Category: Transport

MIL-OSI Security: Springfield Man Indicted for Assaulting Postal Worker

Source: Office of United States Attorneys

SPRINGFIELD, Mo. – A Springfield, Mo., man has been indicted by a federal grand jury for assaulting a postal worker.

Courtney J. Ellis, 45, was charged today in a one count indictment with assaulting an employee of the U.S. Postal Service while they were performing their official duties. Today’s indictment replaces a felony criminal complaint filed June 23, 2025.

According to an affidavit filed in support of the original complaint, on June 18, 2025, Ellis struck the victim on the head with a wooden board while he was delivering mail to Ellis’s address. The victim, who was delivering mail along that route for the first time, was wearing a USPS uniform and driving a marked USPS delivery vehicle. After striking the victim, Ellis yelled that he didn’t belong in the neighborhood and followed him back to his vehicle where he continued to yell at and threaten the victim until he drove away.

The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

This case is being prosecuted by Assistant U.S. Attorney Randall D. Eggert. It was investigated by the United States Postal Inspection Service and the Springfield, Mo., Police Department.

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July 23, 2025
MIL-OSI Security: Bridgeport Man Sentenced to 8 Years in Prison for Drug and Firearm Offenses

Source: Office of United States Attorneys

David X. Sullivan, United States Attorney for the District of Connecticut, announced that ERIC HERMAN, 32, of Bridgeport, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 96 months of imprisonment, followed by three years of supervised release, for drug distribution and firearm possession offenses.

According to court documents and statements made in court, following two fatal overdoses involving fentanyl in 2021, both of which are believed to be connected to Herman, the Drug Enforcement Administration’s Bridgeport High Intensity Drug Trafficking Area (HIDTA) Task Force and Stratford Police Department began investigating Herman’s drug trafficking activities. In May and June 2022, investigators made two controlled purchases of fentanyl, heroin, and crack cocaine from Herman.

Herman was arrested on September 15, 2022. At the time of his arrest, he possessed a distribution quantity of cocaine, a loaded 9mm “ghost gun” with a laser sight attached, and additional rounds of ammunition.

Herman’s criminal history includes state felony convictions for drug and firearm offenses. It is a violation of federal law for a person previously convicted of a felony offense to possess a firearm or ammunition that has moved in interstate or foreign commerce.

Herman has been detained since his arrest. On March 24, 2025, he pleaded guilty to two counts of possession with intent to distribute, and distribution of, cocaine base (“crack”), fentanyl, and heroin; one count of possession with intent to distribute cocaine; and one count of unlawful possession of ammunition by a felon.

Herman pleaded guilty in state court to narcotics and manslaughter charges stemming from an overdose death investigation and was sentenced to 20 years of imprisonment, suspended after eight years, and five years of probation. Judge Bolden ordered Herman’s federal sentence to run concurrently with his state sentence.

The DEA’s HIDTA Task Force includes personnel from the DEA Bridgeport Resident Office, the Connecticut State Police, and the Bridgeport, Danbury, Norwalk, Stamford, and Stratford Police Departments. This case was prosecuted by Assistant U.S. Attorney Karen L. Peck.

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July 23, 2025
MIL-OSI Security: Special Police Officer Pleads Guilty to Violating an Arrestee’s Rights

Source: Office of United States Attorneys

WASHINGTON – Brigette O. Robertson of Washington, D.C. pled guilty today to violating the constitutional rights of a detained citizen by stomping on her face in June 2023, announced U.S. Attorney Jeanine Ferris Pirro.

Joining in the announcement was FBI Assistant Director in Charge Steven J. Jensen of the Washington Field Office.

U.S. District Judge Dabney L. Friedrich took Robertson’s guilty plea and scheduled sentencing for Oct. 21, 2025. For the offense to which she pled guilty – a misdemeanor count of violating constitutional rights – the defendant faces a potential penalty of up to one year in prison and a fine of up to $100,000.

According to court documents, on June 24, 2023, Robertson was employed by Specific Protection Services, LLC., as a Special Police Officer (SPO). She was licensed in the District of Columbia to act and to carry out law enforcement actions as a SPO. That day, while in full uniform and vested with police powers, Robertson was assigned to and providing security services at a McDonald’s restaurant on the 3900 block of Minnesota Avenue, NE.

At about 3:30 p.m., Robertson got into a verbal altercation with a patron at the restaurant. The altercation escalated into a physical confrontation. Metropolitan Police Department officers responded to the scene. After the patron was under the control of an MPD officer, the patron remained prone on the ground. Robertson stepped over the patron and, while doing so, stomped on the patron’s face. The stomp to the face caused the patron to experience pain and bleeding. The stomp was without legal justification and in violation of the individual’s constitutional rights.

Use-of-force investigations generally

The U.S. Attorney’s Office reviews police-involved use of force to determine whether sufficient evidence exists to conclude that any officers violated either federal criminal civil rights laws or District of Columbia law. To prove civil rights violations, prosecutors must typically be able to prove that the involved officers willfully used more force than was reasonably necessary. Proving “willfulness” is a heavy burden. Prosecutors must not only prove that the force used was excessive, but must also prove, beyond a reasonable doubt, that the officer acted with the deliberate and specific intent to do something the law forbids.

The U.S. Attorney’s Office remains committed to investigating allegations of excessive force by law enforcement officers and will continue to devote the resources necessary to ensure that all allegations of serious civil rights violations are investigated fully and completely.

The FBI Washington Field Office and the Metropolitan Police Department Internal Affairs Division investigated the case. Prosecuting the case is Assistant U.S. Attorney Michael Truscott for the U.S. Attorney’s Office for the District of Columbia’s Fraud, Public Corruption, and Civil Rights Section.

25cr167

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July 23, 2025
MIL-OSI Security: Joplin Man Indicted for Felon in Possession of Firearm

Source: Office of United States Attorneys

SPRINGFIELD, Mo. – A Joplin, Mo., man has been indicted by a federal grand jury in connection with his possession of a firearm recovered following a shooting in Joplin, Mo.

Andrew M. Reed, 22, was charged in a single count indictment with being a felon possession of a firearm. Today’s indictment replaces a federal criminal complaint filed on July 2, 2025.

According to an affidavit filed in support of the original complaint, police officers responded to the area of 5^th and Joplin Avenue in Joplin, Mo., on Feb. 15, 2025, in reference to gunshots, and recovered several spent cartridge casings in the area. Officers recovered a firearm with a thirty-round extended magazine loaded with ammunition consistent with the spent shell casings. Surveillance footage from a nearby business showed a male, later identified as Reed, hiding the firearm.

Reed has prior felony convictions and is prohibited from possessing firearms. Under federal law, it is illegal for anyone who has been convicted of a felony to be in possession of any firearm or ammunition.

The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

This case is being prosecuted by Assistant U.S. Attorney Anthony M. Brown It was investigated by the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives, and the Joplin, Mo., Police Department.

Operation Take Back America

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

July 23, 2025
MIL-OSI Security: Zuni Man Charged in Unprovoked Stabbing That Left Victim Seriously Injured

Source: Office of United States Attorneys

ALBUQUERQUE – A Zuni man has been charged in federal court for allegedly stabbing another man without provocation, causing serious injuries.

According to court documents, on the night of June 16, 2025, Adrian Cheama, 36, an enrolled member of the Zuni Pueblo, allegedly approached the victim while he was walking with a friend along a residential street in Zuni, New Mexico. Without provocation, Cheama stabbed the victim in the abdomen with a weapon described as either a circular metal pole or a knife, then walked away laughing. The victim sustained serious injuries as a result.

Multiple witnesses placed Cheama at the scene and described him carrying a backpack and a baton-like object before and during the attack. The investigation revealed that Cheama had previously made statements suggesting he was looking for the victim.

Cheama is charged with assault resulting in serious bodily injury and assault with a dangerous weapon. He will remain in custody pending trial, which has not yet been scheduled. If convicted of the current charges, Cheama faces up to 10 years in prison.

U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

The Gallup Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Zuni Police Department. Assistant U.S. Attorney Aaron Jordan is prosecuting the case.

A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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July 23, 2025
MIL-OSI Security: ‘We knocked her out with some gummies:’ trafficker sent to prison for conspiring to smuggle toddler from Mexico

Source: Office of United States Attorneys

LAREDO, Texas – A 23-year-old Laredo woman has been ordered to prison for her role in an unaccompanied minor smuggling ring, announced U.S. Attorney Nicholas J. Ganjei.

Vanessa Valadez pleaded guilty Sept. 20, 2024, admitting she smuggled a child into the United States for financial gain.

U.S. District Judge Keith P. Ellison has now ordered her to serve 18 months in federal prison to be immediately followed by three years of supervised release.

“Those that choose to engage in the human trafficking business are not good people. They aren’t motivated by altruism or sympathy. They are paid to traffic in human beings, and they treat people they smuggle as nothing more than cargo,” said Ganjei. “The Southern District of Texas will not rest until all such smuggling rings—particularly those that deal in children—are completely eradicated.”

“The sentencing of this individual underscores the serious consequences for those who exploit and endanger vulnerable populations, especially children,” said Immigration and Customs Enforcement – Homeland Security Investigations (ICE-HSI) San Antonio Special Agent in Charge Craig S. Larrabee. “Drugging children to facilitate human smuggling is not only criminal it’s inhumane. HSI is committed to identifying and dismantling the criminal networks behind these horrific acts and ensuring those responsible are brought to justice.”

From August to September 2023, Valadez and other family members operated a child smuggling ring working to bring young illegal minors from Nuevo Laredo, Mexico, into the United States. All the children were under the age of five.

On the night of Sept. 19, 2023, members of the smuggling ring retrieved a young girl from a stash house which the organization members operated. The co-conspirators smuggled the girl across the border and delivered her to Valadez in downtown Laredo. Co-conspirators then took the child further into the United States and delivered her to unknown people.

Two days later, the ring attempted to transport another young girl. However, law enforcement intercepted them following a routine border inspection at the Juarez Lincoln Bridge in Laredo. To carry out their scheme, co-conspirators had sedated the girl with melatonin gummies and used an unlawfully obtained birth certificate to deceive authorities into believing the girl was a family member.

The investigation revealed the smuggling ring had attempted to similarly transport at least four girls into the United States, three of whom remain unidentified and their whereabouts are unknown. Members of the smuggling ring obtained birth certificates of U.S. citizen children to pose as a family unit at ports of entry to the United States. At times, organization members used melatonin gummies to sedate at least one child to ensure a successful smuggling attempt.

One text message uncovered in the investigation showed an image depicting an unconscious child and a caption, “La noquiamos con unas gomitas,” translated in English as “we knocked her out with some gummies.”

Co-conspirators Ana Laura Bryand, 47, Dallas; her niece Kayla Marie Bryand, 20, Jose Eduardo Bryand, 43, and Nancy Guadalupe Bryand, 44, all of Laredo; and Lizeth Esmeralda Bryand Arredondo, 32, Mexico, previously pleaded guilty and have all already been sentenced to federal prison.

ICE-HSI conducted the investigation with Customs and Border Protection’s Office of Field Operations and assistance from Border Patrol, Laredo Police Department, Department of Health and Human Services – Office of the Inspector General and FBI. Assistant U.S. Attorney Michael Makens and former Special Assistant U.S. Attorney Terence A. Check Jr. prosecuted the case.

MIL Security OSI –

July 23, 2025
MIL-OSI Security: Felon Indicted for Illegal Possession of a Firearm Following Arrest in Northwest D.C.

Source: Office of United States Attorneys

Defendant Charged as Part of Make D.C. Safe and Beautiful Initiative

           WASHINGTON – David Oday Smith, 39, of the District of Columbia, has been charged in an indictment, unsealed today in U.S. District Court, on a federal firearms charge as part of the “Make D.C. Safe and Beautiful” initiative.

           The indictment was announced by U.S. Attorney Jeanine Ferris Pirro, Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and Chief Pamela Smith of the Metropolitan Police Department (MPD).

           Smith is charged federally with one count of unlawful possession of a firearm and ammunition by a felon.

           According to court documents, on July 14, 2025, members of the MPD’s Fourth District Crime Suppression Team were on patrol on the 5700 block of Georgia Avenue Northwest, when they noticed Smith hiding behind a bus stop with a black satchel.

           As officers approached, Smith immediately fled and eventually discarded his black satchel. Officers searched the satchel and discovered a Glock 27 .40 caliber pistol, containing one .40 caliber round loaded in the chamber and 14 additional rounds in the magazine.

           Smith is prohibited from possession of a firearm and ammunition due to multiple prior felony convictions, including a 2009 second degree murder conviction in Prince George’s County, Maryland.

           This case is being prosecuted under the Make D.C. Safe and Beautiful initiative. Make D.C. Safe Again is a law enforcement initiative in support of President Trump’s Executive Order to Make D.C. Safe and Beautiful. Make D.C. Safe Again aims to crack down on gun violence, prioritize federal firearms violations, pursue tougher penalties for offenses, and seek detention for federal firearms violators.

           The case is being investigated by the ATF Washington Field Office and the Metropolitan Police Department. Special Assistant U.S. Attorney David B. Liss is prosecuting the case.

           An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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July 23, 2025
MIL-OSI Security: Local man gets over 10 years after picking up and delivering “aparatos”

Source: Office of United States Attorneys

LAREDO, Texas – A 25-year-old Laredo resident has been sentenced for conspiracy to possess with intent to distribute five kilograms or more of cocaine, announced U.S. Attorney Nicholas J. Ganjei.

Fernando Tadeo Cerda, 25, pleaded guilty July 19, 2023.

U.S. District Judge Keith P. Ellison has now ordered Cerda to serve 120 months in federal prison to be immediately followed by five years of supervised release for the drug trafficking conviction. At the hearing, the court considered Cerda was subject to a mandatory 10 years in prison due to being previously convicted of smuggling aliens.

Cerda had also admitted he violated his term of supervised release and received another nine months to be served consecutively for a total 129-month-term of imprisonment.

The investigation revealed Cerda had conspired with his uncle, Jesus Garza, to coordinate delivery of large amounts of cocaine.

On Nov. 27, 2020, Cerda met with Garza and provided him a duffle bag containing the drugs. As Garza departed the location in Laredo, law enforcement conducted a traffic stop and discovered the bag with five bricks which contained over 5,000 grams of cocaine.

Cerda later admitted Garza had instructed him to pick up and deliver “aparatos” (kilograms of cocaine). He further stated he made a total of four deliveries and was paid $1,000.

He will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

Garza, 63, Laredo, had also pleaded guilty and later sentenced to 48 months in prison.

Drug Enforcement Administration and Bureau of Alcohol, Tobacco, Firearms and Explosives conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

Assistant U.S. Attorney Brandon Scott Bowling prosecuted the case.

MIL Security OSI –

July 23, 2025
MIL-OSI Security: 11 Venezuelan Nationals and One Columbian National Indicted for Financial Fraud in the District of Utah

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – An indictment was unsealed today charging a dozen foreign nationals of bank fraud and engaging in transactions involving criminally derived property. The defendants were indicted by a federal grand jury in April 2025 at the U.S. District Court in Salt Lake City. Eleven Venezuelan nationals and one Colombian national are accused of committing financial fraud crimes after they allegedly participated in a scheme to defraud banks in Utah and elsewhere.

According to court documents, between January 2023 and June 2023, the defendants were involved in a scheme to defraud financial institutions by opening accounts and presenting fraudulent cashier’s checks to be deposited to those accounts. In some instances, defendants deposited multiple counterfeit checks at different branches on the same day. Defendants then laundered the funds by check, cashier’s check, and cash withdrawal.

Defendants are residents of Salt Lake County:

1.    Gilberto Emiro Andrade-Romero, 36, of Venezuela
2.    Felipe Enrique Linares-Lobo aka Carlos M. Hidalgo Noguera, 32, of Venezuela
3.    Alexis Jose Calixto-Bracho, 25, of Venezuela
4.    Daniel Jose Fuenmayor-leal, aka Enais Inciarte-Urdaneta, 34, of Venezuela
5.    Yeritza Astrid Cuello-Plata, 40, of Venezuela
6.    Federico Javier Gutierrez-Pirela, 36, of Venezuela
7.    Hendry Ricardo Martinez-Concho, 42, of Venezuela
8.    Cristina Paola Nava-Yoris, 24, of Venezuela
9.    Patricia Del Carmen Orozco-Cuello, 37, of Colombia
10.    Ismael Norberto Rodriguez-Moreno, 47, of Venezuela
11.    Jorge Luis Urribarri-Vento, 32, of Venezuela
12.    Rayner Jose Delgado-Quiroz, 24, of Venezuela

Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

The case is being investigated by Homeland Security Investigations (HSI) and a HSI Task Force Officer with the Salt Lake City Police Department.

Assistant United States Attorneys Brent L. Andrus and Carl D. Lesueur of the District of Utah are prosecuting the case.

