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  • MIL-OSI China: China calls for opposition to unilateral tariffs, defense of multilateral trading system at WTO

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

    China has called for opposition to unilateral tariff actions and the defense of the multilateral trading system at a two-day meeting of the World Trade Organization’s (WTO) General Council, which concluded on Wednesday.

    In a statement presented at the meeting, the Chinese delegation noted that global trade turbulence is intensifying, marked by rising uncertainty and increased risks of fragmentation.

    In recent months, new unilateral tariff measures have continued to emerge, and the volume of trade affected by restrictive measures has reached 2.7 trillion U.S. dollars, the highest level since statistics became available in 2009, the delegation said.

    Against this backdrop, the delegation called on WTO members to strengthen solidarity and cooperation, and to more effectively support the multilateral trading system.

    The delegation elaborated on a three-pronged “SDR” framework previously proposed by China, namely “Stability as the cornerstone, Development as the priority, and Reform as the pathway,” noting that the proposed efforts include jointly upholding WTO principles such as the most-favored-nation (MFN) treatment and non-discrimination, supporting the integration of developing members into the multilateral trading system, and advancing in-depth WTO reform.

    The delegation stressed that bilateral agreements reached or related measures taken by relevant members to ease trade tensions must comply with WTO rules.

    The delegation also suggested that the WTO Secretariat strengthen its monitoring and analysis of unilateral measures and bilateral agreements, and promptly inform members of their impact, especially the potential negative spillover effects on third-party members.

    Brazil, the European Union, Australia, New Zealand, Russia, Venezuela and other WTO members stated at the meeting that escalating trade turbulence is not in the common interest of members. Unilateral tariff measures, they noted, undermine the foundation of multilateral rules, significantly raise costs for businesses and consumers, and particularly hinder the economic growth and social development of vulnerable developing members.

    Given the current circumstances, they emphasized that upholding the multilateral trading system has become more critical than ever. 

    MIL OSI China News –

  • MIL-OSI China: Over 145,000 displaced as sporadic violence persists in Syria’s Sweida: UN

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

    Sporadic clashes, drone strikes, and ground fighting continued in southern Syria’s Sweida province and surrounding areas despite a declared truce, with the number of displaced reaching over 145,000, the United Nations said Wednesday.

    According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), the violence between July 20 and 22 has included mortar attacks and aerial surveillance, further injuring civilians and forcing thousands to flee. Most of the displaced have remained within Sweida province, while others have sought safety in neighboring Daraa and Rural Damascus governorates.

    Access to basic services remains severely disrupted across Sweida. The UN reported widespread outages in electricity, water, fuel, and telecommunications, while food insecurity is worsening due to market disruptions and the closure of bakeries.

    Humanitarian organizations have begun responding to the crisis, delivering medical care, protection services, food, clean water, and non-food items to affected communities, although access constraints continue to hamper efforts.

    Two batches of aid distributions from the Syrian Arab Red Crescent (SARC) have reached parts of Sweida and Salkhad districts, providing food, fuel, and medical supplies.

    The UN warned that displacement is still ongoing and that overcrowded shelters, poor sanitation facilities, and contamination from explosive ordnance are compounding protection risks for already vulnerable populations.

    MIL OSI China News –

  • MIL-OSI China: Yin headlines star-studded field for 2025 Buick LPGA Shanghai

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

    The Buick LPGA Shanghai will return to the Shanghai Qizhong Garden Golf Club from October 9-12, organizers announced on Wednesday.

    As the first event of the 2025 LPGA Fall Asia Swing, it will bring together the world’s top female golfers for a thrilling showdown, delivering an elite competition and reigniting golf’s momentum.

    Yin Ruoning of China competes during the women’s individual stroke play round 1 of golf at the Paris 2024 Olympic Games in Paris, France, Aug. 7, 2024. (Xinhua/Du Yu)

    Jointly sanctioned by the LPGA (Ladies Professional Golf Association) and the China LPGA (CLPGA), the Buick LPGA Shanghai has established itself as a global stage for champions.

    Featuring 81 top players competing for a 2.2 million U.S. dollars purse under a no-cut format, the Buick LPGA Shanghai will see defending champion Yin Ruoning headline the world-class lineup. The Chinese star, a former world No. 1 and major winner, aims for back-to-back victories on home soil.

    In the autumn of 2024, Yin Ruoning delivered a career-defining performance at the Buick LPGA Shanghai, carding eight birdies in a blistering final round to shoot 8-under par and finish at a record-breaking 25-under par, claiming the title and etching her name into the tournament lore.

    “The Buick LPGA Shanghai holds a special place in my heart,” said Yin. “It has witnessed my growth and opened the door for countless young Chinese players to pursue their dreams. I am deeply grateful to the Buick brand for its lasting support of me, junior golf, and the overall development of the sport in China.”

    MIL OSI China News –

  • MIL-OSI USA: Kaine, Colleagues, Reintroduce Bipartisan Resolution Calling on U.S. Senate to Ratify UN Convention on the Law of the Sea

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine, Ranking Member of the Senate Armed Services’ Subcommittee on Seapower and a member of the Senate Foreign Relations Committee, (D-VA) and a bipartisan group of Senate colleagues reintroduced a resolution urging the U.S. Senate to ratify the United Nations Convention on the Law of the Sea (UNCLOS). UNCLOS, which has been ratified by 170 parties, defines the rights and responsibilities of nations regarding the world’s oceans—including guidelines for businesses and the management of marine natural resources—and provides a legal framework to protect those rights while avoiding conflict.

    “Ensuring freedom of navigation is critical to protecting our economic and national security,” said Kaine. “The U.S. should not sit on the sidelines when it comes to this important issue, and that’s why I’m calling on my colleagues to ratify UNCLOS.”

    UNCLOS is a comprehensive legal framework governing all uses of the world’s oceans and seas, and their resources. It also allows for further development of specific areas of the law of the sea. It is the globally recognized framework for dealing with all matters relating to the law of the sea, governing areas including, but not limited to, environmental control, marine scientific research, economic and commercial activities, and the settlement of disputes relating to ocean matters.

    The treaty was opened for signature on December 10, 1982 and was entered into force on November 16, 1994. The United States signed UNCLOS on July 29, 1994, but the U.S. Senate has not yet voted to ratify the treaty, despite urging from environmental, scientific, labor, and industry organizations.

    U.S. Senators Mazie Hirono (D-HI) and Lisa Murkowski (R-AK) led the resolution. In addition to Kaine, the bill was cosponsored by Senators Chris Van Hollen (D-MD), Bill Cassidy (R-LA), Todd Young (R-IN), and Angus King (I-ME).

    The full text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Vindman & Colleagues Introduce Bill to Restore Illegally Withheld Support for Students with Disabilities in Spotsylvania County

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. — Today, U.S. Senator Tim Kaine, a member of the Senate Health, Education, Labor and Pensions Committee, (D-VA) and U.S. Representative Eugene Vindman (D-VA-07), alongside Senate and House colleagues, introduced the bicameral Charting My Path to Future Success Act, legislation to restore the abruptly discontinued federal program designed to help students with disabilities succeed in adulthood. The funding disruption has impacted 13 school districts across 11 states, including Spotsylvania County Public Schools.

    The legislation directs the U.S. Department of Education to reissue the solicitation and award the contract for the “Charting My Path for Future Success Program,” a $45 million, ten-year initiative originally launched in 2019 during President Donald Trump’s first term, which works to help students with disabilities transition from high school to adulthood. The program was abruptly canceled in February 2025 after more than $25 million had already been spent and just as participating students began receiving services.

    “Ripping away critical funding and resources for students with disabilities is cruel and hurts America’s future,” said Kaine. “The Charting My Path for Future Success Program was established during Trump’s first term, but now Trump and DOGE have cancelled funding with no warning. Not only does this harm students with disabilities who are depending on this support, it also hurts the teachers and Spotsylvania schools whose jobs and school budgets depend on this funding. I’m proud to introduce the Charting My Path for Future Success Act to immediately reissue this funding and ensure all students are set up for success.”

    “Students across Virginia’s Seventh District and our country deserve a real chance to thrive after high school. And yet, the Trump Administration just recklessly cut the ‘Charting My Path for Future Success’ program from Spotsylvania County Public Schools and I cannot let that stand,” said Vindman. “That’s why I am proud to introduce this bill – we owe it to students and families to re-start this program and prohibit the Administration from canceling it without Congressional approval.”

    Designed to support students with Individualized Education Programs (IEPs) across a wide range of disabilities, the “Charting My Path for Future Success Program” provided one-on-one and small group sessions, mentoring, and year-round tutoring. Over 1,600 high school juniors, seniors, and their families were affected across the 11 states. In addition to Virginia, impacted districts include school systems in Georgia, Utah, Massachusetts, California, Alaska, and New York.

    The bill is endorsed by a coalition of disability advocacy organizations, including the Consortium for Constituents with Disabilities Education Task Force, the National Center for Learning Disabilities, The Arc of the United States, the Autism Society of America, the National Disability Rights Network, and the Council of Administrators of Special Education.

    In addition to Kaine, U.S. Senators Edward Markey (D-MA) and Kirsten Gillibrand (D-NY) introduced the legislation in the Senate. In addition to Vindman, U.S. Representatives Lucy McBath (D-GA-06), Juan Vargas (D-CA-52), Sara Jacobs (D-CA-53), and Mark DeSaulnier (D-CA-10) introduced the legislation in the House.

    The full text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Criminal Illegal Alien Accused of Murdering 15-Year-Old and Attempting to Rape Mother

    Source: US Department of Homeland Security

    This criminal illegally entered the country three times since 2021

    WASHINGTON – Today, the Department of Homeland Security (DHS) announced U.S. Immigration and Customs Enforcement (ICE) lodged an arrest detainer against Gildardo Amandor-Martinez, a criminal illegal alien accused of murdering a 15-year-old boy and assaulting a minor female with a firearm after he attempted to rape their mother in Morehead, Kentucky. 

    ICE detainers are legal requests to state or local law enforcement to hold illegal aliens in custody until they can be turned over to immigration authorities. 

    According to local reports, on July 20, Amandor-Martinez arrived at an apartment shared with his girlfriend, Aleida Lopez, early in the morning and attempted to rape her. After she fended him off, Amandor-Martinez assaulted her by biting her left hand, right armpit, and injured her arm. Her 15-year-old-son, Luis Lopez, tried to intervene and was shot by Amandor-Martinez three times and murdered. The criminal illegal alien then assaulted Lopez’s daughter with a firearm. 

    15-year-old Luis Lopez who was tragically killed the criminal illegal alien was greatly admired and called a “sweet student” by Rowan County Senior High School. He would have been a sophomore this fall. 

    Amandor-Martinez a criminal illegal alien from Mexico, attempted to enter the country THREE times under the Biden administration in 2021, at the southern border. He successfully illegally entered the country on his third try at an unknown date and location and without inspection by an immigration officer.  

    “15-year-old Luis Lopez died trying to save his mother from this criminal illegal alien who was attempting to rape her. Gildardo Amandor-Martinez is a rapist and cold-blooded killer who should have never been in this country,” said Assistant Secretary Tricia McLaughlin. “The Biden administration’s open-border policies allowed this monster to walk American streets and commit these evil crimes, including murder, assault, and attempted rape, against a mother and her children. ICE has placed an arrest detainer to ensure Amandor-Martinez will not be released onto America’s streets and allowed to terrorize American families again.” 

    Secretary Noem relaunched the Victims of Immigration Crime Engagement (VOICE) office. The VOICE office was shuttered by the previous administration, which left victims of alien crime without access to many key support services and resources. The office was first launched in 2017 by the Trump administration as a dedicated resource for those who have been victimized by crime with a nexus to immigration. 

