NewzIntel.com

Category: Vehicles

  • MIL-OSI Security: Jury Convicts Man Who Targeted Metro Air Support Helicopter in St. Louis with Laser

    Source: US FBI

    ST. LOUIS – A jury on Wednesday found a man guilty of a crime for temporarily blinding Metro Air Support pilots with a laser pointer.

    Jurors in U.S. District Court in St. Louis took roughly 20 minutes to convict Joshua J. Johnson, 44, of one felony count of knowingly aiming a laser pointer at an aircraft. The trial started Tuesday afternoon with jury selection.

    Evidence and testimony at the trial showed that shortly before 9:45 p.m. on August 9, 2024, Johnson used a blue laser to target a marked Metro Air Support helicopter that was flying over the Benton Park neighborhood in St. Louis in support of other officers. A St. Louis County Police Department pilot and a St. Louis Metropolitan Police Department pilot were temporarily blinded when blue light flooded the cockpit. As the blue light started to wane, the officers were able to track the beam to the driver’s side of a vehicle below them. The officers then tracked the vehicle as it drove down the street. The driver aimed the laser at the helicopter again. The officers continued to track the vehicle and provided updates to officers on the ground, who stopped the vehicle and arrested the sole occupant – Johnson. After initially denying that he pointed the laser, he later admitted that he was responsible. He also admitted that fact in calls from jail.

    Laser pointers are widely available and range in power. The strongest models can permanently blind air crews. Those who point lasers at aircraft can also be subject to civil penalties of up to $11,000 imposed by the Federal Aviation Administration. Pilots reported 12,840 laser strikes to the FAA in 2024.

    Johnson is scheduled to be sentenced on October 30. The crime carries a potential punishment of up to five years in prison.

    The case was investigated by the FBI, the St. Louis Metropolitan Police Department and the Metro Air Support Unit. Assistant U.S. Attorneys Mohsen Pasha and Derek Wiseman are prosecuting the case.
     

    MIL Security OSI –

  • MIL-OSI USA: Attorney General Bonta Secures $1.53 Million Settlement with One of Nation’s Largest Hospital Systems for Unlawful Training Repayment Agreements with Nurses

    Source: US State of California

    Settlement signals the steadfast commitment of California and its state partners to the robust enforcement of worker and consumer protection laws

    SAN FRANCISCO — California Attorney General Rob Bonta today announced a settlement with HCA Healthcare, Inc. and Health Trust Workforce Solutions, LLC (together, HCA), resolving allegations that HCA unlawfully required entry-level nurse employees to repay the cost of a mandatory training program if they did not remain employed with the company for two years. HCA is one of the nation’s largest hospital systems and has several hospitals in northern and southern California. Today’s settlement is the result of a years-long investigation by Attorney General Bonta and the attorneys general of Colorado and Nevada, working in partnership with the Biden Administration’s Consumer Financial Protection Bureau. The states’ investigation found that HCA violated California employment and consumer protection laws as well as the federal consumer financial protection laws by using training repayment agreement provisions (TRAPs) in nurses’ employment contracts. These TRAPs are a form of employer-driven debt, or debt obligations incurred by individuals through employment arrangements.

    “All too often, employer-driven debt forces workers to remain in jobs that they would otherwise leave. That’s not just wrong; it’s illegal under state and federal law. Workers must be able to pursue better pay and better working conditions — not be trapped by debt that their employer makes them take out,” said Attorney General Rob Bonta. “I’m grateful to my fellow attorneys general in Colorado and Nevada for their partnership. With today’s settlement, we are taking a stand for workers in our states by holding HCA Healthcare accountable — ensuring that all affected nurses are made whole financially, that the company pays a penalty for its wrongdoing, and that the company is subject to strong injunctive terms to deter future misconduct.” 

    “California Nurses Association and our national union, National Nurses United, want to thank Attorney General Bonta for his leadership in addressing this growing trend of employers, such as HCA, using debt repayment contracts to lock nurses and other workers into jobs,” said Sandy Reding, RN and a president of the California Nurses Association. “HCA, the largest for-profit hospital system in the country, has a shameful track record of using predatory stay-or-pay contracts, or Training Repayment Agreement Provisions (TRAPS), which handcuff nurses to our employers through the threat of serious financial consequences or ruin. No nurses and no other workers should be locked into a job under the weight of debt to their employer.”

    “The Attorney General has found that HCA’s StaRN scheme violated the law and exploited new nurses in the process. As the largest hospital system in the US, HCA should strive to make nursing a rewarding career, not punish new nurses by entrapping them in debt,” said Rosanna Mendez, Executive Director, SEIU 121RN. “Attorney General Bonta’s action demonstrates that he strongly supports California’s frontline healthcare workers, even when it means taking on a large and powerful corporation.”

    “The StaRN program put new nurses under HCA’s thumb, harming nurses’ morale at a time when we need them the most,” said Leo Perez, President, SEIU 121RN. “HCA is notorious for prioritizing profit over employee well-being. We are hopeful that this settlement will encourage them to reevaluate those priorities.”

    ”We stand with Attorney General Bonta in sending a clear message: Nurses should never be forced into debt just to launch their careers,” said Charmaine S. Morales, RN, President of United Nurses Associations of California/Union of Health Care Professionals. “As advocates who understand the real pressures nurses face, we support this settlement as a powerful step toward holding corporations accountable and protecting the dignity of our profession.”

    As a condition of employment at an HCA hospital, HCA generally requires that entry-level nurse employees complete the Specialty Training Apprenticeship for Registered Nurses (StaRN) Residency Program. The company has advertised StaRN as an avenue for entry-level RNs to get the education and training they need to land their first nursing jobs in an acute-care hospital setting, although StaRN does not provide nurses with education or training necessary for licensure as an RN. Until the Spring of 2023, HCA required that RNs hired through the StaRN program at facilities in several states, including California, sign a TRAP agreement in their new-hire paperwork. The TRAPs purported to require nurses to repay a prorated portion of the StaRN “value” if they did not work for HCA for two years. If a nurse left HCA before the end of the two-year period, then the TRAP loan was typically sent to debt collection.

    HCA imposed TRAPs on nurses who worked at their five hospitals in California: Good Samaritan Hospital in San Jose; Regional Medical Center in San Jose; Los Robles Regional Medical Center in Thousand Oaks; Riverside Community Hospital in Riverside; and West Hills Hospital & Medical Center in West Hills (no longer under HCA ownership).

    Under California’s settlement, HCA will:

    • Pay approximately $83,000 to provide full restitution to California nurses who made payments on their TRAP debt to HCA.
    • Be prohibited from imposing TRAPs on nurse employees and attempting to collect on the approximately $288,000 in outstanding TRAP debt incurred by California nurses who signed TRAPs with HCA.
    • Pay $1,162,900 in penalties to California. 

    HCA will pay a total of $2,900,000 in penalties under settlements filed in California, Colorado, and Nevada today. 

    Employer-driven debt refers to debt incurred by individuals through employment arrangements. This can include arrangements where an employer provides training, equipment, or supplies to a worker, but requires the worker to reimburse the employer for these expenses if the worker leaves their job before a certain date. Employer-driven debt has grown not only in the healthcare industry but also in the trucking, aviation, and the retail and service industries, among others. However, California workers are protected by state law that restricts the use of employer-driven debt, as Attorney General Bonta highlighted in a legal alert issued in July 2023 and a consumer alert in October 2024. Workers who believe their rights have been violated are encouraged to file a complaint at oag.ca.gov/report. 

    Attorney General Bonta is committed to ensuring California continues its vital work as a pillar of consumer protection enforcement and an outspoken advocate for robust federal protections. The settlement today comes on the heels of the 15th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in the wake of the 2008 financial crisis to protect consumers from abusive financial services practices. The Dodd-Frank Act also authorizes state attorneys general to enforce its provisions and thereby promote stability, accountability, and transparency in the United States financial system.

    Attorney General Bonta proudly supports Assembly Bill 692 (AB 692, Kalra), co-sponsored by the California Nurses Association, which would prohibit employment contracts that require workers to pay their employers a debt if they leave their job, regardless of whether that worker was fired, laid off, or quit.

    Pending court approval, a copy of the complaint can be found here and the judgment will be available here shortly. 

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Marshals Capture Teen Wanted for First Degree Murder

    Source: US Marshals Service

    Memphis, TN – Today, the U.S. Marshals Service (USMS) captured Derrion Taylor, 18, who is charged in a shooting that resulted in the death of a 93-year-old victim and injuries to two other people. Taylor is charged with First-Degree Murder, Two Counts of Attempted First-Degree Murder, and Two Counts of Aggravated Assault.

    On January 17, 2024, the Memphis Police Department (MPD) responded to a shooting call on Kendale Avenue in Memphis. Upon arrival, they discovered three female victims had been struck by gunfire. One victim, Geraldine Harris, 93, succumbed to her injuries and died on the scene. Two other victims were transported to an area hospital with critical injuries.

    After an in-depth investigation, MPD Homicide Detectives determined that Derrion Taylor, who was then 17 years old, was responsible for these crimes.

    On July 22, 2025, a juvenile petition was issued for his arrest. The USMS Two Rivers Violent Fugitive Task Force (TRVFTF) in Memphis was requested to assist in finding an apprehending Taylor.

    Around 8 a.m., July 24, 2025, the TRVFTF tracked Taylor to a residence in the 3000 block of Colony Drive in Memphis. Deputy U.S. marshals and task force officers surrounded the residence and took Taylor into custody without incident.

    The U.S. Marshals Service Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, Tipton, and Gibson County Sheriff’s Deputies, Memphis and Jackson Police Officers, Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured over 3,000 violent offenders and sexual predators.

    MIL Security OSI –

  • MIL-OSI Analysis: Why it matters who owns a newspaper

    Source: The Conversation – UK – By Steven Barnett, Professor of Communications, University of Westminster

    Steve Travelguide/Shutterstock

    The House of Lords this week approved government legislation that will allow foreign states to hold up to a 15% stake in British newspaper publishers.

    This vote clears the way for the American investment company Redbird to take control of the troubled Telegraph newspaper group following two years of uncertainty. An integral element of that bid is a 15% stake by the sovereign investment fund IMI which is owned by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates.

    The heated Lords debate raised fundamental questions about who should own newspapers, and the link between ownership and editorial content. On one side were those who argued that Britain’s newspapers faced an “existential threat” without outside investment. On the other were those who warned against the potential influence of a foreign power on one of the UK’s longest standing publishers.

    Media mergers and acquisitions are often contentious. But given the parlous state of the newspaper industry, they are likely to become more frequent.

    A very different kind of newspaper deal was completed last December, when news website Tortoise Media bought The Observer. Tortoise, which was founded in 2018 by former Times editor and BBC director of news James Harding, startled analysts and journalists alike by taking over a newspaper first published in 1791.

    The deal prompted strong opposition from some Observer and Guardian journalists. But from a business perspective, the deal suited both sides.