This is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

July 23, 2025

MIL-OSI: Pulse Seismic Inc. Reports Strong Q2 2025 Financial Results and Declares Special and Regular Quarterly Dividends

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share and also declared a special dividend of $0.20 per common share. The total dividend declared will be approximately $11.0 million based on Pulse’s 50,755,057 common shares outstanding as of July 22, 2025, to be paid on August 20, 2025, to shareholders of record on August 13, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

“In the first half of 2025 the Company has benefited from increases in traditional data sales as well as energy sector M&A, generating revenue of $41.1 million, an EBITDA margin of 86% and $27.2 million of shareholder free cashflow,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry leading seismic data library contains vital subsurface information used by E&P companies for risk mitigation and maximization of drilling results,” he continued. “The Company continues to rely on shareholder free cashflow as the basis for its capital allocation strategy and remains focused on returns to shareholders, as evidenced by distributing 84% of 2025 free cash flow in the form of dividends. Pulse’s Board of Directors today declared the second special dividend of 2025,” Coleman continued. “In the last 24 months, special dividends of $0.80 have been declared, in addition to the regular dividend which has increased annually and is currently set at $0.07 per year,” he concluded.

HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;

The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;

Shareholder free cash flow^(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;

EBITDA^(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;

Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and

At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.

SELECTED FINANCIAL AND OPERATING INFORMATION


(Thousands of dollars except per share data,	Three months ended June 30,			Six months ended June 30,		Year ended,
numbers of shares and kilometres of seismic data)	2025	2024		2025	2024	December 31,
	(Unaudited)			(Unaudited)		2024
Revenue	18,316	6,300		41,075	15,077	23,379

Amortization of seismic data library	2,224	2,279		4,449	4,549	9,090
Net earnings	9,565	1,341		22,940	4,022	3,391
Per share basic and diluted	0.19	0.03		0.45	0.08	0.07
Cash provided by (used in) operating activities	12,543	(1,269	)	29,158	9,195	14,195
Per share basic and diluted	0.25	(0.02	)	0.57	0.18	0.28
EBITDA ^(a)	15,238	4,418		35,286	10,647	15,496
Per share basic and diluted ^(a)	0.30	0.09		0.69	0.21	0.30
Shareholder free cash flow ^(a)	11,733	3,869		27,152	8,907	12,408
Per share basic and diluted ^(a)	0.23	0.07		0.53	0.17	0.24

Capital expenditures
Seismic data	–	–		–	225	225
Property and equipment	–	–		–	–	45
Total capital expenditures	–	–		–	225	270

Dividends
Regular dividends declared	885	775		1,648	1,490	3,018
Special dividends declared	–	–		10,167	–	2,548
Total dividends declared	885	775		11,815	1,490	5,566

Normal course issuer bid
Number of shares purchased and cancelled	37,300	539,500		80,600	1,166,800	1,784,000
Cost of shares purchased and cancelled	91	1,222		197	2,407	3,880

Weighted average shares outstanding
Basic and diluted	50,761,321	51,734,590		50,795,174	51,928,298	51,448,985
Shares outstanding at period-end				50,755,057	51,455,063	50,837,863

Seismic library
2D in kilometres				829,207	829,207	829,207
3D in square kilometres				65,310	65,310	65,310

FINANCIAL POSITION AND RATIO
	June 30,	June 30,	December 31,
(Thousands of dollars except ratio)	2025	2024	2024
Working capital	24,202	10,996	9,222
Working capital ratio	4.8:1	4.0:1	5.1:1
Cash and cash equivalents	25,876	9,392	8,722
Total assets	36,479	29,184	21,516
Trailing 12 -month (TTM) EBITDA^(b)	40,135	27,528	15,496
Shareholders’ equity	29,177	25,177	18,295

^(a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
^(b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

OUTLOOK
Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.

Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.

Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

> The outlook of the Company for the year ahead, including future operating costs and expected revenues;

> Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

> The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

> Pulse’s capital allocation strategy;

> Pulse’s dividend policy;

> Oil and natural gas prices and forecast trends;

> Oil and natural gas drilling activity and land sales activity;

> Oil and natural gas company capital budgets;

> Future demand for seismic data;

> Future seismic data sales;

> Pulse’s business and growth strategy; and

> Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

These factors include, but are not limited to:

> Uncertainty of the timing and volume of data sales;

> Volatility of oil and natural gas prices;

> Risks associated with the oil and natural gas industry in general;

> The Company’s ability to access external sources of debt and equity capital;

> Credit, liquidity and commodity price risks;

> The demand for seismic data;

> The pricing of data library licence sales;

> Cybersecurity;

> Relicensing (change-of-control) fees and partner copy sales;

> Environmental, health and safety risks;

> Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

> Competition;

> Dependence on key management, operations and marketing personnel;

> The loss of seismic data;

> Protection of intellectual property rights;

> The introduction of new products; and

> Climate change.

Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

PDF available: http://ml.globenewswire.com/Resource/Download/8df92694-2a01-45f3-b5b4-ecc0f5bd6edb

The MIL Network –

July 23, 2025

MIL-Evening Report: The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours

Source: The Conversation (Au and NZ) – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast

Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images

Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for a farewell concert in his hometown of Birmingham in England.

His family posted a brief message overnight: “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning.”

John Michael Osbourne changed the sound of rock music and leaves behind a stellar career spanning six decades, numerous Grammy awards, multiple hall of fame inductions – and a wave of controversy.

An agent of change

In 1969, from the ashes of various bands, Geezer Butler (bass), Tony Iommi (guitar), Bill Ward (drums) and Osbourne formed the band Earth.

Realising the name was taken, they quickly changed their name to Black Sabbath, an homage to the 1963 Italian horror anthology film.

With the Summer of Love a recent memory, Black Sabbath were part of a heavy music revolution, providing an antidote to the free loving hippies of the late 60s period.

Despite making their first two albums cheaply, Black Sabbath, released in February 1970, and Paranoid, released September that same year, they were a global success.

Their approach was laden with sarcasm and irony. American audiences mistook this for satanic worship, positioning them as outsiders (albeit popular ones).

Black Sabbath pose for a group portrait with gold discs, London, 1973, L-R Bill Ward, Ozzy Osbourne, Tony Iommi, Geezer Butler.
Michael Putland/Getty Images

After Black Sabbath’s early successes, they were managed by the notorious Don Arden, whose daughter Sharon Levy was the receptionist. More than any musical bond Osbourne had in his life, Sharon would be the most influential character throughout his life.

Osbourne recorded eight albums with Black Sabbath (some to critical acclaim) and was then kicked out (by Sharon) due to his troubles with drugs and alcohol.

Ozzy solo

Osbourne’s solo career has always been managed by Sharon. While recording his second solo album, Diary of a Madman, guitarist Rhodes died in a tragic light plane crash. Osbourne was close to Rhodes and fell into a deep depression, after never having lost someone so close.

Sharon and Osbourne married only months after this incident. His struggle with drug use did not stop him from making further solo records alongside various guitar players, continuing with moderate success throughout his career.

On the road, Osbourne put the John Farnham’s last tour trope to shame.

He held his last ever gig more times than one can count with names like No More Tours (1992–93), Retirement Sucks (1995–96) and No More Tours 2 (2018–19).

Osbourne ‘retired’ many times over 30 years. Here he performs in California in 2022.
Kevork Djansezian/Getty Images

This lament for touring led to the most successful era of Osbourne’s career. After being rejected for the 1995 Lollapaloza festival bill, Sharon (and their son Jack) started Ozzfest; initially an annual two-day multiband festival headlined by Osbourne, held in Phoenix, Arizona, and Devore, California.

Subsequently becoming a national – and then international – tour, Ozzfest led to a successful partnership with MTV, which led to the reality TV show The Osbournes premiering in 2002. Here, his previous and ongoing battle with drugs was obvious, proudly on display – and ridiculed – to huge global audiences.

The spectacle of a rich rockstar and his family, featuring a constant barrage of swearing, battles with lavish TV remotes, canine therapy, never-ending chaos, and Osbourne constantly yelling “Sharrrooon” like a twisted maniacal loop of A Street Car Named Desire.

Struggles and controversies

Osbourne suffered multiple health conditions over the years, rarely concealing the state of his physical or mental wellbeing.

Notably he’s struggled with drug and alcohol abuse his whole career with drug recovery centres using Osbourne as an exemplar. In 2007 he disclosed he suffered from the Parkinson’s adjacent condition Parkinsonian syndrome. In 2019 he was diagnosed with Parkinson’s disease.

Black Sabbath photographed in the 1970s. Left to right: Geezer Butler, Tony Iommi, Bill Ward and Ozzy Osbourne.
Chris Walter/WireImage

This resulted in him being unable to walk for his final Back to the Beginning show in Birmingham on July 5 2025.

And Osbourne’s career had more than its fair share of controversy. He bit the head off a dove and a bat (celebrated with a commemorative toy), and urinated on the Alamo cenotaph. He was taken to court multiple times, but was never convicted.

Ozzy and me

As a white middle-class boy growing up in the Brisbane suburbs in the 80s, heavy metal music appealed to my testosterone and pimple filled body.

Exploring the secondhand record shops of Brisbane, I would’ve bought my first copy of Black Sabbath around 1985. The sound of thunder and a distant church bell before the first drop-D riff enters seemed like the antithesis to sunny Queensland and 80s pop.

As my life became obsessed with the recording studio and the vociferous music scene in Brisbane in the post-Joh era, and those drop-D riffs influenced a new style that swept the world in the early 90s.

Osbourne’s influence was huge and through grunge, his sound was reborn. Grunge was a marriage of the Sabbath-like drop-D riffs with the energy of punk and the melody of the Beatles.

Listening to Black Sabbath and Ozzy records, equipped me with a sonic palette ready to capture the wave of alternative music emmerging from the Brisbane scene.

While Ozzy’s death is no surprise (except for those who never thought he’d last this long), we should take pause and remember an icon with an endless energy for entertaining, a passion for music, and changing the expectations of popular culture for more than 50 years.

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

– ref. The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours – https://theconversation.com/the-incredible-impact-of-ozzy-osbourne-from-black-sabbath-to-ozzfest-to-30-years-of-retirement-tours-258820

MIL OSI Analysis – EveningReport.nz –

July 23, 2025
MIL-OSI: iDox.ai Announces Launch of iDox.ai Privacy Scout: AI-Powered Solution That Goes Beyond DLP to Protect Sensitive Data in Real Time
Source: GlobeNewswire (MIL-OSI)

Fremont, California , July 22, 2025 (GLOBE NEWSWIRE) — iDox.ai, a U.S.-based provider of AI-powered document compliance tools, announces the launch of iDox.ai Privacy Scout, an advanced Data Loss Prevention (DLP) solution engineered to detect and protect sensitive information in real time, particularly in environments deploying Generative AI.

iDox.ai

As organizations adopt artificial intelligence across industries, new challenges emerge in safeguarding Personally Identifiable Information (PII), Protected Health Information (PHI), and other confidential data. Privacy Scout responds to these challenges by offering an automated solution that monitors and intercepts sensitive information before it can be exposed or misused.

Importantly, iDox.ai Privacy Scout promotes the secure sharing of documents with AI tools while protecting the PII within them. Unlike traditional DLP tools, iDox.ai Privacy Scout doesn’t treat next-generation AI as a threat—it enables its safe use. This is a key differentiator that empowers organizations to embrace AI innovation without compromising on privacy.

Key capabilities of iDox.ai Privacy Scout include:
- Real-Time Detection and Redaction: The system applies intelligent AI models to scan documents and files for sensitive content. It instantly redacts or restricts access to flagged data, preventing unauthorized disclosure.
- Industry-Wide Compatibility: Built for seamless deployment across healthcare, finance, legal, corporate IT, and government sectors, iDox.ai Privacy Scout integrates effortlessly into existing workflows while strengthening your organization’s data protection framework. The application installs directly on employees’ devices, ensuring immediate protection at the endpoint. For enterprise environments, it includes a centralized management console for streamlined oversight, policy enforcement, and user activity monitoring.
- Compliance Support: iDox.ai Privacy Scout helps organizations meet global data protection regulations such as HIPAA and GDPR, making it a strategic asset for businesses aiming to maintain data security and regulatory compliance.
“With the rise of Generative AI, businesses face new risks related to data privacy and unintentional information leaks,” said Jeremy Wei, CEO of iDox.ai. “iDox.ai Privacy Scout offers a reliable DLP solution that allows organizations to stay compliant while leveraging the advantages of AI.”

iDox.ai Privacy Scout joins iDox.ai’s suite of AI-driven compliance products, which includes tools for redaction, document comparison, and regulatory reporting. Together, these solutions help clients maintain secure information practices and implement effective Data Loss Prevention strategies.

The launch of iDox.ai Privacy Scout reinforces iDox.ai’s mission to develop technology that addresses evolving compliance challenges and strengthens trust in digital operations.

Organizations seeking early access or additional product details can visit: https://www.idox.ai/products/privacy-scout

About iDox.ai

Headquartered in Fremont, California, iDox.ai specializes in artificial intelligence tools for document management, redaction, and regulatory compliance. The company supports public and private sector organizations in securing data, reducing manual risk, and maintaining compliance in dynamic digital environments.

The MIL Network –
July 23, 2025
MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces African Diaspora Investment and Development Act (AIDA)
Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

Unlocking the development potential of diaspora communities and helping reduce reliance on foreign aid
WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment.

Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on.

As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity.

The African Diaspora Investment and Development Act:
- Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
- Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
- Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
- Supports diaspora-led investments with U.S. financial backing.
- Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad.
“The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.”

“This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.”

“Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.”

“The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.”

“Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.”

During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.”

The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates.

###
MIL OSI USA News –
July 23, 2025
MIL-OSI USA: Rep. Andrea Salinas Introduces Legislation to Level the Playing Field for the Cider Industry

Source: US Representative Andrea Salinas (OR-06)

Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

Washington, D.C. – Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

Despite the popularity of bubbly beverages, the carbonation tax–colloquially called the ‘bubble tax’ on fruit wine, fruit cider, and fruit mead makes carbonating these agricultural products at sparkling levels cost prohibitive. Most craft beverage entrepreneurs can’t afford to carbonate these products at the level the market wants. The result is that an important American agricultural sector is falling flat.

“Oregon has some of the highest quality fruit in the country, but red tape in our tax code makes it nearly impossible to use these products to make the fruited wines, ciders, and meads that people want,” said Rep. Salinas. “My bill levels the playing field for the cider industry and makes it more affordable to produce the sparkling, fruited drinks consumers want.”

“Cidermakers should not be limited to just pears and apples in order to avoid a massive, unnecessary tax hike on their products,” said Rep. Van Orden. “This bill works for everyone – farmers, cidermakers, and consumers – by allowing any type of fruit to be added to cider and taxed at the standard rate.”

Currently, the tax code dictates that if a sparkling cider, wine, or mead is made with fruits other than apples and pears, then it can only be minimally carbonated, often to the point that it tastes flat to most consumers. If cidermakers want to carbonate their fruited drinks to the same level as other, non-fruited ciders, taxes on these fruited ciders triple. Rep. Salinas’ legislation allows cidermakers to create and carbonate fruited beverages without this higher tax burden, granting them more freedom to produce drinks to match public demand.

“The Bubble Tax Modernization Act is a critical, overdue fix that will finally bring fairness to how cider is taxed in the U.S.,” said Monica Cohen, CEO of the American Cider Association. “It eliminates outdated penalties on carbonated, fruit-forward ciders and gives small cidermakers the freedom to innovate without being punished. This bill supports American agriculture, strengthens rural economies, and helps keep cider accessible to consumers. It’s common-sense legislation and we applaud Representatives Salinas and Van Orden for moving this forward.”

“The Pacific Northwest is home to some of the most innovative and orchard-driven cider producers in the country. Yet outdated federal tax rules have unfairly penalized craft cideries and restricted innovation and expansion into the fruited cider category,” said Emily Ritchie, Executive Director of the Northwest Cider Association. “The Bubble Tax Modernization Act is a common-sense update that will allow our producers to grow, hire more local workers, and invest back into our rural communities and vibrant apple and pear orchards. This is a crucial step toward fairness and opportunity for the Northwest cider industry.”

“New York’s cider industry has become a national leader—thanks to the innovation, resilience, and agricultural roots of our cider producers. But outdated carbonation tax thresholds are holding us back,” said Scott Ramsey, Executive Director of the New York Cider Association. “The Bubble Tax Modernization Act represents a long-overdue step toward fairness for cider makers in New York and across the country. By leveling the playing field, this bill will empower our producers to expand their offerings, hire more local workers, and reinvest in the rural communities and orchards that fuel our economy. We’re proud to support this effort to strengthen one of New York’s most dynamic and agricultural industries.”

The Bubble Tax Modernization Act is endorsed by the American Cider Association, Northwest Cider Association, North Carolina Cider Association, New York Cider Association, and Pennsylvania Cider Guild.

To read the full text of this legislation, click here.

###

MIL OSI USA News –

July 23, 2025
MIL-OSI United Kingdom: New operational partnership with delivery giants to combat illegal working
Source: United Kingdom – Executive Government & Departments

News story

New operational partnership with delivery giants to combat illegal working

New agreement between Home Office and top food delivery firms will help stop illegal working in the delivery sector
More delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended, as part of the government’s UK-wide crackdown on illegal working under the Plan for Change.

A new agreement between the Home Office and Deliveroo, Just Eat and Uber Eats will ensure delivery firms receive new information concerning the locations of asylum hotels to help tackle illegal working.

Under existing security measures, any delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended. This new agreement goes further to ensure more people who are breaking the rules can be caught.