    MIL Security OSI –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Promotes the Export of American AI Technologies

    Source: US Whitehouse

    PROMOTING THE EXPORT OF AMERICAN AI: Today, President Donald J. Trump signed an Executive Order to support the American AI industry by promoting the export of full-stack American AI technology packages to allies and partners worldwide.

    • The Order directs the Secretary of Commerce to establish and implement the American AI Exports Program to support the development and deployment of U.S. full-stack AI export packages.
      • These full-stack, end-to-end packages include hardware, data systems, AI models, cybersecurity measures, applications for sectors like healthcare, education, agriculture, and transportation, and more.
      • The packages must comply with export controls and other relevant requirements.
    • The Order directs the Secretary of Commerce to review and select proposals that will receive export support from the Economic Diplomacy Action Group, such as loans, guarantees, and technical assistance.

    SUPPORTING THE U.S. AI INDUSTRY: President Trump is advancing American leadership in AI to secure economic growth, national security, and global competitiveness.

    • AI is a foundational technology that will shape the future of innovation, defense, and prosperity for decades to come.
    • The United States must lead in developing and deploying AI technologies, standards, and governance models to reduce global reliance on systems from adversarial nations.
    • By exporting American AI, the U.S. will strengthen ties with allies, promote U.S. standards and governance models, and maintain technological dominance.
    • This initiative supports U.S. businesses, including small businesses, by facilitating investment in AI development and infrastructure, ensuring America remains the global leader in AI innovation.

    MAKING AMERICA THE GLOBAL LEADER IN AI: President Trump has made American leadership in AI a national priority.

    • President Trump signed the first-ever Executive Order on AI in 2019 recognizing the paramount importance of American AI leadership to the economic and national security of the United States.
      • In historic actions, the Trump Administration established the first-ever national AI research institutes, strengthened American leadership in AI technical standards, and issued the world’s first AI regulatory guidance to govern AI development in the private sector.
    • President Trump also took executive action in 2020 to establish the first-ever guidance for Federal agency adoption of AI to more effectively deliver services to the American people and foster public trust in this critical technology.
    • In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
    • In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Accelerates Federal Permitting of Data Center Infrastructure

    Source: US Whitehouse

    ACCELERATING DATA CENTER INFRASTRUCTURE DEVELOPMENT: Today, President Donald J. Trump signed an Executive Order to facilitate the rapid and efficient buildout of data center infrastructure.

    • The Order directs the Secretary of Commerce to launch an initiative to provide financial support, such as loans, grants, and tax incentives, for Qualifying Projects.
      • These Qualifying Projects include data centers that require greater than 100 megawatts of new load, infrastructure projects related to data center energy needs, semiconductor facilities, networking equipment, or other data center or related infrastructure projects selected by the Secretary of Defense, Secretary of the Interior, Secretary of Commerce, or Secretary of Energy.
    • The Order revokes a Biden-era Executive Order that would have saddled AI data center development on Federal lands with pages of DEI and climate requirements.
    • The Order instructs agencies to streamline environmental reviews and permitting for data centers and related infrastructure by leveraging existing exemptions and creating new ones to expedite the construction of Qualifying Projects.
    • The Order enhances transparency and efficiency by designating Qualified Projects for expedited permitting under the FAST-41 framework.
    • The Order promotes the use of Brownfield and Superfund sites for data center development, repurposing these lands for productive use.
    • The Order directs the Department of the Interior, the Department of Energy and the Department of Defense to authorize data center construction on appropriate Federal lands.

    STRENGTHENING AMERICA’S AI AND MANUFACTURING LEADERSHIP: President Trump is promoting the rapid buildout of AI data centers and critical infrastructure to secure economic prosperity, national security, and scientific leadership.

    • AI data centers and supporting infrastructure, such as energy systems and semiconductors, are essential for powering America’s technological and industrial future.
    • Lengthy and complex Federal regulations can delay critical projects, hindering America’s ability to lead in AI and manufacturing.
    • By streamlining permitting and providing financial support, the U.S. will accelerate the development of data centers and enable our global dominance in AI, which will in turn create jobs and enhance national security.
    • This initiative ensures American leadership in AI and critical technologies, positioning the U.S. to outpace global competitors and drive innovation for decades to come.

    USHERING IN A GOLDEN AGE FOR AMERICAN TECHNOLOGICAL DOMINANCE: President Trump has made American leadership in AI a national priority.

    • President Trump signed the first-ever Executive Order on AI in 2019 recognizing the paramount importance of American AI leadership to the economic and national security of the United States.
      • In historic actions, the Trump Administration established the first-ever national AI research institutes, strengthened American leadership in AI technical standards, and issued the world’s first AI regulatory guidance to govern AI development in the private sector.
    • President Trump also took executive action in 2020 to establish the first-ever guidance for Federal agency adoption of AI to more effectively deliver services to the American people and foster public trust in this critical technology.
    • In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
    • In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
    • The Administration is capitalizing on other permitting successes that will also enable data center development, such as dramatically reducing NEPA’s impact on critical infrastructure projects, developing emergency NEPA procedures that can permit major mining projects in under 28 days at the Department of the Interior, revising NOAA’s deep sea mining regulations, and more.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Prevents Woke AI in the Federal Government

    Source: US Whitehouse

    PREVENTING WOKE AI IN THE FEDERAL GOVERNMENT: Today, President Donald J. Trump signed an Executive Order to ensure that artificial intelligence (AI) models procured by the Federal government prioritize truthfulness and ideological neutrality.

    • President Trump is protecting Americans from biased AI outputs driven by ideologies like diversity, equity, and inclusion (DEI) at the cost of accuracy.
    • The Order directs agency heads to procure only large language models (LLMs) that adhere to “Unbiased AI Principles” defined in the Order: truth-seeking and ideological neutrality.
      • Truth-seeking means that LLMS shall be truthful and prioritize historical accuracy, scientific inquiry, and objectivity, and acknowledge uncertainty where reliable information is incomplete or contradictory.
      • Ideological neutrality means that LLMs shall be neutral, nonpartisan tools that do not manipulate responses in favor of ideological dogmas like DEI, and that developers will not intentionally encode partisan or ideological judgments into an LLM’s outputs unless those judgments are prompted by or readily accessible to the end user.
    • The Order instructs the Director of the Office of Management and Budget, in consultation with other Federal leaders, to issue guidance for agencies to implement these principles in AI procurement.
    • The Order mandates that Federal contracts for LLMs include terms ensuring compliance with the Unbiased AI Principles, including terms holding vendors accountable for certain costs if contracts are terminated due to noncompliance.

    SAFEGUARDING TRUST IN FEDERAL AI USE: President Trump is advancing trustworthy AI in the Federal government to protect the integrity of information and services provided to the American people.

    • AI is a critical technology that will shape how Americans learn, access information, and navigate their daily lives.
    • Ideological biases, such as those driven by DEI, can distort AI outputs, undermine historical and scientific accuracy, and erode public trust in AI systems.
      • For example, one major AI model changed the race or sex of historical figures—including the Pope, the founding Fathers, and Vikings—when prompted for images because it was trained to prioritize DEI requirements.
      • In another case, an AI model asserted that a user should not “misgender” another person even if necessary to stop a nuclear apocalypse.
    • By requiring truth-seeking and ideologically neutral AI models, the Federal government ensures reliable, objective information for Americans and prevents the spread of biased or misleading outputs.

    SERVING AMERICA, NOT IDEOLOGICAL AGENDAS: President Trump is terminating DEI across the Federal government and advancing American leadership in AI to ensure technology and policies serve the public, not ideological agendas.

    • President Trump is harnessing AI to strengthen national security, economic prosperity, and technological leadership.
      • In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
      • In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
      • Today, President Trump also signed Executive Orders on facilitating the rapid and efficient buildout of data infrastructure and promoting the export of American AI technologies.
    • President Trump is restoring fairness and merit by dismantling radical DEI programs
      • In January, President Trump signed executive actions to end radical and wasteful DEI programs and preferencing, terminate radical DEI preferencing in Federal contracting and spending, eliminate DEI and restore excellence and safety within the Federal Aviation Administration (FAA), and abolish DEI bureaucracy within the Departments of Defense and Homeland Security.
      • In March, President Trump signed a Memorandum removing DEI from the Foreign Service.
      • In April, President Trump signed an Executive Order to ensure school discipline policies are based on objective behavior, not DEI.
      • President Trump: “We will terminate every diversity, equity, and inclusion program across the entire Federal government.”

    MIL OSI USA News –

  • MIL-OSI USA News: Accelerating Federal Permitting of Data Center Infrastructure

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section  1.  Policy and Purpose.  My Administration has inaugurated a golden age for American manufacturing and technological dominance.  We will pursue bold, large-scale industrial plans to vault the United States further into the lead on critical manufacturing processes and technologies that are essential to national security, economic prosperity, and scientific leadership.  These plans include artificial intelligence (AI) data centers and infrastructure that powers them, including high‑voltage transmission lines and other equipment.  It will be a priority of my Administration to facilitate the rapid and efficient buildout of this infrastructure by easing Federal regulatory burdens. 

    In addition, my Administration will utilize federally owned land and resources for the expeditious and orderly development of data centers.  This usage will be done in a manner consistent with the land’s intended purpose — to be used in service of the prosperity and security of the American people.

    Sec. 2.  Definitions.  For purposes of this order:

    (a)  “Data Center Project” means a facility that requires greater than 100 megawatts (MW) of new load dedicated to AI inference, training, simulation, or synthetic data generation.

    (b)  “Covered Components” means materials, products, and infrastructure that are required to build Data Center Projects or otherwise upon which Data Center Projects depend, including:

    (i)    energy infrastructure, such as transmission lines, natural gas pipelines or laterals, substations, switchyards, transformers, switchgear, and system protective facilities;

    (ii)   natural gas turbines, coal power equipment, nuclear power equipment, geothermal power equipment, and any other dispatchable baseload energy sources, including electrical infrastructure (including backup power supply) constructed or otherwise used principally to serve a Data Center Project;

    (iii)  semiconductors and semiconductor materials, such as wafers, dies, and packaged integrated circuits;

    (iv)   networking equipment, such as switches and routers; and

    (v)    data storage, such as hardware storage systems, software for data management and protection, and integrated services that work with public cloud providers.

    (c)  “Covered Component Project” means infrastructure comprising Covered Components, or a facility with the primary purposes of manufacturing or otherwise producing Covered Components.

    (d)  “Qualifying Project” means:

    (i)    a Data Center Project or Covered Component Project for which the Project Sponsor has committed at least $500 million in capital expenditures as determined by the Secretary of Commerce;

    (ii)   a Data Center Project or Covered Component Project involving an incremental electric load addition of greater than 100 MW;

    (iii)  a Data Center Project or Covered Component Project that protects national security; or

    (iv)   a Data Center Project or Covered Component Project that has otherwise been designated by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy as a “Qualifying Project”.

    (e)  “Project Sponsor” means the lead sponsor providing financial and other support for a Data Center Project or Covered Component Project, as determined by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy, as appropriate.

    (f)  “Superfund Site” means any site where action is being taken pursuant to 42 U.S.C. 9604, 9606, or 9620.

    (g)  “Brownfield Site” means a site as defined in 42 U.S.C. 9601(39).

    Sec.  3.  Encouraging Qualifying Projects.  The Secretary of Commerce, in consultation with the Director of the Office of Science and Technology Policy (OSTP) and other relevant executive departments and agencies (agencies), shall launch an initiative to provide financial support for Qualifying Projects, which could include loans and loan guarantees, grants, tax incentives, and offtake agreements.  All relevant agencies shall identify and submit to the Director of OSTP any such relevant existing financial support that can be used to assist Qualifying Projects, consistent with the protection of national security.