    The Scott Trust, owners of the Observer since 1993, never seemed wholly committed to the Observer. (There was, for example, no dedicated Observer website). Tortoise, meanwhile, was keen to exploit the brand values of an established print product. It saw the Observer as a suitable vehicle for its approach of news analysis and explanation rather than breaking stories.

    The media world has also been fixated on the succession story of the Murdoch family and its implications for his UK newspapers. The Sun, News of the World (until its closure in 2011), the Times and Sunday Times have been the bedrock of Rupert Murdoch’s economic and political power in the UK for decades.

    In December, he lost the battle to give his eldest son Lachlan exclusive control of his media empire.

    Speculation has grown as to whether any of Rupert’s progeny will want to continue the family’s print tradition after his death. His empire has suffered repeated financial and reputational hits since the phone hacking scandal. It is perfectly feasible that, once he goes, all the Murdoch press interests will be up for sale.

    These various battles beg the question: why does it matter who owns a newspaper? In short, it matters because ownership, to a large extent, determines content.

    Who owns the news?

    From the very beginning of printed news, proprietors have exercised control over their title’s political direction and journalistic values. Prewar Britain saw Lord Beaverbrook famously exploiting his Express newspapers to campaign for free trade within the British empire.

    Meanwhile, fellow newspaper baron Lord Rothermere turned his Mail newspapers into propaganda sheets for Oswald Mosley’s blackshirts, and cheerleaders for Adolf Hitler and Benito Mussolini during the 1930s.

    The Rothermere family’s continued ownership of the Mail has guaranteed a consistent anti-immigration, anti-Europe rightwing worldview to the present day. How this consistent framing has been transmitted through the Mail’s editors has been well documented by journalist Adrian Addison.

    Murdoch’s UK newspaper empire has also pursued his personal free market, anti-EU political vision. He has used his papers to attack the publicly funded BBC and the regulator Ofcom. Murdoch has, however, been slightly more flexible in adjusting his papers’ party political allegiance (guaranteeing a succession of prime ministerial genuflections from Margaret Thatcher through to Keir Starmer).

    At the other end of the political spectrum, the Scott Trust – owners of the Guardian – was conceived by the son of C.P. Scott as a vehicle for sustaining his father’s liberal mission for the paper. It has a policy of no editorial interference, apart from continuing the paper’s editorial policy on “the same lines and in the same spirit as heretofore”. Editors are therefore enjoined to focus on the kind of progressive news agenda championed by Scott.

    The trust model allows a level of freedom from traditional commercial oversight. Editors can pursue the Guardian’s well-established liberal tradition without worrying about shareholders driven by short-term profit maximisation, or an individual owner with a specific ideological agenda. This partly explains the hostility of Observer journalists to the Tortoise takeover.

    Why it matters

    The Lords debate focused on the risks of foreign state investment in British newspapers. But all commercial ownership models – and all owners – have their problems. Whether it be greedy shareholders, a power-hungry narcissist, an ideologically-driven family or a foreign state seeking influence in the UK, commercial models all involve editorial compromises.

    One approach to the problems raised by commercial ownership is an insistence, through legislation, on a plurality of owners. But this is increasingly difficult in an industry whose traditional advertising-funded business model is under severe pressure. This context is precisely why the Telegraph’s new owner was desperate to access IMI funds.

    Upmarket publications such as the Financial Times and the Times can monetise subscriptions, but paywalls discourage easy access and diminish journalistic reach. Subscriptions are also a much less attractive proposition for tabloids whose readers are less willing to pay.

    Another approach is to diversify ownership models. Non-profit and charitable publishers, such as OpenDemocracy or the Bureau of Investigative Journalism, can leverage donations and are less vulnerable to the whims of corporate owners or powerful individuals. But this model is much less developed in the UK than the US.

    I and colleagues have argued elsewhere that there are strong arguments for making charitable journalism easier. These models can enhance journalistic freedom, but they also come with potential downsides that need to be acknowledged.

    All these options presuppose, of course, that newspapers and their online sites still have sufficient relevance and reach for us to continue to worry about ownership at all – a topic for another article.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Steven Barnett is on the management and editorial boards of the British Journalism Review. He is a member of the British Broadcasting Challenge which campaigns for Public Service Broadcasting. He is on the Advisory Board of the Charitable Journalism Project which campaigns for public interest journalism and on the board of Hacked Off which campaigns for a free and accountable press.

    – ref. Why it matters who owns a newspaper – https://theconversation.com/why-it-matters-who-owns-a-newspaper-257785

    MIL OSI Analysis –

  • MIL-OSI United Nations: ‘Famine silently begins to unfold’ in Gaza, UNRWA chief says

    Source: United Nations 2

    Philippe Lazzarini, Commissioner-General for the UN Relief and Works Agency for Palestinian Refugees (UNRWA) said that is what one of its workers told him on Thursday morning.  

    This sobering comment comes amidst increasingly severe malnutrition for children and adults throughout the Gaza Strip.  

    “When child malnutrition surges, coping mechanisms fail, access to food and care disappears, famine silently begins to unfold,” Mr. Lazzarini said in a tweet.   

    Bombs are not the only thing that kills

    Gaza has faced relentless bombardment for almost three years, but Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO) said at a briefing on Wednesday that it is not just the bombs which are killing Palestinians.  

    Starvation is “another killer.”

    Reportedly, at least 100 people have died from hunger, and WHO has documented at least 21 cases of children under the age of five dying from malnutrition.  

    Additionally, Mr. Lazzarini said one in five children in Gaza City are malnourished, a number that is increasing every day that unhindered humanitarian aid is denied. He said that these children urgently need treatment, but supplies remain low.  

    Between early March and mid-May — 80 consecutive days — no aid was allowed into the Gaza Strip, pushing the population to the brink of famine. While minimal aid has since entered, Tedros emphasised that it is not enough.  

    “Food deliveries have resumed intermittently but remain far below what is needed for the survival of the population,” he said. 

    A boy in Gaza waits for food.

    Safe havens are no longer safe

    Tedros reported that between 27 May and 21 July, over 1,000 people in Gaza have been killed while trying to access food.  

    Many of these have died in or around sites operated by the Gaza Humanitarian Foundation (GHF), an American-run and Israeli-backed aid distribution organization which the UN has repeatedly said violates well-established principles of international humanitarian law.

    “Parents tell us their children cry themselves to sleep from hunger. Food distribution sites have become places of violence,” Tedros said.  

    In addition to risking their lives when seeking out desperately needed humanitarian assistance, hospitals — which have been systematically targeted according to UNFPA — are no longer safe havens.  

    “Hospitals, which are supposed to be safe havens, have regularly been attacked, and many are no longer functioning,” Tedros said.  

    He recalled that on Monday, a WHO staff residence, a humanitarian site, was attacked with male personnel being stripped and interrogated, women and children forced to flee on foot in the midst of violence, and one WHO staff member detained.  

    “Despite this, WHO and other UN agencies are staying in Gaza. Our commitment is firm. UN agencies must be protected while operating in conflict zones,”  Tedros said.  

    An UNRWA school turned shelter in Al Bureij, Gaza, lies in ruins following a missile attack in May 2025.

    Frontline workers face hunger

    In addition to the Palestinians in Gaza who are “emaciated, weak and at high risk of dying,” aid workers are also feeling the effects of sustained lack of supplies.  

    Most UNRWA workers are surviving on a meagre bowl of lentils each day, Mr. Lazzarini said, leading many of them to faint from hunger at work.  

    “When caretakers cannot find enough to eat, the entire humanitarian system is collapsing,” he said.  

    Some parents are too hungry to care for their children, and even those who do reach clinics for treatment are often too tired to follow the advice provided.  

    Mr. Lazzarini noted that UNRWA alone has 6,000 trucks of desperately needed food and medical supplies in Jordan and Egypt. He called for this, and other aid, to be immediately let through.

    “Families are no longer coping, they are breaking down, unable to survive. Their existence is threatened,” he said.  “Allow humanitarian partners to bring unrestricted and uninterrupted humanitarian assistance to Gaza.” 

    MIL OSI United Nations News –

  • MIL-OSI USA: Fischer Advances Over $60 Million to Improve Nebraska’s Infrastructure, Firefighting Capabilities

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Advances additional provision to enhance roadway safety
    Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Appropriations Committee, announced she advanced over $60 million in funding to support critical infrastructure projects and firefighting capabilities across Nebraska. 
    The funding was included in the Fiscal Year (FY) 2026 Transportation, Housing, and Urban Development (THUD) Appropriations Act, which now awaits consideration on the Senate Floor.“From roads and bridges to railways and airports — our infrastructure keeps Nebraska’s communities connected. It allows our farmers and ranchers to bring their goods to market and enables us to travel to work or school. By investing in infrastructure, we are investing in our future. I’m proud to advance these critical investments which will improve our state’s infrastructure for Nebraska’s families and make our Good Life even better,” Fischer said.Fischer advanced funding to support critical investments in Nebraska’s infrastructure:
    $6 million to the Alliance Airport for electrical improvements
    $6 million to add safety enhancements to the Heartland Expressway
    $5.2 million to replace the Lisco Bridge in Garden County
    $5 million to extend the runway and parallel taxiway at the Blair Airport
    $4.7 million to pave a 4-mile stretch of Hickory Road in Gage County
    $4 million to road improvements for Fairbury Highway 36
    $4 million to improve the lighting system at the Hastings Airport
    $3.5 million to improve walkability and safety of downtown Omaha
    $3.4 million to complete the parallel taxiway and improve the lighting system at the Nebraska City Airport
    $3.4 million to make improvements to roads in Sheridan and Garden County
    $3.2 million to make roadway improvements on Cedar River Road in Garfield County
    $2.2 million to reconstruct the 9th street roadway in Stromsburg
    $897,000 to replace or repair multiple bridges in Brown County
    $880,000 to pave the Adams Bypass
    $700,000 to pave the roadway and improve access to the local grain elevator in Exeter
    $600,000 to relocate the Midfield Connector Taxiway at Brenner Field Airport in Falls City
    Fischer advanced funding to support Nebraska’s firefighting capabilities: 
    $2.5 million to replace South Sioux City’s aerial ladder fire truck
    $1.8 million to replace Plattsmouth’s aerial ladder fire truck
    $1.3 million to upgrade Friend’s fire hall facilities
    $1.3 million to upgrade Clatonia’s fire hall facilities
    Fischer advanced key provision to enhance roadway safety:
    Advanced language from Fischer’s She DRIVES Act by directing the National Highway Traffic Safety Administration (NHTSA) to adopt the most advanced crash test dummies.

    MIL OSI USA News –

  • MIL-OSI USA: Utah Man Sentenced for Wire Fraud Schemes

    Source: US State of California

    Defendant Impersonated Federal Agent, Attorney, and Others to Perpetrate $3.5M Fraud

    A Utah man was sentenced yesterday to 108 months in prison for wire fraud, impersonating a federal officer, aggravated identity theft, and making a false statement.