Efforts by the companies to crack down on illegal account sharing through real-time identity and Right to Work checks have been successful and have led to thousands being offboarded from platforms. Despite this, there continues to be abuse in the system. Under the new agreement, the firms will be empowered to go further in detecting patterns of misuse, identify unauthorised account sharing and quickly suspend accounts.

The move comes after a commitment made by the firms during a roundtable last month, chaired by Ministers, to implement new security measures. This includes increased facial verification checks and fraud detection tools meaning only verified users can access their platforms. The Home Office will continue to collaborate closely with the three companies, with meetings taking place in the coming weeks to update on progress and delivery.

Today’s announcement is part of the government’s work to step up enforcement across the UK targeting illegal working hotspots, with a focus on the gig economy and migrants working illegally as delivery riders. It forms a key part of a whole system approach to tackle illegal migration from every angle, by ending the false promise of jobs used by smuggling gangs to sell spaces on small boats.

Home Secretary Yvette Cooper, said:

Illegal working undermines honest business, exploits vulnerable individuals and fuels organised immigration crime.

By enhancing our data sharing with delivery companies, we are taking decisive action to close loopholes and increase enforcement.

The changes come alongside a 50% increase in raids and arrests for illegal working under the Plan for Change, greater security measures and tough new legislation.

Eddy Montgomery, Director of Enforcement, Compliance and Crime at the Home Office, said:

This next step of co-ordinated working with delivery firms will help us target those who seek to work illegally in the gig economy and exploit their status in the UK.

My teams will continue to carry out increased enforcement activity across the UK and I welcome this additional tool to disrupt and stop the abuse of our immigration system.

A Deliveroo spokesperson said:

Deliveroo has led the sector in introducing security measures to prevent the abuse of our platform and tackle the sophisticated criminals seeking new ways to exploit all delivery platforms’ systems. We are fully committed to working with the government as we continue to collectively combat illegal working.

A Just Eat spokesperson said:

Just Eat is committed to tackling any illegal working via our platform. We continue to invest significant resources to strengthen our systems against abuse by individuals and organised criminal groups seeking to evade right to work rules. We are working closely with the Home Office and our industry partners to address any loopholes in the industry’s checks, as well as collaborating on data sharing and enforcement.

An Uber Eats spokesperson said:

Uber Eats is fully committed to tackling illegal work and will continue to work with the Home Office and industry. We have introduced a range of state of the art detection tools to find and remove fraudulent accounts. We are constantly reviewing our tools and finding new ways to detect and take action on people who are trying to work illegally.

Since the government came into power one year ago, there have been more than 10,000 illegal working visits across multiple sectors, leading to 7,130 arrests, up around 50% compared to the year before. This marks the first time in a 12-month period where more than 10,000 visits have taken place.

Almost 750 illegal working civil penalty notices were also handed to businesses caught violating immigration rules in the first quarter of the year, marking the highest level since 2016 – and an 80% increase compared to the same time last year.

The government is tightening the law by making it a legal requirement for all companies, including the gig economy, to check that anyone working for them has the legal right to do so. This will end the abuse of flexible working arrangements. The new measures will be introduced through the landmark Border Security, Asylum and Immigration Bill.

The fight against illegal working forms just one part of government’s work to bolster border security across the system.

Since coming into power one year ago, the government has returned 35,000 people with no right to be in the UK including failed asylum seekers, immigration and foreign national offenders. There are now fewer asylum hotels open than since the election, saving millions of taxpayers’ money.

This is on top of a new groundbreaking deal with the French which will mean that, for the very first time, illegal migrants will be sent back to France. This targets the heart of the criminal smuggling gangs’ business model and sends a clear message that these life-threatening journeys are pointless and a waste of thousands of pounds. 

The deal seeks to detain and return migrants who arrive via small boat, and an equal number of migrants will be able to come to the UK from France through a new legal route – fully documented and subject to strict security checks.

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Published 22 July 2025
MIL OSI United Kingdom –
July 23, 2025
MIL-OSI USA: Kelly highlights need for Medicare Advantage Prior Authorization reform during Ways & Means hearing
Source: United States House of Representatives – Representative Mike Kelly (R-PA)

WASHINGTON, D.C. — Today, during a joint hearing of the Ways & Means Subcommittees on Health & Oversight, U.S. Rep. Mike Kelly (R-PA), a member of the Ways & Means Subcommittee on Health, renewed calls for Medicare Advantage Prior Authorization reform and highlighted his highly popular legislation, the bipartisan Improving Seniors’ Timely Access to Care Act.

“More than 33 million Americans, including more than 1.5 million Pennsylvanians, rely on Medicare Advantage as a part of their coverage. Patients, practitioners, and policymakers all agree — modernization of the prior authorization process is long overdue, and my legislation does just that,” said Rep. Kelly. “I am proud to reintroduce the Improving Seniors’ Timely Access to Care Act of 2025, which would move the health care sector into the 21st century by giving doctors and Medicare Advantage plans the tools to make health coverage decisions in a timely manner.”

During Tuesday’s hearing, which focused on Medicare Advantage, Kelly highlighted how the legislation would improve both patient costs and patient outcomes. Kelly’s legislation has 145 co-sponsors in the U.S. House during the 119th Congress.

You can watch his remarks from Tuesday’s hearing here.

BACKGROUND

The Improving Seniors’ Timely Access to Care Act would:
- Establish an electronic prior authorization process for MA plans including a standardization for transactions and clinical attachments.
- Increase transparency around MA prior authorization requirements and its use.
- Clarify HHS’ authority to establish timeframes for e-prior authorization requests including expedited determinations, real-time decisions for routinely approved items and services, and other prior authorization requests.
- Expand beneficiary protections to improve enrollee experiences and outcomes.
- Require HHS and other agencies to report to Congress on program integrity efforts and other ways to further improve the e-PA process.
- Previously, Rep. Kelly led similar legislation in the 118th Congress. The Improving Seniors’ Timely Access to Care Act unanimously passed the House in the 117th Congress and was cosponsored by a majority of members in the Senate and House of Representatives.
You can read the full bill text here and a section-by-section here.

MIL OSI USA News –
July 23, 2025

MIL-OSI: Timberland Bancorp Third Fiscal Quarter Net Income Increases to $7.10 Million

Source: GlobeNewswire (MIL-OSI)

Quarterly EPS Increases 22% to $0.90 from $0.74 One Year Ago
Quarterly Net Interest Margin Increases to 3.80%
Quarterly Return on Average Assets Increases to 1.47%
Quarterly Return on Average Equity Increases to 11.23%
Announces New Stock Repurchase Program

HOQUIAM, Wash., July 22, 2025 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.10 million, or $0.90 per diluted common share for the quarter ended June 30, 2025. This compares to net income of $6.76 million, or $0.85 per diluted common share for the preceding quarter and $5.92 million, or $0.74 per diluted common share, for the comparable quarter one year ago.

For the first nine months of fiscal 2025, Timberland’s net income increased 16% to $20.72 million, or $2.60 per diluted common share, from $17.93 million, or $2.21 per diluted common share for the first nine months of fiscal 2024.

“Timberland delivered solid third fiscal quarter results, driven by continued net interest margin expansion and steady balance sheet growth,” stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share increased 20% and 22%, respectively, compared to the third fiscal quarter a year ago. Compared to the prior quarter, net income and earnings per share increased 5% and 6%, respectively, primarily due to higher net interest income and non-interest income. We also posted year-over-year improvements across all key profitability metrics, and our tangible book value per share (non-GAAP) continued its upward trend. Looking ahead we believe our strong capital position, solid earnings, and continued focus on disciplined growth position us well to navigate the current environment and drive long-term shareholder value.”

“As a result of Timberland’s strong earnings and sound capital position, our Board of Directors announced a quarterly cash dividend to shareholders of $0.26 per share, payable on August 22, 2025, to shareholders of record on August 8, 2025,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 51st consecutive quarter Timberland will have paid a cash dividend. In addition, the Company also announced the adoption of a new stock repurchase program. We believe Timberland stock presents a strong investment opportunity, and buying back shares is a strategy to enhance long-term value for shareholders. Under the new repurchase program, the Company may repurchase up to 5% of the outstanding shares, or 393,842 shares. The new stock repurchase program replaces our existing stock repurchase program, which had 31,762 shares available to be repurchased.”

“Our net interest margin continued to show positive momentum in the third fiscal quarter, expanding to 3.80%,” said Marci Basich, Chief Financial Officer. “This represents a one basis point increase from the prior quarter and a 27 basis point improvement compared to the same period last year, reflecting our disciplined asset-liability management and favorable shift in earning asset yields. Total deposits grew by $19 million, or 1%, during the quarter, driven primarily by higher balances in certificates of deposit. This growth highlights the continued strength of our customer relationships and the effectiveness of our deposit-gathering strategies. We remain focused on maintaining a well-balanced funding mix while sustaining stable margin performance going forward.”

“The loan portfolio continues to expand at a steady pace, with growth of 2% over the prior quarter and 3% year-over year,” Brydon continued. “Credit quality remains an area we are monitoring closely, as we are seeing a mix of stable-to-positive trends alongside a few metrics that have shown modest deterioration. Net charge-offs continue to be minimal, with net recoveries of $1,000 during the third quarter. Our non-performing assets (“NPA”) ratio increased to 0.21% at June 30, 2025, compared to 0.13% at the end of the prior quarter. However, it remains a slight improvement from the 0.22% reported a year ago. Although non-accrual loans increased this quarter primarily due to a single matured loan, total non-accrual balances remain modestly below year-ago levels.”

Earnings and Balance Sheet Highlights (at or for the periods ended June 30, 2025, compared to June 30, 2024, or March 31, 2025):

Earnings Highlights:

Earnings per diluted common share (“EPS”) increased 6% to $0.90 for the current quarter from $0.85 for the preceding quarter and increased 22% from $0.74 for the comparable quarter one year ago; EPS increased 18% to $2.60 for the first nine months of fiscal 2025 from $2.21 for the first nine months of fiscal 2024;
Net income increased 5% to $7.10 million for the current quarter from $6.76 million for the preceding quarter and increased 20% from $5.92 million for the comparable quarter one year ago; Net income increased 16% to $20.72 million for the first nine months of fiscal 2025 from $17.93 million for the first nine months of fiscal 2024;
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.23% and 1.47%, respectively;
Net interest margin (“NIM”) for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago; and
The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago.

Balance Sheet Highlights:

Total assets increased 1% from the prior quarter and increased 3% year-over-year;
Net loans receivable increased 2% from the prior quarter and increased 3% year-over-year;
Total deposits increased 1% from the prior quarter and increased 3% year-over-year;
Total shareholders’ equity increased 2% from the prior quarter and increased 6% year-over-year; 34,236 shares of common stock were repurchased during the current quarter for $1.02 million;
Non-performing assets to total assets ratio was 0.21% at June 30, 2025 compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024;
Book and tangible book (non-GAAP) values per common share increased to $32.58 and $30.62 respectively, at June 30, 2025; and
Liquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2025 with only $20 million in borrowings and additional secured borrowing line capacity of $674 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 3% to $20.50 million from $19.90 million for the preceding quarter and increased 9% from $18.77 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to increases in total interest and dividend income and non-interest income, which were partially offset by an increase in total funding costs. Operating revenue increased 8% to $60.06 million for the first nine months of fiscal 2025 from $55.82 million for the first nine months of fiscal 2024, primarily due to an increase in total interest and dividend income, which was partially offset by an increase in funding costs.

Net interest income increased $409,000, or 2%, to $17.62 million for the current quarter from $17.21 million for the preceding quarter and increased $1.64 million, or 10%, from $15.98 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a $20.80 million increase in the average balance of total interest-earning assets and, to a lesser extent, a two-basis point increase in the weighted average yield on total interest-earning assets to 5.50% from 5.48%. These increases were partially offset by a $20.21 million increase in the average balance of interest-bearing liabilities and a two-basis point increase in the weighted average cost of interest-bearing liabilities. Timberland’s NIM for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately four basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $68,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately five basis points due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $17,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately three basis points due to the collection of $124,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $9,000 of the fair value discount on acquired loans. Net interest income for the first nine months of fiscal 2025 increased $4.19 million, or 9%, to $51.81 million from $47.62 million for the first nine months of fiscal 2024, primarily due to a 32 basis point increase in the weighted average yield of total interest-earning assets to 5.49% from 5.17% and a $49.96 million increase in the average balance of total interest-earning assets. These increases to net interest income were partially offset by a seven basis point increase in the weighted average cost of interest-bearing liabilities to 2.53% from 2.46% and a $58.86 million increase in the average balance of total interest-bearing liabilities. Timberland’s NIM expanded to 3.74% for the first nine months of fiscal 2025 from 3.53% for the first nine months of fiscal 2024.

A $351,000 provision for credit losses on loans was recorded for the quarter ended June 30, 2025. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $237,000 provision for credit losses on loans for the preceding quarter and a $264,000 provision for credit losses on loans for the comparable quarter one year ago. In addition, a $93,000 provision for credit losses on unfunded commitments and a $4,000 recapture of credit losses on investment securities were recorded for the current quarter.

Non-interest income increased $188,000, or 7%, to $2.88 million for the current quarter from $2.69 million for the preceding quarter and increased $84,000, or 3%, from $2.79 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to an increase in ATM and debit card interchange transaction fees and smaller changes in several other categories. Fiscal year-to-date non-interest income increased by 1%, to $8.26 million from $8.20 million for the first nine months of fiscal 2024.

Total operating (non-interest) expenses for the current quarter decreased $27,000 (less than 1%), to $11.17 million from $11.19 million for the preceding quarter and increased $98,000, or 1%, from $11.07 million for the comparable quarter one year ago. The decrease in operating expenses compared to the preceding quarter was primarily due to decreases in salaries and employee benefits, premises and equipment, technology and communications, professional fees, and smaller decreases in several other expense categories. These decreases were partially offset by increases in state and local taxes and smaller increases in several other expense categories. The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 2% to $33.43 million from $32.68 million for the first nine months of fiscal 2024. The efficiency ratio for the first nine months of fiscal 2025 improved to 55.65% from 58.55% for the first nine months of fiscal 2024.

The provision for income taxes for the current quarter increased $85,000, or 5%, to $1.79 million from $1.71 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to 20.2% for the quarter ended March 31, 2025 and 20.6% for the quarter ended June 30, 2024. Timberland’s effective income tax rate was 20.1% for the first nine months of fiscal 2025 compared to 20.2% for the first nine months of fiscal 2024.

Balance Sheet Management

Total assets increased $24.46 million, or 1%, during the quarter to $1.96 billion at June 30, 2025 from $1.93 billion at March 31, 2025 and increased $56.56 million, or 3%, from $1.90 billion one year ago. The increase during the current quarter was primarily due to a $21.42 million increase in net loans receivable and smaller increases in several other categories.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 17.0% of total liabilities at June 30, 2025, compared to 16.9% at March 31, 2025, and 14.7% one year ago. Timberland also had secured borrowing line capacity of $674 million available through the FHLB and the Federal Reserve at June 30, 2025. With a strong and diversified deposit base, only 17% of Timberland’s deposits were uninsured or uncollateralized at June 30, 2025. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable increased $21.42 million, or 2%, during the quarter to $1.44 billion at June 30, 2025 from $1.42 billion at March 31, 2025. This increase was primarily due to a $21.83 million increase in multi-family loans, a $5.67 million increase in commercial real estate loans, a $3.89 million increase in land loans and smaller increases in several other loan categories. These increases were partially offset by a $5.50 million decrease in construction loans, a $4.80 million decrease in commercial business loans, and smaller decreases in several other loan categories. The increase in multi-family loans was, in large part, due to several multi-family construction projects being completed and converting to permanent financing during the quarter.

Loan Portfolio ($ in thousands)

	June 30, 2025			March 31, 2025				June 30, 2024
	Amount		Percent	Amount		Percent		Amount		Percent
Mortgage loans:
One- to four-family (a)	$317,574		21%	$315,421		21%		$288,611		19%
Multi-family		200,418	13		178,590	12			177,950	12
Commercial		607,924	40		602,248	40			597,865	40
Construction – custom and
owner/builder		128,900	8		114,401		7		128,222	9
Construction – speculative one-to four-family		9,595	1		9,791	1			11,441	1
Construction – commercial		15,992	1		22,352	1			32,130	2
Construction – multi-family		32,731	2		46,602	3			35,631	2
Construction – land
development		15,461	1		15,032	1			19,104	1
Land		36,193	2		32,301	2			32,384	2
Total mortgage loans		1,364,788	89		1,336,738	88			1,323,338	88

Consumer loans:
Home equity and second
mortgage		47,511	3		47,458	3			43,679	3
Other		2,176	—		2,375	—			3,121	—
Total consumer loans		49,687	3		49,833	3			46,800	3

Commercial loans:
Commercial business loans		126,497	8		131,243	9			136,213	9
SBA PPP loans		101	—		156	—			314	—
Total commercial loans		126,598	8		131,399	9			136,527	9
Total loans		1,541,073	100%		1,517,970	100%			1,506,665	100%
Less:
Undisbursed portion of
construction loans in
process		(76,272)			(75,042)				(87,196)
Deferred loan origination
fees		(5,427)			(5,329)				(5,404)
Allowance for credit losses		(17,878)			(17,525)				(17,046)
Total loans receivable, net	$1,441,496			$1,420,074				$1,397,019

_______________________
(a) Does not include one- to four-family loans held for sale totaling $1,763, $1,151, and $1,795 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of June 30, 2025:

CRE Loan Portfolio Breakdown by Collateral ($ in thousands)
Collateral Type	Balance		Percent of CRE Portfolio	Percent of Total Loan Portfolio	Average Balance Per Loan		Non- Accrual
Industrial warehouses	$128 822		21%	8%	$1 301		$161
Medical/dental offices		81 238	13	5		1 269		—
Office buildings		68 916	11	5		801		—
Other retail buildings		54 472	9	3		567		—
Mini-storage		38 483	6	2		1 539		—
Hotel/motel		31 656	5	2		2 638		—
Restaurants		27 485	5	2		585		—
Gas stations/conv. stores		24 359	4	2		1 015		—
Churches		14 690	3	1		918		—
Nursing homes		13 532	2	1		2 255		—
Shopping centers		10 507	2	1		1 751		—
Mobile home parks		8 882	2	1		444		—
Additional CRE		104 882	17	7		760		—
Total CRE	$607 924		100%	40%	$951		$161

Timberland originated $81.99 million in loans during the quarter ended June 30, 2025, compared to $56.76 million for the preceding quarter and $74.32 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $5.11 million were sold compared to $5.17 million for the preceding quarter and $3.05 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment increased $2.04 million, or 1%, to $237.36 million at June 30, 2025, from $235.33 million at March 31, 2025. The increase was primarily due to the purchase of additional U.S. government agency mortgage-backed investment securities and U.S. Treasury investment securities. Partially offsetting these increases was the sale of $13.49 million available for sale investment securities, which resulted in a net gain of $24,000.

