MIL-OSI USA: Welch Joins Whitehouse, Heinrich, Colleagues to Reintroduce Bill to Make Homeownership More Accessible for First-Time Buyers

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

Bicameral First-Time Homebuyer Tax Credit Act would help make homeownership a reality for young Americans amidst skyrocketing housing costs
WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, joined U.S. Senators Sheldon Whitehouse (D-R.I.), Martin Heinrich (D-N.M.) and 10 Democratic Senators in reintroducing the First-Time Homebuyer Tax Credit Act, legislation that aims to support middle-class Americans purchasing their first home. The Senators’ legislation would establish a refundable tax credit worth up to 10% of a home’s purchase price—up to a maximum of $15,000—for first-time homebuyers.
“Everyone should have a fair chance to experience the joy of buying their first home–it’s a pillar of the American Dream. But skyrocketing housing prices have pushed that dream out of reach for folks in red and blue states alike,” said Senator Welch. “Our legislation will provide a financial boost to first-time homeowners to give more hardworking Americans a fair shot at buying their first home.”
“Owning a home is at the core of the American dream, but too many young families have been priced out of homeownership in recent years because of the housing supply crunch. And Trump’s chaotic tariff regime has increased homebuilding costs, forcing developers to pause construction on much-needed new units,” said Senator Whitehouse. “Our tax credit for first-time homebuyers would help make the American dream a reality for more of the young Americans left behind in Trump’s billionaire-first economy.”
“Buying your first home is more than just owning property: It’s a source of pride, stability, and hope for the future. Unfortunately, buying a home is out of reach for many families right now. We’re changing that with my First-Time Homebuyer Tax Credit Act,” said Senator Heinrich. “I’m proud to reintroduce this bill to ease the financial burden on aspiring homeowners and give every working family an equal opportunity to realize the American dream of owning a home.”
In 2022, the median sale price for a home in the U.S. was 5.6 times higher than the median income, a higher ratio than during the years immediately before the 2007 mortgage crisis, and the highest disparity on record. An NBC News analysis earlier this month found that the cost of building a single-family home could soon rise by more than $4,000 thanks to President Trump’s tariff agenda, which is expected to increase the costs of many of the materials used to build houses.
In Vermont, which faces a housing shortage and has the fourth-highest rate of homelessness in the country, an estimated 7,000 new homes will need to be built each year for the next 25 years to help alleviate the crisis. Nationwide, the shortage of affordable housing opportunities costs the American economy an estimated $2 trillion each year. High housing costs reduce disposable income and economic mobility, stifling economic opportunities for those who can no longer afford housing in their communities.
Housing unaffordability is especially harmful to younger Americans, who are struggling to reach the same milestones their parents did at their age. In 2024, the typical age of a first-time homebuyer reached a record high of 38, up from 29 in 1981. And first-time homebuyers, as a percentage of all homebuyers nationwide, fell from 38% to 24% over that same period, the lowest percentage ever recorded.
Under the First-Time Homebuyer Tax Credit Act, taxpayers would have the option of receiving the credit at the time of purchase by working with their mortgage issuer. Alternatively, taxpayers could elect to treat the purchase of their home as occurring in the prior taxable year to receive the credit before tax season if they are unable to qualify for the credit at point of sale.
The credit phases out for those making above 150% of area median income and for those buying a house with a purchase price above 110% of the area median purchase price. Additionally, the credit is limited to home purchases financed through federally backed mortgages.
The First-Time Homebuyer Tax Credit Act is cosponsored by U.S. Senators Tammy Baldwin (D-Wis.), Jack Reed (D-R.I.), Tina Smith (D-Minn.), Jacky Rosen (D-Nev.), Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), Lisa Blunt Rochester (D-Del.), Andy Kim (D-N.J.), Ruben Gallego (D-Ariz.), and Angela Alsobrooks (D-Md.). U.S. Representatives Jimmy Panetta (D-CA-19) and Mike Thompson (D-CA-04) led the reintroduction of the legislation in the House of Representatives.
The legislation is endorsed by the National Association of REALTORS (NAR), National Association of Home Builders (NAHB), Cooperative Credit Union Association, Mortgage Bankers Association, Rhode Island Executive Office of Housing, Rhode Island Association of REALTORS, RIHousing, Housing Network of Rhode Island, HousingWorksRI, Rhode Island Builders Association, Rhode Island Mortgage Bankers Association, Santa Clara County REALTORS, Santa Cruz County REALTORS, and Monterey County REALTORS.
Read and download the full text of the bill.

MIL OSI USA News –

July 26, 2025

MIL-OSI USA: Recent Speaking Engagements

Source: US Congressional Budget Office

Over the past several months, I have spoken with a variety of audiences about the recent and ongoing work of the Congressional Budget Office.

The conversations have allowed me to share insights about CBO’s role in the legislative process—including the reconciliation process—while reiterating the agency’s commitment to providing objective, nonpartisan, and transparent analysis.

From March through July 2025, I participated in the following events:

March 3: Discussed the U.S. macroeconomic and fiscal outlook during the 41st Annual Economic Policy Conference of the National Association for Business Economics.
March 5: Spoke at the Milken Institute’s 2025 Finance Forum about the state of the U.S. budget and economy.
March 27: Took part in a “fireside chat” at the ERISA Industry Committee’s (ERIC’s) Spring Policy Conference, where I discussed CBO’s role and ongoing work.
April 8: Met virtually with a class at the University of North Carolina’s Kenan-Flagler Business School to talk about the outlook for the U.S. budget.
April 16: Joined the Hoover Institution’s Jon Hartley for a podcast in which we discussed, among other things, CBO’s role and the value that the agency places on accuracy and transparency.
April 22: Participated in a discussion about the fiscal impact of the Trump Administration’s policies during a J.P. Morgan investor seminar.
May 5: Engaged in a panel discussion at the Milken Institute’s 2025 Global Conference in Los Angeles about the federal budget and national debt.
June 11: Delivered remarks and answered questions during the Committee for Economic Development’s Biannual Trustee Policy Summit.
July 15: Participated in a discussion about the fiscal implications of the 2025 reconciliation act (Public Law 119-21) during a J.P. Morgan investor roundtable.
July 15: Delivered remarks and participated in a Q&A session at the 22nd Annual Economic Measurement Seminar of the National Association for Business Economics.

I have also discussed CBO’s role in the legislative process more generally and emphasized our commitment to transparency and analytical rigor in recent interviews. (Those interviews appeared in the Wall Street Journal, on Bloomberg’s Big Take podcast, and on Bloomberg TV’s Wall Street Week.) As part of those discussions, I outlined the distinctions between CBO and the Joint Committee on Taxation, explaining how the two agencies differ and how we often work collaboratively to support the Congress.

I look forward to engaging with other audiences and topics in the months ahead.

Phillip L. Swagel is CBO’s Director.

MIL OSI USA News –

July 26, 2025

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

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

WASHINGTON, D.C. — U.S. Senators Shelley Moore Capito (R-W.Va.) and Mark Warner (D-Va.) recently reintroduced the Methane Reduction and Economic Growth Act, legislation to create a tax credit that will incentivize the capture and repurposing of methane emissions from active and abandoned mines.

“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,” Senator Capito said.

“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,” Senator Warner said. “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.”

BACKGROUND:

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.

A copy of the bill text can be found here.

MIL OSI USA News –

July 26, 2025

MIL-OSI Security: Former East Bay Financial Advisor Charged with Allegedly Operating Long-Running $9.5 Million Ponzi Scheme

Source: US FBI

OAKLAND – A federal grand jury indicted Edwin Emmett Lickiss, Jr., on one count of wire fraud and one count of money laundering in connection with an alleged $9.5 million investment fraud scheme.

According to the indictment filed on July 17, 2025, and unsealed today, between 1998 and September 2024, Lickiss, 77, was a financial advisor based in Danville and Alamo, Calif., who owned and operated Foundation Financial Group, a firm that provided investment services to investors in the Northern District of California, Idaho, and throughout the United States. Lickiss was a registered broker until 2014, when the Financial Industry Regulatory Authority suspended his broker’s license. Despite the suspension and loss of his broker’s license, Lickiss allegedly continued to solicit and obtain investments from victim investors until around September 2024.

The indictment alleges that as part of his scheme, Lickiss falsely represented to investors that he would invest their funds in government bonds and other bonds. To induce his victims to invest their money with him, Lickiss claimed he had exclusive access to fictitious bonds that paid very high rates of returns, including rates in excess of 20 percent. Lickiss described the fictitious bonds as safe, secure, and tax-free, and falsely claimed, among other things, that they could be redeemed at any time.

In order to convince investors that he had invested their funds as promised, Lickiss allegedly gave fraudulent promissory notes that included the terms of the fake bond investments and purported to track investors’ total investment in the fake bonds. Lickiss also occasionally made lulling payments to victim investors, falsely describing the payments as interest that had accrued on the nonexistent bonds, when, in fact, the payments were made with funds Lickiss fraudulently obtained from subsequent victim investors. In addition to making the foregoing misrepresentations, Lickiss allegedly failed to disclose to victim investors that he had been suspended in 2014 from association with any broker-dealer and that he subsequently lost his broker’s license in 2016.

Instead of investing the funds as promised, Lickiss allegedly used victim investors’ funds to pay earlier investors, in the manner of a Ponzi scheme, and for his personal use, including cash withdrawals, home renovations, travel, and car, mortgage, and personal credit card payments. In all, Lickiss allegedly obtained at least $9.5 million from no fewer than 50 victim investors.

United States Attorney Craig H. Missakian, FBI Special Agent in Charge Sanjay Virmani, and IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen made the announcement.