    The following is according to court documents and statements made in court: from 2018 through 2020, Santiago Garcia Gutierrez (Garcia), of Salt Lake City, defrauded a single victim out of more than $2.8 million by falsely representing that he was a confidential informant with the Department of Homeland Security. He also falsely represented that he could acquire, at discounted prices, exotic cars, planes, and vessels that had been seized by the U.S. government through forfeiture. Garcia falsely induced the victim to use him as an intermediary to receive the money that the victim believed was then being used to purchase what turned out to be non-existent luxury assets. To convince his victim the scheme was legitimate, Garcia contacted the victim on numerous occasions via text message from multiple phone numbers, falsely claiming to be a confidential government informant, federal agent and, at times, Garcia’s own attorney.

    In addition, from 2019 through 2024, Garcia  defrauded eight additional victims across the country. To execute these other frauds, Garcia falsely induced victims to invest money into federal oil wells in which he had an ownership interest, promising large returns on investment. The victims never realized any profits, however, because Garcia diverted the investment funds for his own benefit. To effectuate these schemes and lend them legitimacy, Garcia again assumed the identity of his attorney. In total, Garcia defrauded these victims of more than $900,000.

    Finally, Garcia did not pay royalties to the federal government on the sale of oil extracted from the wells, despite knowing that he had a duty to do so.

    In addition to the term of imprisonment, U.S. District Judge Howard C. Nielson Jr. for the District of Utah ordered Garcia to pay $3,795,930.60 in restitution to the victims of his crimes, and to forfeit $2,853,789.27.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Acting U.S. Attorney Felice John Viti for the District of Utah, and Special Agent in Charge Carissa Messick of IRS Criminal Investigation’s Phoenix Field Office made the announcement.

    IRS Criminal Investigation’s Phoenix Field Office and the EPA investigated the case.

    Senior Litigation Counsel Richard M. Rolwing and former Trial Attorney Erika Suhr of the Tax Division prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Utah Man Sentenced for Wire Fraud Schemes

    Source: United States Attorneys General

    Defendant Impersonated Federal Agent, Attorney, and Others to Perpetrate $3.5M Fraud

    A Utah man was sentenced yesterday to 108 months in prison for wire fraud, impersonating a federal officer, aggravated identity theft, and making a false statement.

    The following is according to court documents and statements made in court: from 2018 through 2020, Santiago Garcia Gutierrez (Garcia), of Salt Lake City, defrauded a single victim out of more than $2.8 million by falsely representing that he was a confidential informant with the Department of Homeland Security. He also falsely represented that he could acquire, at discounted prices, exotic cars, planes, and vessels that had been seized by the U.S. government through forfeiture. Garcia falsely induced the victim to use him as an intermediary to receive the money that the victim believed was then being used to purchase what turned out to be non-existent luxury assets. To convince his victim the scheme was legitimate, Garcia contacted the victim on numerous occasions via text message from multiple phone numbers, falsely claiming to be a confidential government informant, federal agent and, at times, Garcia’s own attorney.

    In addition, from 2019 through 2024, Garcia  defrauded eight additional victims across the country. To execute these other frauds, Garcia falsely induced victims to invest money into federal oil wells in which he had an ownership interest, promising large returns on investment. The victims never realized any profits, however, because Garcia diverted the investment funds for his own benefit. To effectuate these schemes and lend them legitimacy, Garcia again assumed the identity of his attorney. In total, Garcia defrauded these victims of more than $900,000.

    Finally, Garcia did not pay royalties to the federal government on the sale of oil extracted from the wells, despite knowing that he had a duty to do so.

    In addition to the term of imprisonment, U.S. District Judge Howard C. Nielson Jr. for the District of Utah ordered Garcia to pay $3,795,930.60 in restitution to the victims of his crimes, and to forfeit $2,853,789.27.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Acting U.S. Attorney Felice John Viti for the District of Utah, and Special Agent in Charge Carissa Messick of IRS Criminal Investigation’s Phoenix Field Office made the announcement.

    IRS Criminal Investigation’s Phoenix Field Office and the EPA investigated the case.

    Senior Litigation Counsel Richard M. Rolwing and former Trial Attorney Erika Suhr of the Tax Division prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Love Not War AI Unveils Mathematical Framework That Aligns Capitalism with Collective Good

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UNITED KINGDOM, July 24, 2025 (GLOBE NEWSWIRE) — Love Not War AI today announced the launch of Progressive Utility Mechanics, a newly discovered mathematical framework created by innovator Valraj Singh Mann. This groundbreaking system offers a universal method for designing economic models in which individual financial success automatically enhances social welfare. The announcement marks the first implementation of the framework in a real-world application via the LVAI cryptocurrency, positioning it as a potential tool for addressing systemic issues like poverty, climate change, and inequality at scale.

    Unlike traditional economic systems that create tension between profit and purpose, Progressive Utility Mechanics create mathematically structured guarantees that individual success automatically generates increasing social benefit. The framework is going to be demonstrated through LVAI (Love Not War AI), the first cryptocurrency where charitable impact grows over time, but applications extend across all human economic organization – from corporate structures to government policy to international development.

    “We’ve developed the mathematical framework that may reshape how economic systems are designed across sectors,” said Mann. “For the first time in history, we can create mathematically structured mechanisms that align individual greed with collective good automatically. This isn’t just about cryptocurrency – it’s about demonstrating that capitalism can be inherently charitable, that economic growth can systematically reduce poverty, and that success can help everyone through what we’re calling ‘Mann Mechanics.’”

    Independent analysis confirms this represents the first mathematically structured mechanism demonstrating that economic systems can be designed to automatically strengthen social outcomes as they grow, potentially addressing root causes of global inequality, environmental degradation, and systemic poverty.


    HUMANITY’S GREATEST ECONOMIC CHALLENGE

    Throughout history, human societies have struggled with the fundamental tension between individual success and collective welfare. Traditional capitalism creates wealth but concentrates it, leading to inequality. Socialist systems promote equality but reduce prosperity. Regulatory approaches create compliance costs and economic drag. Charitable solutions depend on voluntary giving that decreases as wealth concentrates.

    “Every economic system in human history has forced a choice between individual freedom and collective good,” noted Mann. “We’ve developed a mathematically structured mechanism demonstrating that choice may be false – they can be systematically unified through progressive design.”

    The framework addresses systemic challenges affecting billions globally:

    • Global Poverty: 700+ million people in extreme poverty despite unprecedented global wealth
    • Climate Change: Economic incentives that reward environmental destruction over restoration
    • Inequality Crisis: Wealth concentration accelerating in every developed economy
    • Corporate Externalities: Profit maximization creating social and environmental costs
    • Aid Dependency: International development creating dependency rather than self-sufficiency
    • Government Inefficiency: Tax systems that reduce productivity while funding bureaucracy


    PROGRESSIVE UTILITY MECHANICS: THE UNIVERSAL SOLUTION

    Progressive Utility Mechanics (also known as “Mann Mechanics”) create economic systems where individual market participation automatically generates increasing social benefit through mathematically structured allocation mechanisms that strengthen over time.

    This framework transforms traditional zero-sum economic thinking into positive-sum systems where everyone’s success helps everyone else automatically, without coercion, regulation, or voluntary charity.

    Real-world applications include:

    • Progressive Impact Corporations: Business structures where shareholder profits automatically fund stakeholder benefits, making successful companies automatically beneficial to their communities

    • Self-Funding Development Programs: Economic zones where business success automatically generates poverty reduction funding, creating sustainable development without foreign aid dependency

    • Progressive Environmental Bonds: Investment vehicles where profit automatically funds environmental restoration, aligning financial returns with ecological recovery

    • Municipal Progressive Systems: City economies where business success automatically improves public infrastructure and services, creating self-improving urban environments

    • Progressive Education Funding: Systems where private success automatically enhances public education, leveling educational playing fields through market mechanisms

    “This framework could eliminate the need to choose between economic growth and social good,” observed one policy researcher. “Every successful business, every profitable investment, every economic gain automatically helps solve humanity’s greatest challenges.”


    GLOBAL IMPACT POTENTIAL

    Progressive Utility Mechanics address the mathematical core of humanity’s most pressing challenges:

    Poverty Elimination: Systems where economic success automatically generates anti-poverty funding may provide sustainable income support without government intervention or international aid dependency.

    Climate Solutions: Investment structures where environmental restoration becomes systematically profitable through progressive mechanics may help reverse ecological damage while generating returns.

    Inequality Reduction: Economic designs where success automatically levels playing fields may reduce wealth concentration without reducing prosperity or economic freedom.
    Corporate Transformation: Business models where profit maximization automatically optimizes social and environmental outcomes could revolutionize capitalism without regulatory coercion.

    International Development: Self-funding development programs could replace aid dependency with sustainable economic systems that strengthen as they succeed.

    “We’re not just talking about improving existing systems,” emphasized Mann. “We’re demonstrating that fundamentally different systems are possible – ones that may systematically address problems rather than creating them.”


    MATHEMATICAL PROOF OF CONCEPT: LVAI IMPLEMENTATION

    LVAI cryptocurrency will serve as the first mathematical proof that Progressive Utility Mechanics work in practice, demonstrating charitable impact that increases rather than decreases over time through three-phase evolution:

    • Phase 1: Economic growth automatically funds ecosystem expansion

    • Phase 2: Balanced allocation prevents stagnation while building social impact capacity

    • Phase 3: Unused economic capacity automatically becomes permanent charity endowment.

    The implementation includes institutional-grade security (94/100 audit rating) and has been mathematically verified to create stronger charitable impact as the system matures, demonstrating that economic success can be systematically aligned with social benefit through mechanism design.


    APPLICATIONS ACROSS HUMAN CIVILIZATION

    The discovery provides mathematical foundations for redesigning economic organization across all sectors:

    Corporate Governance: Progressive Impact Corporations where shareholders profit more as stakeholder outcomes improve, automatically aligning business success with social good.

    Municipal Economics: Progressive Economic Zones where local business success automatically funds public goods, creating self-improving communities without tax burden increases.

    International Relations: Progressive development frameworks where economic growth in developing nations automatically generates sustainable funding for infrastructure, education, and healthcare.

    Environmental Policy: Progressive conservation systems where land preservation and restoration become more profitable over time, creating economic incentives for ecological recovery.

    Educational Systems: Progressive funding mechanisms where private educational success automatically enhances public education quality, reducing inequality through market forces rather than redistribution.

    Healthcare Systems: Progressive health economics where medical innovation profitability automatically funds public health improvements, aligning pharmaceutical profits with population wellness.


    RESHAPING ECONOMIC THEORY

    Progressive Utility Mechanics (Mann Mechanics) represent the first mathematical framework proving that Adam Smith’s “invisible hand” – the foundational concept from the 18th-century economist known as the “Father of Modern Economics” – can be engineered rather than hoped for, creating guaranteed alignment between individual rational behavior and optimal collective outcomes.