Deposits

Total deposits increased $18.65 million, or 1%, during the quarter to $1.67 billion at June 30, 2025, from $1.65 billion at March 31, 2025. The quarter’s increase consisted of a $16.01 million increase in certificates of deposit account balances, a $4.66 million increase in money market account balances, and a $1.60 million increase in NOW checking account balances. These decreases were partially offset by a $2.03 million decrease in savings account balances and a $1.59 million decrease in non-interest-bearing checking account balances.

Deposit Breakdown ($ in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
	Amount	Percent	Amount	Percent	Amount	Percent
Non-interest-bearing demand	$406,222	24%	$407,811	25%	$407,125	25%
NOW checking	334,922	20	333,325	20	324,795	20
Savings	205,829	12	207,857	13	207,921	13
Money market	305,207	18	300,552	18	327,162	20
Certificates of deposit under $250	244,063	15	227,137	14	195,022	12
Certificates of deposit $250 and over	126,254	8	124,009	7	117,788	7
Certificates of deposit – brokered	46,980	3	50,139	3	48,731	3
Total deposits	$1,669,477	100%	$1,650,830	100%	$1,628,544	100%

Borrowings

Total borrowings were $20.00 million at both June 30, 2025 and March 31, 2025. At June 30, 2025, the weighted average rate on the borrowings was 3.97%.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $4.14 million, or 2%, to $256.66 million at June 30, 2025, from $252.52 million at March 31, 2025, and increased $15.44 million, or 6%, from $241.22 million at June 30, 2024. The increase in shareholders’ equity during the quarter was primarily due to net income of $7.10 million, which was partially offset by the payment of $2.05 million in dividends to shareholders and the repurchase of 34,236 shares of common stock for $1.02 million (an average price of $29.74 per share).

Timberland remains well capitalized with a total risk-based capital ratio of 20.54%, a Tier 1 leverage capital ratio of 12.63%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.42%, and a shareholders’ equity to total assets ratio of 13.11% at June 30, 2025. Timberland’s held to maturity investment securities were $141.57 million at June 30, 2025, with a net unrealized loss of $5.99 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 12.90%, compared to 13.11%, as reported.

New Stock Repurchase Program

The Company announced a new stock repurchase program today. Under the repurchase program, the Company may repurchase up to 5% of the Company’s outstanding shares, or 393,842 shares. The new stock repurchase program replaces the existing stock repurchase program which had 31,762 shares available to be repurchased.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission (“SEC”). Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interest of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing the shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

Asset Quality
Timberland’s non-performing assets to total assets ratio was 0.21% at June 30, 2025, compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024. Net recoveries totaled $1,000 for the current quarter compared to net charge-offs of less than $1,000 for the preceding quarter and net charge-offs of $36,000 for the comparable quarter one year ago. During the current quarter, provisions for credit losses of $351,000 on loans and $93,000 unfunded commitments were made, which was partially offset by a $4,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.23% at June 30, 2025, compared to 1.22% at March 31, 2025 and 1.21% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans increased $2.86 million or 86%, to $6.18 million at June 30, 2025, from $3.32 million at March 31, 2025 and increased $1.95 million, or 46%, from $4.23 million at June 30, 2024. Non-accrual loans increased $1.52 million, or 65%, to $3.84 million at June 30, 2025 from $2.33 million at March 31, 2025 and decreased $277,000, or 7%, from $4.12 million at March 31, 2024. The quarterly increase in non-accrual loans was primarily due to one loan (secured by several single family homes) being past maturity. The loan is well collateralized (based on recent appraisals) and the Bank is working with the borrower to renew the loan. Loans graded “Substandard” totaled $32.37 million (or 2% of total loans receivable) at June 30, 2025.

Non-Accrual Loans ($ in thousands)

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Mortgage loans:
One- to four-family	$1,781		1	$47		1	$135		2
Commercial		161	2		324	3		1,310	4
Construction – custom and
owner/builder		—	—		—	—		152	1
Total mortgage loans		1,942	3		371	4		1,597	7

Consumer loans:
Home equity and second
mortgage		575	3		575	3		615	3
Other		—	—		—	—		—	—
Total consumer loans		575	3		575	3		615	3

Commercial business loans		1,326	9		1,381	11		1,908	8
Total loans	$3,843		15	$2,327		18	$4,120		18

Timberland had two properties classified as other real estate owned (“OREO”) at June 30, 2025:

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Other real estate owned:
Commercial	$221		1	$221		1	$	—	—
Land		—	1		—	1		—	1
Total mortgage loans	$221		2	$221		2	$	—	1

About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam).

Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Three Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
	Interest and dividend income
	Loans receivable	$21,411		$20,896		$19,537
	Investment securities		2,064		2,003		2,335
	Dividends from mutual funds, FHLB stock and other investments		83		82		94
	Interest bearing deposits in banks		1,986		1,884		2,173
	Total interest and dividend income		25,544		24,865		24,139

	Interest expense
	Deposits		7,721		7,454		7,938
	Borrowings		201		198		220
	Total interest expense		7,922		7,652		8,158
	Net interest income		17,622		17,213		15,981
	Provision for credit losses – loans		351		237		264
	Recapture of credit losses – investment securities		(4)		(5)		(12)
	Prov. for (recapture of ) credit losses – unfunded commitments		93		14		(8)
	Net int. income after provision for (recapture of) credit losses		17,182		16,967		15,737

	Non-interest income
	Service charges on deposits		966		959		1,014
	ATM and debit card interchange transaction fees		1,262		1,176		1,297
	Gain on sales of investment securities, net		24		—		—
	Gain on sales of loans, net		138		122		68
	Bank owned life insurance (“BOLI”) net earnings		171		165		158
	Other		314		265		254
	Total non-interest income, net		2,875		2,687		2,791

	Non-interest expense
	Salaries and employee benefits		5,825		5,977		5,928
	Premises and equipment		973		1,075		1,011
	Gain on sale of premises and equipment, net		—		—		(3)
	Advertising		182		189		211
	OREO and other repossessed assets, net		8		9		—
	ATM and debit card processing		658		521		580
	Postage and courier		137		142		130
	State and local taxes		570		335		335
	Professional fees		341		431		335
	FDIC insurance		211		219		208
	Loan administration and foreclosure		99		155		156
	Technology and communications		993		1,121		1,086
	Deposit operations		345		319		450
	Amortization of core deposit intangible (“CDI”)		45		45		56
	Other, net		780		656		586
	Total non-interest expense, net		11,167		11,194		11,069

	Income before income taxes		8,890		8,460		7,459
	Provision for income taxes		1,790		1,705		1,535
	Net income	$7,100		$6,755		$5,924

	Net income per common share:
	Basic	$0.90		$0.85		$0.74
	Diluted		0.90		0.85		0.74

	Weighted average common shares outstanding:
	Basic		7,893,308		7,937,063		8,004,552
	Diluted		7,921,762		7,968,632		8,039,345

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Nine Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		June 30,
			2025		2024
	Interest and dividend income
	Loans receivable	$63,339		$56,841
	Investment securities		6,205		6,892
	Dividends from mutual funds, FHLB stock and other investments		252		266
	Interest bearing deposits in banks		5,870		5,791
	Total interest and dividend income		75,666		69,790

	Interest expense
	Deposits		23,259		21,383
	Borrowings		602		787
	Total interest expense		23,861		22,170
	Net interest income		51,805		47,620
	Provision for credit losses – loans		640		810
	Recapture of credit losses – investment securities		(14)		(20)
	Prov. for (recapture of) credit losses – unfunded commitments		87		(130)
	Net int. income after provision for (recapture of) credit losses		51,092		46,960

	Non-interest income
	Service charges on deposits		2,924		3,024
	ATM and debit card interchange transaction fees		3,706		3,773
	Gain on sales of investment securities, net		24		—
	Gain on sales of loans, net		303		188
	Bank owned life insurance (“BOLI”) net earnings		503		470
	Other		799		749
	Total non-interest income, net		8,259		8,204

	Non-interest expense
	Salaries and employee benefits		17,893		17,863
	Premises and equipment		2,998		3,065
	Gain on sale of premises and equipment, net		—		(3)
	Advertising		552		556
	OREO and other repossessed assets, net		17		1
	ATM and debit card processing		1,700		1,796
	Postage and courier		401		401
	State and local taxes		1,251		979
	Professional fees		1,118		908
	FDIC insurance		640		624
	Loan administration and foreclosure		383		395
	Technology and communications		3,253		3,101
	Deposit operations		997		1,094
	Amortization of core deposit intangible (“CDI”)		135		169
	Other, net		2,090		1,735
	Total non-interest expense, net		33,428		32,684

	Income before income taxes		25,923		22,480
	Provision for income taxes		5,208		4,552
	Net income	$20,715		$17,928

	Net income per common share:
	Basic	$2.61		$2.22
	Diluted		2.60		2.21

	Weighted average common shares outstanding:
	Basic		7,929,626		8,067,068
	Diluted		7,963,412		8,109,043

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
Assets
Cash and due from financial institutions		$32,532		$26,010		$25,566
Interest-bearing deposits in banks			161,095		165,201		133,347
	Total cash and cash equivalents		193,627		191,211		158,913

Certificates of deposit (“CDs”) held for investment, at cost			8,462		8,711		10,458
Investment securities:
	Held to maturity, at amortized cost (net of ACL – investment securities)		141,570		140,954		176,787
	Available for sale, at fair value		86,475		84,807		74,515
Investments in equity securities, at fair value			855		853		836
FHLB stock			2,045		2,045		2,037
Other investments, at cost			3,000		3,000		3,000
Loans held for sale			1,763		1,151		1,795

Loans receivable			1,459,374		1,437,599		1,414,065
Less: ACL – loans			(17,878)		(17,525)		(17,046)
	Net loans receivable		1,441,496		1,420,074		1,397,019

Premises and equipment, net			21,490		21,436		21,558
OREO and other repossessed assets, net			221		221		—
BOLI			24,113		23,942		23,436
Accrued interest receivable			7,174		7,127		7,045
Goodwill			15,131		15,131		15,131
CDI			316		361		508
Loan servicing rights, net			911		1,051		1,526
Operating lease right-of-use assets			1,248		1,324		1,550
Other assets			7,295		9,331		4,515
	Total assets	$1,957,192		$1,932,730		$1,900,629

Liabilities and shareholders’ equity
Deposits: Non-interest-bearing demand		$406,222		$407,811		$407,125
Deposits: Interest-bearing			1,263,255		1,243,019		1,221,419
	Total deposits		1,669,477		1,650,830		1,628,544

Operating lease liabilities			1,350		1,426		1,649
FHLB borrowings			20,000		20,000		20,000
Other liabilities and accrued expenses			9,701		7,950		9,213
	Total liabilities		1,700,528		1,680,206		1,659,406

Shareholders’ equity
Common stock, $.01 par value; 50,000,000 shares authorized; 7,876,853 shares issued and outstanding – June 30, 2025 7,903,489 shares issued and outstanding – March 31, 2025 7,953,431 shares issued and outstanding – June 30, 2024			27,226		28,028		30,681
Retained earnings			230,213		225,166		211,087
Accumulated other comprehensive loss			(775)		(670)		(545)
	Total shareholders’ equity		256,664		252,524		241,223
	Total liabilities and shareholders’ equity	$1,957,192		$1,932,730		$1,900,629

	Three Months Ended
PERFORMANCE RATIOS:		June 30, 2025		March 31, 2025		June 30, 2024
Return on average assets (a)			1.47%		1.43%		1.25%
Return on average equity (a)			11.23%		10.95%		9.95%
Net interest margin (a)			3.80%		3.79%		3.53%
Efficiency ratio			54.48%		56.25%		58.97%

	Nine Months Ended
		June 30, 2025				June 30, 2024
Return on average assets (a)			1.44%				1.27%
Return on average equity (a)			11.07%				10.10%
Net interest margin (a)			3.74%				3.53%
Efficiency ratio			55.65%				58.55%

	Three Months Ended
ASSET QUALITY RATIOS AND DATA: ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024
Non-accrual loans		$3,843		$2,327		$4,120
Loans past due 90 days and still accruing			—		—		—
Non-performing investment securities			38		41		72
OREO and other repossessed assets			221		221		—
Total non-performing assets (b)		$4,102		$2,589		$4,192

Non-performing assets to total assets (b)			0.21%		0.13%		0.22%
Net charge-offs (recoveries) during quarter		$(1)		$	—	$36
Allowance for credit losses – loans to non-accrual loans			465%		753%		414%
Allowance for credit losses – loans to loans receivable (c)			1.23%		1.22%		1.21%


CAPITAL RATIOS:
Tier 1 leverage capital			12.63%		12.55%		12.04%
Tier 1 risk-based capital			19.29%		19.04%		17.97%
Common equity Tier 1 risk-based capital			19.29%		19.04%		17.97%
Total risk-based capital			20.54%		20.29%		19.22%
Tangible common equity to tangible assets (non-GAAP)			12.42%		12.36%		11.97%

BOOK VALUES:
Book value per common share		$32.58		$31.95		$30.33
Tangible book value per common share (d)			30.62		29.99		28.36

________________________________________________

(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
(c) Does not include loans held for sale and is before the allowance for credit losses.
(d) Tangible common equity divided by common shares outstanding (non-GAAP).

AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
($ in thousands)
(unaudited)

	For the Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
	Amount			Rate		Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,450,350		5.92	%	$	1,435,999		5.90	%	$	1,391,582		5.65	%
Investment securities and FHLB stock (1)		232,272		3.71			232,532		3.64			268,954		3.63
Interest-earning deposits in banks and CDs		178,887		4.45			172,175		4.44			161,421		5.41
Total interest-earning assets		1,861,509		5.50			1,840,706		5.48			1,821,957		5.33
Other assets		79,715					77,563					82,008
Total assets	$	1,941,224				$	1,918,269				$	1,903,965

Liabilities and Shareholders’ Equity
NOW checking accounts	$	333,074		1.39	%	$	328,115		1.32	%	$	329,344		1.29	%
Money market accounts		304,526		3.16			306,137		3.18			326,023		3.56
Savings accounts		205,592		0.35			206,054		0.28			208,488		0.27
Certificates of deposit accounts		363,342		3.77			343,945		3.82			311,545		4.21
Brokered CDs		48,028		4.83			50,104		4.85			45,442		5.32
Total interest-bearing deposits		1,254,562		2.47			1,234,355		2.45			1,220,842		2.62
Borrowings		20,002		4.03			20,000		4.04			20,001		4.42
Total interest-bearing liabilities		1,274,564		2.49			1,254,355		2.47			1,240,843		2.64

Non-interest-bearing demand deposits		402,717					403,738					413,494
Other liabilities		10,266					10,064					10,245
Shareholders’ equity		253,677					250,112					239,383
Total liabilities and shareholders’ equity	$	1,941,224				$	1,918,269				$	1,903,965

Interest rate spread				3.01	%				3.01	%				2.69	%
Net interest margin (2)				3.80	%				3.79	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.05	%				146.75	%				146.83	%

           _____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
      average interest-earning assets

AVERAGE BALANCES, YIELDS, AND RATES
($ in thousands)
(unaudited)

	For the Nine Months Ended
	June 30, 2025					June 30, 2024
	Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,441,506		5.87	%	$	1,363,213		5.57	%
Investment securities and FHLB stock (1)		237,400		3.81			294,789		3.24
Interest-earning deposits in banks and CDs		172,591		4.55			143,537		5.39
Total interest-earning assets		1,851,497		5.49			1,801,539		5.17
Other assets		77,595					81,650
Total assets	$	1,929,092				$	1,883,189

Liabilities and Shareholders’ Equity
NOW checking accounts	$	329,883		1.36	%	$	358,052		1.48	%
Money market accounts		311,762		3.26			273,683		3.09
Savings accounts		205,764		0.30			214,275		0.24
Certificates of deposit accounts		346,313		3.89			291,707		4.12
Brokered CDs		48,169		4.71			42,856		5.37
Total interest-bearing deposits		1,241,891		2.50			1,180,573		2.42
Borrowings		20,001		4.02			22,457		4.68
Total interest-bearing liabilities		1,261,892		2.53			1,203,030		2.46

Non-interest-bearing demand deposits		406,906					431,849
Other liabilities		10,159					11,273
Shareholders’ equity		250,135					237,037
Total liabilities and shareholders’ equity	$	1,929,092				$	1,883,189

Interest rate spread				2.96	%				2.71	%
Net interest margin (2)				3.74	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.72	%				149.75	%

_____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
average interest-earning assets

Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)	June 30, 2025		March 31, 2025		June 30, 2024

Shareholders’ equity	$	256,664	$	252,524	$	241,223
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible common equity	$	241,217	$	237,032	$	225,584

Total assets	$	1,957,192	$	1,932,730	$	1,900,629
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible assets	$	1,941,745	$	1,917,238	$	1,884,990

Contact: Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com

The MIL Network –

July 23, 2025

MIL-OSI USA: SCHUMER ANNOUNCES MAJOR STEP FORWARD FOR BUILDING NEW CAPITAL DISTRICT ARMORY FOR NY ARMY NATIONAL GUARD’S 42ND INFANTRY DIVISION HEADQUARTERS

US Senate News:

Source: United States Senator for New York Charles E Schumer

Current 42^nd Infantry Division HQ Armory Built in 1971 Has Long-Been Running Out Of Space, Technology, And Infrastructure Needed To Maintain US Army Division HQ And Support Training, Readiness, And Mission Requirements

After Months Of Work, Schumer Just Secured New $90M Authorization – Unlocking The Funding Process – For Project In The FY 2026 Senate NDAA; Senator Is Pushing To Deliver $$ In Future Appropriations Bill For New, Consolidated National Guard Headquarters

Schumer: NDAA Authorization Is A Major Step Forward For A New Armory For NY Army National Guard’s 42^nd Infantry Division In Capital Region!