Lickiss is scheduled to make his initial appearance on July 22, 2025, at 10:30 a.m., before U.S. Magistrate Judge Nathanael Cousins in Courtroom F in San Francisco.

An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. Defendant faces a maximum statutory sentence of 20 years in prison and a $250,000 fine on the wire fraud count, and 10 years in prison and a $250,000 fine on the money laundering count. Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Lickiss in the Northern District of California.

Assistant U.S. Attorneys Ryan Arash Rezaei and Benjamin J. Wolinsky are prosecuting the case with the assistance of Lynette Dixon. The prosecution is the result of an investigation by the FBI and IRS-CI. The U.S. Attorney’s Office thanks the Atlanta Regional Office of the SEC for its assistance in the investigation.

Lickiss Indictment

MIL Security OSI –

July 26, 2025

MIL-OSI USA: July 25th, 2025 Heinrich Announces Committee Passage of Over $69 Million for New Mexico

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

Investments Heinrich championed support homeownership & homebuilding, rental & homelessness assistance, Tribal health & education, Southwest Border Regional Commission, & more

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) announced the bipartisan Senate Appropriations Committee passage of the Fiscal Year 2026 (FY26) Interior, Environment and Related Agencies; and Transportation, Housing, and Urban Development, and Related Agencies (THUD) Appropriations Bills. With Committee approval of these bills, Heinrich secured support for over $65 million for New Mexico, including $52 million in Congressionally Directed Spending for 39 local projects between these bills and their House-companions.

“While these Appropriations bills aren’t perfect, they include resources and investments I negotiated for New Mexico that will fund Tribal health care and education, help Tribal law enforcement officers solve and reduce violent crime, and continue funding for the Institute of American Indian Arts for the 2026-2027 school year,” said Heinrich, a member of the Senate Appropriations Committee. “This legislation will help over 11,000 families in New Mexico afford rent, build new housing, and invest in border communities through the Southwest Border Regional Commission. Additionally, the bill protects the Amtrak Southwest Chief train service in New Mexico, restores waterfowl habitat, and builds on my work to clean up abandoned hardrock mines. As a member of the Senate Appropriations Committee, I will always fight for investments that put New Mexico first.”

Additionally, Heinrich offered an amendment to require the U.S. Department of the Interior and the U.S. Forest Service to hire and maintain a minimum number of Full Time Employees in order to manage wildfire preparedness, suppression, and other mission-critical support, in the FY26 Interior, Environment and Related Agencies Appropriations Bill. Heinrich’s amendment would have also required the National Park Service to hire and maintain a minimum number of Full Time Employees for the operation of national park units, including administrative services. Despite Heinrich’s attempt to include the amendment in the Appropriations bill, the amendment was rejected by Republicans on the Committee.

Heinrich is a member of the Senate Appropriations Committee and the Subcommittee on Interior, Environment, and Related Agencies.

Next, the two bills passed out of the Appropriations Committee will be considered by the full United States Senate.

Interior, Environment and Related Agencies Key Points and Highlights

Congressionally Directed Spending

Heinrich successfully included $7.1 million in investments for the following ten local projects in the bill:

$1,075,000 for the City of Truth or Consequences to replace aged and damaged waterlines.
$1,000,000 for Zuni Pueblo to make improvements to their drinking water system.
$1,000,000 for Pueblo of Tesuque to remove Siberian elm trees to restore the Rio Tesuque bosque to its natural vegetation.

$1,000,000 for the Village of Questa to construct a well house to prevent contamination of their municipal well.

$1,000,000 for Albuquerque Bernalillo County Water Utility Authority to conduct wastewater system improvements in Carnuel.

$700,000 for the Mescalero Apache Tribe to restore coniferous forest and promote aspen stand growth along the Rio Ruidoso to prepare for the reintroduction of beavers, a culturally significant species.
$525,000 for Taos Pueblo to purchase wildfire preparedness equipment.

$500,000 for Eight Northern Indian Pueblos Council for a Caja del Rio Ethnographic Study.
$150,000 for the Desert Tortoise Council to work on Bolson tortoise recovery efforts.

$150,000 for the Bureau of Land Management to work with existing partners to replace barbed-wire fences with wildlife-friendly fences on the Rio Grande del Norte National Monument.

Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $3.39 million for the following three projects:

$2,090,000 for the City of Rio Rancho to expand their aquifer reinjection system.
$800,000 for the Enchanted Forest Mutual Domestic Water Consumers Association to develop a new water source pump house and appurtenances and to replace distribution lines.
$500,000 for the New Mexico Department of Cultural Affairs to make water system improvements at the Fort Selden Historic Site.

Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $2.18 million for the following two projects in the House-companion bill:

$1,092,000 for the Town of Bernalillo will rehabilitate their current wastewater facilities.

$1,092,000 for the City of Belen to rehabilitate their wastewater treatment plant.

Heinrich also successfully included three amendments into the Manager’s Package. These include:

An amendment for a U.S. Government Accountability Office (GAO) study comparing the per-patient funding levels for health care services provided by the Department of Veterans Affairs (VA) and the Indian Health Service (IHS). Additionally, the study would analyze potential recruitment and retainment strategies utilized by the VA that could be extended to IHS.
An amendment ensuring that the Bureau of Indian Education (BIE) is included in reference to the reauthorization of the Legacy Restoration Fund to address deferred maintenance.
An amendment for a Fish and Wildlife Service report on staffing levels and positions at National Wildlife Refuge System units and complexes.

Safeguard Tribal Objects of Patrimony (STOP) Act Implementation: Heinrich successfully included $500,000 to implement the Safeguard Tribal Objects of Patrimony (STOP) Act, a bipartisan law that Heinrich championed and passed in 2022 to prohibit the exporting of sacred Native American items and increase penalties for stealing and illegally trafficking Tribal cultural patrimony. Representing the first dedicated funding for this program, it would be used to halt the trade of culturally significant items and repatriate stolen pieces to the Tribal communities where they belong. Heinrich first introduced the STOP Act in 2016 after he helped halt the auction of a shield, stolen from the Pueblo of Acoma. Heinrich played a role in the effort to bring the shield home to Acoma by working with Governors Kurt Riley and Brian Vallo to call for its return.

Tribal Programs: Heinrich fought for and successfully included $13,482,000 to the Institute of American Indian and Alaska Native Culture and Arts Development (IAIA). After the administration threatened to withhold IAIA’s funding earlier this year, Heinrich secured the release of FY 2025 funds earlier this month. This bill will ensure continued investment for IAIA through FY26, supporting its mission to advance Indigenous arts, culture, and education for future generations.

Heinrich also successfully included funding to protect several Tribal programs, including $23,750,000 for Tribal Historic Preservation Offices, $2,658,289,000 for Indian Health Services (IHS) Hospitals and Health Clinics, and funding for IHS Facilities and Construction. He also protected funding for Bureau of Indian Affairs Tribal Law Enforcement and included report language to ensure the continuation of the Tribal law enforcement training program in New Mexico.

Abandoned Hardrock Mine Reclamation Program: Heinrich successfully included continued funding for the Abandoned Hardrock Mine Reclamation Program, after championing the creation of the program in the Infrastructure Law. Hardrock mines and mining features are related to the extraction of metals like copper, gold, silver, and uranium. When not reclaimed, many hardrock mines pose a hazard to public health and the environment. This funding will be used to clean up federal, state, Tribal, and private land and water resources affected by abandoned hardrock mines.

Southwest Ecological Research Institutes: Heinrich fought for and successfully maintained funding for the Southwest Ecological Research Institutes (SWERIs). Last month Heinrich pressed the U.S. Forest Chief on the Administration’s plan entirely to cut funding for the program in FY26. SWERIs offer unique opportunities for dedicated research in forest science and watershed health and represent the future of science in forest management. New Mexico Highlands University houses one center along with Colorado State University and Northern Arizona University. This funding would ensure the continuation of valuable research in southwestern forest and fire management.

Conservation: Heinrich successfully protected funding for the North American Wetlands Conservation Fund, which leverages private dollars to restore waterfowl habitat across the country. Senator Heinrich led the reauthorization of this fund last congress. He also protected core wildlife management and science capabilities at the Fish and Wildlife Service and the U.S. Geological Survey from the steep cuts proposed by the Trump administration.

Transportation, Housing, and Urban Development, and Related Agencies (THUD) Key Points and Highlights

Congressionally Directed Spending

Heinrich successfully included $17.1 million in investments for the following 11 local projects in the bill:

$4,000,000 for Homewise to help moderate-income, first-time homebuyers purchase entry-level homes.

$2,300,000 for the City of Socorro to replace aged and damaged waterlines.

$2,073,000 for the City of Raton to upgrade its municipal airport infrastructure.

$1,500,000 for the Boys & Girls Club of San Juan County to renovate a community center.

$1,500,000 for DreamTree Project to complete the final phase of renovations to the Navigating Emergency Support Together (NEST) building and purchase land for on-site permanent supportive housing.

$1,000,000 Serenity Mesa Youth Recovery Center to expand their facilities to support increased substance use crisis stabilization, treatment, and housing for adolescents and young adults.

$850,000 for the Albuquerque Housing Authority will invest in necessary upgrades at public housing properties.

$692,000 for the Northern Rio Grande National Heritage Area to conduct an affordable housing pilot project.

$440,000 for Deming Silver Linings to provide emergency temporary housing for unhoused individuals.

$200,000 for Mesilla Valley Community of Hope to support individuals and families experiencing poverty and homelessness by providing affordable housing and wraparound services.

Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $16.3 million for the following nine projects:

$3,000,000 for Youth Development, Inc. for an early childhood development center.

$3,000,000 for the Agri-Cultura Cooperative Network and La Cosecha Community Supported Agriculture to create a Food Hub at the Sacred Roots farm site to create economic development opportunity in the local food system, provide education to students and community members, and increase access to healthy foods.