    Sec. 4.  Revocation of Executive Order 14141.  Executive Order 14141 of January 14, 2025 (Advancing United States Leadership in Artificial Intelligence Infrastructure), is hereby revoked.

    Sec.  5.  Efficient Environmental Reviews.  (a)  Within 10 days of the date of this order, each relevant agency shall identify to the Council on Environmental Quality any categorical exclusions already established or adopted by such agency pursuant to the National Environmental Policy Act (NEPA), reliance on and adoption of which by agencies (pursuant to 42 U.S.C. 4336 and 4336c) could facilitate the construction of Qualifying Projects.

    (b)  The Council on Environmental Quality shall coordinate with relevant agencies on the establishment of new categorical exclusions to cover actions related to Qualifying Projects that normally do not have a significant effect on the human environment.  Agencies shall, for purposes of establishing these categorical exclusions, rely on any sufficient basis to do so as each such agency determines.

    (c)  Consistent with 42 U.S.C. 4336e(10)(B)(iii), loans, loan guarantees, grants, tax incentives, or other forms of Federal financial assistance for which an agency lacks substantial project-specific control and responsibility over the subsequent use of such financial assistance shall not be considered a “major Federal action” under NEPA.  For purposes of this order, Federal financial assistance representing less than 50 percent of total project costs shall be presumed not to constitute substantial Federal control and responsibility.

    Sec.  6.  Efficiency and Transparency Through FAST‑41.  (a)  The Executive Director (Executive Director) of the Federal Permitting Improvement Steering Council (FPISC) may, within 30  days of the date that a project is identified to FPISC by a relevant agency, designate a Qualifying Project as a transparency project pursuant to 42 U.S.C. 4370m-2(b)(2)(A)(iii) and section 41003 of the Fixing America’s Surface Transportation Act (Public Law 114-94, 129 Stat. 1312, 1747) (FAST-41).  Within 30 days of receiving such agency notification, the Executive Director may publish Qualifying Projects on the Permitting Dashboard established under section 41003(b) of FAST-41, including schedules for expedited review. 

    (b)  In consultation with Project Sponsors, the Executive Director shall expedite the transition of eligible Qualifying Projects from transparency projects to FAST-41 “covered projects” as defined by 42 U.S.C. 4370m(6)(A).  To the extent that a Qualifying Project does not meet the criteria set forth in 42 U.S.C. 4370m(6)(A)(i) or (iii), FPISC may consider all other available options to designate the project a covered project under 42 U.S.C. 4370m(6)(A)(iv).

    Sec. 7.  Streamlining of Permitting Review.  (a)  The Administrator of the Environmental Protection Agency shall assist in expediting permitting on Federal and non-Federal lands by developing or modifying regulations promulgated under the Clean Air Act (42 U.S.C. 7401 et seq.); the Clean Water Act (33 U.S.C. 1251 et seq.); the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. 9601 et seq.); the Toxic Substances Control Act (15 U.S.C. 2601 et seq.); and other relevant applicable laws, in each case, that impact the development of Qualifying Projects.

    (b)  The Administrator of the Environmental Protection Agency shall, consistent with the Environmental Protection Agency’s statutory authorities, expeditiously identify Brownfield Sites and Superfund Sites for use by Qualifying Projects.  As part of this effort, within 180 days of the date of this order, the Administrator of the Environmental Protection Agency shall develop guidance to help expedite environmental reviews for qualified reuse and assist State governments and private parties to return such Brownfield Sites and Superfund Sites to productive use as expeditiously as possible.

    Sec.  8.  Biological and Water Permitting Efficiencies.  (a)  Upon identification of sites by the Secretary of the Interior and the Secretary of Energy as described in section 9 of this order, the action agency, as identified through the process described in the Endangered Species Act (16 U.S.C. 1531-1544) (ESA), shall initiate consultation under section 7 of the ESA with the Secretary of the Interior, the Secretary of Commerce, or both with respect to common construction activities for Qualifying Projects that will occur over the next 10 years at a programmatic level.  The Secretary of the Interior and the Secretary of Commerce shall utilize programmatic consultation to ensure timely and efficient completion of such consultation.

    (b)  Within 180 days of the date of this order, the Secretary of the Army, acting through the Assistant Secretary of the Army for Civil Works, shall review the nationwide permits issued under section 404 of the Clean Water Act of 1972 (33 U.S.C. 1344) and section 10 of the Rivers and Harbors Appropriation Act of 1899 (33 U.S.C. 403) to determine whether an activity-specific nationwide permit is needed to facilitate the efficient permitting of activities related to Qualifying Projects.

    Sec. 9.  Federal Lands Availability.  (a)  The Department of the Interior and the Department of Energy shall, after consultation with industry and further in consultation with the Department of Commerce as to the Project Sponsors to which relevant authorizations shall be granted, offer appropriate authorizations for sites identified by the Secretary of the Interior or the Secretary of Energy, as applicable and appropriate for the relevant uses, consistent with 42 U.S.C. 2201, 42 U.S.C. 7256, 43 U.S.C. 1701 et seq., and all other applicable law.

    (b)  The Secretary of Defense shall, pursuant to 10 U.S.C. 2667 or other applicable law and as and when the Secretary of Defense deems it necessary or desirable, identify suitable sites on military installations for Covered Component infrastructure uses and competitively lease available lands for Qualifying Projects to support the Department of Defense’s energy, workforce, and mission needs, subject to security and force protection considerations.

    Sec. 10.  General Provisions.  (a)   Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Energy.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Promoting The Export of the American AI Technology Stack

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  Artificial intelligence (AI) is a foundational technology that will define the future of economic growth, national security, and global competitiveness for decades to come.  The United States must not only lead in developing general-purpose and frontier AI capabilities, but also ensure that American AI technologies, standards, and governance models are adopted worldwide to strengthen relationships with our allies and secure our continued technological dominance.  This order establishes a coordinated national effort to support the American AI industry by promoting the export of full-stack American AI technology packages.

    Sec. 2.  Policy.  It is the policy of the United States to preserve and extend American leadership in AI and decrease international dependence on AI technologies developed by our adversaries by supporting the global deployment of United States-origin AI technologies.

    Sec. 3.  Establishment of the American AI Exports Program.  (a)  Within 90 days of the date of this order, the Secretary of Commerce shall, in consultation with the Secretary of State and the Director of the Office of Science and Technology Policy (OSTP), establish and implement the American AI Exports Program (Program) to support the development and deployment of United States full-stack AI export packages.

    (b)  The Secretary of Commerce shall issue a public call for proposals from industry-led consortia for inclusion in the Program.  The public call shall require that each proposal must:

    (i)    include a full-stack AI technology package, which encompasses:

    (A)  AI-optimized computer hardware (e.g., chips, servers, and accelerators), data center storage, cloud services, and networking, as well as a description of whether and to what extent such items are manufactured in the United States;

    (B)  data pipelines and labeling systems;

    (C)  AI models and systems;

    (D)  measures to ensure the security and cybersecurity of AI models and systems; and

    (E)  AI applications for specific use cases (e.g., software engineering, education, healthcare, agriculture, or transportation);

    (ii)   identify specific target countries or regional blocs for export engagement;

    (iii)  describe a business and operational model to explain, at a high level, which entities will build, own, and operate data centers and associated infrastructure;

    (iv)   detail requested Federal incentives and support mechanisms; and

    (v)    comply with all relevant United States export control regimes, outbound investment regulations, and end-user policies, including chapter 58 of title 50, United States Code, and relevant guidance from the Bureau of Industry and Security within the Department of Commerce.

    (c)  The Department of Commerce shall require proposals to be submitted no later than 90 days after the public call for proposals is issued, and shall consider proposals on a rolling basis for inclusion in the Program.

    (d)  The Secretary of Commerce shall, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, evaluate submitted proposals for inclusion under the Program.  Proposals selected by the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, will be designated as priority AI export packages and will be supported through priority access to the tools identified in section 4 of this order, as consistent with applicable law.

    Sec. 4.  Mobilization of Federal Financing Tools.  (a)  The Economic Diplomacy Action Group (EDAG), established in the Presidential Memorandum of June 21, 2024, chaired by the Secretary of State, in consultation with the Secretary of Commerce and the United States Trade Representative, and as described in section 708 of the Championing American Business Through Diplomacy Act of 2019 (Title VII of Division J of Public Law 116-94) (CABDA), shall coordinate mobilization of Federal financing tools in support of priority AI export packages.  

    (b)  I delegate to the Administrator of the Small Business Administration and the Director of OSTP the authority under section 708(c)(3) of CABDA to appoint senior officials from their respective executive departments and agencies to serve as members of the EDAG. 

    (c)  The Secretary of State, in consultation with the EDAG, shall be responsible for:

    (i)    developing and executing a unified Federal Government strategy to promote the export of American AI technologies and standards;

    (ii)   aligning technical, financial, and diplomatic resources to accelerate deployment of priority AI export packages under the Program;

    (iii)  coordinating United States participation in multilateral initiatives and country-specific partnerships for AI deployment and export promotion;

    (iv)   supporting partner countries in fostering pro‑innovation regulatory, data, and infrastructure environments conducive to the deployment of American AI systems;

    (v)    analyzing market access, including technical barriers to trade and regulatory measures that may impede the competitiveness of United States offerings; and

    (vi)   coordinating with the Small Business Administration’s Office of Investment and Innovation to facilitate, to the extent permitted under applicable law, investment in United States small businesses to the development of American AI technologies and the manufacture of AI infrastructure, hardware, and systems.

    (d)  Members of the EDAG shall deploy, to the maximum extent permitted by law, available Federal tools to support the priority export packages selected for participation in the Program, including direct loans and loan guarantees (12  U.S.C. 635); equity investments, co-financing, political risk insurance, and credit guarantees (22  U.S.C. 9621); and technical assistance and feasibility studies (22 U.S.C. 2421(b)).

    Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Commerce.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Preventing Woke AI in the Federal Government

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  Artificial intelligence (AI) will play a critical role in how Americans of all ages learn new skills, consume information, and navigate their daily lives.  Americans will require reliable outputs from AI, but when ideological biases or social agendas are built into AI models, they can distort the quality and accuracy of the output. 

    One of the most pervasive and destructive of these ideologies is so-called “diversity, equity, and inclusion” (DEI).  In the AI context, DEI includes the suppression or distortion of factual information about race or sex; manipulation of racial or sexual representation in model outputs; incorporation of concepts like critical race theory, transgenderism, unconscious bias, intersectionality, and systemic racism; and discrimination on the basis of race or sex.  DEI displaces the commitment to truth in favor of preferred outcomes and, as recent history illustrates, poses an existential threat to reliable AI.

    For example, one major AI model changed the race or sex of historical figures — including the Pope, the Founding Fathers, and Vikings — when prompted for images because it was trained to prioritize DEI requirements at the cost of accuracy.  Another AI model refused to produce images celebrating the achievements of white people, even while complying with the same request for people of other races.  In yet another case, an AI model asserted that a user should not “misgender” another person even if necessary to stop a nuclear apocalypse. 

    While the Federal Government should be hesitant to regulate the functionality of AI models in the private marketplace, in the context of Federal procurement, it has the obligation not to procure models that sacrifice truthfulness and accuracy to ideological agendas.  Building on Executive Order 13960 of December 3, 2020 (Promoting the Use of Trustworthy Artificial Intelligence in the Federal Government), this order helps fulfill that obligation in the context of large language models.

    Sec. 2.  Definitions.  For purposes of this order:

    (a)  The term “agency” means an executive department, a military department, or any independent establishment within the meaning of 5 U.S.C. 101, 102, and 104(1), respectively, and any wholly owned Government corporation within the meaning of 31 U.S.C. 9101.

    (b)  The term “agency head” means the highest-ranking

    official or officials of an agency, such as the Secretary, Administrator, Chairman, Director, Commissioners, or Board of Directors.