    The innovation addresses fundamental questions that have challenged economists, philosophers, and policymakers:

    • Can capitalism be inherently fair? YES – through progressive design
    • Can individual greed serve collective good automatically? YES – through mathematical alignment
    • Can economic growth reduce rather than increase inequality? YES – through systematic progressive allocation
    • Can free markets solve social problems without government intervention? YES – through proper incentive design

    “This could be the most important breakthrough in economics since Adam Smith’s Wealth of Nations,” noted one academic researcher. “Mann Mechanics provide the missing mathematical framework for creating automatically beneficial economic systems, potentially establishing a new field of study alongside Nash Equilibrium – developed by John Nash, the Nobel Prize-winning mathematician portrayed in ‘A Beautiful Mind’ – and Keynesian Economics, created by John Maynard Keynes, the influential British economist whose theories shaped modern government economic policy.”


    POTENTIAL CIVILIZATIONAL SIGNIFICANCE

    If validated and widely implemented, Progressive Utility Mechanics may represent a significant advance in human economic organization since the development of market capitalism, potentially enabling:

    • Systematic poverty reduction through automatically self-funding anti-poverty systems
    • Climate change mitigation through profitable environmental restoration mechanisms
    • Inequality reduction without prosperity reduction through systematic leveling mechanisms
    • Corporate transformation from profit-maximizing to systematically beneficent entities
    • Government efficiency through market-based rather than bureaucratic social solutions

    “We’re exploring the potential to address humanity’s greatest challenges not through sacrifice or coercion, but by redesigning economic systems to systematically optimize for everyone’s benefit,” concluded Mann.


    PRIORITY ESTABLISHMENT

    This announcement establishes Valraj Singh Mann as the inventor of Progressive Utility Mechanics (Mann Mechanics) and creator of the mathematical framework for systematically aligning individual success with collective benefit. The innovation represents the first mathematically structured mechanism demonstrating that economic systems can be designed for systematic social optimization without reducing individual incentives or economic freedom.

    Comprehensive project documentation, including detailed whitepaper and technical specifications, is available at https://lovenotwar.ai


    ABOUT VAL MANN

    Valraj Singh Mann is the inventor of Progressive Utility Mechanics and creator of the mathematical framework for systematically aligning individual economic success with collective social benefit. Through breakthrough mathematical innovation, Mann has developed potential solutions to humanity’s greatest economic challenges while demonstrating that capitalism may be redesigned to be inherently beneficial to all participants.


    ABOUT PROGRESSIVE UTILITY MECHANICS

    Progressive Utility Mechanics (Mann Mechanics) represent a universally applicable mathematical framework for creating economic systems where individual success systematically generates increasing collective benefit. The principle provides potential applications across corporate governance, municipal economics, international development, environmental policy, and all forms of human economic organization.

    MEDIA CONTACT

    Ana Thapar
    Relations Manager
    Email: info@lovenotwar.ai
    Website: https://lovenotwar.ai
    New Community Channel: https://t.me/LoveNotWar_Base

    For global implementation discussions, academic collaboration, policy consultation, or interview requests, contact info@lovenotwar.ai with “Progressive Utility Framework” in the subject line.


    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements about potential applications of Progressive Utility Mechanics to global economic challenges. Implementation of any framework requires extensive testing, stakeholder collaboration, and adaptation to specific economic, legal, and cultural contexts. All projections represent potential applications based on mathematical modeling and require real-world validation.

    The MIL Network –

  • MIL-OSI: STAR Systems International’s New Eagle Transponder and Titan Pro Lead the Way in Gen2V3 Solutions for Next-Generation Tolling

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — STAR Systems International, a global leader in automatic vehicle identification (AVI) solutions, proudly announces the launch of its next-generation Gen2V3-compatible tolling technology, setting new benchmarks for performance, speed, and reliability. Gen2V3 is the next evolution of the ISO/IEC 18000-63 (also known as “6C”) communications protocol and introduces significant improvements over the current Gen2V2/6C standard, making it a powerful advancement for next-generation toll systems.

    STAR Systems’ Titan Pro high-performance reader and Eagle transponder are among the first products in the tolling market to support the new Gen2V3 technology. By implementing new Gen2V3 features, STAR Systems is ready to deliver future-ready solutions that meet the evolving demands of the tolling industry.

    With Gen2V3’s streamlined communication, improved filtering, and optimizations to handle “fringe” tags, the Titan Pro can identify transponders more efficiently and prioritize stronger signals in high-interference environments, making the Gen2V3 protocol ideal for tolling. These enhancements work in tandem with the advanced design of the Gen2V3 Eagle transponder to ensure exceptional performance with the Titan Pro. Having the capability to support the current Gen2V2 standard as well as the new Gen2V3 standard, the Titan Pro allows agencies and integrators to transition cost-effectively to next-generation tolling systems as the technology evolves.

    STAR Systems’ new Eagle transponder is among the first to be powered by a Gen2V3 chip and is specifically designed for tolling and AVI applications. The Eagle transponder delivers exceptional read performance and superior communication reliability. New robust filtering capabilities ensure that Eagle tags are read accurately and efficiently even in high-traffic environments. The Eagle is a dual frequency transponder with both ultra-high frequency (UHF) and high frequency (HF) capabilities, broadening its application range across various AVI applications.

    “The new features in Gen2V3 make it ideal for open road, high-speed, and high-volume tolling operations where precision and reliability are paramount,” said Robert Karr, CEO of STAR Systems International. “With our Gen2V3-capable Titan Pro reader and Eagle transponder, we are continuing to move forward and drive performance while lowering operational costs for tolling agencies.”

    For more information about the Titan Pro, the new Eagle transponder, Gen2V3, and other AVI solutions that STAR Systems International offers, please contact STAR Systems at salesinquiry@star-int.net.

    About STAR Systems International 
    Founded in 2013, STAR Systems International is a world leader in Automatic Vehicle Identification Technologies. STAR Systems focuses on providing best-in-class transponders, readers and professional consulting services for Smart City Initiatives, including Electronic Tolling (ETC), Congestion/Road Use Charging, Electronic Vehicle Registration (EVR), Express/HOT Lane, Fleet Management, Parking and Secure Access Control applications.

    STAR Systems strives to ensure customer success by leveraging the Company’s technical expertise and implementation experience. For more information, please visit www.star-int.net.

    Media Contact

    Zhihan Chen
    +(1) 469-838-2649
    zhihan.chen@star-int.net

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26efefb2-850d-4bc3-84d4-69da76845981

    The MIL Network –

  • MIL-OSI United Kingdom: Electric boost: EV chargepoints in the UK grow by 27% in a year

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Electric boost: EV chargepoints in the UK grow by 27% in a year

    News follows last week’s announcement that drivers will soon enjoy discounts of up to £3,750 on new electric cars.

    • over 17,000 public chargepoints added to the UK charging network since July 2024
    • more than 82,000 public chargepoints now available in the UK, giving drivers peace of mind that they will be able to charge conveniently wherever their journey takes them
    • government investing £4.5 billion to make it easier and cheaper to own an EV, while backing British carmakers to create jobs and drive investment as part of the Plan for Change

    Electric car drivers and those looking to make the switch can get around with the confidence chargepoints are always close by, as more than 17,000 have been added to the UK network in the past year alone.

    Today (24 July 2025), Future of Roads Minister, Lilian Greenwood, confirmed the number of chargepoints in the UK has grown by 27% in the past year, with 17,370 added since July 2024.

    The rapid growth in figures – particularly in the north-east, East of England and the West Midlands – means drivers can embark on their journeys with the peace of mind that public chargepoints are a short drive away.

    The new chargepoint numbers follow last week’s announcement that drivers will soon enjoy discounts of up to £3,750 on new electric cars, on top of a £25 million boost to help more drivers charge at home and save up to £1,500 a year when switching to electric.

    Drivers will start to benefit from discounts as soon as manufacturers successfully apply for their zero emission cars, with the scheme open to firms now and funding available until the 2028 to 2029 financial year.

    The government is investing £4.5 billion to make it cheaper and easier to own an EV, while backing British carmakers to create jobs and drive investment – all part of the Plan for Change. This is securing the UK’s position as a world-leader in electric vehicle adoption – with Britain the largest EV market in Europe in 2024 and sales up a fifth on the previous year – while helping put more money in people’s pockets.

    Future of Roads Minister, Lilian Greenwood, said:

    Just last week, we announced record discounts to help make EV ownership a reality for thousands more people, alongside making it easier to charge at home so more drivers can run their EV for as little as 2p a mile – that’s London to Birmingham for £2.50.

    Today’s chargepoint figures show that alongside lowering upfront costs, we’re also making fantastic progress towards expanding our charging network across the UK. With a new chargepoint added to the network every half an hour, we’re helping put range anxiety firmly in the rear-view mirror.

    The sustained growth in the charging network in all 4 corners of the country shows government is firmly on the side of drivers, coming on top of a record £1.6 billion to tackle potholes and keeping the 5p fuel duty freeze until spring 2026, saving the average motorist between £50 and £60 a year.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • PM Modi to attend Maldives Independence Day, pushes forward India-Maldives ties

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi is currently on a two-nation visit to the United Kingdom and the Maldives from July 23 to 26. Following his engagements in London, the Prime Minister will arrive in Malé on July 25 for the second leg of his tour, marking his third visit to the Maldives and the first by any head of government during President Mohamed Muizzu’s tenure.

    The visit is expected to build on the strong bilateral ties between the two nations, particularly in the context of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, which was adopted during President Muizzu’s visit to India in October 2024.

    India and the Maldives have long shared close ethnic, linguistic, cultural, and religious bonds. Diplomatic relations between the two countries were established soon after the Maldives gained independence in 1965, with India being one of the first countries to recognize the island nation. The geographical proximity-barely 70 nautical miles from India’s Minicoy Island-gives the Maldives strategic importance in the Indian Ocean Region (IOR), particularly in the context of maritime security and commercial sea-lanes.

    Under India’s “Neighbourhood First” foreign policy and the SAGAR (Security and Growth for All in the Region) vision, the Maldives continues to occupy a special place. India has consistently responded to the Maldives’ needs, be it during the 1988 coup attempt, the 2004 tsunami, the 2014 water crisis, or the COVID-19 pandemic, earning its reputation as a trusted partner and first responder.

    The current visit is expected to provide fresh momentum to the bilateral agenda. Prime Minister Modi and President Muizzu will review the implementation of the “India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership,” which was adopted during President Muizzu’s state visit to India in October 2024.

    Over the past few years, both countries have maintained a high frequency of exchanges at various levels. In June 2024, President Muizzu had travelled to India to attend the swearing-in ceremony of Prime Minister Modi and the Council of Ministers. This was followed by several ministerial visits, including by External Affairs Minister Dr. S. Jaishankar, who inaugurated key projects supported by India, such as water and sewerage networks across 28 islands, and community development initiatives in sectors like mental health and special education.

    The bilateral engagement has been marked by robust cooperation in areas of defence, economic development, infrastructure, health, and capacity building. India has extended multiple Lines of Credit and grant assistance to the Maldives. Initiatives like the construction of social housing units in Hulhumale, restoration of heritage sites, gifting of vessels and vehicles to the Maldivian armed forces, and the introduction of India’s UPI digital payment system in the Maldives highlight the comprehensive nature of the partnership.