$2,500,000 for Santa Fe County to develop a Permanent Supportive Housing project designed to meet the urgent needs of the region’s unhoused population.

$1,800,000 for the Town of Mountainair to rebuild, repave, and upgrade approximately two miles of downtown Mountainair’s roadways.

$1,600,000 for the City of Raton to conduct an interchange alignment study as part of the Ports-to-Plains Corridor Interstate Planning process.

$1,500,000 for Tierra Del Sol Housing Corporation to complete the first phase of construction for an affordable housing project in Vado, New Mexico.

$1,210,000 for the City of Bloomfield to plan, design, and construct the expansion of East Blanco Boulevard in Bloomfield.

$1,000,000 for the Pueblo of Acoma to construct new single-family homes for low-to-moderate income families on the Housing Authority’s waiting list.

$700,000 for Cuidando Los Niños of Albuquerque to expand its facility to house early childhood education and family wraparound services.

Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $8.4 million for the following four projects in the House-companion bill:

$2,900,000 for the Pueblo of Acoma to repair housing for senior community members and provide ADA accommodations.

$2,000,000 for the City of Albuquerque Health, Housing and Homelessness Department to improve security and accessibility at the city’s largest homeless shelter.

$2,000,000 for the City of Albuquerque to establish a modular Shelter Stability site for seniors.

$1,512,000 for Jemez Pueblo to demolish hazardous buildings within the Pueblo.

Rental Assistance: Heinrich successfully secured increased funding for the Tenant-Based Rental Assistance (Housing Choice Vouchers) and Project-Based Rental Assistance, despite the administration’s attempts to completely defund both programs. The Housing Choice Voucher (HCV) Program helps over 11,000 families in New Mexico afford rent. Heinrich also secured language urging HUD to expand resources to train public housing staff on how to use housing choice vouchers to make homeownership an attainable goal for residents of public housing.

Tribal Programs: Heinrich successfully included a $25 million investment for Tribal Transportation Program High Priority Projects, a set-aside that provides funds to Tribes or a governmental subdivision of a Tribe whose annual allocation of funding received under the Tribal Transportation Program is insufficient to complete the highest priority project of the Tribe. Heinrich secured an increase in funding for Tribal housing programs. Heinrich also secured a legislative proposal that would make certain home loans on Tribal lands easier to keep if homeowners are delinquent on payments.

Southwest Border Regional Commission: Heinrich successfully included a $5 million investment in the Southwest Border Regional Commission (SBRC) for transportation infrastructure planning to support supply chain connectivity and economic development in southern New Mexico and along the southern border.

Homelessness Assistance: Heinrich successfully secured an increase in funding for grant programs that address homelessness through emergency shelter, transitional and supportive housing, rapid re-housing, rental assistance and prevention, and supportive services. Heinrich successfully pushed back against the Trump administration’s attempts to curtail homelessness assistance funding by making grant match requirements overly burdensome for New Mexican service providers.

Homebuilding and Homeownership: Heinrich secured funding for the HOME Investment Partnership Program (HOME), a critical program that helps New Mexicans purchase or rehabilitate homes. The Trump administration also sought to cut all funding for this program. In New Mexico, HOME also provides gap funding for Low-Income Housing Tax Credit projects, which increases the supply of affordable rental units.

Amtrak Southwest Chief: Heinrich secured language that protects existing Amtrak Southwest Chief train service in New Mexico from cuts and closure.

MIL OSI USA News –

July 26, 2025

MIL-OSI United Kingdom: Navigating McCloud Remedy – unauthorised payment charges

Source: United Kingdom – Executive Government Non-Ministerial Departments

News story

Navigating McCloud Remedy – unauthorised payment charges

GAD’s insight and technical expertise supported government’s work in carrying out the McCloud remedy process for affected pensioners.

Credit: Shutterstock

The Government Actuary’s Department (GAD) developed methodologies to help scheme administrators further navigate the McCloud remedy. This work focused on the implementation of HM Revenue & Customs’ (HMRC) offsetting process for unauthorised payment charges (UPCs).

Complex tax situation

The Court of Appeal had ruled the transitional protection provisions in the government’s 2015 public service pension reforms were discriminatory. This ruling is commonly known as the McCloud judgment.

The 2018 judgment created a complex tax situation for pensioner members of the police and firefighters’ pension schemes who are within the scope remedy. The choice made by members may retrospectively affect the amount of tax-free cash they would have been eligible to take at retirement. Therefore, it may also affect any unauthorised payment charges (UPCs) levied on lump sum at retirement.

A new offsetting process was set out in HMRC’s Public service pensions remedy newsletter — September 2024 and The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 to cover the situation where:

McCloud remedy retrospectively reduces the UPCs due at retirement, leading to a tax refund, but, at the same time,
McCloud remedy provides a top up lump sum payable now, which is subject to a UPC tax charge

GAD’s support

GAD worked alongside HMRC, the National Police Chiefs Council (NPCC), the Local Government Association and the administrators of the police and fire pension schemes. We helped to develop methodologies to practically support administrators in carrying out the UPC offsetting work.

Drawing on knowledge of the police and fire pension schemes, GAD prepared a suite of explanatory materials. We also held training sessions for administration teams to help further develop administrator knowledge and confidence in dealing with the challenges posed by UPC offsetting.

Calculations and methodologies

Claire Neale, the Head of Police Pensions at the NPCC, said: “The offsetting of unauthorised payments was an incredibly complex area affecting immediate choice members of the police pension scheme.

“NPCC, as co-ordinator of police pensions across England and Wales, worked with GAD and brought together a small group of technical administrators. GAD was able to develop realistic example calculations and methodologies.

“GAD’s expertise has been a vital part in the McCloud journey for the police sector. This has enabled our 12 police pension administrators, not only to get to grips with and understand the calculations required, but also to ensure a consistent approach and correct calculation of benefits.”

Michael Scanlon, a Deputy Chief Actuary at GAD, said “McCloud remedy is a complex and challenging programme of work. It was a pleasure to work with stakeholders across the sector who are committed to providing members with their remedy pension benefits.”

Published 25 July 2025

MIL OSI United Kingdom –

July 26, 2025

MIL-OSI USA: House GOP Passes 50 Trump Executive Orders

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

WASHINGTON — Six months into the Trump Administration, Republicans in the 119^th Congress are delivering on President Trump’s America First agenda. With the historic passage of the One Big Beautiful Bill and many more separate pieces of legislation, House Republicans have already voted to codify 50 of President Trump’s executive actions.

“The American people gave President Trump a clear mandate to enact his America First agenda – and House Republicans are answering that call. To date, we’ve voted to codify 50 of the President’s Executive Orders into law, from reining in waste, fraud, and abuse, to cutting bureaucratic red tape that has strangled America’s innovators, job creators, and entrepreneurs,” said Speaker Johnson. “The last four years under President Joe Biden made painfully clear how quickly progress can be undone unless Congress steps in. That’s why House Republicans are working around the clock to codify President Trump’s executive actions and enshrine his historic agenda into law.”

Executive Actions Passed by the House in the 119^th Congress listed below and can be found here:

1. Preserving and Protecting the Integrity of American Elections

2. Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government

3. Unleashing Prosperity Through Deregulation

4. Imposing Sanctions on the International Criminal Court

5. Immediate Expansion of American Timber Production

6. Restoring Names that Honor American Greatness

7. Protecting American Communities from Criminal Aliens

8. Small Business Administration Overhaul of the Reckless Biden-era Lending Program

9. Ending Taxpayer Subsidization of Open Borders

10. Making the District of Columbia Safe and Beautiful

11. Memorandum for the Heads of Executive Departments and Agencies: Advancing United States Interests When Funding Nongovernmental Organizations

12. Putting America First in International Environmental Agreements

13. Radical Transparency About Wasteful Spending

14. Withdrawing the U.S. from the World Health Organization

15. Withdrawing the U.S. from and Ending Funding to Certain U.N. Organizations and Reviewing U.S. Support to All International Organizations

16. Reevaluating and Realigning U.S. Foreign Aid

17. Restoring Freedom of Speech and Ending Federal Censorship

18. Ending Radical and Wasteful Government DEI Programs and Preferencing

19. Securing Our Borders

20. Protecting Children from Surgical Mutilation

21. Expanding Migrant Operations Center at Naval Station Guantanamo Bay to Full Capacity

22. Expanding Access to In Vitro Fertilization

23. Restoring America’s Maritime Dominance

24. Declaring a National Emergency at the Southern Border of the U.S.

25. Reinvigorating America’s Beautiful Clean Coal Industry

26. Unleashing American Energy

27. Unleashing Alaska’s Extraordinary Resource Potential

28. Celebrating America’s 250th Birthday with the Garden of Heroes

29. Declaring a National Energy Emergency

30. Enforcing the Hyde Amendment

31. Immediate Measures to Increase American Mineral Production

32. Restricting the Entry of Foreign Nationals to Protect the United States from Foreign Terrorists and Other National Security and Public Safety Threats

33. The Iron Dome for America

34. Clarifying The Military’s Role in Protecting the Territorial Integrity of the United States

35. Keeping Americans Safe in Aviation

36. Unleashing American Drone Dominance

37. Implementing the President’s “Department of Government Efficiency” Cost Efficiency Initiative

38. Improving Education Outcomes by Empowering Parents, States, and Communities

39. Reforming Accreditation to Strengthen Higher Education

40. Continuing the Reduction of the Federal Bureaucracy

41. Establishing the President’s Make America Healthy Again Commission

42. Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports

43. The Organization for Economic Co-operation and Development (OECD) Global Tax Deal (Global Tax Deal)

44. Protecting America’s Bank Account Against Fraud, Waste, and Abuse

45. Stopping Waste, Fraud, and Abuse by Eliminating Information Silos

46. Strengthening American Leadership in Digital Financial Technology

47. Honoring Jocelyn Nungaray

48. Ending Taxpayer Subsidization of Biased Media

49. Restoring America’s Fighting Force

50. Ending Illegal Discrimination and Restoring Merit-Based Opportunity

###

MIL OSI USA News –

July 26, 2025

MIL-OSI USA: ICYMI from Fox News: ‘Shirts and Skins’: How one Republican bridged the gap to pass Trump’s ‘big, beautiful bill’