    (c)  The term “LLM” means a large language model, which is a generative AI model trained on vast, diverse datasets that enable the model to generate natural-language responses to user prompts.

    (d)  The term “national security system” has the same meaning as in 44 U.S.C. 3552(b)(6).

    Sec. 3.  Unbiased AI Principles.  It is the policy of the United States to promote the innovation and use of trustworthy AI.  To advance that policy, agency heads shall, consistent with applicable law and in consideration of guidance issued pursuant to section 4 of this order, procure only those LLMs developed in accordance with the following two principles (Unbiased AI Principles): 

    (a)  Truth-seeking.  LLMs shall be truthful in responding to user prompts seeking factual information or analysis.  LLMs shall prioritize historical accuracy, scientific inquiry, and objectivity, and shall acknowledge uncertainty where reliable information is incomplete or contradictory. 

    (b)  Ideological Neutrality.  LLMs shall be neutral, nonpartisan tools that do not manipulate responses in favor of ideological dogmas such as DEI.  Developers shall not intentionally encode partisan or ideological judgments into an LLM’s outputs unless those judgments are prompted by or otherwise readily accessible to the end user. 

    Sec. 4.  Implementation.  (a)  Within 120 days of the date of this order, the Director of the Office of Management and Budget (OMB), in consultation with the Administrator for Federal Procurement Policy, the Administrator of General Services, and the Director of the Office of Science and Technology Policy, shall issue guidance to agencies to implement section 3 of this order.  That guidance shall:

    (i)    account for technical limitations in complying with this order;

    (ii)   permit vendors to comply with the requirement in the second Unbiased AI Principle to be transparent about ideological judgments through disclosure of the LLM’s system prompt, specifications, evaluations, or other relevant documentation, and avoid requiring disclosure of specific model weights or other sensitive technical data where practicable;

    (iii)  avoid over-prescription and afford latitude for vendors to comply with the Unbiased AI Principles and take different approaches to innovation;

    (iv)   specify factors for agency heads to consider in determining whether to apply the Unbiased AI Principles to LLMs developed by the agencies and to AI models other than LLMs; and

    (v)    make exceptions as appropriate for the use of LLMs in national security systems.

    (b)  Each agency head shall, to the maximum extent consistent with applicable law:

    (i)    include in each Federal contract for an LLM entered into following the date of the OMB guidance issued under subsection (a) of this section terms requiring that the procured LLM comply with the Unbiased AI Principles and providing that decommissioning costs shall be charged to the vendor in the event of termination by the agency for the vendor’s noncompliance with the contract following a reasonable period to cure;

    (ii)   to the extent practicable and consistent with contract terms, revise existing contracts for LLMs to include the terms specified in subsection (b)(i) of this section; and

    (iii)  within 90 days of the OMB guidance issued under subsection (a) of this section, adopt procedures to ensure that LLMs procured by the agency comply with the Unbiased AI Principles.

    Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the General Services Administration.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

  • MIL-OSI Security: Illegal Alien Sent to Prison for Role in Nationwide Scheme to Sell Fake Texas Paper Vehicle Tags

    Source: US FBI

    HOUSTON – The final man in a large-scale conspiracy to commit wire fraud in relation to the sale of hundreds of thousands of fraudulent Texas paper license plates has been ordered to prison, announced U.S. Attorney Nicholas J. Ganjei.

    Emmanuel Padilla Reyes, 35, pleaded guilty May 13.

    U.S. District Judge George C. Hanks has now ordered Reyes to serve 60 months in federal prison and to pay $22 million in restitution to the Texas Department of Motor Vehicles. Not a U.S. citizen, he is expected to face removal proceedings following his imprisonment. At the hearing, the court heard testimony from the family of a victim killed by a truck bearing a fraudulent paper license plate that one of Reyes’ dealerships had issued. In handing down the sentence, the court noted that there were many more victims just like this one whose lives Reyes harmed and changed, and that this was not a victimless crime.

    “The defendant’s criminal scheme was not only illegal in itself, but also facilitated scores of other crimes, such as armed robberies and drive-by shootings,” said Ganjei. “Texas motorists deserve to know vehicles on the roadways alongside them and their families are genuinely licensed, rather than the instruments of crime.”

    “This case led not only to arrests and prison sentences for those behind a national multimillion-dollar scheme, but it also led to changes in the way temporary tags are issued in Texas. Changes that just went into effect July 1,” said Special Agent in Charge Douglas Williams of the FBI Houston Field Office. “That’s impactful, and I’m so proud of our law enforcement partners and the FBI Houston case team who made it all happen.”

    Reyes and co-conspirators sold over 550,000 tags using the internet and messaging apps, without selling any vehicles. He used aliases, including a stolen identity, to obtain car dealer licenses for the scheme. The fake tags allowed buyers to evade registration, insurance and law enforcement detection, enabling crimes such as robberies and drive-by shootings.

    In Texas, used car dealers must obtain an independent General Distinguishing Number to access the state’s eTag portal and issue temporary buyer tags. At the time of the indictment, the system lacked data entry restrictions. Reyes used fake identities and documents to obtain licenses for two fictitious dealerships, “King’s Ranch Autoland” and “Texas Motor Company,” then advertised Texas buyer tags for sale on Facebook and Instagram.

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

    Co-defendants Leidy Areli Hernandez Lopez, 45, Octavian Ocasio, 53, and Daniel Christine-Tani, 36, were also charged and convicted in the scheme and were sentenced to prison. Lopez, also in the United States illegally, failed to report to prison. A federal grand jury returned an indictment Feb. 20 charging her with failure to surrender. Lopez is considered a fugitive, and a warrant remains outstanding for her arrest. Anyone with information about her whereabouts is asked to contact the FBI at 713-693-5000.

    The FBI conducted the investigation with assistance from Travis County Constable Office – Precinct 3, Houston Police Department, Texas Department of Public Safety, Harris County Sheriff’s Office, New York State Police and New York Police Department. Assistant U.S. Attorneys Belinda Beek and Adam Goldman are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Subsea 7 S.A. Notice of Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

    Luxembourg – 24 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) today published and distributed to eligible holders of common shares the notice of meeting for an extraordinary general meeting of shareholders (the EGM). The purpose of the EGM is to consider the proposed combination between Subsea7 and Saipem SpA.

    The EGM is scheduled to take place at 15:00 (local time) on 25 September 2025 at 5, place Winston Churchill, L-1340 Luxembourg.

    The holders of common shares on record at the close of business on 11 September 2025 will be entitled to vote. The deadline for submission of votes for holders of common shares is 19 September 2025.

    The notice of meeting and supporting materials, including the common merger plan, the report of the board of directors with respect to the common merger plan, and the reports of the respective independent experts of the Company and Saipem SpA, will shortly be available on the Company’s website, subsea7.com.

    The EGM agenda includes the proposal to distribute a dividend of €450m, equating to approximately NOK 18.00 per share as at today’s date.  This distribution is in accordance with the terms of the merger with Saipem S.p.A., conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date.

    In addition, the EGM agenda includes a proposal to distribute a special dividend of €105m, equating to approximately NOK 4.15 per share, as at today’s date.  This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem SpA.  The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date.

    The key dates relating to both proposed dividends shall be published as soon as these dates are fixed.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    No Offer or Solicitation

    This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40

    Attachments

    The MIL Network –

  • MIL-OSI: Northfield Bancorp, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.24 FOR THE CURRENT QUARTER COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.14 FOR THE SECOND QUARTER OF 2024.
    • NET INTEREST MARGIN INCREASED BY 19 BASIS POINTS TO 2.57% FOR THE CURRENT QUARTER COMPARED TO 2.38% FOR THE TRAILING QUARTER, AND BY 48 BASIS POINTS COMPARED TO 2.09% FOR THE SECOND QUARTER OF 2024, DRIVEN BY LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • COST OF DEPOSITS, EXCLUDING BROKERED DEPOSITS, AT JUNE 30, 2025 WAS 1.88% AS COMPARED TO 1.94% AT MARCH 31, 2025.
    • ASSET QUALITY IMPROVED WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.36% AT JUNE 30, 2025 COMPARED TO 0.48% AT MARCH 31, 2025.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH OVER $800 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $1 BILLION.
    • A $10.0 MILLION REPURCHASE PLAN APPROVED ON APRIL 23, 2025 WAS COMPLETED DURING THE CURRENT QUARTER AS THE COMPANY REPURCHASED 862,469 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON AUGUST 20, 2025, TO STOCKHOLDERS OF RECORD AS OF AUGUST 6, 2025.

    WOODBRIDGE, N.J., July 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $9.6 million, or $0.24 per diluted share, for the three months ended June 30, 2025, compared to $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, and $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024. For the six months ended June 30, 2025, net income totaled $17.4 million, or $0.43 per diluted share, compared to $12.2 million, or $0.29 per diluted share, for the six months ended June 30, 2024. For the three and six months ended June 30, 2025, net income included $580,000 of additional tax expense related to options that expired in May 2025. For the three and six months ended June 30, 2024, net income included $795,000 of additional tax expense related to options that expired in June 2024, and $683,000 of severance expense. The increase in net income for the current quarter and the six months ended June 30, 2025, as compared to the comparable prior year periods was primarily due to an increase in net interest income, attributable to lower funding costs and higher yields on loans and securities, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer, noted, “Our strong financial results reflect the continued execution of our strategic initiatives, focused on prudent and disciplined lending and deposit gathering, net interest margin expansion, and expense discipline.” Mr. Klein further noted, “I’m pleased to report that we continue to deploy our substantial capital base, including through stock repurchases of $15.0 million for the year and the declaration of a quarterly cash dividend of $0.13 per common share, payable August 20, 2025, to stockholders of record on August 6, 2025.”

    Results of Operations

    Comparison of Operating Results for the Six Months Ended June 30, 2025 and 2024

    Net income was $17.4 million and $12.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $9.6 million increase in net interest income, a $4.9 million increase in the provision for credit losses on loans, a $1.3 million increase in non-interest income, a $920,000 decrease in non-interest expense, and a $1.7 million increase in income tax expense.

    Net interest income for the six months ended June 30, 2025, increased $9.6 million, or 17.0%, to $66.2 million, from $56.6 million for the six months ended June 30, 2024 due to a $6.0 million decrease in interest expense and a $3.6 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $141.5 million, or 3.3%, as well as a decrease in the cost of interest-bearing liabilities, which decreased by 18 basis points to 2.74% for the six months ended June 30, 2025, from 2.92% for the six months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $378.9 million, or 35.2%, decrease in the average balance of borrowed funds, partially offset by a $237.2 million, or 7.5%, increase in the average balance of interest-bearing deposits, primarily certificates of deposit. The decrease in the cost of interest-bearing liabilities was driven primarily by an eight basis point decrease in the cost of interest-bearing deposits to 2.47% from 2.55% and a four basis point decrease in the cost of borrowings to 3.83% from 3.87%. The increase in interest income was primarily due to a 25 basis point increase in the yield on interest-earning assets, due to higher yields on mortgage-backed securities and loans, partially offset by a $128.0 million, or 2.3%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of loans of $175.5 million, the average balance of other securities of $275.8 million, and the average balance of interest-earning deposits in financial institutions of $128.1 million, partially offset by an increase in the average balance of mortgage-backed securities of $453.4 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

    Net interest margin increased by 42 basis points to 2.48% for the six months ended June 30, 2025, from 2.06% for the six months ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the six months ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $469,000 for the six months ended June 30, 2025, as compared to $747,000 for the six months ended June 30, 2024. Net interest income for the six months ended June 30, 2025, also included loan prepayment income of $767,000 as compared to $561,000 for the six months ended June 30, 2024.