U.S. Senator Chuck Schumer today announced a major step forward for building a new armory and readiness center for the NY Army National Guard’s 42^nd Infantry Division Headquarters to be located in Colonie at the former site of the old Heritage Park minor league baseball stadium that was home to the Albany-Colonie Yankees. The long needed new HQ will also consolidate NY Army National Guard facilities currently located at Watervliet Arsenal, which is needed to maximize space and accommodate planned modernization and expansion projects at Watervliet Arsenal.

Schumer explained the current armory does not meet Army division HQ requirements, and securing this authorization for funding in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year (FY) 2026 is a critical milestone that unlocks the funding process. The next step is to pursue funding in future appropriations. The $90 million authorization he secured to be eligible for the project in the Senate is a massive step forward for the NY Army National Guard which has long been pushing for a new modern expanded armory and readiness center.

“This is a major step towards securing funding to build a new Armory for the 42^nd Infantry Division, all while breathing new life into the former site of the Heritage Park minor league in Colonie. NY’s Army National Guard is critical to our national security, but the 42^nd Infantry Division’s current headquarters was built over 50 years ago and needs more space to meet the Army’s growing requirements. When I heard the NY National Guard needed help to continue its vital mission and service in the Capital Region, I immediately got to work to secure this critical funding authorization so it can receive future appropriations funding in order to begin the process of building a new, modern facility,” said Senator Schumer. “This funding authorization in the Senate’s national defense bill is a major milestone for building a new state-of-the-art armory and readiness center for the Rainbow Division. I will continue to fight tooth and nail to secure this funding in future appropriations so we can get shovels in the ground for this new Armory.”

Major General Ray Shields, Adjutant General, New York National Guard said, “Senator Schumer has delivered again for the New York Army National Guard – in the National Defense Authorization Act for FY2026 with $90M in authorized federal funds to build a new Readiness Center in Albany for the historic 42nd Infantry Division. Because of the Senator’s efforts to authorize this funding, we are one step closer to the construction of this new 140,000 square foot facility. The impact of this facility on the Division’s readiness will be significant and long lasting.”

Schumer explained that the 42^nd Infantry Division Armory in Troy was constructed in 1971 for a smaller organization, but the current Armory housing headquarters does not meet the Army’s minimum facility requirements, with the Division growing and needing a larger space. Simultaneously, the Watervliet Arsenal is modernizing its manufacturing facilities and production streams. However, as a result, this will displace the National Guard Division’s warehouses located on Watervliet Arsenal grounds by 2028. The New York Army National Guard will move the warehouses at Watervliet Arsenal to the site of the current Armory will continue to be used by the NYNG.

Building a new, modernized Armory to house headquarters and consolidating warehouses, now at Watervliet, to the old Heritage Park site in Colonie would ensure that the 42^nd Infantry Division has the centralization, resources, infrastructure, and capabilities needed to maintain the division’s mission readiness and its training and deployment activities.

Albany County Executive Daniel P. McCoy said, “Building a new Capital District Armory on the former site of Heritage Park would be a win-win for both the NY Army National Guard’s 42nd Infantry Division and Albany County. A new division headquarters, on what has been a long vacant county-owned property, would accommodate the need for more space in a modern facility. It would also provide a nice shot in the arm for our restaurants and hotels in that area. I want to thank Senator Schumer for his continued efforts to move this forward and secure funding for what will be a transformational project. This state of the art center will keep the Division mission ready and be able to maintain vital training and preparation for deployments.”

Schumer took action to push for the federal funding needed to support the Army’s operations in the Capital Region. NY State has already provided $5 million to acquire a new Capital Region location for a headquarters facility near the Albany International Airport that is shovel-ready and capable of handling large military vehicles. The state has also delivered $10 million to advance design and has pledged to contribute an additional $30 million to bring this idea to life if the federal government is able to deliver the $90 million needed to complete the project.

MIL OSI USA News –

July 23, 2025
MIL-OSI USA: SCHUMER SECURES PROVISION IN SENATE NATIONAL DEFENSE AUTHORIZATION BILL TO ADDRESS FORT DRUM’S LONG-NEEDED EXPANSION FOR MATERNAL HEALTH CARE TO SUPPORT MILITARY MOMS & FAMILIES ON BASE – AND AT RURAL…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Fort Drum Has History Of OB/GYN Staffing Shortage & Relying on Local Hospitals & Providers For Maternal Care; Amid Nationwide OB/GYN Shortage, Senator Says Department of Defense Needs To Boost Access To Maternal Health Care At Fort Drum & In Watertown, As Well As Military Installations Across The U.S.

After Months Of Work, Schumer Just Secured Language In The Senate NDAA To Address The Longstanding Maternal Healthcare Issues At Fort Drum, Directing The DoD To Develop A Comprehensive Plan & Study Of The OB/GYN Shortage In The Greater Watertown Area

Schumer: Fort Drum’s Military Moms & Families Deserve The Very Best When It Comes To HealthCare

U.S. Senator Chuck Schumer today announced he has secured legislation in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year 2026 (FY26) to begin to address the long standing shortage of Obstetrician-Gynecologists (OB/GYNs) at Fort Drum. For years, Fort Drum has faced shortages of OB/GYNs, forcing soldiers and military families in need of maternal health care to seek care from local hospitals off base or to drive for hours when local care is unavailable.

Schumer said if this language passes into the final NDDA it would require the Department of Defense (DoD) and the Defense Health Agency (DHA) to immediately begin work to create a comprehensive plan to expand OB/GYN care serving Fort Drum and the surrounding Watertown area.

“Our Fort Drum military moms & families, who serve our nation proudly, deserve better access to vital maternal healthcare. But right now, our servicemembers at Fort Drum and their families often have to leave base to access the basic maternal healthcare they need. The bottom line is that we need to take better care of our brave military moms,” said Senator Schumer. “The North Country already experiences major shortages when it comes to recruiting OB/GYNs, and we can’t be forcing our military families who sacrifice so much to be stuck without the proper care they need when they move to our community in service to our country. That is why I am proud to have secured a provision in the Senate NDAA to put Fort Drum’s military moms & families’ first. This is a massive step in the right direction, and we need DoD to immediately address this urgent need to expand OB/GYN care at military installations and make sure families—both at Fort Drum and around the country—have what they need to be safe and healthy. Fort Drum is woven in the very fabric of the North Country, and our military families, military moms and those on the base deserve only the best when it comes to health care.”

Fort Drum has a history of relying on the civilian healthcare network for primary health care, as well as specialty care provided by OB/GYNs. When Camp Drum became Fort Drum in 1974, the decision was made to not build a hospital on-post, and to instead only have a clinic, in order to integrate Fort Drum families with the local network in Watertown.

Shortages of OB/GYN providers on base force those in need of maternal health care to seek care in the community for a multitude of reasons, which can range in urgency from routine check-ups to emergency childbirth. Samaritan Medical Center and Carthage Area Hospital serve Fort Drum soldiers and families with incredible dedication and top-notch medical care, but when their OB/GYNs are spread too thin, soldiers and families must travel over an hour and a half to Syracuse or farther for care. Schumer said this not only increases the risk to patients unnecessarily, but it also saddles soldiers with expenses that they are not eligible to be compensated for under the Department of Defense’s Joint Travel Regulation (JTR).

To help fix the situation, Schumer proudly pushed for and successfully secured language in the Senate version of the NDAA to develop a plan & study the administrative and cost barriers to expanding OB/GYN care specifically in the Watertown area and to create a comprehensive plan to expand OB/GYN care serving Fort Drum. The provision also directs the Secretary of Defense to brief Congress on the plan December 1 of this year to ensure that there is no more delay in providing the Fort Drum community with reliable, high-quality maternal health care close to home.

Schumer said the shortage of OB/GYNs at Fort Drum is part of a nationwide shortage, with particularly low access in rural areas. OB/GYNs have one of the highest attrition rates compared to most medical professions, and increased threats to OB/GYN safety driven by anti-abortion politics. Labor and delivery units, especially in rural areas, are currently closing nationwide due to low reimbursement, and with Medicaid paying for more than 40% of births across the country, even more L&D units are at risk. The recent GOP cuts to Medicaid – the largest in history – will force more units in rural parts of the country to close. This will exacerbate the already dire situation of limited access to critical OB/GYN care for those living on bases in rural America.

Erika Flint, Executive Director, Fort Drum Regional Health Planning Organization, said “Ensuring access to high-quality OBGYN care for military members and their families continues to be a key focus for the local healthcare community. Maintaining this standard of care—locally and consistently—reflects a deep commitment to the well-being of those who serve. We appreciate the support and attention given to this issue by Senator Schumer, which affects our North Country families, both civilian and military alike.”

MIL OSI USA News –

July 23, 2025
MIL-OSI USA: SCHUMER SECURES PROVISION IN SENATE NATIONAL DEFENSE AUTHORIZATION BILL TO ADDRESS FORT DRUM’S LONG-NEEDED EXPANSION FOR MATERNAL HEALTH CARE TO SUPPORT MILITARY MOMS & FAMILIES ON BASE – AND AT RURAL…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Fort Drum Has History Of OB/GYN Staffing Shortage & Relying on Local Hospitals & Providers For Maternal Care; Amid Nationwide OB/GYN Shortage, Senator Says Department of Defense Needs To Boost Access To Maternal Health Care At Fort Drum & In Watertown, As Well As Military Installations Across The U.S.

After Months Of Work, Schumer Just Secured Language In The Senate NDAA To Address The Longstanding Maternal Healthcare Issues At Fort Drum, Directing The DoD To Develop A Comprehensive Plan & Study Of The OB/GYN Shortage In The Greater Watertown Area

Schumer: Fort Drum’s Military Moms & Families Deserve The Very Best When It Comes To HealthCare

U.S. Senator Chuck Schumer today announced he has secured legislation in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year 2026 (FY26) to begin to address the long standing shortage of Obstetrician-Gynecologists (OB/GYNs) at Fort Drum. For years, Fort Drum has faced shortages of OB/GYNs, forcing soldiers and military families in need of maternal health care to seek care from local hospitals off base or to drive for hours when local care is unavailable.

Schumer said if this language passes into the final NDDA it would require the Department of Defense (DoD) and the Defense Health Agency (DHA) to immediately begin work to create a comprehensive plan to expand OB/GYN care serving Fort Drum and the surrounding Watertown area.

“Our Fort Drum military moms & families, who serve our nation proudly, deserve better access to vital maternal healthcare. But right now, our servicemembers at Fort Drum and their families often have to leave base to access the basic maternal healthcare they need. The bottom line is that we need to take better care of our brave military moms,” said Senator Schumer. “The North Country already experiences major shortages when it comes to recruiting OB/GYNs, and we can’t be forcing our military families who sacrifice so much to be stuck without the proper care they need when they move to our community in service to our country. That is why I am proud to have secured a provision in the Senate NDAA to put Fort Drum’s military moms & families’ first. This is a massive step in the right direction, and we need DoD to immediately address this urgent need to expand OB/GYN care at military installations and make sure families—both at Fort Drum and around the country—have what they need to be safe and healthy. Fort Drum is woven in the very fabric of the North Country, and our military families, military moms and those on the base deserve only the best when it comes to health care.”

Fort Drum has a history of relying on the civilian healthcare network for primary health care, as well as specialty care provided by OB/GYNs. When Camp Drum became Fort Drum in 1974, the decision was made to not build a hospital on-post, and to instead only have a clinic, in order to integrate Fort Drum families with the local network in Watertown.

Shortages of OB/GYN providers on base force those in need of maternal health care to seek care in the community for a multitude of reasons, which can range in urgency from routine check-ups to emergency childbirth. Samaritan Medical Center and Carthage Area Hospital serve Fort Drum soldiers and families with incredible dedication and top-notch medical care, but when their OB/GYNs are spread too thin, soldiers and families must travel over an hour and a half to Syracuse or farther for care. Schumer said this not only increases the risk to patients unnecessarily, but it also saddles soldiers with expenses that they are not eligible to be compensated for under the Department of Defense’s Joint Travel Regulation (JTR).

To help fix the situation, Schumer proudly pushed for and successfully secured language in the Senate version of the NDAA to develop a plan & study the administrative and cost barriers to expanding OB/GYN care specifically in the Watertown area and to create a comprehensive plan to expand OB/GYN care serving Fort Drum. The provision also directs the Secretary of Defense to brief Congress on the plan December 1 of this year to ensure that there is no more delay in providing the Fort Drum community with reliable, high-quality maternal health care close to home.

Schumer said the shortage of OB/GYNs at Fort Drum is part of a nationwide shortage, with particularly low access in rural areas. OB/GYNs have one of the highest attrition rates compared to most medical professions, and increased threats to OB/GYN safety driven by anti-abortion politics. Labor and delivery units, especially in rural areas, are currently closing nationwide due to low reimbursement, and with Medicaid paying for more than 40% of births across the country, even more L&D units are at risk. The recent GOP cuts to Medicaid – the largest in history – will force more units in rural parts of the country to close. This will exacerbate the already dire situation of limited access to critical OB/GYN care for those living on bases in rural America.

Erika Flint, Executive Director, Fort Drum Regional Health Planning Organization, said “Ensuring access to high-quality OBGYN care for military members and their families continues to be a key focus for the local healthcare community. Maintaining this standard of care—locally and consistently—reflects a deep commitment to the well-being of those who serve. We appreciate the support and attention given to this issue by Senator Schumer, which affects our North Country families, both civilian and military alike.”

MIL OSI USA News –

July 23, 2025
MIL-OSI USA: Luján Secures Nearly $190 Million in Federal Investments for New Mexico in Committee-Passed Appropriations Bills
US Senate News:
Source: United States Senator Ben Ray Luján (D-New Mexico)

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) announced funding secured for New Mexico communities through the Appropriations Committee’s bipartisan passage of the Fiscal Year (FY) 2026 Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA) Appropriations Bill and Fiscal Year (FY) 2026 Commerce, Justice, Science, and Related Agencies (CJS) Appropriations Bill.

From both appropriations bills, Senator Luján secured $189,820,000 for key local projects that will strengthen our national security, boost violence intervention programs, and equip law enforcement with the resources needed to keep New Mexico communities safe.

“Across New Mexico, these vital investments will deliver resources to enhance public safety in our communities and upgrade infrastructure at our military bases to boost our military’s readiness and safety,” said Senator Luján. “This funding will equip our brave law enforcement officers with the tools they need to protect New Mexicans, support programs aimed at reducing youth violence and violence in Tribal communities, and reinforce critical infrastructure at our military bases. I’m proud to have fought to secure these investments for our communities, and I’ll continue working to deliver the federal support our families and communities need and deserve.”

The Committee process is the first step, and the appropriations bills will next be considered by the full U.S. Senate.