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

ICYMI from Fox News: ‘Shirts and Skins’: How one Republican bridged the gap to pass Trump’s ‘big, beautiful bill’

“‘Hey, we’re all on the same team,’ is a little tougher than what people think.”
Washington, D.C. – ICYMI, Fox News published the following piece crediting U.S. Senator Markwayne Mullin’s (R-OK) essential role in uniting House and Senate Republicans to accomplish President Trump’s ‘One, Big, Beautiful Bill.’ The article highlights Mullin’s important role the “de facto liaison between the chambers” and specifically notes his importance in managing a SALT deal that “helped seal the deal for anxious blue state House Republicans.”
Additionally, Fox News reported on the evolution of the senator’s negotiating style due to the leadership of Senate Majority Leader John Thune (R-SD), writing, “for a time his negotiating style was arguing with lawmakers to convince them ‘why you’re wrong.’ But that style softened after watching Thune.”
Read the full story from Fox News HERE and below:
‘Shirts and Skins’: How one Republican bridged the gap to pass Trump’s ‘big, beautiful bill’
By Alex Miller | July 24, 2025
Passing President Donald Trump’s agenda was a team effort between the Senate and House, but one Senate Republican was key in smoothing over differences between the two chambers.
“There’s an inherent mistrust between senators and representatives,” Sen. Markwayne Mullin, R-Okla., told Fox News Digital in an interview. “There’s a deep, deep mistrust, and it’s like we’re playing shirts and skins with our own team.”
“And trying to break down that barrier and let people know, ‘Hey, we’re all on the same team,’ is a little tougher than what people think,” he continued.
House Republicans were dead set on crafting one, colossal package, while Senate Republicans preferred splitting the bill into two — even three — pieces. Then there were disagreements over the depth of spending cuts, changes to Medicaid and carveouts to boost the cap on the State and Local Tax Deduction (SALT).
And while the House GOP worked to craft their version of the massive, $3.3 trillion tax cuts and spending package that eventually made its way to the Senate, Mullin was a crucial figure in bridging the roughly 100-yard gap between both sides of the Capitol.
But it’s a job he never really wanted.
Mullin, who has been in Washington for over a decade, got his start in the House before being elected to the Senate in 2021. He wanted to maintain “lifelong friendships” with his House colleagues, but becoming the de facto liaison between the chambers was more a decision of practicality than one he truly desired.
“The first couple of deputy whip meetings we had when [Senate Majority Leader John Thune] was whip was discussing what the House is going to do, and no one knew,” Mullin said. “And I was like, ‘Man, it’s just down the hall, we can go walk and talk to them.’ So the first time I did that, I went to the [House GOP] conference and just talked.”
“And then it just turned into me going to Thune and saying, ‘Hey, why don’t I just become a liaison between the two?’ So I didn’t, I never envisioned of doing that, other than just keeping a relationship, but it was a natural fit,” he continued.
That role began when former House Speaker Kevin McCarthy, who Mullin had a longstanding relationship with, led the House GOP, and has continued since House Speaker Mike Johnson, R-La., took the helm in 2023.
And it paid dividends during the six-month slog to draft and pass Trump’s budget reconciliation bill, which required full buy-in from congressional Republicans to do so given that no Democrats were involved in the process.
Markwayne said that before the bill even made it to the Senate in early June, he played a role in ensuring that House Republicans didn’t “dump a ton of stuff in there” that would be nixed by Senate rules.
He effectively ping-ponged back and forth between the chambers, jetting from morning workouts to speak with lawmakers, meeting with House Republicans during their weekly conference confabs or holding smaller discussions with lawmakers, particularly blue state Republicans concerned about changes to SALT, to get everyone on roughly the same page.
Much of it broke down to explaining how the Senate’s Byrd rule, which governs reconciliation and allows either party to skirt the Senate filibuster to pass legislation, worked.
“I mean, even though I spent 12 or 10 years in the House, I never understood the Byrd rule, but why would I? I didn’t have to deal with it,” he said. “So really getting to understand that, and breaking down that barrier helped.”
The flow of information wasn’t just one way, however. His discussions with House Republicans helped him better inform his colleagues in the upper chamber of their priorities, and what could and couldn’t be touched as Senate Republicans began putting their fingerprints on the bill.
SALT was the main issue that he focused on, and one that most Senate Republicans didn’t care much for. Still, it was a make-or-break agreement to raise the caps, albeit temporarily, to $40,000 for single and joint filers for the next five years, that helped seal the deal for anxious blue state House Republicans.
“Just keeping them informed through the process was very important,” he said. “But at the same time, talking to the House, and when we’re negotiating over here, I’d be like, ‘No guys, that’s a killer,’” he said. “We can’t do that if you, if you touch this, it’s dead over there for sure.
Guaranteed, it’s dead.”
Over time, his approach to the role has changed, an evolution he said was largely influenced by Thune.
A self-described “bull in a China cabinet,” Mullin said that for a time his negotiating style was arguing with lawmakers to convince them “why you’re wrong.” But that style softened after watching Thune, he said, and saw him talking less and listening more.
“I took his lead off of it to let people talk,” he said. “Sometimes you’re going to find out that they’re actually upset about something that had nothing to do with the bill, but they’re taking that, and they’re holding the bill hostage to be able to let this one point be heard.”
“I don’t think it was a good indication that we were butting heads. Everybody was very passionate about this. I mean, they’ve been working for a long time. We looked at it as maybe a once in a generation opportunity for us to be able to get this done,” he continued. “We wanted to get it right, but everybody wanted to have their fingerprint on it and at the end of the day, we knew we [had] to bring it to the floor.”

MIL OSI USA News –

July 26, 2025

MIL-OSI Banking: Phillips 66 Reports Second-Quarter Results

Source: Phillips

Reported second-quarter earnings of $877 million or $2.15 per share; adjusted earnings of $973 million or $2.38 per share; including $239 million of pre-tax accelerated depreciation on Los Angeles Refinery
Operated at 98% capacity utilization in Refining with 86% clean product yield
Completed Midstream acquisition of EPIC NGL, now renamed Coastal Bend
Announced sale of 65% interest in our Germany and Austria retail marketing business
Generated $845 million of net operating cash flow, $1.9 billion excluding working capital
Returned $906 million to shareholders through dividends and share repurchases

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced second-quarter earnings.
“Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment,” said Mark Lashier, chairman and CEO of Phillips 66.
“We also continued our strong growth trajectory in Midstream, which generated approximately $1 billion of adjusted EBITDA following the acquisition of Coastal Bend. The Dos Picos II gas processing plant in the Midland Basin recently came online ahead of schedule and on budget. These assets further our stable earnings growth, enhance returns and increase shareholder value as we progress our wellhead-to-market strategy. Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”
Financial Results Summary (in millions of dollars, except as indicated)

2Q 2025

1Q 2025

Earnings

$

877

487

Adjusted Earnings (Loss)1

973

(368)

Adjusted EBITDA1

2,501

736

Earnings (Loss) Per Share

Earnings Per Share – Diluted

2.15

1.18

Adjusted Earnings (Loss) Per Share – Diluted1

2.38

(0.90)

Cash Flow From Operations

845

187

Cash Flow From Operations, Excluding Working Capital1

1,920

259

Capital Expenditures & Investments

587

423

Acquisitions, net of cash acquired

2,220

—

Return of Capital to Shareholders

906

716

Repurchases of common stock

419

247

Dividends paid on common stock

487

469

Cash and Cash Equivalents, including cash classified within Assets held for sale2

1,144

1,489

Debt

20,935

18,803

Debt-to-capital ratio

42%

40%

Net debt-to-capital ratio1

41%

38%

1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

2 Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

Segment Financial and Operating Highlights (Millions of dollars, except as indicated)

2Q 2025

1Q 2025

Change

Earnings (Loss)1

$

877

487

390

Midstream

731

751

(20)

Chemicals

20

113

(93)

Refining

359

(937)

1,296

Marketing and Specialties

571

1,282

(711)

Renewable Fuels

(133)

(185)

52

Corporate and Other

(428)

(376)

(52)

Income tax (expense) benefit

(212)

(122)

(90)

Noncontrolling interests

(31)

(39)

8

Adjusted Earnings (Loss)1,2

$

973

(368)

1,341

Midstream

731

683

48

Chemicals

20

113

(93)

Refining

392

(937)

1,329

Marketing and Specialties

660

265

395

Renewable Fuels

(133)

(185)

52

Corporate and Other

(383)

(355)

(28)

Income tax (expense) benefit

(283)

78

(361)

Noncontrolling interests

(31)

(30)

(1)

Adjusted EBITDA2

$

2,501

736

1,765

Midstream

972

885

87

Chemicals

148

244

(96)

Refining

867

(452)

1,319

Marketing and Specialties

718

315

403

Renewable Fuels

(110)

(162)

52

Corporate and Other

(94)

—

Operating Highlights

Pipeline Throughput – Y-Grade to Market (MB/D)3

956

704

252

Chemicals Global O&P Capacity Utilization

92%

100%

(8%)

Refining

Turnaround Expense4

53

270

(217)

Realized Margin ($/BBL)2

11.25

6.81

4.44

Crude Capacity Utilization

98%

80%

18%

Clean Product Yield

86%

87%

(1%)

Renewable Fuels Produced (MB/D)

40

44

(4)

1 Segment reporting is pre-tax.

2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66’s direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

4 Excludes turnaround expense of all equity affiliates.

Second-Quarter 2025 Financial Results
Reported earnings were $877 million for the second quarter of 2025 versus $487 million in the first quarter of 2025. Second-quarter earnings included pre-tax special item adjustments of $(89) million in the Marketing and Specialties segment, $(45) million impacting Corporate and Other and $(33) million in the Refining segment. Adjusted earnings for the second quarter were $973 million versus an adjusted loss of $368 million in the first quarter.