    The provision for credit losses on loans increased by $4.9 million to $4.7 million for the six months ended June 30, 2025, compared to a benefit of $203,000 for the six months ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our Current Expected Credit Loss (“CECL”) model, an increase in specific reserves of $1.2 million, changes in model assumptions including a reduction in prepayment speeds, and higher net charge-offs. Partially offsetting the increase in reserves was a decline in loan balances. Net charge-offs were $3.7 million for the six months ended June 30, 2025, primarily due to $3.2 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $2.6 million for the six months ended June 30, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $24.0 million at June 30, 2025.

    Non-interest income increased by $1.3 million, or 21.0%, to $7.5 million for the six months ended June 30, 2025, compared to $6.2 million for the six months ended June 30, 2024. The increase was primarily due to an increase in income on bank-owned life insurance of $1.4 million, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields, partially offset by a $178,000 decrease in gains on trading securities. Gains on trading securities in the six months ended June 30, 2025, were $709,000, as compared to gains of $887,000 in the six months ended June 30, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased by $920,000, or 2.0%, to $44.4 million for the six months ended June 30, 2025, compared to $45.3 million for the six months ended June 30, 2024. The decrease was primarily due to a $650,000 decrease in employee compensation and benefits, primarily due to severance expense of $683,000 which was recorded during the six months ended June 30, 2024, and a $178,000 decrease in deferred compensation expense, which is described above, and had no effect on net income. Partially offsetting the decreases were higher salary expense related to annual merit increases and higher stock compensation expense as the prior year included a credit of $461,000 related to performance stock awards not expected to vest. Additionally, there was a $456,000 decrease in advertising expense attributable to a change in marketing strategy and the timing of specific deposit and lending campaigns, and a $311,000 decrease in other expense. Partially offsetting the decreases was a $485,000 increase in professional fees related to outsourced audit services and recruitment fees.

    The Company recorded income tax expense of $7.2 million for the six months ended June 30, 2025, compared to $5.5 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025, was 29.3% compared to 31.2% for the six months ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the six months ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the six months ended June 30, 2024.

    Comparison of Operating Results for the Three Months Ended June 30, 2025 and 2024

    Net income was $9.6 million and $6.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year quarter are as follows: a $5.7 million increase in net interest income, a $2.7 increase in the provision for credit losses on loans, a $1.7 million increase in non-interest income, and a $1.1 million increase in income tax expense.

    Net interest income for the quarter ended June 30, 2025, increased $5.7 million, or 19.9%, to $34.4 million, from $28.7 million for the quarter ended June 30, 2024, due to a $3.5 million decrease in interest expense and a $2.2 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $177.0 million, or 4.1%, as well as a decrease in the cost of interest-bearing liabilities which decreased by 22 basis points to 2.73% for the three months ended June 30, 2025, from 2.95% for the three months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $344.2 million, or 33.1% decrease in the average balance of borrowed funds, partially offset by a $167.0 million, or 5.2%, increase in the average of interest-bearing deposits. The decrease in the cost of interest-bearing liabilities was driven by an 18 basis point decrease in the cost of interest-bearing deposits to 2.42% from 2.60%, partially offset by a 10 basis point increase in the cost of borrowed funds to 3.98% from 3.88%. The increase in interest income was primarily due to a 28 basis point increase in the yield on interest-earning assets due to higher yields on mortgage-backed securities and loans, partially offset by a $151.7 million, or 2.8%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of other securities of $277.3 million, the average balance of loans of $183.3 million and the average balance of interest-earning deposits in financial institutions of $112.0 million, partially offset by an increase in the average balance of mortgage-backed securities of $422.3 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

    Net interest margin increased by 48 basis points to 2.57% for the quarter ended June 30, 2025, from 2.09% for the quarter ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $321,000 for the quarter ended June 30, 2024. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000, as compared to $210,000 for the quarter ended June 30, 2024.

    The provision for credit losses on loans increased by $2.7 million to $2.1 million for the quarter ended June 30, 2025, from a benefit of $618,000 for the quarter ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our CECL model, an increase in specific reserves of $1.2 million, and changes in model assumptions, including a reduction in prepayment speeds. Partially offsetting the increase in reserves was a decline in loan balances and lower net charge-offs. Net charge-offs were $887,000 for the quarter ended June 30, 2025, primarily due to $879,000 in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $1.6 million for the quarter ended June 30, 2024.

    Non-interest income increased by $1.7 million, or 58.3%, to $4.5 million for the quarter ended June 30, 2025, from $2.9 million for the quarter ended June 30, 2024. The increase was primarily due to increases of $820,000 in gains on trading securities and $760,000 in income on bank-owned life insurance, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields. Gains on trading securities in the three months ended June 30, 2025, were $1.0 million as compared to gains of $188,000 in the quarter ended June 30, 2024.

    Non-interest expense remained stable at $23.0 million for both quarters ended June 30, 2025 and June 30, 2024.

    The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $3.2 million for the quarter ended June 30, 2024. The effective tax rate for the quarter ended June 30, 2025, was 31.0% compared to 35.0% for the quarter ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the quarter ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the quarter ended June 30, 2024.

    Comparison of Operating Results for the Three Months Ended June 30, 2025 and March 31, 2025

    Net income was $9.6 million and $7.9 million for the quarters ended June 30, 2025, and March 31, 2025, respectively. Significant variances from the prior quarter are as follows: a $2.6 million increase in net interest income, a $496,000 decrease in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $1.5 million increase in non-interest expense, and a $1.4 million increase in income tax expense.

    Net interest income for the quarter ended June 30, 2025, increased by $2.6 million, or 8.2%, to $34.4 million, from $31.8 million for the quarter ended March 31, 2025, due to a $2.3 million increase in interest income and a $272,000 decrease in interest expense. The increase in interest income was primarily due to a 17 basis point increase in the yield on interest-earning assets, partially offset by a $49.1 million decrease in the average balance of interest-earning assets, primarily due to decreases in the average balance of loans of $62.4 million, the average balance of other securities of $61.5 million, and the average balance of interest-earning deposits in financial institutions of $39.5 million, which were partially offset by an increase in the average balance of mortgage-backed securities of $114.1 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities. The decrease in interest expense was primarily due to a $66.1 million, or 1.6%, decrease in the average balance of interest-bearing liabilities largely attributable to a $67.8 million decrease in the average balance of interest-bearing deposits.

    Net interest margin increased by 19 basis points to 2.57% for the quarter ended June 30, 2025, from 2.38% for the quarter ended March 31, 2025, primarily due to higher yields on loans and mortgage-backed securities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000 as compared to $245,000 for the quarter ended March 31, 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $223,000 for the quarter ended March 31, 2025.

    The provision for credit losses on loans decreased by $496,000 to $2.1 million for the quarter ended June 30, 2025, from $2.6 million for the quarter ended March 31, 2025. The decrease in the provision for the current quarter was primarily due to lower net charge-offs and a decline in loan balances, partially offset by an increase in specific reserves of $569,000 and an increase in general reserves due to a worsening macroeconomic forecast in the current quarter within our CECL model. Net charge-offs were $887,000 for the quarter ended June 30, 2025, as compared to net charge-offs of $2.8 million for the quarter ended March 31, 2025.

    Non-interest income increased by $1.5 million, or 49.8%, to $4.5 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended March 31, 2025. The increase was primarily due to a $1.3 million increase in gains on trading securities, net. For the quarter ended June 30, 2025, gains on trading securities, net, were $1.0 million, compared to losses of $299,000 for the quarter ended March 31, 2025.

    Non-interest expense increased by $1.5 million, or 7.2%, to $23.0 million for the quarter ended June 30, 2025, from $21.4 million for the quarter ended March 31, 2025. The increase was primarily due to a $2.0 million increase in compensation and employee benefits, of which $1.3 million was attributable to an increase in deferred compensation expense and has no effect on net income due to offsetting gains on trading securities. The remaining increase in compensation and employee benefits was primarily due to higher salary expense related to an increase in headcount during the current quarter as well as recognizing a full quarter of merit-related increases as compared to one month in the prior quarter. Additionally, there was a $280,000 increase in data processing costs attributable to an increase in core system expenses. Partially offsetting the increases were decreases of $205,000 in occupancy expense, $169,000 in professional fees, $210,000 in other expense, and $156,000 in credit loss expense/(benefit) for off-balance sheet exposure. The decrease in credit loss expense/(benefit) for off-balance sheet exposure was due to a benefit of $53,000 recorded during the quarter ended June 30, 2025, as compared to a provision of $103,000 recorded during the quarter ended March 31, 2025.

    The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $2.9 million for the quarter ended March 31, 2025. The effective tax rate for the quarter ended June 30, 2025 was 31.0%, compared to 27.0% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000, contributing to the higher effective tax rate for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025.

    Financial Condition

    Total assets increased by $12.9 million, or 0.2%, to $5.68 billion at June 30, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $200.2 million, or 18.2%, partially offset by decreases in loans receivable of $106.5 million, or 2.6%, cash and cash equivalents of $70.2 million, or 41.8% and other assets of $9.6 million, or 20.4%.

    Cash and cash equivalents decreased by $70.1 million, or 41.8%, to $97.6 million at June 30, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $101.6 million, or 2.5%, to $3.92 billion at June 30, 2025 from $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily real estate loans, partially offset by increases in one-to-four family residential mortgage and home equity and lines of credit loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $114.4 million, or 4.4%, to $2.48 billion at June 30, 2025 from $2.60 billion at December 31, 2024, commercial and industrial loans decreased $4.9 million, or 3.0%, to $158.5 million at June 30, 2025 from $163.4 million at December 31, 2024, commercial real estate loans decreased $3.7 million, or 0.4%, to $886.1 million at June 30, 2025 from $889.8 million at December 31, 2024, and construction and land loans decreased $3.6 million, or 10.0%, to $32.3 million at June 30, 2025 from $35.9 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $12.8 million, or 7.3%, to $186.8 million at June 30, 2025 from $174.1 million at December 31, 2024, and one-to-four family residential loans of $12.5 million, or 8.3%, to $162.8 million at June 30, 2025 from $150.2 million at December 31, 2024.

    As of June 30, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 416%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At June 30, 2025, office-related loans represented $178.8 million, or 4.6% of our total loan portfolio, with an average balance of $1.8 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 58%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 49.9% in New York, 48.6% in New Jersey and 1.5% in Pennsylvania. At June 30, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.3 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At June 30, 2025, multifamily loans that have some form of rent stabilization or rent control totaled $434.1 million, or 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 50%. At June 30, 2025, our largest rent-regulated loan had a principal balance of $16.6 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at June 30, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $247,000 and $469,000 attributable to PCD loans for the three and six months ended June 30, 2025, respectively, compared to $321,000 and $747,000 for the three and six months ended June 30, 2024, respectively. PCD loans had an allowance for credit losses of approximately $2.7 million at June 30, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Real estate loans:          
    Multifamily $ 2,483,078   $ 2,567,913   $ 2,597,484
    Commercial mortgage   886,135     882,600     889,801
    One-to-four family residential mortgage   162,750     146,791     150,217
    Home equity and lines of credit   186,848     181,354     174,062
    Construction and land   32,300     40,284     35,897
    Total real estate loans   3,751,111     3,818,942     3,847,461
    Commercial and industrial loans   158,539     162,133     163,425
    Other loans   2,008     1,411     2,165
    Total commercial and industrial and other loans   160,547     163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,911,658     3,982,486     4,013,051
    PCD loans   8,955     9,043     9,173
    Total loans held-for-investment, net $ 3,920,613   $ 3,991,529   $ 4,022,224
                     

    Other assets decreased by $9.6 million, or 20.4%, to $37.4 million at June 30, 2025, from $46.9 million at December 31, 2024. The decrease was primarily attributable to a decrease in deferred tax assets primarily due to a decrease in unrealized losses on the securities available-for-sale portfolio.