Senator Luján Secured Nearly $190 Million for the Following Local Projects:

Strengthening New Mexico’s Air Force Bases:
- $90,000,000 for Cannon Air Force Base to construct a 192-bed dormitory. Secured by Senator Luján and Senator Heinrich.
- $83,000,000 for Kirtland Air Force Base to construct a Space Rapid Capabilities Office. Secured by Senator Luján and Senator Heinrich.
- $8,100,000 for infrastructure upgrades at Cannon Air Force Base, specifically for ADAL Security Forces Facility. Secured by Senator Luján and Senator Heinrich.
- $2,000,000 for infrastructure upgrades at Kirtland Air Force Base, specifically for the design for the Wyoming Gate Project. Secured by Senator Luján and Senator Heinrich.
- $700,000 for infrastructure upgrades at Holloman Air Force Base, specifically for the design for the Holloman High Speed Test Track. Secured by Senator Luján and Senator Heinrich.
Boosting Public Safety Throughout New Mexico:
- $1,069,000 for the City of Albuquerque’s Real Time Crime Center for the purchase of law enforcement technology.
- $1,042,000 for Bernalillo County Sheriff’s Office to purchase a new fleet of vehicles.
- $1,031,000 for the New Mexico Department of Public Safety Police to provide 5G technology in fleet vehicles. Secured by Senator Luján, Senator Heinrich, and Representative Stansbury in the House-companion bill.
- $1,000,000 for UNM Office of the Medical Investigator DNA processing laboratory to allow for the purchase of equipment for DNA identification. Secured by Senator Luján and Senator Heinrich.
- $500,000 for Bernalillo County public safety technology upgrades to address high rates of crime in the Albuquerque metro area. Secured by Senator Luján, Senator Heinrich, and Representative Vasquez in the House-companion bill.
- $250,000 for the San Juan County Partnership’s Law Enforcement Assisted Diversion (LEAD) program to assist in mitigating individuals with substance use disorder or mental/behavioral health challenges from continuously interacting with law enforcement.
Funding Violence Intervention and Prevention Programs:
- $1,0350,000 for the City of Albuquerque’s expansion of school-based violence intervention program to assist at risk students by improving grades and reducing youth violence.
- $93,000 for the Coalition to Stop Violence Against Native women to address challenges in domestic violence and sexual violence in Tribal communities.
MIL OSI USA News –
July 23, 2025
MIL-OSI USA: Luján Statement on Latest CBO Analysis of Final Republican Budget Bill

US Senate News:

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

Nonpartisan Congressional Budget Office Predicts Republican Bill Will Add $3.4 Trillion to National Debt

Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Budget Committee, issued the following statement after the nonpartisan Congressional Budget Office (CBO) published analysis that the final version of the Republican Budget Betrayal will add $3.4 trillion to the national debt over the next 10 years:

“The latest CBO analysis confirms what we’ve known all along: the Republican budget betrayal will deal a devastating blow to our nation’s fiscal future and harm New Mexico families.

“This law will rip health care away from millions of Americans, take food off the tables of hungry children, and pile an additional $3.4 trillion to the national debt. To satisfy President Trump’s demands, Congressional Republicans rushed through a reckless plan that cuts critical lifelines for working families, all to hand out massive tax breaks to the ultra-wealthy and big corporations.

“The facts are clear: Congressional Republicans turned a blind eye and pushed through legislation that hurts children, families, and seniors, and leaves the American people to foot the bill.”

Senator Luján backed a series of amendments and motions to the Republican reconciliation bill aimed at protecting access to health care and nutrition programs and lowering costs for New Mexicans. Senate Republicans blocked these common-sense proposals from Senator Luján and Senate Democrats.

MIL OSI USA News –

July 23, 2025
MIL-OSI Canada: A new partnership for economic cooperation
Source: Government of Canada regional news (2)
Premier Danielle Smith and Yukon Premier Mike Pemberton signed a memorandum of understanding (MOU) to expand economic cooperation while attending the Council of the Federation meeting in Huntsville, Ontario.

The agreement will help Alberta businesses sell more goods and services into the Yukon, while giving Yukon companies new opportunities to access Alberta’s growing markets and invest in the province. Both jurisdictions will identify ways to align certification, licensing and registration for regulated occupations while increasing opportunities for our apprentices and skilled workers to grow their careers across jurisdictions.

“Canada’s premiers are making it our collective goal to knock down the barriers that have been holding back our workers and our economies for far too long This agreement is the latest in a new era of cooperation that will see Canada’s provinces and territories unleash the full potential of our provincial, territorial and national economies. Alberta looks forward to working with the Yukon through this agreement to build a more adaptable and competitive labour market and economy so that Albertans and Yukoners can share in prosperity together.”

Danielle Smith, Premier of Alberta

“The Yukon is proud to support Team Canada efforts to reduce barriers to trade, investment and labour mobility, creating new economic opportunities here at home and across the country. This agreement builds on work the Yukon has already done to reduce red tape across the territory and it strengthens our long-standing economic and labour cooperation with Alberta. We look forward to accelerating that work to make it easier to do business across our jurisdictions – for the benefit of Yukoners and Albertans alike.”

Mike Pemberton, Premier of the Yukon

Ongoing work under this new agreement will also acknowledge the vital role of First Nation, Métis and Inuit communities in advancing economic opportunity. It will align with the core principles and spirit of the Canada Free Trade Agreement (CFTA) and other existing partnerships that aim to remove internal trade barriers and support long-term economic growth, stability and prosperity Canada-wide.

Quick facts
- In 2017, Alberta and the Yukon signed an MOU for Apprenticeship Technical Training Seats. The MOU allows Yukon apprentices to participate in classroom instruction in Alberta and ensures common training between Yukon and Alberta apprentices.
- In 2019, Alberta:
  
  Removed 21 of its original 27 exceptions, including all procurement exceptions, representing 80 per cent of Alberta’s exceptions under the CFTA at the time.
  
  Narrowed the scope of two of its retained exceptions to enhance Alberta’s open and competitive liquor market and better align with the regulatory framework for Alberta’s forestry sector.
- In 2023, Alberta proclaimed the Labour Mobility Act, which makes it faster and easier for Canadians moving to Alberta to have their credentials recognized.
- On July 8, the Yukon removed five of its party-specific exceptions under the CFTA as part of its phased approach to significantly reduce the Yukon’s total number of exceptions.
Related information
- Council of the Federation
- Leading the way on interprovincial trade
Related news
- Stronger pipeline pact spans three provinces (July 22, 2025)
MIL OSI Canada News –
July 23, 2025
MIL-OSI Submissions: ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy

Source: The Conversation – Canada – By Heather Roberts, PhD Candidate in Screen Cultures and Curatorial Studies, Queen’s University, Ontario

Samara Weaving in the horror film ‘Ready or Not.’ Weaving plays Grace, a bride who must survive until dawn on her wedding day as her in-laws hunt her down. (Searchlight Pictures)

This story contains spoilers about ‘Ready or Not’ and ‘The Menu.’

When Amazon founder Jeff Bezos and fiancée Lauren Sánchez held their lavish three-day wedding celebration in Venice recently, it wasn’t just a party — it was a spectacle of wealth, reportedly costing between US$47 million and US$56 million.

Critics highlighted the environmental toll of such an event on the fragile, flood-prone city, while protesters took to the streets to condemn the wedding as a tone-deaf symbol of oligarchical wealth at a time when many can’t afford to pay rent, let alone rent an island.

The excessive show of opulence felt like the opening of a horror film, and lately, that’s exactly what horror has been giving us. In films like Ready or Not (2019) and The Menu (2022), the rich aren’t simply out of touch; they’re portrayed as predators, criminals or even monsters.

Read more:
Horror comedy ‘The Menu’ delves into foodie snobbery when you’re dying for a cheeseburger

These “eat-the-rich” films channel widespread anxieties about the current socioeconomic climate and increasing disillusionment with capitalist systems.

In a world where the wealthy and powerful often seem to act with impunity, these films expose upper-class immorality and entitlement, and offer revenge fantasies where those normally crushed by the system fight back or burn it all down.

Horror takes aim at the wealthy

Originally a quote from social theorist Jean-Jacques Rousseau during the French Revolution, “eat the rich” has re-emerged in recent years in public protests and on social media in response to increasing socioeconomic inequality.

In cinema, eat-the-rich films often use grotesque hyperbole or satire to reveal and critique capitalist systems and the behaviours of the wealthy elite.

Film scholar Robin Wood argues that horror films enact a return of what is repressed by dominant bourgeois — that is, capitalist — ideology, typically embodied by the figure of the monster.

He cites The Texas Chain Saw Massacre (1974), a classic example of anti-capitalist sentiment in horror that depicts Leatherface (Gunnar Hansen) and his working-class family as monstrous victims of the 1970s industrial collapse. Rather than accept repression, they return as cannibalistic monsters, making visible the brutality of capitalist systems that exploit and degrade people like obsolete commodities.

But in eat-the-rich horror, it is the wealthy themselves who become the monsters. The locus of repression becomes their privilege, which is often built on exploitation, inequality and invisible or normalized forms of harm.

These films render these abstract systems tangible by making the elite’s monstrosity visible, literal and grotesque.

Revenge horror for the 99 per cent

Recent horror films are increasingly using genre conventions to critique wealth, privilege and the systems that sustain them.

Ready or Not turns the rich into bloodthirsty monsters who maintain their fortune through satanic rituals and human sacrifice. Grace (Samara Weaving) marries into the Le Domas family, board game magnates who initiate new family members with a deadly game of hide-and-seek. She must survive until dawn while her new in-laws hunt her down to fulfil a demonic pact.

The film critiques the idea of inherited wealth as something earned or honourable, combining humour and horror to reflect anxieties about class entrenchment and the moral decay of the elite.

Trailer for the 2019 horror film ‘Ready or Not.’

The Le Domases are monstrous not only for their violence, but for how casually they justify it. When several maids are accidentally killed in the chaos, they react with self-pity, indifferent to who must be sacrificed to maintain their wealth.

In The Menu, the rich are portrayed as monstrous not through physical violence, but through their moral failings — like financial crimes and infidelity — and their hollow consumption of culture.

Celebrity chef Julian Slowik (Ralph Fiennes) lures wealthy foodies to his exclusive island restaurant, using food as a weaponized form of art to expose guests’ hypocrisy and misdeeds. In one scene, guests are served tortillas laser-printed with incriminating images, such as banking records and evidence of fraudulent activity.

The tortilla scene from the 2022 horror film ‘The Menu.’

The film criticizes consumption in an industry where food is no longer a source of enjoyment or sustenance, but a status symbol for the elite to display their wealth and taste.

Why these films are striking a nerve now

It’s no surprise that audiences are turning to horror to make sense of systems that feel increasingly bleak and inescapable. In Canada, the cost of living continues to outpace wages, housing affordability remains an issue for many, while grocery prices are a source of horror in their own right.

A university degree, once considered a reliable path to stability, no longer guarantees the financial security of a salaried job. Many Canadians now rely on gig economy jobs as supplementary income.

Meanwhile, the wealth gap is increasing and obscene displays of wealth — like a multi-million-dollar wedding — can feel disconnected, even offensive, to people experiencing financial precarity.

Eat-the-rich films tap into this collective sense of injustice, transforming economic and social anxieties into a cathartic spectacle where ultra-wealthy villains are held accountable for their actions.

Margot, played by Anya Taylor-Joy, and executive chef Julian Slowik, played by Ralph Fiennes, in ‘The Menu.’
(Eric Zachanowich/Searchlight Pictures)

At the end of Ready or Not, the members of the Le Domas family explode one by one and their mansion burns down. In The Menu, the guests are dressed up like s’mores and immolated. In both films, fire serves as a symbolic cleansing of the wealthy, their power and the systems that protect them.

More than that, these films provide someone to root for: working-class protagonists who are targeted by the elite but ultimately survive. Former foster child Grace fights her way through a pack of murderous millionaires, while escort Margot/Erin (Anya Taylor-Joy) is spared when she rejects the pretentiousness of fine dining and orders a humble cheeseburger instead.

In this way, horror becomes a form of narrative resistance, illustrating class rage through characters who refuse to be consumed by the systems trying to oppress them. While inequality and exploitation persist in reality, eat-the-rich films offer escape, and even justice, on screen.

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

– ref. ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy – https://theconversation.com/eat-the-rich-why-horror-films-are-taking-aim-at-the-ultra-wealthy-260550

MIL OSI –

July 23, 2025
MIL-OSI Russia: 155th Joint Mekong River Patrol Begins

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

KUNMING, July 22 (Xinhua) — Law enforcement agencies from China, Laos, Myanmar and Thailand on Tuesday launched the 155th joint patrol of the Mekong River to combat cross-border crime.

The patrol officially began at around 9 a.m. Tuesday, when three Chinese vessels left Jingha Port in southwest China’s Yunnan Province. Patrol vessels from Laos and Myanmar also set out from ports in Laos and Myanmar at the same time, heading to a pre-designated area.

The four-day, three-night joint patrol involves more than 100 law enforcement officers from China, Laos, Myanmar and Thailand, as well as seven patrol vessels from those countries, excluding Thailand. The mission will include combined water-land inspections and training in some key waters on the Mekong River, aimed at combating drug trafficking, fraud, smuggling and illegal migration.

During the patrol, the relevant law enforcement agencies of the four countries will also hold an information-sharing meeting in Chiang Saen, Thailand, to review the security situation in the Lancang-Mekong basin and identify priority areas for further cooperation.

The previous joint patrol ended at the end of June this year. During it, representatives of the joint patrol group organized various preventive actions in villages, schools and enterprises in the coastal zone, distributing more than 1,000 anti-drug leaflets and 4,000 educational materials.

The Mekong River, known in China as the Lancangjiang, is one of the most important waterways for transboundary shipping in Southeast Asia. Joint patrols of the Mekong involving China, Laos, Myanmar and Thailand have been conducted since December 2011. –0–

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

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MIL OSI Russia News –

July 23, 2025
MIL-OSI Russia: Foreign Ministers of Azerbaijan and Georgia Discuss Bilateral Cooperation and Regional Projects

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

Tbilisi, July 22 (Xinhua) — Georgian Foreign Minister Maka Bochorishvili and Azerbaijani Foreign Minister Jeyhun Bayramov held talks in Tbilisi to discuss key areas of bilateral and regional cooperation, the Georgian Foreign Ministry said on Tuesday.

The parties exchanged views on strengthening political dialogue, cooperation in the areas of energy, transport and trade, and also touched upon current challenges in the area of regional security.

Following the talks, a joint press conference was held. M. Bochorishvili emphasized the importance of ensuring sustainable peace and stability in the South Caucasus, expressing hope for the earliest possible achievement of a peace agreement between Azerbaijan and Armenia. The head of the Georgian Foreign Ministry placed special emphasis on the trilateral format of cooperation between Azerbaijan, Georgia and Armenia. “We believe that we have the potential to continue cooperation between the three countries in this format,” she said.

J. Bayramov, for his part, confirmed the unwavering support for Georgia’s territorial integrity and highly appreciated the level of political relations between the two states. He noted that in the first five months of 2025, bilateral trade turnover exceeded USD 330 million, which is 20 percent more than in the same period last year. In addition, as the minister added, Azerbaijan continues to be one of the largest foreign investors in the Georgian economy with a total investment of over USD 3.6 billion.

J. Bayramov emphasized the strategic importance of joint infrastructure projects, including the Baku-Tbilisi-Ceyhan oil pipeline, the Southern Gas Corridor and the Baku-Tbilisi-Kars railway. According to him, these projects contribute to the expansion of regional connectivity and have great international potential.

During the talks, the parties also discussed the development of a cross-border project to deliver renewable energy from Azerbaijan through Georgia and the Black Sea to the European market and ways to improve the efficiency of cargo transportation along the Middle Corridor. –0–

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

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MIL OSI Russia News –

July 23, 2025
MIL-OSI Canada: Update 15: Alberta wildfire update (July 22, 3 p.m.)
Source: Government of Canada regional news (2)
Current situation (as of 3 p.m., July 22)
- There are 61 wildfires currently burning across Alberta in the Forest Protection Area, and three mutual aid fires.
  
  16 are classified as out of control, 12 are being held and 33 are under control.
  
  There have been 10 new wildfires since yesterday.
- Since Jan. 1, there have been 816 wildfires in the Forest Protection Area, burning more than 670,000 hectares.
- More than 1,400 Alberta firefighters, contract firefighters and imported firefighters are currently battling wildfires across the province.
- Resources currently being used include heavy equipment, air tankers, helicopters and night vision helicopters.
- Alberta has imported firefighters and support staff from Newfoundland and Labrador, New Brunswick, Australia and Chile.
- Information about wildfires can be found by visiting the Alberta Wildfire Status Dashboard.
Orders and alerts
- Updates on evacuation orders are available on www.alberta.ca/emergency.
- On July 20, the Town of Slave Lake and the Municipal District of Lesser Slave River No. 124 issued an evacuation alert for a wildfire burning northeast of the town and east of Highway 88. Everyone on the east side of the lake must be prepared to evacuate on short notice if needed, including the Town of Slave Lake, properties along Devonshire Road North, the Hamlet of Marten Beach, Summerwood, Township Road 740 and Gilwood Golf and Country Club.
- The Municipal District of Opportunity No. 17’s evacuation order for Chipewyan Lake remains in effect.
  