Midstream second-quarter 2025 adjusted pre-tax income increased compared with the first quarter mainly due to higher volumes, largely driven by the acquisition of Coastal Bend, partially offset by seasonal maintenance expense and property taxes.

Chemicals adjusted pre-tax income decreased mainly due to lower margins driven by lower sales prices.

Refining adjusted pre-tax results increased mainly due to higher realized margins resulting from improved market crack spreads, as well as higher volumes and lower costs.

Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins and volumes.

Renewable Fuels pre-tax results improved primarily due to higher realized margins including inventory impacts, as well as increased credits.

Corporate and Other adjusted pre-tax loss increased mainly due to higher net interest expense, partially offset by impacts from our investment in NOVONIX.

As of June 30, 2025, the company had $1.1 billion of cash and cash equivalents and $3.7 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress

Advanced NGL wellhead-to-market strategy by acquiring Coastal Bend and nearing completion of a related pipeline expansion project, expected to increase capacity from 175 MBD to 225 MBD

Expanded natural gas gathering and processing capacity with the startup of Dos Picos II, a 220 MMCF/D plant in the Midland Basin

Maintained disciplined operations in Refining and achieved $5.46 per barrel in Refining Adjusted Controllable Costs 1, excluding adjusted turnaround expense in the second quarter and $6.17 per barrel year-to-date

Achieved a record year-to-date clean product yield of 87%, reflecting a 2% increase from the same period in 2024

On track to cease operations at the Los Angeles Refinery, as well as complete the Germany and Austria transaction by year-end.

1 Represents a non-GAAP financial measure. Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “adjusted controllable cost,” “cash from operations, excluding working capital,” “net debt-to-capital ratio,” and “realized refining margin per barrel.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66.
Basis of Presentation— Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings (Loss)

Millions of Dollars

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Midstream

$

731

751

1,482

767

1,321

Chemicals

20

113

133

222

427

Refining

359

(937

)

(578

)

302

518

Marketing and Specialties

571

1,282

1,853

415

781

Renewable Fuels

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other

(428

)

(376

)

(804

)

(340

)

(662

)

Pre-Tax Income (Loss)

1,120

648

1,768

1,311

2,275

Less: Income tax expense (benefit)

212

122

334

291

494

Less: Noncontrolling interests

31

39

70

5

18

Phillips 66

$

877

487

1,364

1,015

1,763

Adjusted Earnings (Loss)

Millions of Dollars

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Midstream

$

731

683

1,414

753

1,366

Chemicals

20

113

133

222

427

Refining

392

(937

)

(545

)

302

615

Marketing and Specialties

660

265

925

415

722

Renewable Fuels

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other

(383

)

(355

)

(738

)

(340

)

(662

)

Pre-Tax Income (Loss)

1,287

(416

)

871

1,297

2,358

Less: Income tax expense (benefit)

283

(78

)

205

278

504

Less: Noncontrolling interests

31

30

61

35

48

Phillips 66

$

973

(368

)

605

984

1,806

Millions of Dollars

Except as Indicated

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)

Consolidated Earnings

$

877

487

1,364

1,015

1,763

Pre-tax adjustments:

Impairments

—

21

224

387

Net (gain) loss on asset dispositions1

89

(1,085

)

(996

)

(238

)

(238

)

Legal accrual

33

—

33

—

Legal settlement

—

(66

)

Professional advisory fees

45

—

45

—

Tax impact of adjustments2

(40

)

200

160

13

(10

)

Other tax impacts

(31

)

—

(31

)

—

Noncontrolling interests

—

9

(30

)

(30

)

Adjusted earnings (loss)

$

973

(368

)

605

984

1,806

Earnings per share of common stock (dollars)

$

2.15

1.18

3.32

2.38

4.10

Adjusted earnings (loss) per share of common stock (dollars)

$

2.38

(0.90

)

1.47

2.31

4.21

Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands)

407,934

409,182

409,012

425,734

429,003

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

731

751

1,482

767

1,321

Pre-tax adjustments:

Impairments

—

224

283

Net gain on asset dispositions1

—

(68

)

(68

)

(238

)

(238

)

Adjusted pre-tax income

$

731

683

1,414

753

1,366

Chemicals Pre-Tax Income

$

20

113

133

222

427

Pre-tax adjustments:

None

—

Adjusted pre-tax income

$

20

113

133

222

427

Refining Pre-Tax Income (Loss)

$

359

(937

)

(578

)

302

518

Pre-tax adjustments:

Impairments

—

104

Legal settlement

—

(7

)

Legal accrual

33

—

33

—

Adjusted pre-tax income (loss)

$

392

(937

)

(545

)

(302

)

(615

)

Marketing and Specialties Pre-Tax Income

$

571

1,282

1,853

415

781

Pre-tax adjustments:

Net (gain) loss on asset dispositions1

89

(1,017

)

(928

)

—

Legal settlement

—

(59

)

Adjusted pre-tax income

$

660

265

925

415

722

Renewable Fuels Pre-Tax Loss

$

(133

)

(185

)

(318

)

(55

)

(110

)

Pre-tax adjustments:

None

—

Adjusted pre-tax loss

$

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other Pre-Tax Loss

$

(428

)

(376

)

(804

)

(340

)

(662

)

Pre-tax adjustments:

Impairments

—

21

—

Professional advisory fees

45

—

45

—

Adjusted pre-tax loss

$

(383

)

(355

)

(738

)

(340

)

(662

)

1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from foreign currency derivatives.

2. We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66

Net Income

$

908

526

Plus:

Income tax expense

212

122

Net interest expense

230

187

Depreciation and amortization

816

791

Phillips 66 EBITDA

$

2,166

1,626

Special Item Adjustments (pre-tax):

Impairments

—

21

Net (gain) loss on asset dispositions

89

(1,085

)

Legal accrual

33

—

Professional advisory fees

45

—

Total Special Item Adjustments (pre-tax)

167

(1,064

)

Change in Fair Value of NOVONIX Investment

2

15

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

2,335

577

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

17

18

Proportional share of selected equity affiliates net interest

15

14

Proportional share of selected equity affiliates depreciation and amortization

184

187

Adjusted EBITDA attributable to noncontrolling interests

(50

)

(60

)

Phillips 66 Adjusted EBITDA

$

2,501

736

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes

$

731

751

Plus:

Depreciation and amortization

260

233

Midstream EBITDA

$

991

984

Special Item Adjustments (pre-tax):

Net gain on asset dispositions

—

(68

)

Midstream EBITDA, Adjusted for Special Items

$

991

916

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

4

3

Proportional share of selected equity affiliates net interest

3

Proportional share of selected equity affiliates depreciation and amortization

24

23

Adjusted EBITDA attributable to noncontrolling interests

(50

)

(60

)

Midstream Adjusted EBITDA

$

972

885

Chemicals Income before income taxes

$

20

113

Plus:

None

—

Chemicals EBITDA

$

20

113

Special Item Adjustments (pre-tax):

None

—

Chemicals EBITDA, Adjusted for Special Items

$

20

113

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

13

Proportional share of selected equity affiliates net interest

(1

)

(1

)

Proportional share of selected equity affiliates depreciation and amortization

116

119

Chemicals Adjusted EBITDA

$

148

244

Refining Income (loss) before income taxes

$

359

(937

)

Plus:

Depreciation and amortization

443

456

Refining EBITDA

$

802

(481

)

Special Item Adjustments (pre-tax):

Legal accrual

33

—

Refining EBITDA, Adjusted for Special Items

$

835

(481

)

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

—

Proportional share of selected equity affiliates net interest

3

2

Proportional share of selected equity affiliates depreciation and amortization

29

27

Refining Adjusted EBITDA

$

867

(452

)

Marketing and Specialties Income before income taxes

$

571

1,282

Plus:

Depreciation and amortization

33

20

Marketing and Specialties EBITDA

$

604

1,302

Special Item Adjustments (pre-tax):

Net gain on asset disposition

89

(1,017

)

Marketing and Specialties EBITDA, Adjusted for Special Items

$

693

285

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

—

2

Proportional share of selected equity affiliates net interest

10

Proportional share of selected equity affiliates depreciation and amortization

15

18

Marketing and Specialties Adjusted EBITDA

$

718

315

Renewable Fuels Loss before income taxes

$

(133

)

(185

)

Plus:

Depreciation and amortization

23

Renewable Fuels EBITDA

$

(110

)

(162

)

Special Item Adjustments (pre-tax):

None

—

Renewable Fuels EBITDA, Adjusted for Special Items

$

(110

)

(162

)

Corporate and Other Loss before income taxes

$

(428

)

(376

)

Plus:

Net interest expense

230

187

Depreciation and amortization

57

59

Corporate and Other EBITDA

$

(141

)

(130

)

Special Item Adjustments (pre-tax):

Impairments

—

21

Professional advisory fees

45

—

Total Special Item Adjustments (pre-tax)

45

21

Change in Fair Value of NOVONIX Investment

2

15

Corporate EBITDA, Adjusted for Special Items and Change in
Fair Value of NOVONIX Investment

$

(94

)

(94

)

Millions of Dollars
Except as Indicated

June 30, 2025

March 31, 2025

Debt-to-Capital Ratio

Total Debt

$

20,935

18,803

Total Equity

28,626

28,353

Debt-to-Capital Ratio

42

%

40

%

Cash and Cash Equivalents, including cash classified within Assets held for sale1

1,144

1,489

Net Debt-to-Capital Ratio

41

%

38

%

1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

Income (loss) before income taxes

$

359

(937

)

Plus:

Taxes other than income taxes

94

110

Depreciation, amortization and impairments

446

457

Selling, general and administrative expenses

32

46

Operating expenses

848

1,074

Equity in earnings of affiliates

2

105

Other segment expense, net

(47

)

(5

)

Proportional share of refining gross margins contributed by equity affiliates

234

141

Special items:

None

—

Realized refining margins

$

1,968

991

Total processed inputs (thousands of barrels)

152,005

124,453

Adjusted total processed inputs (thousands of barrels)*

174,772

145,559

Income (loss) before income taxes (dollars per barrel)**

$

2.36

(7.53

)

Realized refining margins (dollars per barrel)***

$

11.25

6.81

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income (loss) before income taxes divided by total processed inputs.

