how Washington ought to work,” said Cecil Roberts, International President of the United Mine Workers of America. “This is strong bi-partisan legislation that will grow coalfield jobs, support coalfield communities and help reduce methane emissions. It is a win-win for workers and communities in Virginia and across Appalachia and I thank Senators Warner and Capito for taking the lead. The UMWA wholeheartedly supports this legislation and will work to secure its passage.”

A copy of the bill text can be found here.

MIL OSI USA News –

July 18, 2025

MIL-OSI: Ripple’s XRP Mining Revolution: PFMCrypto Unveils Next-Gen Free Cloud Mining Contracts

Source: GlobeNewswire (MIL-OSI)

New York, NY, July 17, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
Explore the PFMCrypto website or download the app today.

XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

Key Features of PFMCrypto’s XRP Cloud Mining Contracts
– Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
– Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
– AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
– 100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
– Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

Mining Contracts for Every Budget and Strategy:
PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
$10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
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$20,000 Contract – 45 Days – Earn $380.00 daily
Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
Click here to explore more XRP cloud contracts.

Why PFMCrypto’s XRP Mining Stands Out?
– Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
– XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
– Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
– Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
– Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

Get Started Today in 3 Easy Steps:
1. Sign Up – Create your account and receive a $10 welcome bonus
2. Choose a Plan – Select a short- or long-term contract (1–60 days available)
3. Start Earning – Track daily profits and withdraw in the token of your choice

Start mining XRP now at: https://pfmcrypto.net
Or download the PFMCrypto mobile app (available for iOS & Android).

XRP Mining for a Digital Future
Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.
“XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
Markets may shift—but daily mining income can remain steady.

Join the XRP mining revolution today at: https://pfmcrypto.net

The MIL Network –

July 18, 2025

MIL-OSI Analysis: Elbows down? Why Mark Carney seems to keep caving to Donald Trump

Source: The Conversation – Canada – By Sam Routley, PhD Candidate, Political Science, Western University

Prime Minister Mark Carney has suggested a new trade deal with the United States is now most likely to include tariffs. There is, in his own words, “not a lot of evidence right now” that the Donald Trump administration is willing to stand down from imposing levies on Canadian imports.

In making this acknowledgement, Carney has backed down from his previous insistence that Canada would “fight to bring these tariffs to an end.”

But rather than continuing to retaliate with tariffs of its own, the government has begun to confess that such a tactic may be a losing battle.

Carney has instead announced Canada will restrict the tariff-free import of cheap, foreign steel to help domestic manufacturers reeling from American tariffs.

In the wake of the federal government’s recent concession on the Digital Services Tax levied against big American tech companies, it’s another indicator that — unlike the hawkish “elbows up” rhetoric used throughout the federal election campaign — the Canadian government has taken on a more conciliatory tone in advance of the Aug. 1 deadline for a new economic and security deal between Canada and the U.S..

Dual purposes

The timing of Carney’s comments can be interpreted two ways.

Their first and primary purpose is about message control and the need to manage expectations. In announcing this now, the government is not only better able to keep its justification for conceding to Trump at the forefront of media narratives, but it can also prepare Canadians for any further potential concessions in the course of trade negotiations.

The fact that these comments were made prior to a cabinet meeting could be seen as Carney’s attempt to isolate any cabinet ministers who may still favour a more aggressive stance.

More substantively, however, the pivot is also a reflection of the realities of both Canada’s actual position vis-à-vis the U.S. and the pragmatism needed to accomplish real trade agreements.

Although Trump is unpredictable, it increasingly seems that levies on imports are among his genuinely held and signature policy commitments. As Carney noted, the administration’s recent trade deals with both the United Kingdom and Vietnam included tariffs. And, despite the president’s talk of annexing Canada, Carney’s new stance suggests a more reasonable, albeit very costly, deal is possible — even amid Trump’s bluster.

Still, for all the attention they’ve received, tariffs are only part of the ongoing negotiations on the economic and security deal.

What does Trump want?

The U.S. administration, for example, continues to justify higher tariff threats not just for economic purposes, but ostensibly to counter the illegal drug trade.

The fact that the Canadian government has already allotted $1 billion to border defence makes it difficult to assess what would satisfy American negotiators.

More broadly, Trump has expressed a desire to push Canada for changes in security, supply management of the dairy industry, fresh water use and access to rare earth minerals, among others.

Regardless of how the trade talks proceed in the coming weeks, though, the domestic consequences for Carney will be determined by how willing Canadians are to continue trusting and supporting him.

On the one hand, his comments that tariff-free trade deals with the U.S. aren’t realistic could be costly given the fact that more than two-thirds of Canadians continue to favour a hard-line stance with little to no concessions on key files.

This could result in voters viewing Carney as weak and shifting their support to other leaders. No incumbent stands to benefit from the detrimental effects on economic growth, investments and employment rate Trump’s tariffs will cause.

But support also depends on Carney’s legitimacy. He could maintain public support despite the fact that, on paper, they oppose his actions. Taking a “hard” versus “soft” line in negotiations is itself an ambiguous and fluid set of designations.

A major reason why Canadians elected Carney is because they viewed him as having sound personal judgment and the skill set to deal with Trump. This is why, rather than challenging the value of the decision to compromise on tariffs, the Conservatives and other opponents have focused on conveying him as an unreliable and dishonest leader.

What’s ahead for federal politics?

At this point, polls suggest that Canadians are generally split down the middle on Carney. While around 50 per cent of Canadians are supportive, the other half remain divided between those strongly opposed and those with a more ambiguous position.

Could Carney win over the support of those with an unambiguous view? It seems unlikely. Leaders are the usually the most impactful when they enter office. And while rally-around-the-flag effects are real, they are short-lived. That means the long-term challenge for Carney remains maintaining the support of the voters that brought him to power.

The Canada-U.S. relationship will continue to develop in a dynamic and unpredictable fashion, even if the economic and security deal is reached soon.

After voters dramatically consolidated around the Liberals and Conservatives in the 2025 election, the most important question for federal Canadian politics moving forward in this shifting global environment is which electoral coalition will endure.

Carney seeks to preserve trust, while the Conservatives search for a compelling alternative. Who will come out on top in the Trump 2.0 era?

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

– ref. Elbows down? Why Mark Carney seems to keep caving to Donald Trump – https://theconversation.com/elbows-down-why-mark-carney-seems-to-keep-caving-to-donald-trump-261304

MIL OSI Analysis –

July 18, 2025

Category: Taxation

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