  Reception centre at Lakeview Sports Centre, 102 Opportunity Drive, Wabasca-Desmarais.
- The Kee Tas Kee Now Tribal Council’s evacuation alerts for the communities of Loon Lake, Trout Lake and Peerless Lake remain in effect.
- The Municipal District of Opportunity No. 17’s evacuation alert for Red Earth Creek remains in effect.
- Alberta Emergency Alerts are issued by local authorities and are updated at their discretion. For the best source of information on the status of evacuation orders and alerts, residents are encouraged to follow their local authorities’ preferred communication channels for updates.
- People living in Alberta are encouraged to download the Alberta Emergency Alert mobile app, which immediately pushes all alerts out to subscribers.
Fire bans
- Fire advisories are in place for the Grande Prairie, Lac La Biche, High Level, Slave Lake and Peace River Forest Areas.
  
  Under the advisory, fire permits will only be considered on a case-by-case basis.
  
  Safe campfires are still permitted.
- Please confirm advisories, restrictions or bans for your area at alberta.ca/fire-bans.
- Fire bans outside the Forest Protection Area are the responsibility of municipalities and counties.
- Everyone has a role to play in wildfire prevention. Follow all fire bans and restrictions to avoid new fire starts. If you see smoke or flames in the forest, call 310-FIRE to report it.
- Applying FireSmart principles to homes and property can mitigate the risk of wildfire damage. Removing flammable materials and vegetation around the property and preventing embers from accumulating can help protect your home from wildfires. To learn more, visit FireSmart Alberta.
Air quality
- Visit Wildfire Smoke Information for air quality monitoring information to make informed decisions about outdoor activities to protect your health. While wildfire smoke is affecting air quality in parts of Alberta, the presence of smoke does not necessarily mean there is fire near your community. Find information about the status of active wildfires and wildfire updates at Alberta Wildfire.
Roads and highways
- There are no road closures from wildfires.
- 511 Alberta is the best source of real time information as conditions change on our highways. Follow on X (formerly known as Twitter) @511alberta.
- Alberta highways that are affected by the wildfires will open and close frequently depending on safety and weather conditions. Be patient and respect the staff at the closure/detour sites – they are there with your safety in mind.
Health
- For information about wildfire resources, including mental health, visit Wildfire Resources | Alberta Health Services.
Child care
- Opportunity Childcare in Red Earth Creek has reopened.
- Licensed child-care programs are required to notify Child Care Connect if they close unexpectedly.
- Parents and guardians should reach out to their child-care provider for information on closures.
Justice and court services
- The Red Earth Creek courthouse is closed until further notice.
- Visit the Alberta Courts website for the most current information regarding court scheduling.
Related information
- Active emergency updates
- Alberta Emergency Alerts
- Download the Alberta Emergency Alerts app
- Download the Alberta Wildfire app
- How to prepare for an emergency
- Wildfire smoke information
- Emergency evacuation payments
- Free admission to provincial museums and historic sites
MIL OSI Canada News –
July 23, 2025
MIL-OSI Canada: Saskatchewan Wildfire Update July 22
Source: Government of Canada regional news

Released on July 22, 2025

As of 11:00 a.m. on Tuesday, July 22, there are 49 active wildfires in Saskatchewan. Of those active fires, one is categorized as contained, 14 are not contained, 17 are ongoing assessments and 17 are listed as protecting values.

Eleven communities are currently under an evacuation order: Resort Subdivision of Lac La Plonge, La Plonge Reserve, Northern Village of Beauval, Jans Bay, Patuanak/English River First Nation, Montreal Lake Cree Nation, Northern Village of Pinehouse, Canoe Lake Cree First Nation/Canoe Narrows, Île-à-la-Crosse, Resort Subdivision of Cole Bay and Resort Subdivision of Little Amyot Lake.

There are four active declarations of local emergency due to wildfire: Resort Subdivision of Lac La Plonge, Northern Village of Beauval, Resort Subdivision of Little Amyot Lake and Northern Hamlet of Cole Bay.

A full list of evacuated communities can be found on the Active Evacuations webpage.

The Saskatchewan Public Safety Agency (SPSA) reminds the public that it is important to be prepared should an evacuation alert or an evacuation order be issued for your community. An evacuation alert is to be prepared to leave on short notice while an evacuation order indicates that you are at risk and need to leave immediately using routes provided by officials.

Part of the preparation is being ready to leave, including:
- keeping your vehicle fuelled;
- being set to evacuate livestock or pets if needed; and
- checking in on neighbours who may need assistance.
More information on evacuation planning can be found in the Wildfire Emergency Planning fact sheet.

Any evacuees should register through the Sask Evac Web Application and then call 1-855-559-5502 between 8 a.m. and 5 p.m. to have their needs assessed for additional assistance. Individuals who need help registering through the application can call the 855 Line for assistance.

Evacuees supported by the Canadian Red Cross should call 1-800-863-6582.

As a reminder, there is a fire ban that is still in place due to the extreme fire risk. The ban encompasses the area north of the provincial forest boundary up to the Churchill River. The fire ban prohibits any open fires, controlled burns and fireworks in the designated boundary. This includes provincial parks, provincial recreation sites and the Northern Saskatchewan Administrative District within those boundaries.

The latest wildfire information, an interactive fire ban map, frequently asked questions, fire risk maps and fire prevention tips can be found at saskpublicsafety.ca.

Review the current fire bans and restrictions in provincial parks and recreation sites.

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For more information, contact:

MIL OSI Canada News –
July 23, 2025

MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

Net Income	Diluted EPS	Net Interest Margin¹	ROAA¹	ROATCE¹
$47.4 million	$0.52	3.49%	1.00%	11.24%
$57.4 million (adj)²	$0.63 (adj)²	3.33% (adj)²	1.21% (adj)²	13.61% (adj)²

MESSAGE FROM OUR CHAIRMAN & CEO

This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

Van A. Dukeman
Chairman and Chief Executive Officer

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*

	Three Months Ended									Six Months Ended
(dollars in thousands, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Total interest income	$	247,446		$	166,815		$	131,939		$	414,261		$	257,759
Total interest expense		94,263			63,084			49,407			157,347			99,373
Net interest income		153,183			103,731			82,532			256,914			158,386
Provision for credit losses¹		5,700			45,593			1,908			51,293			6,268
Net interest income after provision for credit losses¹		147,483			58,138			80,624			205,621			152,118
Total noninterest income		44,863			21,223			33,703			66,086			68,616
Total noninterest expense¹		127,833			112,030			75,906			239,863			147,353
Income (loss) before income taxes		64,513			(32,669	)		38,421			31,844			73,381
Income taxes		17,109			(2,679	)		11,064			14,430			19,799
Net income (loss)		47,404			(29,990	)		27,357			17,414			53,582
Dividends on preferred stock		155			—			—			155			—
Net income (loss) available to common stockholders	$	47,249		$	(29,990	)	$	27,357		$	17,259		$	53,582

Basic earnings (loss) per common share	$	0.53		$	(0.44	)	$	0.48		$	0.22		$	0.95
Diluted earnings (loss) per common share	$	0.52		$	(0.44	)	$	0.47		$	0.22		$	0.94
Effective income tax rate		26.52	%		8.20	%		28.80	%		45.31	%		26.98	%

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity² were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses² in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

Adjusted net income,² which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.21% and 13.61%, respectively, for the second quarter of 2025.

Pre-Provision Net Revenue²

Pre-provision net revenue² was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets² was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

Adjusted pre-provision net revenue² was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets² was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

Net Interest Income and Net Interest Margin²

Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

Net interest margin² was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin² was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

Components of the 33 basis point increase in net interest margin² during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

Increased loan portfolio and held for sale loan yields contributed +54 basis points
Increased purchase accounting accretion contributed +8 basis points
Securities repositioning executed in March contributed +4 basis points
Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
Increased non-maturity deposit funding costs contributed -25 basis points
Decreased cash and securities portfolio yield contributed -12 basis points

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

Noninterest Income

	Three Months Ended								Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
NONINTEREST INCOME
Wealth management fees	$	16,777	$	17,364		$	15,917		$	34,141		$	31,466
Payment technology solutions		4,956		5,073			5,915			10,029			11,624
Treasury management services		4,981		3,017			2,145			7,998			4,046
Card services and ATM fees		4,880		3,709			3,430			8,589			6,390
Other service charges on deposit accounts		1,513		1,533			2,321			3,046			4,669
Mortgage revenue		776		329			478			1,105			1,224
Income on bank owned life insurance		1,745		1,446			1,442			3,191			2,861
Realized net gains (losses) on the sale of mortgage servicing rights		—		—			277			—			7,742
Net securities gains (losses)		5,997		(15,768	)		(353	)		(9,771	)		(6,728	)
Other noninterest income		3,238		4,520			2,131			7,758			5,322
Total noninterest income	$	44,863	$	21,223		$	33,703		$	66,086		$	68,616

Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income² increased by 5.1% to $38.9 million, or 20.2% of operating revenue², during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue², for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income² increased by 15.1% from $33.8 million, or 29.0% of operating revenue.²

Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income² for the second quarter of 2025.

Noteworthy components of noninterest income are as follows:

Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark³ over the last three and five years.
Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

Operating Efficiency

	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	78,360	$	67,563	$	43,478	$	145,923	$	85,568
Data processing		14,021		9,575		7,100		23,596		13,650
Net occupancy expense of premises		7,832		5,799		4,590		13,631		9,310
Furniture and equipment expenses		2,409		1,744		1,695		4,153		3,508
Professional fees		2,874		9,511		2,495		12,385		4,748
Amortization of intangible assets		4,592		3,083		2,629		7,675		5,038
Interchange expense		1,297		1,343		1,733		2,640		3,344
FDIC insurance		2,424		2,167		1,460		4,591		2,860
Other noninterest expense¹		14,024		11,245		10,726		25,269		19,327
Total noninterest expense¹	$	127,833	$	112,030	$	75,906	$	239,863	$	147,353

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

Adjusted noninterest expense,² which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

Noteworthy components of noninterest expense are as follows:

Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

Busey’s efficiency ratio² was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency² ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

BALANCE SHEET STRENGTH

CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*

	As of
(dollars in thousands, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024
ASSETS
Cash and cash equivalents	$	752,352		$	1,200,292		$	285,269
Debt securities available for sale		2,217,788			2,273,874			1,829,896
Debt securities held to maturity		802,965			815,402			851,261
Equity securities		16,171			10,828			9,618
Loans held for sale		10,497			7,270			11,286
Portfolio loans		13,808,619			13,868,357			7,998,912
Allowance for credit losses		(183,334	)		(195,210	)		(85,226	)
Restricted bank stock		77,112			53,518			6,884
Premises and equipment, net		181,394			182,003			121,647
Right of use assets		38,065			40,594			11,137
Goodwill and other intangible assets, net		488,181			496,118			370,580
Other assets		708,930			711,206			560,152
Total assets	$	18,918,740		$	19,464,252		$	11,971,416

LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing deposits	$	3,590,363		$	3,693,070		$	2,832,776
Interest-bearing checking, savings, and money market deposits		9,578,953			9,675,324			5,619,470
Time deposits		2,632,456			3,091,076			1,523,889
Total deposits		15,801,772			16,459,470			9,976,135
Securities sold under agreements to repurchase		158,030			137,340			140,283
Short-term borrowings		—			11,209			—
Long-term debt		189,726			313,535			227,245
Junior subordinated debt owed to unconsolidated trusts		77,187			77,117			74,693
Lease liabilities		39,235			41,111			11,469
Other liabilities		240,244			244,864			207,781
Total liabilities		16,506,194			17,284,646			10,637,606

Stockholders’ equity
Retained earnings		273,799			249,484			261,820
Accumulated other comprehensive income (loss)		(155,311	)		(172,810	)		(220,326	)
Other stockholders’ equity¹		2,294,058			2,102,932			1,292,316
Total stockholders’ equity		2,412,546			2,179,606			1,333,810
Total liabilities & stockholders’ equity	$	18,918,740		$	19,464,252		$	11,971,416

___________________________________________

Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.

AVERAGE BALANCES *(unaudited)*

	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
ASSETS
Cash and cash equivalents	$	868,164	$	861,021	$	346,381	$	864,613	$	470,287
Investment securities		3,083,284		2,782,435		2,737,313		2,933,690		2,822,228
Loans held for sale		6,899		3,443		9,353		5,181		7,093
Portfolio loans		13,840,190		9,838,337		8,010,636		11,850,318		7,804,976
Interest-earning assets		17,700,356		13,363,594		11,000,785		15,543,955		11,003,344
Total assets		19,068,086		14,831,298		12,089,692		16,961,396		12,056,950

LIABILITIES & STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits		3,542,617		3,036,127		2,816,293		3,290,770		2,762,439
Interest-bearing deposits		12,450,529		9,142,781		7,251,582		10,805,793		7,290,844
Total deposits		15,993,146		12,178,908		10,067,875		14,096,563		10,053,283
Federal funds purchased and securities sold under agreements to repurchase		141,978		144,838		144,370		143,400		161,514
Interest-bearing liabilities		12,985,015		9,627,841		7,725,832		11,315,702		7,778,744
Total liabilities		16,783,504		12,896,222		10,757,877		14,850,601		10,753,180
Stockholders’ equity – preferred		103,619		2,669		—		53,423		—
Stockholders’ equity – common		2,180,963		1,932,407		1,331,815		2,057,372		1,303,770
Tangible common equity¹		1,686,490		1,521,387		955,591		1,604,394		939,150

___________________________________________

See “Non-GAAP Financial Information” for reconciliation.

Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

ASSET QUALITY *(unaudited)*

	As of
(dollars in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
Total assets	$	18,918,740		$	19,464,252		$	11,971,416
Portfolio loans		13,808,619			13,868,357			7,998,912
Loans 30 – 89 days past due		42,188			18,554			23,463
Non-performing loans:
Non-accrual loans		53,614			48,647			8,393
Loans 90+ days past due and still accruing		941			6,077			712
Non-performing loans		54,555			54,724			9,105
Other non-performing assets		3,596			4,757			90
Non-performing assets		58,151			59,481			9,195
Substandard (excludes 90+ days past due)		117,580			131,078			86,579
Classified assets	$	175,731		$	190,559		$	95,774

Allowance for credit losses	$	183,334		$	195,210		$	85,226

RATIOS
Non-performing loans to portfolio loans		0.40	%		0.39	%		0.11	%
Non-performing assets to total assets		0.31	%		0.31	%		0.08	%
Non-performing assets to portfolio loans and other non-performing assets		0.42	%		0.43	%		0.11	%
Allowance for credit losses to portfolio loans		1.33	%		1.41	%		1.07	%
Coverage ratio of the allowance for credit losses to non-performing loans	3.36 x			3.57 x			9.36 x
Classified assets to Bank Tier 1 capital¹and reserves		7.70	%		8.40	%		6.40	%

___________________________________________

Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) *(unaudited)*

	Three Months Ended							Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net charge-offs (recoveries)	$	12,882	$	31,429	$	9,856		$	44,311	$	15,072

Provision for loan losses¹	$	1,005	$	42,452	$	2,277		$	43,457	$	7,315
Provision for unfunded commitments²		4,695		3,141		(369	)		7,836		(1,047	)
Provision for credit losses³	$	5,700	$	45,593	$	1,908		$	51,293	$	6,268

___________________________________________

Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

Deposits

Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

Core deposits² accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized⁴ as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Borrowings

On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

Liquidity

As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity⁵ totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios⁶ continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated⁶ to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated⁶ to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

Busey’s tangible common equity² was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity² represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

Busey’s tangible book value per common share² was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

Dividends

Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

Series B Preferred Stock Issuance

On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

Share Repurchases

During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

SECOND QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)		$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Total noninterest income (GAAP)			44,863			21,223			33,703			66,086			68,616
Net security (gains) losses (GAAP)			(5,997	)		15,768			353			9,771			6,728
Total noninterest expense (GAAP)¹			(127,833	)		(112,030	)		(75,906	)		(239,863	)		(147,353	)
Pre-provision net revenue (Non-GAAP)	[a]		64,216			28,692			40,682			92,908			86,377
Acquisition and restructuring expenses, excluding initial provision expenses			16,600			26,026			2,212			42,626			2,620
Realized net (gains) losses on the sale of mortgage service rights			—			—			(277	)		—			(7,742	)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	80,816		$	54,718		$	42,617		$	135,534		$	81,255

Average total assets	[c]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950

Pre-provision net revenue to average total assets (Non-GAAP)²	[a÷c]		1.35	%		0.78	%		1.35	%		1.10	%		1.44	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)²	[b÷c]		1.70	%		1.50	%		1.42	%		1.61	%		1.36	%

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
Annualized measure.