    The Company’s available-for-sale debt securities portfolio increased by $200.2 million, or 18.2%, to $1.30 billion at June 30, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At June 30, 2025, $1.27 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $29.7 million in corporate bonds, substantially all of which were investment grade, $684,000 in municipal bonds and $613,000 in U.S. Government agency securities at June 30, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $14.6 million and $276,000, respectively, at June 30, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $6.3 million at June 30, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration (“SBA”) Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a redemption, at par, of $5.0 million of our investment in the SBA Loan Fund during the quarter ended June 30, 2025.

    Total liabilities increased $7.3 million, or 0.1%, to $4.97 billion at June 30, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $165.5 million, partially offset by a decrease in deposits of $152.3 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $152.3 million, or 3.7%, to $3.99 billion at June 30, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $188.4 million, or 71.5%, as the Company placed less reliance on brokered deposits, which were used as a lower-cost alternative to borrowings in the quarter ended December 31, 2024. Deposits, excluding brokered deposits, increased $36.0 million, or 0.9%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $73.7 million in transaction accounts and $9.6 million in time deposits, partially offset by decreases of $29.2 million in savings accounts, and $18.0 million in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at June 30, 2025 were $1.87 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $940.6 million, leaving estimated uninsured deposits of approximately $929.2 million, or 23.1%, of total deposits. At December 31, 2024, estimated uninsured deposits, excluding fully collateralized uninsured governmental deposits and intercompany deposits, totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Transaction:          
    Non-interest bearing checking $ 735,811   $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,331,060     1,367,219     1,286,154
    Total transaction   2,066,871     2,090,213     1,993,130
    Savings and money market:          
    Savings   874,927     899,674     904,163
    Money market   254,154     271,566     272,145
    Total savings   1,129,081     1,171,240     1,176,308
    Certificates of deposit:          
    $250,000 and under   573,612     602,959     580,940
    Over $250,000   141,623     144,255     124,681
    Brokered deposits   75,000     123,289     263,418
    Total certificates of deposit   790,235     870,503     969,039
    Total deposits $ 3,986,187   $ 4,131,956   $ 4,138,477
                     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
               
    Business customers $ 907,464   $ 891,545   $ 885,769
    Municipal (governmental) customers $ 892,652   $ 929,611   $ 859,319
                     

    Borrowed funds increased to $893.5 million at June 30, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $55.0 million increase in borrowings under an overnight line of credit, and a $110.5 million increase in other borrowings. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at June 30, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $295,684   4.44%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $770,972   4.05%
             

    Total stockholders’ equity increased by $5.6 million to $710.3 million at June 30, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $17.4 million for the six months ended June 30, 2025, an $11.9 million increase in accumulated other comprehensive income associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $2.0 million increase in equity award activity, partially offset by $15.0 million in stock repurchases and $10.7 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program, and on April 23, 2025, the Board of Directors approved a $10.0 million stock repurchase program. During the six months ended June 30, 2025, the Company repurchased 1.3 million shares of its common stock outstanding at an average price of $11.52 for a total of $15.0 million pursuant to the approved stock repurchase plans. As of June 30, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of June 30, 2025 was 18.3%.

    The Company had the following primary sources of liquidity at June 30, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 85,652
    Corporate bonds(2)   $ 15,525
    Multifamily loans(2)   $ 1,074,872
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 791,369
         
    (1) Excludes $12.0 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.
     

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At June 30, 2025, the Company’s and the Bank’s estimated CBLR ratios were 12.09% and 12.56%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Non-accrual loans:          
    Held-for-investment          
    Real estate loans:          
    Multifamily $ 2,521     $ 2,565     $ 2,609  
    Commercial mortgage   4,555       4,565       4,578  
    Home equity and lines of credit   1,264       1,267       1,270  
    Commercial and industrial   4,517       4,972       5,807  
    Total non-accrual loans   12,857       13,369       14,264  
    Loans delinquent 90 days or more and still accruing:          
    Held-for-investment          
    Real estate loans:          
    Multifamily   —       —       164  
    Commercial mortgage   74       —       —  
    One-to-four family residential   871       878       882  
    Home equity and lines of credit   177       140       140  
    Commercial and industrial   121       —       —  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,243       1,018       1,186  
    Non-performing loans held-for-sale:          
    Commercial mortgage   —       4,397       4,397  
    Commercial and industrial   —       500       500  
    Total non-performing loans held-for-sale   —       4,897       4,897  
    Total non-performing loans   14,100       19,284       20,347  
    Total non-performing assets $ 14,100     $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.36 %     0.48 %     0.51 %
    Non-performing assets to total assets   0.25 %     0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 4,076     $ 6,845     $ 9,336  
                           

    The decrease in non-performing loans held-for-sale from March 31, 2025, and December 31, 2024, was due to repayment of the loans in full from a settlement agreement in bankruptcy.

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $4.1 million, $6.8 million and $9.3 million at June 30, 2025, March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Held-for-investment          
    Real estate loans:          
    Multifamily $ 1,230   $ 1,296   $ 2,831
    Commercial mortgage   14     147     78
    One-to-four family residential   741     2,584     2,407
    Home equity and lines of credit   1,398     1,141     1,472
    Commercial and industrial loans   693     1,674     2,545
    Other loans   —     3     3
    Total delinquent accruing loans held-for-investment $ 4,076   $ 6,845   $ 9,336
                     

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at June 30, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At June 30, 2025, 2.3% of PCD loans were past due 30 to 89 days, and 25.5% were past due 90 days or more, as compared to 2.1% and 24.9%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at June 30, 2025 totaled $2.48 billion, or 63% of our total loan portfolio, of which $434.1 million, or 11%, of our total loan portfolio included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent
    Regulated    		   Balance   % Portfolio
    Total NY
    Multifamily
    Portfolio    		   Average
    Balance    		   Largest Loan   LTV*   Debt Service
    Coverage Ratio
    (DSCR)*    		   30-89 Days
    Delinquent    		   Non-Accrual   Special
    Mention    		   Substandard
    0   $ 294,926   40.5 %   $ 1,229   $ 16,361   50.6 %   1.50x   $ 155   $ 481   $ —   $ 1,015
    >0-10     4,673   0.6       1,558     2,097   50.6     1.33     —     —     —     —
    >10-20     18,258   2.5       1,404     2,818   48.4     1.59     —     —     —     —
    >20-30     19,159   2.6       2,129     5,417   48.1     1.55     —     —     —     —
    >30-40     15,884   2.2       1,324     3,012   43.2     1.74     —     —     —     —
    >40-50     21,438   2.9       1,261     2,701   46.7     1.68     —     —     —     —
    >50-60     9,222   1.3       1,537     2,299   39.1     1.80     —     —     —     —
    >60-70     21,815   3.0       2,727     11,102   53.2     1.50     —     —     —     —
    >70-80     22,038   3.0       2,449     4,855   47.3     1.55     —     —     —     —
    >80-90     19,547   2.7       1,150     3,113   45.9     1.66     —     —     1,118     —
    >90-100     282,037   38.7       1,730     16,594   51.3     1.54     —     2,040     3,608     4,342
    Total   $ 728,997   100.0 %   $ 1,467   $ 16,594   50.2 %   1.54x   $ 155   $ 2,521   $ 4,726   $ 5,357
                                                               

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,252   50.9%   1.51x
    Kings     184,424   49.4%   1.58
    Nassau     2,145   35.7%   2.13
    New York     48,532   46.0%   1.62
    Queens     37,359   44.1%   1.69
    Richmond     32,031   59.8%   1.41
    Westchester     13,327   58.4%   1.44
    Total   $ 434,070   49.9%   1.56x
                 
    *  Weighted Average
     

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 13 loans with an aggregate principal balance of $23.6 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

    Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, competition among depository and other financial institutions, including with respect to fees and interest rates, fluctuations in residential and commercial real estate values and market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

     
    (Tables follow)
    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
                   
      At or For the Three Months Ended   At or For the Six Months Ended
      June 30,   March 31,   June 30,
      2025   2024   2025   2025   2024
    Selected Financial Ratios:                  
    Performance Ratios (1)                  
    Return on assets (ratio of net income to average total assets) 0.68 %   0.41 %   0.56 %   0.62 %   0.42 %
    Return on equity (ratio of net income to average equity) 5.41     3.45     4.52     4.97     3.52  
    Average equity to average total assets 12.56     12.00     12.43     12.50     12.02  
    Interest rate spread 1.94     1.44     1.76     1.84     1.41  
    Net interest margin 2.57     2.09     2.38     2.48     2.06  
    Efficiency ratio (2) 59.02     72.89     61.57     60.22     72.16  
    Non-interest expense to average total assets 1.63     1.60     1.53     1.58     1.58  
    Non-interest expense to average total interest-earning assets 1.72     1.68     1.61     1.66     1.65  
    Average interest-earning assets to average interest-bearing liabilities 130.31     128.47     129.42     129.87     128.57  
    Asset Quality Ratios:                  
    Non-performing assets to total assets 0.25     0.30     0.34     0.25     0.30  
    Non-performing loans (3) to total loans (4) 0.36     0.42     0.48     0.36     0.42  
    Allowance for credit losses to non-performing loans (5) 256.15     200.96     242.73     256.15     200.96  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.92     0.85     0.87     0.92     0.85  
                                 

    (1)  Annualized where appropriate.
    (2)  The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3)  Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4)  Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5)  Excludes loans held-for-sale.
    (6)  Includes originated loans held-for-investment, PCD loans, and acquired loans.

     
    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      June 30, 2025   March 31, 2025   December 31, 2024
    ASSETS:          
    Cash and due from banks $ 11,985     $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   85,652       89,139       154,701  
    Total cash and cash equivalents   97,637       101,662       167,744  
    Trading securities   14,052       13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,300,975       1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,454       8,883       9,303  
    Equity securities   6,278       10,855       14,261  
    Loans held-for-sale   —       4,897       4,897  
    Loans held-for-investment, net   3,920,613       3,991,529       4,022,224  
    Allowance for credit losses   (36,120 )     (34,921 )     (35,183 )
    Net loans held-for-investment   3,884,493       3,956,608       3,987,041  
    Accrued interest receivable   19,241       19,648       19,078  
    Bank-owned life insurance   179,134       177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   43,664       38,350       35,894  
    Operating lease right-of-use assets   26,157       27,345       27,771  
    Premises and equipment, net   20,842       21,431       21,985  
    Goodwill   41,012       41,012       41,012  
    Other assets   37,352       42,435       46,932  
    Total assets $ 5,679,291     $ 5,710,000     $ 5,666,378  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY:          
    LIABILITIES:          
    Deposits $ 3,986,187     $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   831,920       709,159       666,402  
    Subordinated debentures, net of issuance costs   61,554       61,498       61,442  
    Lease liabilities   30,286       31,630       32,209  
    Advance payments by borrowers for taxes and insurance   25,287       29,270       24,057  
    Accrued expenses and other liabilities   33,783       35,338       39,095  
    Total liabilities   4,969,017       4,998,851       4,961,682  
               
    STOCKHOLDERS’ EQUITY:          
    Total stockholders’ equity   710,274       711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,679,291     $ 5,710,000     $ 5,666,378  
               
    Total shares outstanding   41,819,988       42,676,274       42,903,598  
    Tangible book value per share(1) $ 16.00     $ 15.70     $ 15.46  
                           

    (1)  Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $45, $57 and $69 at June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