    Recent interactions between ministers of both countries have furthered collaboration in sectors ranging from disaster management and cybersecurity to fisheries and civil services training. The introduction of MoUs in these areas demonstrates India’s continued commitment to the socio-economic development of the Maldives.

  • PM Modi to attend Maldives Independence Day, pushes forward India-Maldives ties

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi is currently on a two-nation visit to the United Kingdom and the Maldives from July 23 to 26. Following his engagements in London, the Prime Minister will arrive in Malé on July 25 for the second leg of his tour, marking his third visit to the Maldives and the first by any head of government during President Mohamed Muizzu’s tenure.

    The visit is expected to build on the strong bilateral ties between the two nations, particularly in the context of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, which was adopted during President Muizzu’s visit to India in October 2024.

    India and the Maldives have long shared close ethnic, linguistic, cultural, and religious bonds. Diplomatic relations between the two countries were established soon after the Maldives gained independence in 1965, with India being one of the first countries to recognize the island nation. The geographical proximity-barely 70 nautical miles from India’s Minicoy Island-gives the Maldives strategic importance in the Indian Ocean Region (IOR), particularly in the context of maritime security and commercial sea-lanes.

    Under India’s “Neighbourhood First” foreign policy and the SAGAR (Security and Growth for All in the Region) vision, the Maldives continues to occupy a special place. India has consistently responded to the Maldives’ needs, be it during the 1988 coup attempt, the 2004 tsunami, the 2014 water crisis, or the COVID-19 pandemic, earning its reputation as a trusted partner and first responder.

    The current visit is expected to provide fresh momentum to the bilateral agenda. Prime Minister Modi and President Muizzu will review the implementation of the “India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership,” which was adopted during President Muizzu’s state visit to India in October 2024.

    Over the past few years, both countries have maintained a high frequency of exchanges at various levels. In June 2024, President Muizzu had travelled to India to attend the swearing-in ceremony of Prime Minister Modi and the Council of Ministers. This was followed by several ministerial visits, including by External Affairs Minister Dr. S. Jaishankar, who inaugurated key projects supported by India, such as water and sewerage networks across 28 islands, and community development initiatives in sectors like mental health and special education.

    The bilateral engagement has been marked by robust cooperation in areas of defence, economic development, infrastructure, health, and capacity building. India has extended multiple Lines of Credit and grant assistance to the Maldives. Initiatives like the construction of social housing units in Hulhumale, restoration of heritage sites, gifting of vessels and vehicles to the Maldivian armed forces, and the introduction of India’s UPI digital payment system in the Maldives highlight the comprehensive nature of the partnership.

    Recent interactions between ministers of both countries have furthered collaboration in sectors ranging from disaster management and cybersecurity to fisheries and civil services training. The introduction of MoUs in these areas demonstrates India’s continued commitment to the socio-economic development of the Maldives.

  • MIL-OSI Asia-Pac: Sex-segregated toilets ruling studied

    Source: Hong Kong Information Services

    The Government is carefully studying the judgment handed down by the Court of First Instance on the judicial review concerning the provisions on segregation of the sexes under the Public Conveniences (Conduct & Behaviour) Regulation, and is seeking legal advice and considering lodging an appeal.

    The Environment & Ecology Bureau made the statement today, noting that members of the public must continue to use public toilets according to the principle of segregation of the sexes to avoid contravening the relevant laws.

    In the judicial review, the Court of First Instance ordered that provisions related to segregation of the sexes under the aforesaid regulation shall be struck down, and suspended the execution of the order for 12 months to allow the Government time to address the matter of transgender individuals with gender identity disorder using Food & Environmental Hygiene Department’s public toilets.

    The bureau said the establishment of sex-segregated public toilets under the regulation aims to protect the privacy and safety of the public when using public toilets and to reflect social norms and expectations, an arrangement that has been widely accepted by society.

    Currently, public toilets under the department’s purview are categorised into sex-segregated public toilets and gender neutral public toilets.

    Sex-segregated toilets follow the segregation of the sexes under the regulation. Concurrently, gender-neutral toilets are available near about half of the number of sex-segregated toilets. They include “Accessible Toilets” and “Unisex Toilets”, available for use by all members of the public including transgender individuals.

    MIL OSI Asia Pacific News –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “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. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “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. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “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. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI Africa: President hails BMW’s local production of plug-in hybrid as milestone for green mobility

    Source: Government of South Africa

    President Cyril Ramaphosa has lauded BMW South Africa’s launch of the locally produced BMW X3 plug-in hybrid electric vehicle (PHEV) as a significant leap toward a low-carbon future and a boost for South Africa’s industrial and economic growth.

    Speaking at BMW’s Rosslyn plant in Tshwane on Thursday, the President praised the milestone as a symbol of trust in the country, as well as a demonstration of BMW Group’s long-standing commitment to the South African market. 

    The President highlighted that this world-class facility was the first BMW plant to be built outside of Germany and has been at the centre of the group’s operations since 1973. 

    “A number of world-class vehicles are manufactured right here at this plant, including both ICE and hybrid models from the BMW X family. And now, we have reached another milestone with the production of the BMW X3 plug-in hybrid electric vehicle.  

    “The shift to green mobility and electrification in vehicle production is in line with commitments by countries to reduce emissions and support the transition to a low-carbon, climate resilient global economy. We are greatly encouraged by this milestone reached by the BMW Group,” the President said. 

    WATCH | 

    [embedded content]

    President Ramaphosa said the Rosslyn plant remains a pillar of South Africa’s automotive sector, which contributes approximately 4.9% to the country’s GDP, sustains over 115 000 direct manufacturing jobs, and supports more than half a million jobs across its value chain.

    BMW’s investment in local manufacturing comes at a time when South Africa is working to position itself as a globally competitive hub for future mobility. 

    “As the transition to battery electric vehicles, plug-in hybrids and hydrogen mobility gathers momentum, South Africa is perfectly positioned as a key global manufacturing base for the mobility of the future,” President Ramaphosa said.

    He reaffirmed government’s commitment to enabling this shift, highlighting the recently released Electric Vehicle White Paper and an incentive programme under the Automotive Production and Development Programme (APDP). 

    These are aimed at creating a stable and predictable policy environment to attract investment, grow exports, and expand the local electric vehicle (EV) market. 

    “The production of the BMW X3 plug-in hybrid locally is a testament to the trust placed in our skills, our workers, our partnerships and our potential. Let us honour this achievement by staying the course, driving transformation, creating jobs and leading Africa’s industrial future,” he said.

    President Ramaphosa also touched on the strategic opportunity presented by South Africa’s mineral wealth. 

    “The global shift to clean vehicles presents opportunities for the local component manufacturing sector, whose focus has been on ICE components. With our significant reserves of critical minerals, we must become a hub for processing and beneficiation. 

    “We are finalising targeted incentives for battery cell localisation, EV component manufacture, clean mobility research and design, and critical mineral beneficiation,” he said. 

    The President also acknowledged the changing global trade landscape – particularly the recent announcements on tariffs by the United States. 

    “The recent announcements on tariffs by the United States, an important market for our vehicle exports, further underscores the need to diversity our export base and accelerate domestic value creation,” he said. 

    Youth development

    The President commended BMW’s commitment to youth development, including its training academy that produces 300 apprentices annually, its long-term support for the Youth Employment Service (YES), and its initiatives to develop young women leaders and black industrialists. 

    He also praised BMW’s investment in digital skills through its partnership with UNICEF and its Tshwane-based IT Hub, which employs more than 2 000 digital professionals.

    “As a founding partner of the Youth Employment Service, BMW has supported over 3 500 youth, with placements across all provinces and in diverse sectors such as retail, IT, education and health. 

    “BMW’s roots may be in Bavaria, but its beating heart is South African. We are proud of your presence. We are greatly encouraged by your ongoing investment as we strive to build the low-carbon economies of the future,” the President said.

    Looking ahead

    Calling on BMW to continue its role as a flagship partner in the South Africa Investment Conference (SAIC), the President urged the company to deepen localisation, expand youth training, lead in EV battery development, and support township-based supplier development.

    “As the Government of National Unity, we welcome the role you continue to play in supporting our drive for inclusive growth and job creation.  

    “BMW’s presence in the country is one of mutual interest and shared value. To the entire BMW team, you are building more than cars. 

    “You are building a legacy of excellence, inclusion and hope among South Africans. We look forward to continuing this partnership and supporting the next chapter of your journey,” the President said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Drones Dominating the Skies with Increased Production Presenting a Rare Opportunity to Capitalize on Exponential Growth

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A recent release from the Department of Defense (DOD) said that: “The Pentagon to Increase Low-Cost Drone Production in U.S. It said that the Defense Department, with help from industry, will ramp up production and fielding of drones to maintain battlefield superiority. Recently at the Pentagon, 18 American-made drone prototypes were on display. Defense Secretary Pete Hegseth, who toured the displays, said the drones that are manufactured using off-the-shelf components for rapid production are examples of disruptive thinking. Emil Michael, undersecretary of defense for research and engineering, said the prototypes on display went from concept to development in just an average of 18 months, a process that normally takes up to six years. The department will continue to rapidly innovate and scale up production of drones and other systems using cost, resilience, firepower and range as driving factors, which are areas DOD wants to improve upon,” Michael said. Hegseth said in a July 10, 2025, memorandum that he’s rescinding restrictive policies that hindered drone production. “Drones are the biggest battlefield innovation in a generation, accounting for most of this year’s casualties in Ukraine. Our adversaries collectively produce millions of cheap drones each year,” he said, noting the U.S. military is lacking needed quantities of lethal small drones.  Active Companies in the drone industries include ZenaTech, Inc. (NASDAQ: ZENA), Mercury Systems, Inc. (NASDAQ: MRCY), Safe Pro Group Inc. (NASDAQ: SPAI), RTX Corporation (NYSE: RTX), AIRO Group Holdings, Inc. (NASDAQ: AIRO).

    The DOD release added: “The secretary said there are three goals: Prioritizing the purchase of American-made drones and parts with help from industry’s private capital; Arming combat units with low-cost drones made by America’s world-leading engineers and artificial intelligence experts; and Training with drones in realistic battlefield scenarios, led by leaders who are not risk averse.” The report concluded: “President Donald J. Trump signed a June 6, 2025, executive order to speed up U.S. drone production using the latest innovative industry technologies. The president said he supports reducing regulatory uncertainty and streamlining approval and certification processes for safe and secure drone production. Also, the Federal Aviation Administration and DOD will coordinate to streamline the approval processes to expand access to airspace for conducting drone training, Trump said.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Partners with Eagle Point Funding to Win US Defense Customers – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today announces that its subsidiary ZenaDrone has signed a strategic partnership agreement with Eagle Point Funding, a specialized consultancy for technology and defense-focused companies, to help win US defense contracts. By leveraging Eagle Point’s deep expertise in R&D grant program opportunities, the company will gain structured support in identifying and preparing competitive proposals, and in establishing and expanding relationships within key US defense and government agencies.