***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

June YTD

Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

Turnaround expenses

$

53

270

323

Other operating expenses

795

804

1,599

Total operating expenses

848

1,074

1,922

Selling, general and administrative expenses

32

46

78

Refining Controllable Costs

880

1,120

2,000

Plus:

Proportional share of equity affiliate turnaround expenses1

24

27

51

Proportional share of equity affiliate other operating and SG&A expenses1

161

173

334

Total proportional share of equity affiliate operating and SG&A expenses1

185

200

385

Special item adjustments (pre-tax):

Legal accrual

(33

)

—

(33

)

Refining Adjusted Controllable Costs

1,032

1,320

2,352

Total processed inputs (MB)

152,005

124,453

276,458

Adjusted total processed inputs (MB)2

174,772

145,559

320,331

Refining turnaround expense ($/BBL)3

0.35

2.17

1.17

Refining controllable costs, excluding turnaround expense ($/BBL)3

5.44

6.83

6.07

Refining Controllable Costs per Barrel ($/BBL)3

5.79

9.00

7.24

Refining adjusted turnaround expense ($/BBL)4

0.44

2.04

1.17

Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

5.46

7.03

6.17

Refining Adjusted Controllable Costs ($/BBL)4

5.90

9.07

7.34

1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

3. Denominator is total processed inputs.

4. Denominator is adjusted total processed inputs.

Millions of Dollars

Except as Indicated

2024

2023

2022

2021

Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

Turnaround expenses

$

484

538

772

497

Other operating expenses

3,243

3,707

3,958

3,663

Total operating expenses

3,727

4,245

4,730

4,160

Selling, general and administrative expenses

209

169

152

131

Refining Controllable Costs

3,936

4,414

4,882

4,291

Plus:

Proportional share of equity affiliate turnaround expenses1

68

93

118

Proportional share of equity affiliate other operating and SG&A expenses1

626

641

721

619

Total proportional share of equity affiliate operating and SG&A expenses1

694

734

839

737

Special item adjustments (pre-tax):

Hurricane-related (costs) recovery

—

21

(40

)

Winter-storm-related costs

—

(17

)

Alliance shutdown-related costs

—

(20

)

(32

)

Legal accrual

(22

)

(30

)

—

Los Angeles Refinery cessation costs

(44

)

—

Refining Adjusted Controllable Costs

4,564

5,118

5,722

4,939

Total processed inputs (MB)

588,316

607,958

612,741

638,145

Adjusted total processed inputs (MB)2

680,043

685,435

691,855

715,780

Refining turnaround expense ($/BBL)3

0.82

0.88

1.26

0.78

Refining controllable costs, excluding turnaround expense ($/BBL)3

5.87

6.38

6.71

5.95

Refining Controllable Costs per Barrel ($/BBL)3

6.69

7.26

7.97

6.72

Refining adjusted turnaround expense ($/BBL)4

0.81

0.92

1.29

0.86

Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

5.90

6.55

6.98

6.04

Refining Adjusted Controllable Costs ($/BBL)4

6.71

7.47

8.27

6.90

1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

3. Denominator is total processed inputs.

4. Denominator is adjusted total processed inputs.

Source: Phillips 66

MIL OSI Global Banks –

July 25, 2025

MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

“We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

Quarterly Financial Performance

Second Quarter 2025 versus Second Quarter 2024 highlights:

Return on average equity of 15.52%, compared to 14.19%
Return on average assets of 1.57%, compared to 1.37%
Tangible book value per share grew by $2.14, or 8%, to $27.48
Average loans grew by $194.8 million, or 4%, to $5.23 billion
Core deposits grew by $423.9 million, or 8%, to $6.03 billion
Net interest margin improved 25 basis points to 3.42% versus 3.17%
Net interest income increased by $6.6 million, or 14%
Provision expense of $3.0 million, compared to $8.5 million
Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
Total risk-based capital ratio improved to 15.86%, compared to 15.53%
Tangible capital ratio improved to 10.15%, compared to 9.91%
Average equity increased by $58.0 million, or 9%

Second Quarter 2025 versus First Quarter 2025 highlights:

Return on average equity of 15.52%, compared to 11.70%
Return on average assets of 1.57%, compared to 1.20%
Average loans grew by $43.7 million, or 1%, to $5.23 billion
Core deposits grew by $191.6 million, or 3%, to $6.03 billion
Net interest margin improved 2 basis points to 3.42% versus 3.40%
Net interest income increased by $2.0 million, or 4%
Pretax, pre-provision earnings increased $4.9 million, or 16%
Provision expense of $3.0 million, compared to $6.8 million
Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
Total risk-based capital ratio of 15.86%, compared to 15.77%
Tangible capital ratio of 10.15%, compared to 10.09%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

“Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

Loan Portfolio

Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

“We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

(in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
Retail	$	1,755,750	28.4	%	$	1,787,992	30.0	%	$	1,724,777	29.9	%
Commercial		2,256,620	36.6			2,336,910	39.2			2,150,127	37.3
Public funds		2,014,047	32.6			1,709,883	28.7			1,727,593	30.0
Core deposits		6,026,417	97.6			5,834,785	97.9			5,602,497	97.2
Brokered deposits		150,416	2.4			125,409	2.1			161,040	2.8
Total	$	6,176,833	100.0	%	$	5,960,194	100.0	%	$	5,763,537	100.0	%

Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

“Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

Asset Quality

The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

“We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

Investment Portfolio Overview

Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

Noninterest Income

The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

“The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

Noninterest Expense

Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
END OF PERIOD BALANCES		2025			2025			2024			2025			2024
Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Investments		1,129,346			1,132,854			1,123,803			1,129,346			1,123,803
Loans		5,226,827			5,223,221			5,052,341			5,226,827			5,052,341
Allowance for Credit Losses		66,552			92,433			80,711			66,552			80,711
Deposits		6,176,833			5,960,194			5,763,537			6,176,833			5,763,537
Brokered Deposits		150,416			125,409			161,040			150,416			161,040
Core Deposits (1)		6,026,417			5,834,785			5,602,497			6,026,417			5,602,497
Total Equity		709,987			694,509			654,590			709,987			654,590
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		706,184			690,706			650,787			706,184			650,787
Adjusted Tangible Common Equity (2)		866,758			854,585			820,534			866,758			820,534
AVERAGE BALANCES
Total Assets	$	6,904,681		$	6,762,970		$	6,642,954		$	6,834,217		$	6,598,711
Earning Assets		6,570,607			6,430,804			6,295,281			6,501,092			6,256,105
Investments		1,125,597			1,136,404			1,118,776			1,130,970			1,138,639
Loans		5,229,646			5,185,918			5,034,851			5,207,903			5,002,935
Total Deposits		6,096,504			5,874,725			5,819,962			5,986,227			5,725,196
Interest Bearing Deposits		4,852,446			4,616,381			4,589,059			4,735,066			4,472,693
Interest Bearing Liabilities		4,886,943			4,716,465			4,666,136			4,802,175			4,599,136
Total Equity		696,976			696,053			638,999			696,517			642,003
INCOME STATEMENT DATA
Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Net Interest Income-Fully Tax Equivalent		55,986			53,983			49,493			109,970			98,176
Provision for Credit Losses		3,000			6,800			8,480			9,800			10,000
Noninterest Income		11,486			10,928			20,439			22,414			33,051
Noninterest Expense		30,432			32,763			33,333			63,195			64,038
Net Income		26,966			20,085			22,549			47,051			45,950
Pretax Pre-Provision Earnings (2)		35,930			31,040			35,402			66,970			64,725
PER SHARE DATA
Basic Net Income Per Common Share	$	1.05		$	0.78		$	0.88		$	1.83		$	1.79
Diluted Net Income Per Common Share		1.04			0.78			0.87			1.82			1.78
Cash Dividends Declared Per Common Share		0.50			0.50			0.48			1.00			0.96
Dividend Payout		48.08	%		64.10	%		55.17	%		54.95	%		53.93	%
Book Value Per Common Share (equity per share issued)	$	27.63		$	26.99		$	25.49		$	27.63		$	25.49
Tangible Book Value Per Common Share (2)		27.48			26.85			25.34			27.48			25.34
Market Value – High	$	62.39		$	71.77		$	66.62		$	71.77		$	73.22
Market Value – Low		50.00			58.24			57.59			50.00			57.59