     
    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended   For the Six Months Ended
      June 30,   March 31,   June 30,
        2025       2024       2025       2025     2024  
    Interest income:                  
    Loans $ 46,661     $ 45,967     $ 45,283     $ 91,944   $ 92,014  
    Mortgage-backed securities   13,888       7,355       12,009       25,897     11,753  
    Other securities   442       3,506       797       1,239     7,347  
    Federal Home Loan Bank of New York dividends   728       935       862       1,590     1,905  
    Deposits in other financial institutions   706       2,457       1,141       1,847     5,849  
    Total interest income   62,425       60,220       60,092       122,517     118,868  
    Interest expense:                  
    Deposits   20,285       20,664       21,191       41,476     39,937  
    Borrowings   6,916       10,041       6,291       13,207     20,704  
    Subordinated debt   828       828       819       1,647     1,656  
    Total interest expense   28,029       31,533       28,301       56,330     62,297  
    Net interest income   34,396       28,687       31,791       66,187     56,571  
    Provision/(benefit) for credit losses   2,086       (618 )     2,582       4,668     (203 )
    Net interest income after provision/(benefit) for credit losses   32,310       29,305       29,209       61,519     56,774  
    Non-interest income:                  
    Fees and service charges for customer services   1,685       1,570       1,620       3,305     3,185  
    Income on bank-owned life insurance   1,736       976       1,639       3,375     1,940  
    Gains on available-for-sale debt securities, net   —       1       —       —     1  
    Gains/(losses) on trading securities, net   1,008       188       (299 )     709     887  
    Gain on sale of loans   —       51       —       —     51  
    Other   97       73       62       159     176  
    Total non-interest income   4,526       2,859       3,022       7,548     6,240  
    Non-interest expense:                  
    Compensation and employee benefits   13,728       13,388       11,775       25,503     26,153  
    Occupancy   3,328       3,222       3,533       6,861     6,775  
    Furniture and equipment   411       477       414       825     961  
    Data processing   2,402       2,177       2,122       4,524     4,324  
    Professional fees   903       681       1,072       1,975     1,490  
    Advertising   294       482       250       544     1,000  
    Federal Deposit Insurance Corporation insurance   618       649       617       1,235     1,237  
    Credit (benefit) loss expense for off-balance sheet exposures   (53 )     103       103       50     186  
    Other   1,339       1,814       1,549       2,888     3,199  
    Total non-interest expense   22,970       22,993       21,435       44,405     45,325  
    Income before income tax expense   13,866       9,171       10,796       24,662     17,689  
    Income tax expense   4,295       3,214       2,920       7,215     5,518  
    Net income $ 9,571     $ 5,957     $ 7,876     $ 17,447   $ 12,171  
    Net income per common share:                  
    Basic $ 0.24     $ 0.14     $ 0.19       0.43     0.29  
    Diluted $ 0.24     $ 0.14     $ 0.19       0.43     0.29  
    Basic average shares outstanding   40,183,613       41,999,541       40,864,529       40,522,193     42,181,306  
    Diluted average shares outstanding   40,204,833       42,002,650       40,922,829       40,561,953     42,203,715  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
      Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)
    Interest-earning assets:                                  
    Loans (2) $ 3,944,822   $ 46,661   4.74 %   $ 4,007,266   $ 45,283   4.58 %   $ 4,128,105   $ 45,967   4.48 %
    Mortgage-backed securities (3)   1,246,843     13,888   4.47       1,132,715     12,009   4.30       824,498     7,355   3.59  
    Other securities (3)   56,559     442   3.13       118,082     797   2.74       333,855     3,506   4.22  
    Federal Home Loan Bank of New York stock   37,225     728   7.84       36,929     862   9.47       38,707     935   9.72  
    Interest-earning deposits in financial institutions   79,463     706   3.56       118,983     1,141   3.89       191,470     2,457   5.16  
    Total interest-earning assets   5,364,912     62,425   4.67       5,413,975     60,092   4.50       5,516,635     60,220   4.39  
    Non-interest-earning assets   280,107             277,586             265,702        
    Total assets $ 5,645,019           $ 5,691,561           $ 5,782,337        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,491,340   $ 12,227   1.97 %   $ 2,502,664   $ 12,148   1.97 %   $ 2,490,372   $ 13,183   2.13 %
    Certificates of deposit   867,268     8,058   3.73       923,713     9,043   3.97       701,272     7,481   4.29  
    Total interest-bearing deposits   3,358,608     20,285   2.42       3,426,377     21,191   2.51       3,191,644     20,664   2.60  
    Borrowed funds   696,874     6,916   3.98       695,281     6,291   3.67       1,041,035     10,041   3.88  
    Subordinated debt   61,517     828   5.40       61,461     819   5.40       61,294     828   5.43  
    Total interest-bearing liabilities   4,116,999     28,029   2.73       4,183,119     28,301   2.74       4,293,973     31,533   2.95  
    Non-interest bearing deposits   723,693             706,217             691,384        
    Accrued expenses and other liabilities   95,047             94,819             103,082        
    Total liabilities   4,935,739             4,984,155             5,088,439        
    Stockholders’ equity   709,280             707,406             693,898        
    Total liabilities and stockholders’ equity $ 5,645,019           $ 5,691,561           $ 5,782,337        
                                       
    Net interest income     $ 34,396           $ 31,791           $ 28,687    
    Net interest rate spread (4)         1.94 %           1.76 %           1.44 %
    Net interest-earning assets (5) $ 1,247,913           $ 1,230,856           $ 1,222,662        
    Net interest margin (6)         2.57 %           2.38 %           2.09 %
    Average interest-earning assets to interest-bearing liabilities         130.31 %           129.42 %           128.47 %

    (1)  Average yields and rates are annualized.
    (2)  Includes non-accruing loans.
    (3)  Securities available-for-sale and other securities are reported at amortized cost.
    (4)  Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5)  Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6)  Net interest margin represents net interest income divided by average total interest-earning assets.

       
      For the Six Months Ended
      June 30, 2025   June 30, 2024
      Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)
    Interest-earning assets:                      
    Loans (2) $ 3,975,872   $ 91,944   4.66 %   $ 4,151,387   $ 92,014   4.46 %
    Mortgage-backed securities (3)   1,190,095     25,897   4.39       736,654     11,753   3.21  
    Other securities (3)   87,150     1,239   2.87       362,917     7,347   4.07  
    Federal Home Loan Bank of New York stock   37,078     1,590   8.65       39,153     1,905   9.78  
    Interest-earning deposits in financial institutions   99,114     1,847   3.76       227,177     5,849   5.18  
    Total interest-earning assets   5,389,309     122,517   4.58       5,517,288     118,868   4.33  
    Non-interest-earning assets   278,852             266,065        
    Total assets $ 5,668,161           $ 5,783,353        
                           
    Interest-bearing liabilities:                      
    Savings, NOW, and money market accounts $ 2,496,970   $ 24,375   1.97 %   $ 2,477,334   $ 25,514   2.07 %
    Certificates of deposit   895,335     17,101   3.85       677,800     14,423   4.28  
    Total interest-bearing deposits   3,392,305     41,476   2.47       3,155,134     39,937   2.55  
    Borrowed funds   696,082     13,207   3.83       1,074,957     20,704   3.87  
    Subordinated debt   61,489     1,647   5.40       61,266     1,656   5.44  
    Total interest-bearing liabilities $ 4,149,876     56,330   2.74     $ 4,291,357     62,297   2.92  
    Non-interest bearing deposits   715,003             695,512        
    Accrued expenses and other liabilities   94,934             101,339        
    Total liabilities   4,959,813             5,088,208        
    Stockholders’ equity   708,348             695,145        
    Total liabilities and stockholders’ equity $ 5,668,161           $ 5,783,353        
                           
    Net interest income     $ 66,187           $ 56,571    
    Net interest rate spread (4)         1.84 %           1.41 %
    Net interest-earning assets (5) $ 1,239,433           $ 1,225,931        
    Net interest margin (6)         2.48 %           2.06 %
    Average interest-earning assets to interest-bearing liabilities         129.87 %           128.57 %
                           

    (1)  Average yields and rates are annualized.
    (2)  Includes non-accruing loans.
    (3)  Securities available-for-sale and other securities are reported at amortized cost.
    (4)  Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5)  Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6)  Net interest margin represents net interest income divided by average total interest-earning assets.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    The MIL Network –

  • MIL-OSI USA: Duckworth, Pressley Lead Colleagues in Renewing Push to Protect Access to Reproductive Care for Low-Income Americans, Servicemembers and Millions More

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    July 23, 2025

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D–IL) and U.S. Representative Ayanna Pressley (D-MA-07) led their fellow Senate and House Democratic colleagues in reintroducing legislation to protect Americans’ right to access reproductive health care, regardless of income, insurance or zip code. The Equal Access to Abortion Coverage in Healthcare (EACH) Act would end the discriminatory Hyde Amendment and help lift unjust abortion coverage restrictions for those who depend on Medicaid and other government-sponsored plans—reaffirming the right to access reproductive health care after Donald Trump signed his Big, Beautiful Betrayal into law that will rip health care away from over 15 million Americans.

    “Ever since Trump’s far-right Supreme Court majority struck down Roe, Republicans have made it their mission to strip away a woman’s right to reproductive health care—a right they have no place to stand in the way of,” said Senator Duckworth. “As Republicans’ Big, Beautiful Betrayal kicks millions off their health care, we must act to help strengthen access to abortion coverage for low-income Americans, servicemembers and millions more—no matter their zip code. I’m proud to reintroduce this legislation alongside my colleagues so we can do just that.”

    “Abortion care is health care, and health care is a human right. With Trump and Republicans advancing a cruel, coordinated assault on our bodily autonomy—gutting Medicaid, defunding Planned Parenthood, and decimating access to care—we must use every tool available to protect and expand reproductive healthcare,” said Congresswoman Pressley. “The EACH Act would help us do just that. By repealing the racist and discriminatory Hyde Amendment, which has denied necessary care for vulnerable communities for nearly half a century, our bill would help ensure everyone in America can get the reproductive healthcare they need, regardless of income, insurance, or zip code. I’m grateful to Senator Duckworth and our colleagues for their partnership on this critical priority.”

    Along with Duckworth, the legislation is cosponsored in the Senate by U.S. Senators Patty Murray (D-WA), Mazie K. Hirono (D-HI), Amy Klobuchar (D-MN), Elizabeth Warren (D-MA), Alex Padilla (D-CA), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Jacky Rosen (D-NV), Jeanne Shaheen (D-NH), Adam Schiff (D-CA), Martin Heinrich (D-NM), Kirsten Gillibrand (D-NY), Chris Coons (D-DE), Maria Cantwell (D-WA), Chris Van Hollen (D-MD), Lisa Blunt Rochester (D-DE), Bernie Sanders (D-VT), Ruben Gallego (D-AZ), Cory Booker (D-NJ), Tina Smith (D-MN), Tammy Baldwin (D-WI), Ron Wyden (D-OR), Peter Welch (D-VT), Ed Markey (D-MA), Chris Murphy (D-CT), Andy Kim (D-NJ), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Catherine Cortez Masto (D-NV), Mark Kelly (D-AZ) and Ben Ray Lujan (D-NM).

    Along with Pressley, the legislation is cosponsored in the House by more than 150 U.S. Representatives.

    Copy of the bill text is available on Senator Duckworth’s website.

    Throughout her time in the Senate, Duckworth has made protecting reproductive freedom a top priority in the face of Republicans’ anti-choice crusade. Two weeks ago, Duckworth successfully included her provision to expand access to in-vitro fertilization (IVF) for military families in the Fiscal Year (FY) 2026 National Defense Authorization Act (NDAA) that passed through the U.S. Senate Armed Services Committee.

    Duckworth has also long pushed to pass her Right to IVF Act—which Senate Republicans blocked not once, but twice last year. This legislation would both establish a right to IVF and other assisted reproductive technology (ART), expand access for hopeful parents, Veterans and federal employees, as well as lower the costs of IVF for middle-class families across the country. Last September’s vote marked the fourth time Senate Republicans blocked Duckworth-led legislation that would protect access to IVF nationwide.