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios

		Three Months Ended									Six Months Ended
(dollars in thousands, except per share amounts)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income (loss) (GAAP)	[a]	$	47,404		$	(29,990	)	$	27,357		$	17,414		$	53,582
Day 2 provision for credit losses¹			—			45,572			—			45,572			—
Adjustment of initial provision for unfunded commitments due to adoption of new model¹			4,030			—			—			4,030			—
Other acquisition expenses			16,600			26,026			2,212			42,626			2,497
Restructuring expenses			—			—			—			—			123
Net securities (gains) losses			(5,997	)		15,768			353			9,771			6,728
Realized net (gains) losses on the sale of mortgage servicing rights			—			—			(277	)		—			(7,742	)
Related tax (benefit) expense²			(4,971	)		(22,069	)		(572	)		(27,040	)		(402	)
Non-recurring deferred tax adjustment³			328			4,591			1,446			4,919			1,446
Adjusted net income (Non-GAAP)⁴	[b]		57,394			39,898			30,519			97,292			56,232
Preferred dividends	[c]		155			—			—			155			—
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	57,239		$	39,898		$	30,519		$	97,137		$	56,232

Weighted average number of common shares outstanding, diluted (GAAP)	[e]		90,883,711			68,517,647			57,853,231			80,251,577			57,129,865
Diluted earnings (loss) per common share (GAAP)	[(a-c)÷e]	$	0.52		$	(0.44	)	$	0.47		$	0.22		$	0.94

Weighted average number of common shares outstanding, diluted (Non-GAAP)⁵	[f]		90,883,711			69,502,717			57,853,231			80,251,577			57,129,865
Adjusted diluted earnings per common share (Non-GAAP)^5,6	[d÷f]	$	0.63		$	0.57		$	0.53		$	1.21		$	0.98

Average total assets	[g]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950
Return on average assets (Non-GAAP)⁶	[a÷g]		1.00	%	(0.82)%				0.91	%		0.21	%		0.89	%
Adjusted return on average assets (Non-GAAP)⁴^,⁶	[b÷g]		1.21	%		1.09	%		1.02	%		1.16	%		0.94	%

Average common equity		$	2,180,963		$	1,932,407		$	1,331,815		$	2,057,372		$	1,303,770
Average goodwill and other intangible assets, net			(494,473	)		(411,020	)		(376,224	)		(452,978	)		(364,620	)
Average tangible common equity (Non-GAAP)	[h]	$	1,686,490		$	1,521,387		$	955,591		$	1,604,394		$	939,150

Return on average tangible common equity (Non-GAAP)⁶	[(a-c)÷h]		11.24	%	(7.99)%				11.51	%		2.17	%		11.47	%
Adjusted return on average tangible common equity (Non-GAAP)⁴^,⁶	[d÷h]		13.61	%		10.64	%		12.85	%		12.21	%		12.04	%

___________________________________________

The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
Dilution includes shares that would have been dilutive if there had been net income during the period.
Annualized measure.

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)		$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Tax-equivalent adjustment¹			791			537			402			1,328			851
Tax-equivalent net interest income (Non-GAAP)	[a]		153,974			104,268			82,934			258,242			159,237
Purchase accounting accretion related to business combinations			(7,119	)		(2,728	)		(812	)		(9,847	)		(1,016	)
Adjusted net interest income (Non-GAAP)	[b]	$	146,855		$	101,540		$	82,122		$	248,395		$	158,221

Average interest-earning assets (Non-GAAP)	[c]	$	17,700,356		$	13,363,594		$	11,000,785		$	15,543,955		$	11,003,344

Net interest margin (Non-GAAP)²	[a÷c]		3.49	%		3.16	%		3.03	%		3.35	%		2.91	%
Adjusted net interest margin (Non-GAAP)²	[b÷c]		3.33	%		3.08	%		3.00	%		3.22	%		2.89	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
Annualized measure.

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)	[a]	$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Tax-equivalent adjustment¹			791			537			402			1,328			851
Tax-equivalent net interest income (Non-GAAP)	[b]		153,974			104,268			82,934			258,242			159,237

Total noninterest income (GAAP)			44,863			21,223			33,703			66,086			68,616
Net security (gains) losses			(5,997	)		15,768			353			9,771			6,728
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]		38,866			36,991			34,056			75,857			75,344
Realized net (gains) losses on the sale of mortgage service rights			—			—			(277	)		—			(7,742	)
Adjusted noninterest income (Non-GAAP)	[d]	$	38,866		$	36,991		$	33,779		$	75,857		$	67,602

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	192,840		$	141,259		$	116,990		$	334,099		$	234,581
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]		192,840			141,259			116,713			334,099			226,839
Operating revenue (Non-GAAP)	[g = a+d]		192,049			140,722			116,311			332,771			225,988

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]		20.24	%		26.29	%		29.04	%		22.80	%		29.91	%

Total noninterest expense (GAAP)²		$	127,833		$	112,030		$	75,906		$	239,863		$	147,353
Amortization of intangible assets			(4,592	)		(3,083	)		(2,629	)		(7,675	)		(5,038	)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)²	[h]		123,241			108,947			73,277			232,188			142,315
Acquisition and restructuring expenses, excluding initial provision expenses			(16,600	)		(26,026	)		(2,212	)		(42,626	)		(2,620	)
Adjusted noninterest expense (Non-GAAP)²	[i]	$	106,641		$	82,921		$	71,065		$	189,562		$	139,695

Efficiency ratio (Non-GAAP)²	[h÷e]		63.91	%		77.13	%		62.64	%		69.50	%		60.67	%
Adjusted efficiency ratio (Non-GAAP)²	[i÷f]		55.30	%		58.70	%		60.89	%		56.74	%		61.58	%

Average total assets	[j]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950
Adjusted noninterest expense to average assets (Non-GAAP)²^,³	[i÷j]		2.24	%		2.27	%		2.36	%		2.25	%		2.33	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
Annualized measure.

Tangible Assets, Tangible Common Equity, and Related Measures and Ratio

		As of
*(dollars in thousands, except per share amounts)*		June 30, 2025			March 31, 2025			June 30, 2024
Total assets (GAAP)		$	18,918,740		$	19,464,252		$	11,971,416
Goodwill and other intangible assets, net			(488,181	)		(496,118	)		(370,580	)
Tangible assets (Non-GAAP)¹	[a]	$	18,430,559		$	18,968,134		$	11,600,836

Total stockholders’ equity (GAAP)		$	2,412,546		$	2,179,606		$	1,333,810
Preferred stock and additional paid in capital on preferred stock			(215,197	)		(7,750	)		—
Common equity	[b]		2,197,349			2,171,856			1,333,810
Goodwill and other intangible assets, net			(488,181	)		(496,118	)		(370,580	)
Tangible common equity (Non-GAAP)¹	[c]	$	1,709,168		$	1,675,738		$	963,230

Tangible common equity to tangible assets (Non-GAAP)¹	[c÷a]		9.27	%		8.83	%		8.30	%

Ending number of common shares outstanding (GAAP)	[d]		89,104,678			90,008,178			56,746,937
Book value per common share (Non-GAAP)	[b÷d]	$	24.66		$	24.13		$	23.50
Tangible book value per common share (Non-GAAP)	[c÷d]	$	19.18		$	18.62		$	16.97

___________________________________________

Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.

Core Deposits and Related Ratio

		As of
*(dollars in thousands)*		June 30, 2025			March 31, 2025			June 30, 2024
Total deposits (GAAP)	[a]	$	15,801,772		$	16,459,470		$	9,976,135
Brokered deposits, excluding brokered time deposits of $250,000 or more			(353,614	)		(722,224	)		(43,089	)
Time deposits of $250,000 or more			(827,762	)		(867,035	)		(314,461	)
Core deposits (Non-GAAP)	[b]	$	14,620,396		$	14,870,211		$	9,618,585

Core deposits to total deposits (Non-GAAP)	[b÷a]		92.52	%		90.34	%		96.42	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Annualized measure.
2	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
3	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
4	Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
5	On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6	Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.

INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

The MIL Network –

July 23, 2025

MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Second-quarter highlights

Orders of $7.0 billion, including $3.5 billion of IET orders.
RPO of $34.0 billion, including record IET RPO of $31.3 billion.
Revenue of $6.9 billion, down 3% year-over-year.
Attributable net income of $701 million.
GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
Cash flows from operating activities of $510 million and free cash flow* of $239 million.
Returns to shareholders of $423 million, including $196 million of share repurchases.

HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

	Three Months Ended						Variance
(in millions except per share amounts)	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Orders	$	7,032	$	6,459	$	7,526	9	%	(7	%)
Revenue		6,910		6,427		7,139	8	%	(3	%)
Net income attributable to Baker Hughes		701		402		579	74	%	21	%
Adjusted net income attributable to Baker Hughes*		623		509		568	22	%	10	%
Adjusted EBITDA*		1,212		1,037		1,130	17	%	7	%
Diluted earnings per share (EPS)		0.71		0.40		0.58	76	%	22	%
Adjusted diluted EPS*		0.63		0.51		0.57	23	%	11	%
Cash flow from operating activities		510		709		348	(28	%)	47	%
Free cash flow*		239		454		106	(47	%)	F

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

Quarter Highlights

Executing our portfolio optimization strategy

In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

Key awards and technology achievements

The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO₂ emissions reduction for gas infrastructure across the country.

Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

Consolidated Financial Results

Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

Depreciation and amortization for the second quarter of 2025 was $293 million.

Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

Other Financial Items

Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

Income tax expense in the second quarter of 2025 was $256 million.

Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)	Three Months Ended									Variance
Segment results	June 30, 2025			March 31, 2025			June 30, 2024			Sequential		Year-over-year
Orders	$	3,503		$	3,281		$	4,068		7	%	(14	%)
Revenue	$	3,617		$	3,499		$	4,011		3	%	(10	%)
EBITDA	$	677		$	623		$	716		9	%	(5	%)
EBITDA margin		18.7	%		17.8	%		17.8	%	0.9pts		0.9pts

(in millions)	Three Months Ended						Variance
Revenue by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Well Construction	$	921	$	892	$	1,090	3	%	(16	%)
Completions, Intervention, and Measurements		935		925		1,118	1	%	(16	%)
Production Solutions		968		899		958	8	%	1	%
Subsea & Surface Pressure Systems		793		782		845	1	%	(6	%)
Total Revenue	$	3,617	$	3,499	$	4,011	3	%	(10	%)

(in millions)	Three Months Ended						Variance
Revenue by Geographic Region	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
North America	$	928	$	922	$	1,023	1	%	(9	%)
Latin America		639		568		663	12	%	(4	%)
Europe/CIS/Sub-Saharan Africa		653		580		827	13	%	(21	%)
Middle East/Asia		1,398		1,429		1,498	(2	%)	(7	%)
Total Revenue	$	3,617	$	3,499	$	4,011	3	%	(10	%)

North America	$	928	$	922	$	1,023	1	%	(9	%)
International	$	2,689	$	2,577	$	2,988	4	%	(10	%)

EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

Industrial & Energy Technology

(in millions)	Three Months Ended									Variance
Segment results	June 30, 2025			March 31, 2025			June 30, 2024			Sequential		Year-over-year
Orders	$	3,530		$	3,178		$	3,458		11	%	2	%
Revenue	$	3,293		$	2,928		$	3,128		12	%	5	%
EBITDA	$	585		$	501		$	497		17	%	18	%
EBITDA margin		17.8	%		17.1	%		15.9	%	0.7pts		1.9pts

(in millions)	Three Months Ended						Variance
Orders by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Gas Technology Equipment	$	781	$	1,335	$	1,493	(42	%)	(48	%)
Gas Technology Services		986		913		769	8	%	28	%
Total Gas Technology		1,767		2,248		2,261	(21	%)	(22	%)
Industrial Products		513		501		524	2	%	(2	%)
Industrial Solutions		327		281		281	16	%	16	%
Total Industrial Technology		839		782		805	7	%	4	%
Climate Technology Solutions		923		148		392	F		F
Total Orders	$	3,530	$	3,178	$	3,458	11	%	2	%

(in millions)	Three Months Ended						Variance
Revenue by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Gas Technology Equipment	$	1,624	$	1,456	$	1,539	12	%	6	%
Gas Technology Services		752		592		691	27	%	9	%
Total Gas Technology		2,377		2,047		2,230	16	%	7	%
Industrial Products		488		445		509	10	%	(4	%)
Industrial Solutions		273		258		262	6	%	4	%
Total Industrial Technology		761		703		770	8	%	(1	%)
Climate Technology Solutions		156		178		128	(12	%)	22	%
Total Revenue	$	3,293	$	2,928	$	3,128	12	%	5	%

EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

	Three Months Ended
(in millions)	June 30, 2025			March 31, 2025		June 30, 2024
Net income attributable to Baker Hughes (GAAP)	$	701		$	402	$	579
Net income attributable to noncontrolling interests		10			7		2
Provision for income taxes		256			152		243
Interest expense, net		54			51		47
Depreciation & amortization		293			285		283
Change in fair value of equity securities ⁽¹⁾		(119	)		140		(19	)
Other charges and credits ⁽¹⁾		17			—		(6	)
Adjusted EBITDA (non-GAAP)		1,212			1,037		1,130
Corporate costs		78			85		83
Other (income) / expense not allocated to segments		(28	)		1		—
Total Segment EBITDA (non-GAAP)	$	1,262		$	1,124	$	1,213
OFSE		677			623		716
IET		585			501		497

⁽¹⁾Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

	Three Months Ended
(in millions, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024
Net income attributable to Baker Hughes (GAAP)	$	701		$	402		$	579
Change in fair value of equity securities		(119	)		140			(19	)
Other adjustments		17			—			14
Tax adjustments⁽¹⁾		24			(32	)		(6	)
Total adjustments, net of income tax		(78	)		108			(11	)
Less: adjustments attributable to noncontrolling interests		—			—			—
Adjustments attributable to Baker Hughes		(78	)		108			(11	)
Adjusted net income attributable to Baker Hughes (non-GAAP)	$	623		$	509		$	568

Denominator:
Weighted-average shares of Class A common stock outstanding diluted		991			999			1,001
Adjusted earnings per share – diluted (non-GAAP)	$	0.63		$	0.51		$	0.57

⁽¹⁾All periods reflect the tax associated with the other (income) loss adjustments.

Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

	Three Months Ended
(in millions)	June 30, 2025			March 31, 2025			June 30, 2024
Net cash flows from operating activities (GAAP)	$	510		$	709		$	348
Add: cash used for capital expenditures, net of proceeds from disposal of assets		(271	)		(255	)		(242	)
Free cash flow (non-GAAP)	$	239		$	454		$	106

Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss)
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except per share amounts)		2025			2024			2025			2024
Revenue	$	6,910		$	7,139		$	13,337		$	13,557
Costs and expenses:
Cost of revenue		5,295			5,493			10,247			10,469
Selling, general and administrative		567			643			1,144			1,261
Research and development costs		161			158			307			322
Other (income) expense, net		(134	)		(26	)		6			(48	)
Interest expense, net		54			47			105			88
Income before income taxes		967			824			1,528			1,465
Provision for income taxes		(256	)		(243	)		(408	)		(421	)
Net income		711			581			1,120			1,044
Less: Net income attributable to noncontrolling interests		10			2			17			10
Net income attributable to Baker Hughes Company	$	701		$	579		$	1,103		$	1,034

Per share amounts:
Basic income per Class A common stock	$	0.71		$	0.58		$	1.11		$	1.04
Diluted income per Class A common stock	$	0.71		$	0.58		$	1.11		$	1.03

Weighted average shares:
Class A basic		988			996			990			997
Class A diluted		991			1,001			995			1,002

Cash dividend per Class A common stock	$	0.23		$	0.21		$	0.46		$	0.42

Condensed Consolidated Statements of Financial Position
(Unaudited)

(In millions)	June 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	3,087	$	3,364
Current receivables, net		6,511		7,122
Inventories, net		5,105		4,954
All other current assets		2,915		1,771
Total current assets		17,618		17,211
Property, plant and equipment, less accumulated depreciation		5,176		5,127
Goodwill		5,801		6,078
Other intangible assets, net		3,919		3,951
Contract and other deferred assets		1,841		1,730
All other assets		4,385		4,266
Total assets	$	38,740	$	38,363
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	4,340	$	4,542
Short-term debt		66		53
Progress collections and deferred income		5,680		5,672
All other current liabilities		2,429		2,724
Total current liabilities		12,515		12,991
Long-term debt		5,968		5,970
Liabilities for pensions and other postretirement benefits		997		988
All other liabilities		1,392		1,359
Equity		17,868		17,055
Total liabilities and equity	$	38,740	$	38,363

Outstanding Baker Hughes Company shares:
Class A common stock		985		990

Condensed Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)		2025			2025			2024
Cash flows from operating activities:
Net income	$	711		$	1,120		$	1,044
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		293			579			566
Stock-based compensation cost		52			102			101
Change in fair value of equity securities		(119	)		21			(71	)
(Benefit) provision for deferred income taxes		36			(17	)		33
Working capital		(120	)		98			(36	)
Other operating items, net		(343	)		(684	)		(505	)
Net cash flows provided by operating activities		510			1,219			1,132
Cash flows from investing activities:
Expenditures for capital assets		(301	)		(601	)		(625	)
Proceeds from disposal of assets		30			74			101
Other investing items, net		(15	)		(69	)		(6	)
Net cash flows used in investing activities		(286	)		(596	)		(530	)
Cash flows from financing activities:
Repayment of long-term debt		—			—			(125	)
Dividends paid		(227	)		(456	)		(419	)
Repurchase of Class A common stock		(196	)		(384	)		(324	)
Other financing items, net		(20	)		(105	)		(61	)
Net cash flows used in financing activities		(443	)		(945	)		(929	)
Effect of currency exchange rate changes on cash and cash equivalents		29			45			(35	)
Decrease in cash and cash equivalents		(190	)		(277	)		(362	)
Cash and cash equivalents, beginning of period		3,277			3,364			2,646
Cash and cash equivalents, end of period	$	3,087		$	3,087		$	2,284
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	211		$	418		$	336
Interest paid	$	98		$	148		$	150

Supplemental Financial Information

Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.

Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.

Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.

Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

The MIL Network –

July 23, 2025

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