    “Our collaboration with Eagle Point Funding will accelerate testing, pilot deployments, and enable long-term procurement discussions—helping ZenaDrone to advance as a key provider of American-made drone solutions,” said Shaun Passley, Ph.D., ZenaTech CEO. “Their expertise in navigating federal R&D funding programs such as SBIR and Department of Defense solicitations (DoD BAA), gives us a powerful advantage as we develop next-generation drone technologies aligned with US defense priorities. This partnership enhances our ability to accelerate product development, expand defense agency relationships, and unlock new growth without equity dilution.”

    Eagle Point Funding helps technology companies secure non-dilutive federal R&D grants and contracts from agencies such as the DoD, Air Force, Navy, and others. They specialize in programs such as the Small Business Innovation Research (SBIR), Air Force Works (AFWERX), and the Defense Advanced Research Projects Agency (DARPA), guiding clients through the application process to win contracts.

    ZenaDrone has previously completed paid trials with the US Air Force and Navy Reserve, demonstrating its ability to deliver solutions including delivery of critical supplies such as blood in the field. The companies’ suite of drones for military use includes the ZenaDrone 1000, the IQ Nano and the IQ Square drone that are designed for a variety of applications including inspections, surveillance, reconnaissance, and indoor inventory management for warehouses and armories. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industries include:

    Mercury Systems, Inc. (NASDAQ: MRCY), a technology company that delivers mission-critical processing to the edge, recently announced it signed two agreements with a European defense prime contractor to expand and accelerate production of processing subsystems and components for radar and electronic warfare missions.

    In June, Mercury extended this decades-long customer relationship with a five-year agreement that will enable faster, higher-volume production of sensor processing subsystems powered by Mercury’s HDS6605 6U OpenVPX multiprocessing boards for airborne, land-based, and sea-based radar systems.

    Safe Pro Group Inc. (NASDAQ: SPAI), a leader in artificial intelligence (AI)-powered defense and security solutions, recently announced the successful integration of its patented AI object detection models with drone platforms selected for the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record. Safe Pro is seeking to provide the U.S. Army’s future fleet of drones with enhanced explosive threat detection, force protection and essential intelligence, surveillance, and reconnaissance (ISR) capabilities utilizing the Company’s AI-powered computer vision technologies.

    This integration supports the U.S. Army’s evolving need for real-time threat detection and ISR capabilities across its next-generation drone fleet. Safe Pro’s proprietary computer vision technology enhances these drones with battlefield-proven AI models capable of rapidly identifying explosive threats and other hazards in complex environments.

    RTX Corporation (NYSE: RTX) recently reported second quarter 2025 results. “We continued our momentum in the second quarter with organic sales and profit growth* across all three segments, including 16 percent commercial aftermarket growth,” said RTX Chairman and CEO Chris Calio. “Our backlog grew to $236 billion, up 15 percent versus prior year, and we secured major awards for our geared turbofan engines and integrated air and missile defense capabilities in the quarter.”

    “Our updated outlook reflects strong operational performance in the first half and incorporates our current assessment of the impact of tariffs. We are focused on delivering on the strong growth in our commercial and defense end markets and remain well positioned to drive long term profitable growth.”

    AIRO Group Holdings, Inc (NASDAQ: AIRO), a global leader in advanced aerospace and defense technologies, recently announced at EAA AirVenture 2025 in Oshkosh, WI, the development of its new middle-mile, medium-lift cargo drone and the expansion of its operations into the YMX Innovation Zone in Mirabel, Quebec. The initiative is led by its Electric Air Mobility segment, Jaunt Air Mobility, and its Canadian subsidiary, Jaunt Air Mobility Canada.

    Jaunt’s presence in this hub for Advanced Air Mobility (AAM) innovation strengthens its collaboration with Vertiko Mobilité, a Canadian leader in AAM operations and ground infrastructure development, and benefits from the support of Aéroports de Montréal (ADM).

    The new cargo drone is designed to carry 250–500 lbs. over distances of 200+ miles, aiming to provide an efficient, low-emission alternative to traditional middle-mile freight solutions such as box trucks and tractor-trailers.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)486-1799

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Unimot plans to enter the defence sector – a joint project with PZL Sędziszów and a Ukrainian partner in the field of drones

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Poland, July 24, 2025 (GLOBE NEWSWIRE) — PZL Defence was established on 21 July 2025 and is currently undergoing registration. On 24 July 2025, Unimot signed a letter of intent with PZL Sędziszów and PZL Defence, declaring its intention to develop strategic cooperation and build the new company’s expertise in the field of advanced defence technologies. At the same time, an agreement was concluded under which Unimot, following the registration of PZL Defence in the National Court Register, will acquire 40% of the shares in the new company for the amount of PLN 400,000. The initial shareholding structure also provides for a target share of 10% for PZL Sędziszów and 50% for the Ukrainian partner. After completion of the investment process and obtaining the necessary administrative approvals, PZL Defence plans to launch the production of civilian drones and then, after obtaining a licence, expand its activities to include military drones and anti-drone systems for the protection of critical infrastructure.

    “We see the growing importance of unmanned technologies for regional security. That is why we plan to engage in a project that combines Polish engineering resources with the unique know-how of our Ukrainian partners, proven not on a training ground but in real combat conditions,” says Adam Sikorski, President of the Management Board of Unimot.

    PZL Sędziszów (the name comes from the abbreviation: Polskie Zakłady Lotnicze, meaning Polish Aviation Works), as a licensed manufacturer for the defence sector, will contribute advanced expertise in precision engineering to the project and provide access to a new production hall adapted to the requirements of the defence industry and extensive laboratory and technological facilities. PZL Sędziszów is a plant with over 85 years of history and, based on its current military production licences, currently manufactures filters for military vehicles (Rosomak) and military helicopters from the Leonardo group.

    The team of the new company, PZL Defence, is being built with the participation of experts from Poland and Ukraine, including specialists with military and industrial experience. Ultimately, the company will establish a research and development (R&D) centre focused on the design of reconnaissance and interception drones, loitering munitions and systems for neutralising threats from unmanned aerial vehicles.

    “The PZL Defence project is a carefully considered response to the profound transformation taking place on the modern battlefield. Since 2022, Russia has deployed over 28,000 Shahed drones against Ukraine, and according to Ukrainian intelligence, this number could soon rise to over 500 drones every night. This clearly shows that anti-drone systems are becoming an integral part of modern defence, both offensive and defensive. Together with our partners, we want to develop technologies that provide a real response to these challenges,” emphasises Adam Sikorski.

    The planned activities are in line with the long-term trend of increasing defence spending, both in Poland and across Europe. In 2025, Poland’s defence budget will reach a record PLN 186.6 billion, which is 4.7% of the planned GDP. In the following years, spending is expected to grow – according to estimates, in 2025–2035 it may reach a total of PLN 1.9 trillion. The PZL Defence project is also in line with EU priorities such as the Readiness 2030 programme and the SAFE mechanism, which aim to allocate up to EUR 800 billion to investments in the European defence industry, with access to financial resources, EIB instruments and a flexible budgetary framework.

    CONTACT:
    Agnieszka Pawelska
    rzecznik prasowy
    tel. + 48 695 102 997
    e-mail: pr@unimot.pl
    https://www.unimot.pl/

    Source: UNIMOT S.A.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fc0953e-992e-47b1-80cb-cf9d1278580c

    The MIL Network –

  • MIL-OSI Analysis: Cubic zirconia only forms under extreme temperatures, like those produced when an asteroid impacts Earth

    Source: The Conversation – Canada – By Neeraja Chinchalkar, PhD student, Earth and Planetary Science and Exploration, Western University

    A satellite image of the Clearwater Lakes, the site of two large asteroid impacts that struck Earth about 290 million years ago (NASA Earth Observatory)

    When high-velocity asteroids land on the Earth, they can form a meteor impact crater. Such collisions have occurred throughout Earth’s history and still occur on other planetary bodies today.

    While most asteroid impacts on Earth happened millions of years ago, their remnants are still preserved across the Earth’s surface. Impact-affected rocks experience intense heat and pressure during the impact.

    One such ancient impact site, known as West Clearwater Lake, is located in Québec, on the Canadian Shield near Hudson Bay. This crater, now filled with water, was formed when an asteroid struck Earth approximately 285 million years ago.

    A natural thermometer

    Zircon is a mineral commonly found in a variety of rock types on Earth and in some rocks on the moon and other planets. It is an incredibly durable, naturally occurring mineral that has been around since as long as the Earth itself. The physical resilience of zircon makes it a useful tool to study natural geological phenomena.

    Zircon, when heated enough, begins to break down into its components: zirconia (ZrO₂) and silica (SiO₂). Zirconia has different forms depending on how hot it gets, called polymorphs — these are minerals with the same chemical make up but different crystal structures that adapt to changing physical conditions. One of the polymorphs of zirconia is cubic zirconia, named for its cubic structure.

    Finding cubic zirconia in nature is incredibly rare because of the specific conditions it requires to remain structurally stable. Cubic zirconia forms only under extreme conditions where temperatures reach above 2,370 C. On the Earth’s surface, such naturally hot temperatures have only been known to exist during impact crater formation.

    At West Clearwater Lake, we found evidence of this natural cubic zirconia preserved in natural glass — a remnant of the intense heat from the ancient asteroid impact. For comparison, active volcanoes such as those in Hawaii reach temperatures in the range of 800 to 1,200 C.

    In nature, zirconia exists in several forms, depending on the temperature and pressure it’s exposed to. The three main polymorphs are: monoclinic, tetragonal and cubic.

    Monoclinic zirconia is stable at lower temperatures and is the most common form of zirconia found in nature. Tetragonal zirconia exists at moderately high temperatures and is unstable at low temperatures. Cubic zirconia is only stable at extremely high temperatures above 2,370 C, and is also unstable at lower temperatures.

    A backscattered electron image of a zircon grain decomposing into zirconia.
    (N. Chinchalkar , G. Osinski, T. Erickson & C. Cayron), CC BY

    A hot piece of history

    How, exactly, did cubic zirconia end up in these rocks?

    When the asteroid hit the West Clearwater Lake region millions of years ago, it generated temperatures hot enough to melt and vaporize some of the surface rock. As the molten rock cooled and solidified, microscopic crystals of zircon, originally present within target material, got caught up in the hot melt and began to transform.

    At temperatures above 2,370 C, these zircon crystals started to break down, and some of them turned into cubic zirconia. This provided evidence of the extreme heat, which our research team discovered in our recent study.

    This fascinating evidence gives us insights into how hot it can get during a meteorite impact, something that’s hard to measure millions of years after the fact.

    Artificial production

    Synthetic cubic zirconia is produced artificially by heating zirconium oxide to high temperatures, then cooling it in a controlled environment; the zirconia then forms crystals that resemble diamonds. Synthetic cubic zirconia is a popular substitute for diamonds in jewelry because it is cheap to produce but still sparkles like diamonds.

    Synthetic cubic zirconia contains high amounts of stabilizing agents, like the element yttrium, that prevent it from becoming unstable and help it maintain its brilliance over time.

    Without the additives used in synthetic cubic zirconia, natural zirconia is much more likely to transform into other forms as it cools down. That’s why finding natural cubic zirconia is so rare — it exists only in places where temperatures were once unimaginably high.