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
KEY RATIOS		2025			2025			2024			2025			2024
Basic Weighted Average Common Shares Outstanding		25,707,233			25,714,818			25,678,231			25,711,004			25,667,647
Diluted Weighted Average Common Shares Outstanding		25,776,205			25,802,865			25,742,871			25,782,817			25,746,773
Return on Average Assets		1.57	%		1.20	%		1.37	%		1.39	%		1.40	%
Return on Average Total Equity		15.52			11.70			14.19			13.62			14.39
Average Equity to Average Assets		10.09			10.29			9.62			10.19			9.73
Net Interest Margin		3.42			3.40			3.17			3.41			3.16
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		45.86			51.35			48.49			48.55			49.73
Loans to Deposits		84.62			87.64			87.66			84.62			87.66
Investment Securities to Total Assets		16.22			16.54			17.11			16.22			17.11
Tier 1 Leverage (3)		12.21			12.30			11.98			12.21			11.98
Tier 1 Risk-Based Capital (3)		14.73			14.51			14.28			14.73			14.28
Common Equity Tier 1 (CET1) (3)		14.73			14.51			14.28			14.73			14.28
Total Capital (3)		15.86			15.77			15.53			15.86			15.53
Tangible Capital (2)		10.15			10.09			9.91			10.15			9.91
Adjusted Tangible Capital (2)		12.17			12.19			12.18			12.17			12.18
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	1,648		$	4,288		$	1,615		$	1,648		$	1,615
Loans Past Due 90 Days or More		7			7			26			7			26
Nonaccrual Loans		30,627			57,392			57,124			30,627			57,124
Nonperforming Loans		30,634			57,399			57,150			30,634			57,150
Other Real Estate Owned		284			284			384			284			384
Other Nonperforming Assets		183			193			90			183			90
Total Nonperforming Assets		31,101			57,876			57,624			31,101			57,624
Individually Analyzed Loans		52,069			81,346			78,533			52,069			78,533
Non-Individually Analyzed Watch List Loans		139,548			134,218			189,726			139,548			189,726
Total Individually Analyzed and Watch List Loans		191,617			215,564			268,259			191,617			268,259
Gross Charge Offs		29,111			508			1,076			29,619			1,580
Recoveries		230			181			127			411			319
Net Charge Offs/(Recoveries)		28,881			327			949			29,208			1,261
Net Charge Offs/(Recoveries) to Average Loans		2.22	%		0.03	%		0.08	%		1.13	%		0.05	%
Credit Loss Reserve to Loans		1.27			1.77			1.60			1.27			1.60
Credit Loss Reserve to Nonperforming Loans		217.25			161.04			141.23			217.25			141.23
Nonperforming Loans to Loans		0.59			1.10			1.13			0.59			1.13
Nonperforming Assets to Assets		0.45			0.84			0.88			0.45			0.88
Total Individually Analyzed and Watch List Loans to Total Loans		3.67	%		4.13	%		5.31	%		3.67	%		5.31	%


	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30
KEY RATIOS		2025			2025			2024			2025			2024,
OTHER DATA
Full Time Equivalent Employees		675			647			653			675			653
Offices		54			54			53			54			53

(1	)	Core deposits equals deposits less brokered deposits.
(2	)	Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3	)	Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Cash and due from banks	$	97,413		$	71,733
Short-term investments		212,767			96,472
Total cash and cash equivalents		310,180			168,205
Securities available-for-sale, at fair value		996,957			991,426
Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)		132,389			131,568
Real estate mortgage loans held-for-sale		1,637			1,700
Loans, net of allowance for credit losses of $66,552 and $85,960		5,160,275			5,031,988
Land, premises and equipment, net		61,449			60,489
Bank owned life insurance		127,399			113,320
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		29,109			28,446
Goodwill		4,970			4,970
Other assets		118,516			124,842
Total assets	$	6,964,301		$	6,678,374

LIABILITIES
Noninterest bearing deposits	$	1,261,740		$	1,297,456
Interest bearing deposits		4,915,093			4,603,510
Total deposits		6,176,833			5,900,966

Borrowings
Federal Home Loan Bank advance		1,200			0
Other borrowings		5,000				0
Total borrowings		6,200			0

Accrued interest payable		9,996			15,117
Other liabilities		61,285			78,380
Total liabilities		6,254,314			5,994,463

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024		130,664			129,664
Retained earnings		757,739			736,412
Accumulated other comprehensive income (loss)		(161,121	)		(166,500		)
Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)		(17,384	)		(15,754		)
Total stockholders’ equity		709,898			683,822
Noncontrolling interest		89			89
Total equity		709,987			683,911
Total liabilities and equity	$	6,964,301		$	6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	84,418	$	84,226	$	166,158	$	166,268
Tax exempt		291		632		583		1,532
Interest and dividends on securities
Taxable		3,457		3,104		6,846		6,143
Tax exempt		3,917		3,932		7,827		7,879
Other interest income		2,302		1,842		3,426		2,948
Total interest income		94,385		93,736		184,840		184,770

Interest on deposits		39,111		44,363		75,569		85,527
Interest on short-term borrowings		398		1,077		1,520		3,531
Total interest expense		39,509		45,440		77,089		89,058

NET INTEREST INCOME		54,876		48,296		107,751		95,712

Provision for credit losses		3,000		8,480		9,800		10,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		51,876		39,816		97,951		85,712

NONINTEREST INCOME
Wealth advisory fees		2,667		2,597		5,534		5,052
Investment brokerage fees		550		478		1,002		1,000
Service charges on deposit accounts		2,827		2,806		5,601		5,497
Loan and service fees		3,006		3,048		5,890		5,900
Merchant and interchange fee income		854		892		1,676		1,755
Bank owned life insurance income		1,040		890		1,362		1,926
Interest rate swap fee income		20		0		20		0
Mortgage banking income (loss)		124		23		73		75
Net securities gains (losses)		0		0		0		(46	)
Net gain on Visa shares		0		9,011		0		9,011
Other income		398		694		1,256		2,881
Total noninterest income		11,486		20,439		22,414		33,051

NONINTEREST EXPENSE
Salaries and employee benefits		17,096		16,158		34,998		32,991
Net occupancy expense		1,747		1,698		3,727		3,438
Equipment costs		1,437		1,343		2,819		2,755
Data processing fees and supplies		4,152		3,812		8,417		7,651
Corporate and business development		1,160		1,265		2,566		2,646
FDIC insurance and other regulatory fees		839		816		1,639		1,605
Professional fees		1,706		2,123		4,086		4,586
Other expense		2,295		6,118		4,943		8,366
Total noninterest expense		30,432		33,333		63,195		64,038

INCOME BEFORE INCOME TAX EXPENSE		32,930		26,922		57,170		54,725
Income tax expense		5,964		4,373		10,119		8,775
NET INCOME	$	26,966	$	22,549	$	47,051	$	45,950

BASIC WEIGHTED AVERAGE COMMON SHARES		25,707,233		25,678,231		25,711,004		25,667,647

BASIC EARNINGS PER COMMON SHARE	$	1.05	$	0.88	$	1.83	$	1.79

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,776,205		25,742,871		25,782,817		25,746,773

DILUTED EARNINGS PER COMMON SHARE	$	1.04	$	0.87	$	1.82	$	1.78

LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	June 30, 2025					March 31, 2025					June 30, 2024
Commercial and industrial loans:
Working capital lines of credit loans	$	717,484		13.7	%	$	716,522		13.7	%	$	697,754		13.8	%
Non-working capital loans		776,278		14.9			807,048		15.5			828,523		16.4
Total commercial and industrial loans		1,493,762		28.6			1,523,570		29.2			1,526,277		30.2

Commercial real estate and multi-family residential loans:
Construction and land development loans		552,998		10.6			623,905		12.0			658,345		13.0
Owner occupied loans		780,285		14.9			804,933		15.4			830,018		16.4
Nonowner occupied loans		869,196		16.6			852,033		16.3			762,365		15.1
Multifamily loans		477,910		9.1			339,946		6.5			252,652		5.0
Total commercial real estate and multi-family residential loans		2,680,389		51.2			2,620,817		50.2			2,503,380		49.5

Agri-business and agricultural loans:
Loans secured by farmland		150,934		2.9			156,112		3.0			161,410		3.2
Loans for agricultural production		188,501		3.6			227,659		4.3			199,654		4.0
Total agri-business and agricultural loans		339,435		6.5			383,771		7.3			361,064		7.2

Other commercial loans		95,442		1.8			94,927		1.8			96,703		1.9
Total commercial loans		4,609,028		88.1			4,623,085		88.5			4,487,424		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		273,287		5.2			265,855		5.1			259,094		5.1
Open end and junior lien loans		226,114		4.4			217,981		4.2			197,861		3.9
Residential construction and land development loans		16,667		0.3			16,359		0.3			12,952		0.3
Total consumer 1-4 family mortgage loans		516,068		9.9			500,195		9.6			469,907		9.3

Other consumer loans		103,880		2.0			102,254		1.9			97,895		1.9
Total consumer loans		619,948		11.9			602,449		11.5			567,802		11.2
Subtotal		5,228,976		100.0	%		5,225,534		100.0	%		5,055,226		100.0	%
Less: Allowance for credit losses		(66,552	)				(92,433	)				(80,711	)
Net deferred loan fees		(2,149	)				(2,313	)				(2,885	)
Loans, net	$	5,160,275				$	5,130,788				$	4,971,630

LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest bearing demand deposits	$	1,261,740	$	1,296,907	$	1,212,989
Savings and transaction accounts:
Savings deposits		283,976		293,768		283,809
Interest bearing demand deposits		3,841,703		3,554,310		3,274,179
Time deposits:
Deposits of $100,000 or more		584,165		602,577		776,314
Other time deposits		205,249		212,632		216,246
Total deposits	$	6,176,833	$	5,960,194	$	5,763,537
FHLB advances and other borrowings		6,200		108,200		55,000
Total funding sources	$	6,183,033	$	6,068,394	$	5,818,537

LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended June 30, 2025							Three Months Ended March 31, 2025							Three Months Ended June 30, 2024
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,204,006		$	84,418	6.51	%	$	5,160,031		$	81,740	6.42	%	$	4,993,270		$	84,226	6.78	%
Tax exempt (1)		25,640			359	5.62			25,887			361	5.66			41,581			783	7.57
Investments: (1)
Securities		1,125,597			8,416	3.00			1,136,404			8,338	2.98			1,118,776			8,082	2.91
Short-term investments		2,832			28	3.97			2,964			28	3.83			2,836			35	4.96
Interest bearing deposits		212,532			2,274	4.29			105,518			1,096	4.21			138,818			1,807	5.24
Total earning assets	$	6,570,607		$	95,495	5.83	%	$	6,430,804		$	91,563	5.77	%	$	6,295,281		$	94,933	6.07	%
Less: Allowance for credit losses		(93,644	)						(87,477	)						(74,166	)
Nonearning Assets
Cash and due from banks		66,713							71,004							64,518
Premises and equipment		61,280							60,523							58,702
Other nonearning assets		299,725							288,116							298,619
Total assets	$	6,904,681						$	6,762,970						$	6,642,954

Interest Bearing Liabilities
Savings deposits	$	285,944		$	43	0.06	%	$	283,888		$	42	0.06	%	$	289,107		$	48	0.07	%
Interest bearing checking accounts		3,767,903			31,499	3.35			3,486,447			28,075	3.27			3,275,502			33,323	4.09
Time deposits:
In denominations under $100,000		208,770			1,745	3.35			212,934			1,832	3.49			217,146			1,871	3.47
In denominations over $100,000		589,829			5,824	3.96			633,112			6,509	4.17			807,304			9,121	4.54
Other short-term borrowings		33,297			398	4.79			99,830			1,122	4.56			77,077			1,077	5.62
Long-term borrowings		1,200			0	0.00			254			0	0.00			0			0	0.00
Total interest bearing liabilities	$	4,886,943		$	39,509	3.24	%	$	4,716,465		$	37,580	3.23	%	$	4,666,136		$	45,440	3.92	%
Noninterest Bearing Liabilities
Demand deposits		1,244,058							1,258,344							1,230,903
Other liabilities		76,704							92,108							106,916
Stockholders’ Equity		696,976							696,053							638,999
Total liabilities and stockholders’ equity	$	6,904,681						$	6,762,970						$	6,642,954
Interest Margin Recap
Interest income/average earning assets					95,495	5.83	%					91,563	5.77	%					94,933	6.07	%
Interest expense/average earning assets					39,509	2.41						37,580	2.37						45,440	2.90
Net interest income and margin				$	55,986	3.42	%				$	53,983	3.40	%				$	49,493	3.17	%

(1	)	Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
(2	)	Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
(3	)	Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Total Equity	$	709,987		$	694,509		$	654,590		$	709,987		$	654,590
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		706,184			690,706			650,787			706,184			650,787
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Common Equity		866,758			854,585			820,534			866,758			820,534

Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,960,498			6,847,375			6,565,004			6,960,498			6,565,004
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Assets		7,121,072			7,011,254			6,734,751			7,121,072			6,734,751

Ending Common Shares Issued		25,697,093			25,727,393			25,679,066			25,697,093			25,679,066

Tangible Book Value Per Common Share	$	27.48		$	26.85		$	25.34		$	27.48		$	25.34

Tangible Common Equity/Tangible Assets		10.15	%		10.09	%		9.91	%		10.15	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.17	%		12.19	%		12.18	%		12.17	%		12.18	%

Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Plus: Noninterest Income		11,486			10,928			20,439			22,414			33,051
Minus: Noninterest Expense		(30,432	)		(32,763	)		(33,333	)		(63,195	)		(64,038	)
Pretax Pre-Provision Earnings	$	35,930		$	31,040		$	35,402		$	66,970		$	64,725

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Noninterest Income	$	11,486		$	10,928		$	20,439		$	22,414		$	33,051
Less: Net Gain on Visa Shares		0			0			(9,011	)		0			(9,011	)
Less: Insurance Recovery		0			0			0			0			(1,000	)
Adjusted Core Noninterest Income	$	11,486		$	10,928		$	11,428		$	22,414		$	23,040

Noninterest Expense	$	30,432		$	32,763		$	33,333		$	63,195		$	64,038
Less: Legal Accrual		0			0			(4,537	)		0			(4,537	)
Adjusted Core Noninterest Expense	$	30,432		$	32,763		$	28,796		$	63,195		$	59,501

Earnings Before Income Taxes	$	32,930		$	24,240		$	26,922		$	57,170		$	54,725
Adjusted Core Impact:
Noninterest Income		0			0			(9,011	)		0			(10,011	)
Noninterest Expense		0			0			4,537			0			4,537
Total Adjusted Core Impact		0			0			(4,474	)		0			(5,474	)
Adjusted Earnings Before Income Taxes		32,930			24,240			22,448			57,170			49,251
Tax Effect		(5,964	)		(4,155	)		(3,261	)		(10,119	)		(7,414	)
Core Operational Profitability (1)	$	26,966		$	20,085		$	19,187		$	47,051		$	41,837

Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.87		$	1.82		$	1.78
Impact of Adjusted Core Items		0.00			0.00			(0.13	)		0.00			(0.16	)
Core Operational Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.74		$	1.82		$	1.62

Adjusted Core Efficiency Ratio		45.86	%		51.35	%		48.22	%		48.55	%		50.11	%

(1	)	Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.

Contact Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

July 25, 2025

MIL-OSI: Ambow Launches HybriU Global Learning Network, Connecting U.S. Universities with Students Worldwide

Source: GlobeNewswire (MIL-OSI)

New Phygital Infrastructure Empowers U.S. Universities to Expand Globally Through AI-powered Hybrid Classrooms

CUPERTINO, Calif., July 25, 2025 (GLOBE NEWSWIRE) — Ambow Education Holding Ltd. (NYSE American: AMBO), a U.S.-based innovator of AI-powered phygital (physical + digital) solutions for education, corporate collaboration and live events, today announced the launch of its HybriU Global Learning Network (HGLN), a two-pronged initiative designed to help U.S. universities scale international enrollment and deliver immersive, borderless education.

Ambow’s HGLN initiative integrates two core components: the HybriU University Alliance and a network of HybriU Global Learning Centers. Together, these form a comprehensive system that allows U.S. institutions to extend in-person classroom experiences to international students while providing localized academic and enrollment support to preserve the quality and rigor of individual institutions’ on-campus instruction.

Through the HybriU University Alliance, U.S. universities can enroll international students who can begin earning credit immediately, without requiring travel or visas, by using Ambow’s HybriU phygital (physical + digital) learning platform. This next-generation system delivers an immersive remote classroom experience that bridges the gap between in-person and online instruction. Students engage in real-time with U.S. faculty through AI-powered digital classrooms featuring live instruction, adaptive learning tools, immersive 3D environments, and automatic real-time translation.

HybriU Global Learning Centers support the University Alliance with tech-enabled international hubs. On-site teams staff each center, providing hybrid learning support, academic services, and regional enrollment infrastructure. These centers help universities maintain visibility and continuity across borders while extending their global reach.

“The future of education is one without boundaries—no boundaries between online and on-site, no boundaries between languages and regions, no boundaries between academia and industry,” said Dr. Jin Huang, CEO of Ambow Education. “Why should students keep chasing campuses when campuses can reach students anywhere? Why let visas, geography or cost block access to world-class education? HybriU and our HGLN initiative are changing the face of global education. We’re redefining what international learning looks like––it’s flexible, inclusive and built to scale. We envision a world where every university has a teaching presence wherever its students are. HGLN offers a future-ready model for global enrollment that institutions need to lead in the next era of education.”

As part of Ambow’s long-term vision, HGLN aims to create a truly global learning ecosystem—seamlessly linking students, universities and regional hubs through the HybriU platform to unlock worldwide access to higher education. By removing physical and bureaucratic barriers to international learning, HGLN enables universities to preserve growth momentum, deepen global collaboration and reach students in new and accessible ways.

The HGLN’s partner-driven model enables universities to scale globally without building new infrastructure. Institutions can license the HybriU platform or enter revenue-sharing partnerships, while Ambow’s regional operators handle implementation and on-ground support. Initial HybriU Global Learning Centers are being established in Singapore and China, key strategic regions for U.S. higher education growth.

Ambow invites accredited U.S. universities to join its HybriU University Alliance and establish a presence through its Global Learning Center network. HGLN is built to scale, with local support teams, shared infrastructure and a growing footprint across Asia and beyond.

If your institution is interested in joining the HybriU University Alliance to expand international enrollment and global reach, we invite you to contact us at UPartner@HybriU.com .

For global organizations exploring partnership opportunities to establish a HybriU Global Learning Center, we welcome your inquiries at GLC@HybriU.com.

To learn more about HybriU, please visit www.HybriU.com.

About Ambow

Ambow Education Holding Ltd. is a U.S.-based, AI-driven technology company offering phygital (physical + digital) solutions for education, corporate conferencing and live events. Through its flagship platform, HybriU, Ambow is shaping the future of learning, collaboration and communication—delivering immersive, intelligent, real-time experiences across industries. For more information, visit Ambow’s corporate website at https://www.ambow.com/.

Follow us on X: @Ambow_Education
Follow us on LinkedIn: Ambow-education-group

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For more information, please contact:

Ambow Education Holding Ltd.
E-mail: ir@ambow.com
or
Piacente Financial Communications
Tel: +1 212 481 2050
E-mail: ambow@tpg-ir.com