    Synthetic cubic zirconia is a popular substitute for diamonds in jewelry because it is cheap to produce but still sparkles like diamonds.
    (James St. John/Flickr), CC BY

    Asteroid impacts

    Apart from being a fascinating geological discovery, finding evidence of cubic zirconia in an impact structure gives scientists a better understanding of the conditions created during asteroid impacts. These ancient events weren’t just violent — they fundamentally changed the Earth’s surface in ways that we’re still learning about.

    While the discovery of cubic zirconia in West Clearwater Lake is exciting, it’s just one piece of the puzzle. Impact craters are not unique to Earth — they are found on most rocky objects in our solar system. For example, cubic zirconia has been found in moon rocks brought back by astronauts of the Apollo missions.

    Meteorite craters like the West Clearwater Lake are only a small part of a larger story of Earth’s history. During its nascent years, Earth was regularly bombarded by asteroids that were remnants of the debris from the formation of the solar system, and these collisions helped shape the planet’s surface. In fact, there is compelling evidence that asteroid impacts may have played a role in the origin of life by creating environments where complex chemicals could form.

    Neeraja Chinchalkar is affiliated with the Lunar and Planetary Institute

    Gordon Osinski receives funding from the Natural Sciences and Engineering Research Council of Canada and the Canadian Space Agency.

    Timmons Erickson 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. Cubic zirconia only forms under extreme temperatures, like those produced when an asteroid impacts Earth – https://theconversation.com/cubic-zirconia-only-forms-under-extreme-temperatures-like-those-produced-when-an-asteroid-impacts-earth-238267

    MIL OSI Analysis –

  • Industry leaders hail game changing India-UK free trade agreement

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and his British counterpart Keir Starmer on Thursday signed the eagerly-awaited India-UK Free Trade Agreement (FTA), marking a landmark moment in the bilateral economic relationship.

    As part of the historic pact, the UK will reduce duties on 99 per cent of Indian exports, while India will lower tariffs on 90 per cent of British goods, significantly easing tariff barriers and regulatory procedures across multiple sectors.

    The agreement is expected to make imported goods more affordable for Indian consumers, including luxury cars, cosmetics, medical devices, gin, and Scotch whisky. Within the next two years, India’s leather industry is projected to increase its market share in the UK by 5 per cent.

    A high-level industry delegation led by Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises and Co-Chair of the India-UK CEO Forum, accompanied Prime Minister Modi. The delegation included 16 key business leaders and was organized by the Confederation of Indian Industry (CII).

    Calling the pact a “game-changer,” Indian industry leaders praised the FTA for opening new opportunities and strengthening long-term economic collaboration between the two nations.

    “Indian industry across all sectors welcomes the India–UK FTA with great optimism. This agreement establishes a modern, forward-looking partnership that will stimulate innovation, ease market access, and foster investment,” said Mittal. “Businesses in both India and the UK stand to benefit as this lays the foundation for expanding bilateral cooperation across key growth sectors.”

    Dr. Anish Shah, Group CEO and MD of Mahindra Group, called the agreement a transformative milestone in the global economic landscape. “It’s not just a win for trade, but a blueprint for a modern, values-led partnership that puts innovation, sustainability, and inclusive growth at the heart of global collaboration,” he said.

    Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, noted the FTA’s positive impact on India’s gem and jewellery sector. “Currently, exports to the UK stand at $941 million. With the duty concessions in place, this figure is expected to surge to $2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated $7 billion,” Bhansali said.

    (IANS)

  • MIL-OSI: One Stop Systems to Report Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ESCONDIDO, Calif., July 24, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, announced today that it will release its second quarter 2025 financial results before the market opens on Thursday, August 7, 2025. A webcast and conference call will be held that same day at 10:00 a.m. ET to review the Company’s results.

    Conference Call and Webcast

    Domestic: 1-800-579-2543
    International: 1-785-424-1789
    Conference ID: ONESTOP (required for entry)
    Webcast:  https://viavid.webcasts.com/starthere.jsp?ei=1720675&tp_key=5676c84cc3

    Conference Call Replay

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 11159702

    A replay of the call will be available after 1:00 p.m. ET on August 7, 2025, through August 21, 2025.

    About One Stop Systems
    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require-and OSS delivers-the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Forward-Looking Statements
    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, performance of our products, growth of the edge computing market, as well as risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    The MIL Network –

  • MIL-OSI: Form 8.3 – [MARLOWE PLC – 23 07 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 MARLOWE PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 23 JULY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 NO

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 50p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 2,292,800 2.9199    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 2,292,800 2.9199    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    50p ORDINARY SALE 600 444.5p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 JULY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Form 8.3 – [ALPHA GROUP INTERNATIONAL PLC – 23 07 2025] – (CGAML)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 ALPHA GROUP INTERNATIONAL PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 23 JULY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.2p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 200,000 0.4728    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 200,000 0.4728    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.2p ORDINARY SALE 103,000 4150p
    0.2p ORDINARY SALE 445,000 4150.5506p
    0.2p ORDINARY SALE 50,000 4151p
    0.2p ORDINARY SALE 45,000 4152.5p
    0.2p ORDINARY SALE 420,000 4152.8869p
    0.2p ORDINARY SALE 25,000 4155.84p
    0.2p ORDINARY SALE 25,000 4160p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 JULY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Submissions: As Mexico’s LGBTQ+ community battles for inclusion, two drag performers have become internet stars – with more than 2 million TikTok followers

    Source: The Conversation – USA (2) – By Francisco Tijerina, PhD Candidate in Hispanic Studies, Washington University in St. Louis

    Turbulence Queen, left, and Burrita Burrona perform at the Mexico City Pride Parade in June 2024. Jaime Nogales/Medios y Media via Getty Images News

    In January 2022, Erick Martínez, also known as Turbulence Queen, introduced a guest on his YouTube channel: Ivan “Momo” Guzmán, with the stage name Burrita Burrona, a drag performer wearing a cartoonish donkey costume topped by a wig.

    During their interview, Turbulence and Burrita shared stories, gossiped and threw shade at Mexican actors, newscasters and performers. Soon after, their careers took off.

    Before Burrita’s first appearance, Turbulence’s YouTube channel had fewer than 5,000 subscribers. Now, after the rebranding of the show to include Burrita’s name, their channel has about 375,000. More than 2 million subscribe to them on TikTok – Turbulence, with 600,000 followers and 16 million likes; Burrita with 1.5 million followers and 28 million likes. Their “El Podcast del Momento” has more than 225,000 subscribers.

    The two proved so popular that corporate sponsors started getting in on the action. Soriana, a large supermarket chain in Mexico, splashed their images on a line of cakes. Netflix Latin America had them hosting a series of videos promoting its new South Korean dramas. The media giant Televisa included Turbulence and Burrita as part of their comedic coverage of the 2024 Paris Olympics.

    Over the past 3 ½ years, the YouTube show has added some new characters, including Burrita’s mom and an on-and-off love interest, a butch lesbian wolf. Along with the interviews, the characters do comedic cooking segments and sketches. Even in today’s fragmented and cluttered media environment, the program regularly gets around 250,000 views, with some episodes reaching more than 1 million.

    While drag performers are not new in Mexico, Burrita is something of a novelty: a drag mascot. Although long a part of Mexico’s commercial culture – mascots promote everything from soccer teams to pharmacies and are a staple at children’s birthday parties – Burrita is the first to do it in drag.

    A clip from an episode of ‘El Podcast del Momento.’

    Discrimination and violence

    As a Mexican scholar who specializes in the study of gender and sexuality, I’m struck by how these LGBTQ+ characters have become enormously popular in what I consider a relatively conservative and deeply religious country. However, that too is changing: Today’s Mexico is sometimes called a conservative country with liberal laws. Still, in a country where about 5% of the population self-identify as LGBTQ+, the battle for inclusion – and more diverse representation of gender and sexuality – is far from over.

    In 2023, conservative groups pressured the International Book Fair of Monterrey to cancel a public short-story reading by drag queens. In 2024, a social media influencer’s misogynistic, homophobic and transphobic remarks ran live on national television. Also in 2024, San Nicolás de los Garza, a city of more than 400,000 people, banned public performances by drag queens. Ironically, San Nicolás is in the state of Nuevo Leon, which has one of the largest LGBTQ+ populations in Mexico.

    Indeed, national policies protecting the LGBTQ+ community don’t always apply equally; some states are more restrictive than others. For example, although Mexico’s Supreme Court legalized same-sex marriage in 2015, three states have yet to ratify it in their state constitutions.

    Turbulence Queen is interviewed on local TV at a 2023 red carpet event in Mexico.
    Jaime Nogales/Medios y Media via Getty Images Entertainment

    In May 2025, Mexico’s National Institute of Statistics and Geography reported these findings: 60% of the LGBTQ+ community say they’ve been subjected to some form of violence. Nearly 30% have had suicidal thoughts or have attempted suicide. Just over 37% say they experienced some form of discrimination during the past year. From 2020 to 2025, 25% said they were denied access to health care, education or social support. Hate crimes are on the rise, with 672 reported over a five-year period, including 141 in 2024, a significant jump from the 92 reported in 2023. The 2024 statistic includes 55 murders of transgender women.

    Taking off the mask

    Turbulence and Burrita’s swift success is impressive, but not all LGBTQ+ citizens in Mexico enjoy the same level of recognition and privilege. And as the fight for equal treatment continues, the country’s politics over the past decade has shifted. In 2018, leftist Andrés Manuel López Obrador was elected president. His successor, Claudia Sheinbaum, a climate scientist and a close ally of López Obrador’s, was elected in 2024.

    But although both López Obrador and Sheinbaum are more progressive than previous administrations, neither has been particularly vocal about their support for the LGBTQ+ community. For instance: Although Sheinbaum, Mexico’s first female and Jewish president, mentioned her support for the LGBTQ+ community during her campaign, she has largely ignored LGBTQ+ issues since taking office.

    Until recently, there were few openly LGBTQ+ people pitching products or appearing on television. But Guzmán, who’s the first mascot to perform in drag, is not hiding his sexuality, despite the costume. Rather, he can be read as a symbol of Mexico’s ongoing pursuit of equality. And perhaps his character’s visibility will allow more in the community to be able to shed their masks and come out.

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

    – ref. As Mexico’s LGBTQ+ community battles for inclusion, two drag performers have become internet stars – with more than 2 million TikTok followers – https://theconversation.com/as-mexicos-lgbtq-community-battles-for-inclusion-two-drag-performers-have-become-internet-stars-with-more-than-2-million-tiktok-followers-241552

    MIL OSI –

  • MIL-OSI Submissions: Why 2025 became the summer of flash flooding in America

    Source: The Conversation – USA (2) – By Jeffrey Basara, Professor of Meteorology, UMass Lowell

    Rescuers searched for survivors after a flash flood in Texas Hill Country on July 4, 2025, that killed more than 130 people. Jim Vondruska/Getty Images

    The National Weather Service has already issued more than 3,600 flash flood warnings across the United States in 2025, and that number is increasing as torrential downpours continue in late July. There’s a good chance the U.S. will exceed its yearly average of around 4,000 flash flood warnings soon.

    For communities in Texas, New Mexico, West Virginia and New Jersey, the floods have been deadly. And many more states have seen flash flood damage in recent weeks, including New York, Oklahoma, Kansas, Vermont and Iowa.

    What’s causing so much extreme rain and flooding?

    Much of the central and eastern U.S. has had above-normal precipitation over the three months from April 23 through July 24, 2025. Blues are 150% to 200% of normal. Purples are even higher.
    NOAA National Water Prediction Service

    I study extreme precipitation events along with the complex processes that lead to the devastating damage they cause.

    Both the atmosphere and surface conditions play important roles in when and where flash floods occur and how destructive they become, and 2025 has seen some extremes, with large parts of the country east of the Rockies received at least 50% more precipitation than normal from mid-April through mid-July.

    Excess water vapor, weaker jet stream

    Flash floods are caused by excessive precipitation over short periods of time. When rain accumulates too fast for the local environment to absorb or reroute it, flooding ensues, and conditions can get dangerous fast.

    Flooding from heavy rain in the Boston area on July 10, 2025, shut down an interstate and filled streets and garages with water.
    John Tlumacki/The Boston Globe via Getty Images

    During the warm season, intrusions of tropical air with excessive water vapor are common in the U.S., and they can result in intense downpours.

    In addition, the jet stream and westerly winds – which move storm systems from west to east across the U.S. – tend to weaken during summer. As a result, the overall movement of thunderstorms and other precipitation-producing systems slows during the summer months, and storm systems can remain almost stationary over a location.

    The combination of intense rainfall rates and extended precipitation increases the likelihood of flash flooding.

    The surface rain falls on makes a difference, too

    Local surface characteristics also play important roles in how flash floods develop and evolve.

    When intense precipitation is combined with saturated soils, steep slopes, urban areas and sparse vegetation, runoff can quickly overwhelm local streams, rivers and drainage systems, leading to the rapid rise of water levels.

    When the remnants of Hurricane Helene hit the mountains of North Carolina in October 2024, the intense rainfall on steep slopes quickly filled streams and then rivers that washed away homes in their narrow valleys.
    Sean Rayford/Getty Images

    Because the characteristics of the surface can vary significantly along a stream or river, the timing and location of a heavy downpour pose unique risks for each local area.

    What’s driving flash floods in 2025?

    During the horrific flooding in Texas Hill Country on July 4, 2025, that killed more than 135 people, atmospheric water vapor in the region was at or near historic levels. The storm hit at the headwaters of the Guadalupe River, over streams that converge in the river valley.

    As thunderstorms developed and remained nearly stationary over the region, they were fueled by the excessive atmospheric water vapor. That led to high rainfall rates. Hours of heavy rainfall early that morning sent the river rising quickly at a summer camp near Hunt, Texas, where more than two dozen girls and staff members died. Downstream at Kerrville, the river rose even faster, gaining more than 30 feet in 45 minutes.

    Overall, a persistent atmospheric pattern in late spring and summer 2025 has included a shift of the jet stream farther to the south than normal and, along with lower atmospheric pressures, has supported excessive rainfall across the central and eastern U.S.

    While the West Coast has experienced dry conditions in early summer 2025 due to a ridge of high pressure, the U.S. east of the Rockies has seen an active storm track with frontal boundaries and disturbances that produced thunderstorms and intense downpours across the region.

    Warmer-than-normal ocean water can also boost rainfall. The Caribbean and the Atlantic Ocean are source regions for atmospheric water vapor in the central and eastern U.S. In summer 2025, that water vapor has created extremely humid conditions, which have produced very high rainfall rates when storms develop.

    The result has been flash floods in several states producing catastrophic destruction and loss of life.

    Looking to the future

    The U.S. has seen devastating flash floods throughout its history, but rising global temperatures today are increasing the risk of flooding.

    As ocean and air temperatures rise, atmospheric water vapor increases. Higher ocean temperatures can produce more atmospheric water vapor through evaporation, and a warmer atmosphere can hold more moisture, fueling downpours. In some high-risk areas, meteorologists, aware of the risks, say they are becoming more proactive about warnings.

    Currently, evidence shows that atmospheric water vapor is increasing in the overall global climate system as temperatures rise.

    Jeffrey Basara receives funding from the National Science Foundation, NASA, and NOAA.

    – ref. Why 2025 became the summer of flash flooding in America – https://theconversation.com/why-2025-became-the-summer-of-flash-flooding-in-america-261650

    MIL OSI –

  • MIL-OSI United Kingdom: Business leaders welcome the UK-India Free Trade Agreement

    Source: United Kingdom – Executive Government & Departments

    Press release

    Business leaders welcome the UK-India Free Trade Agreement

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.

    Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

    The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

    Business Groups  

    Rain Newton-Smith, CEO, CBI said: 

    In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.  

    A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.  

    The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

    William Bain, Head of Trade Policy at the BCC, said: 

    The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.    

    Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: 

    India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses. 

    Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter. 

    Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

    Richard Heald OBE, Chair, UK-India Business Council, said:  

    The UK-India FTA marks a historic milestone in the bilateral relationship.

    Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

    Aerospace  

    Tufan Erginbiligic, Rolls-Royce CEO, said: 

    India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

    We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

    These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

    Financial and professional services 

    Ian Stuart, CEO of HSBC UK, said: 

    Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

    This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.  

    As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement. 

    Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said: 

    This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

    It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

    As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

    Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:   

    Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries. 

    Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

    Adam Gagen, Global Head of Government Affairs at Revolut, said:  

    As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

    It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

    Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

    Nicola Watkinson, Managing Director for International, TheCityUK, said:  

    India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

    The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

    We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

    Automotives  

    Mike Hawes, SMMT Chief Executive, said:  

    The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

    While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

    To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

    A JLR spokesperson said:  

    We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

    India is an important market for our British built products and represents significant future growth opportunities.

    Food and drink 

    Nik Jhangiani, Interim Chief Executive, Diageo, said: 

    This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured. 

    Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said: 

    Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. 

    India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

    The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

    Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

    Mark Kent, Chief Executive of the SWA said:  

    The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

    The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

    This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

    George Hyde, Head of Trade, The Food and Drink Federation: 

    We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

    We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies. 

    With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

    We look forward to working with government to help businesses make the most of this opportunity.

    Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said: 

    There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

    The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

    The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

    Stephen Davies, Chief Executive of Penderyn Distillery, said:  

    We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

    The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

    These are exciting times. 

    Medtech  

    Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:  

    The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action. 

    India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

    And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

    Deepak Nath, Chief Executive Officer, Smith+Nephew, said: 

    Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector. 

    We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

    Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:   

    Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.  

    This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer. 

    Manufacturing 

    Graeme Macdonald, JCB Chief Executive, said:  

    India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.  

    It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

    Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said: 

    Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters. 

    The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific. 

    It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

    Mark Ridgway OBE DL, CEO of Rhodes Group, said: 

    As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market. 

    Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

    Idir Boudaoud, Founder and CEO at Sensoteq, said: 

    India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us. 

    Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security. 

    This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

    William Crawford, Director of Concrete Canvas Ltd, said:  

    India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive. 

    This is welcome news for both UK and Indian businesses!

    Creative Industries 

    Richard Masters, Premier League Chief Executive, said: 

    India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.   

    The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

    Richard Pring, Co-Founder at Wales Interactive, said: 

    The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences. 

    Digital and Tech 

    Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:  

    The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.  

    This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

    Clean Energy  

    Neil Spann, CEO of Power Roll, said: 

    As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us.  It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.  

    As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

    Transport 

    Chris Woodroofe, Manchester Airport Managing Director, said:  

    We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole. 

    Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK. 

    That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

    Textiles  

    Bill Leach, Global Sales Director, John Smedley Ltd, said: 

    India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition. 

    John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear. 

    We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

    Cosmetics 

    Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:  

    The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry.  Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers.  CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • India and UK sign landmark trade deal: How CETA could benefit different sections of society

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

    By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

    The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

    It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

    Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

    Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

    The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

    The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

    The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

    The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

    By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

    India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

    Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

    SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

    SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

    Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

    Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

    Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

    CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

    The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

    This opens up significant opportunities to boost bilateral trade between India and the UK.

    In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

    (ANI)

  • MIL-OSI NGOs: Iran/Israel: Iranian forces’ use of cluster munitions in ‘12 Day War’ violated international humanitarian law

    Source: Amnesty International –

    • Unlawful ballistic missile strikes utilizing cluster munitions landed in residential areas in Israel
    • “Cluster munitions are inherently indiscriminate weapons that must never be used ” – Erika Guevara Rosas

    The Iranian forces’ use of cluster munitions during the ‘12 Day War’ with Israel was a flagrant violation of international humanitarian law, Amnesty International said today.

    Last month, the Iranian forces fired ballistic missiles whose warheads contained submunitions into populated residential areas of Israel, in attacks endangering civilians. Amnesty International analysed photos and videos showing cluster munitions that, according to media reports, struck inside the Gush Dan metropolitan area around Tel Aviv on 19 June.

    In addition, the cities of Beersheba, southern Israel (20 June), and Rishon LeZion, to the south of Tel Aviv (22 June), were also struck with ordnance that left multiple impact craters consistent with the submunitions seen in Gush Dan. Such submunitions hit a school and basketball court in Beersheba, but no deaths or injuries were reported.

    “Cluster munitions are inherently indiscriminate weapons that must never be used. By using such weapons in or near populated residential areas, Iranian forces endangered civilian lives and demonstrated clear disregard for international humanitarian law,” said Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns.

    “Civilians, particularly children, are most at risk of injury or death from unexploded submunitions. Iranian forces’ deliberate use of such inherently indiscriminate weapons is a blatant violation of international humanitarian law.”

    Customary international humanitarian law prohibits the use of inherently indiscriminate weapons, and launching indiscriminate attacks that kill or injure civilians constitutes a war crime.

    Civilians, particularly children, are most at risk of injury or death from unexploded submunitions.

    Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns

    Cluster munitions are conventional ordnance designed to disperse or release small explosive submunitions. Typically, such submunitions are launched and dispersed by rockets, artillery, or air-dropped containers, scattering ordnance over a wide area, sometimes as large as a football pitch, which often remain unexploded.

    According to media reports, the warheads deployed by Iranian forces against Israel dispersed their payload several kilometres above the ground, spreading their submunitions over a very large area.

    Many systems have high “dud” rates, leaving large areas contaminated with unexploded ordnance which can remain lethal for years or even decades after a conflict has ended.

    The Convention on Cluster Munitions, which entered into force on 1 August 2010, bans the use, production, stockpiling and transfer of cluster munitions. Amnesty International has called on all states that have not acceded to the Convention on Cluster Munitions, including Iran and Israel, to become a party to it and strictly comply with its terms.

    Amnesty International sent questions regarding the use of cluster munitions to the Iranian authorities on 15 July 2025. At the time of publication, no response had yet been received.

    MIL OSI NGO –