    Duckworth was the first Senator to give birth while serving in office and had both of her children with the help of IVF. In 2018, she advocated for the Senate to change its rules so she could bring her infant onto the Senate floor.

    -30-

    MIL OSI USA News –

  • MIL-OSI United Kingdom: £30 million to decarbonise shipping, boost careers and deliver growth across the UK

    Source: United Kingdom – Government Statements

    Press release

    £30 million to decarbonise shipping, boost careers and deliver growth across the UK

    Funding will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.

    • coastal communities across the UK will benefit from £30 million to make shipping and sea travel greener, boosting local economies, and supporting jobs and skills
    • decarb funding is helping to revitalise Glasgow’s strong shipbuilding heritage, as Maritime Minister heralds a new Scottish-built high-tech wing sail which can save ships up to 40% per annum in fuel and emissions
    • latest boost builds on over £136 million for already delivered to more than 142 organisations across every region in the UK, delivering on the government’s Plan for Change missions to kickstart economic growth and become a clean energy superpower.

    Coastal communities across the UK are to benefit from £30 million funding to decarbonise shipping and power up local economies the Maritime Minister will announce today (24 July 2025) during a visit to Clydeport in Glasgow.

    Awarded from the sixth round of the Clean Maritime Demonstration Competition (CMDC), successful companies will be given a share of funding to support the development of clean maritime fuels and technologies such as ammonia, hydrogen, methanol, solar and electric. 

    Investment in green fuels not only supports the decarbonisation of shipping, helping cement the UK as a clean energy superpower, it also revitalises coastal communities by growing local economies and boosting jobs and skills.   

    CMDC has provided over £136 million funding to date to 142 organisations, as part of the wider UK SHORE funding – the government’s flagship programme dedicated to decarbonising maritime – for over 300 organisations, including 250 SMEs. Successful projects include the installation of electric chargepoint networks across ports, including at Aberdeen, the demonstration of an electric crew transfer vessel at Aberdeen Offshore Wind Farm, and the demonstration of a green hydrogen shore power system at the port of Leith. 

    Maritime Minister Mike Kane said:  

    It’s so exciting to see investment in green fuels and technologies spurring on skills, innovation and manufacturing across the UK, delivering on our Plan for Change missions to kickstart economic growth and become a clean energy superpower.

    We’ve charted a course to net zero shipping by 2050 and this £30 million will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.

    During his visit to Clydeport, the minister will meet with workers from the National Manufacturing Institute Scotland, which is looking to help Smart Green Shipping scale up the manufacturing of the FastRig windsail going forward. Built nearby in Glasgow, the FastRig is a high-tech wing sail which can be installed onto vessels, reducing fuel use and emissions by up to 40% per annum. The project received £3.3 million from the third round of the CMDC and has now been successfully deployed at sea. 

    Chris Courtney, CEO, National Manufacturing Institute Scotland said:

    Clean maritime is a vital part of a wider mission to decarbonise transport. Advanced manufacturing is critical to enable companies to scale up novel solutions that deliver emissions reductions and allow the creation of new jobs in these industries of the future.

    We’ve spent the past 2 years working on the CMDC-funded MariLight projects, led by Glasgow-based Malin Marine Consultants, part of the Malin Group, supported by industry partners, where we demonstrated how advanced manufacturing can cut lead times, lower carbon, and enable localised production in shipbuilding. It’s great to see continued momentum through the programme, and we look forward to supporting Smart Green Shipping’s journey as it scales.

    Diane Gilpin, Smart Green Shipping (SGS), CEO said:

    CMDC3 support enabled SGS, a Scottish based business, to demonstrate the safety and robustness of FastRig, our Cyldebuilt wingsails, and to build out our digital decision-making platform, FastReach, which underpins our unique wind-as-a-service proposition.

    Over the last 3 years SGS has invested £7.6 million in R&D, 60% of that in Scotland. We’ve drawn upon engineering design skills in adjacent sectors like renewables and oil and gas, and digital expertise created in Scotland’s vibrant tech community. We are also working alongside the National Manufacturing Institute of Scotland to design circular manufacturing solutions to reduce embedded emissions and minimise use of precious materials while creating good green jobs as part of a sustainable just transition.

    The minister will meet with Peel Ports and local workers at Clydeport’s King George V Docks. Delivering £3 million of investment to support the growing demand for handling huge wind turbine components for the renewable energy sector, Clydeport is keeping Glasgow’s shipbuilding heritage and manufacturing expertise alive, equipping it to meet the modern-day needs of the sector. 

    Jim McSporran, Port Director at Peel Ports Clydeport, said:

    We’re proud to welcome the Maritime Minister to Peel Ports Clydeport today and showcase how our facilities continue to create opportunities for investment, jobs and skills that will benefit the people and businesses of Scotland. 

    Our recent £3 million investment in road infrastructure at King George V Dock to accommodate growing demand for handling wind turbine components, and our ongoing transformative work at Hunterston PARC in Ayrshire to support the renewables sector, demonstrate our commitment to decarbonising supply chains and enabling the transition to a greener economy.  

    It’s fantastic to see government and industry working together to back innovation and today’s visit reinforces how Glasgow’s maritime legacy is helping to drive the UK’s clean energy future.

    Mike Biddle, Executive Director, Net Zero at Innovate UK, said:

    Congratulations to the awarded projects from Round 6 of the Clean Maritime Demonstrator Competition – a great opportunity for UK innovators to take part in a world-renowned maritime transport R&D grant funding programme. Innovate UK looks forward to working with partners to support these projects focused on the ever-more prevalent issue of decarbonisation with emphasis on a range of physical, digital, system and skills-based innovation.

    Building on its commitment to clean up shipping and deliver on the UK’s climate ambitions, UK SHORE is also delivering £3.85 million to the Clean Maritime Research Hub. Formed from a consortium of 13 universities across the UK, dedicated to conducting scientific research in clean maritime, the funding will enable the hub to continue its important research, and support the installation of a liquid hydrogen facility at Durham University. The centre will develop the maritime sector’s understanding of the potential impact of liquid hydrogen – which is emission free – in the clean maritime transition.

    Maritime media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    Source: United Kingdom – Government Statements

    Press release

    Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    New analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy

    • NEW figures show trade deal with India will deliver £50 million for Northern Ireland’s economy as part of the Plan for Change 

    • Advanced manufacturing and engineering, whiskey producers and services and technology sectors set to benefit from growth following a reduction or near elimination of tariffs 

    • Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed 

    Businesses and workers in Northern Ireland are set to benefit from the UK’s trade deal with India, as new analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy as part of the Plan for Change. 

    The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement. It comes as a series of investment and export wins have been confirmed by UK and Indian businesses, representing an overall boost of nearly £6 billion and creating over 2,200 jobs. 

    India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65 million in goods there last year– this could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs. 

    Advanced manufacturing and engineering – which represent approximately 30 per cent of employment in Northern Ireland – will benefit from removal or reduction of tariffs.  

    Northern Ireland’s medical technology sector will benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within ten years.

    Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over ten years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions. 

      Secretary of State for Northern Ireland, Hilary Benn, said:  

    This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.  

    Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

    This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.

    Business and Trade Secretary Jonathan Reynolds said: 

    The millions brought to Northern Ireland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses. 

    This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

    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. 

    Workers in Northern Ireland will enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. 

    For businesses in Northern Ireland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods. 

    India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market. It gives the UK an advantage over international competitors in reaching the Indian market, forecast to have over a quarter of a billion high income consumers by 2050. 

    Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. In Northern Ireland, sectors such as agriculture and food, advanced manufacturing and engineering, and the services and technology sectors are expected to benefit substantially. 

    Notes to editor 

    • The government will prepare for the trade agreement to be ratified by Parliament so businesses can begin to use it.
    • For more information on the Double Contribution Convention, please see the policy explainer attached.
    • Headline economic estimates of the impact of the FTA along with the methodology were previously set out in the technical notes for the preliminary estimates. The full detailed impact assessment, using the same methodology, will be published shortly.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Bacon and Nadler Reintroduce Legislation to Protect Organ Donors

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon and Nadler Reintroduce Legislation to Protect Organ Donors

    Washington – Today, Representatives Don Bacon (NE-02) and Jerrold Nadler (NY-12) reintroduced the Living Donor Protection Act bill package to protect the rights of living organ donors. The Living Donor Protection Act is introduced as a two-bill package in the House, H.R. 4583, the Living Donor Protection Act and H.R.4582, the Living Donor FMLA Protection Act. The bills, taken together, are identical to last session’s Living Donor Protection Act and S.1552 introduced in the Senate this session.

    “Our state is fortunate to have Nebraska Medicine, which has a robust living donor kidney exchange program, performing more kidney chains which involves anonymous donors donating to someone without a compatible living donor, than almost any hospital nationwide. However, some living donors are discriminated against when it comes to rates and provision of life insurance and disability insurance,” said Representative Bacon. “This legislation will help open the doors to more living donors so we can save more lives.”

    “Every year, thousands of Americans die while waiting on an organ transplant, yet potential organ donors still face barriers that punish them for trying to selflessly save a life. Insurance discrimination and the threat of job loss can make it economically impossible for potential donors to move forward with donation and these roadblocks are costing lives,” said Representative Nadler. “Congress must do everything in its power to remove deterrents to organ donation, which is why Congress must pass the Living Donor Protection Act bill package.”

    Organ donation saves thousands of lives every year, but burdensome roadblocks often stop individuals from becoming living donors. The Living Donor Protection Act bill package would protect living organ donors and promote organ donation in three easy, low-cost ways: 

    1. Prohibits life, disability, and long-term care insurance companies from denying or limiting coverage and from charging higher premiums based only on donor status;
    2. Amends the Family and Medical Leave Act of 1993 to specifically allow private and civil service employees to use FMLA leave to recover from donation surgery; and
    3. Directs HHS to update their materials on live organ donation to reflect these new protections and encourage more individuals to consider donating an organ.

    Currently, there are over 103,000 people on the national transplant waiting list, with almost 90,000 people on the kidney transplant list. The average wait time for a kidney transplant is about three to five years, and during that time, many patients become too sick to receive a transplant or die—13 people die each year waiting for an organ transplant. Receiving an organ from a living donor can shorten this wait time and ultimately allow the best chance for long-term success. Unfortunately, studies have found that up to one in four living donors report discrimination in the rates and provision of life insurance and disability insurance, and they can struggle to receive time off from work to complete their donation and recovery. Reducing barriers to living organ donation and educating potential donors on the protections provided to them under law will help to promote living organ donation and save the lives of those waiting for a transplant.

    The Living Donor Protection Act is endorsed by Alport Syndrome Foundation, American Association of Kidney Patients, American Council of Life Insurers, American Heart Association, American Kidney Fund, American Liver Foundation, American Nephrology Nurses Association, American Society of Nephrology, American Society of Pediatric Nephrology, American Society of Transplant Surgeons, American Society of Transplantation, Dialysis Patient Citizens, Global Liver Institute, IGA Nephropathy Foundation, International Society of Glomerular Disease, Kidney Transplant Collaborative, National Kidney Foundation, NephCure, the Nonprofit Kidney Care Alliance (NKCA), North American Transplant Coordinators Organization, Northwest Kidney Centers, the PKD Foundation, the Rogosin Institute, Sanofi, the United Network for Organ Sharing (UNOS), Transplant Recipients International Organization (TRIO), and Renal Physicians Association.

    “On behalf of all kidney patients, organ donors and American taxpayers, the American Association of Kidney Patients salutes U.S. Senators Tom Cotton and Kristen Gillibrand and U.S. Representatives Don Bacon and Jerrold Nadler for introducing the bipartisan Living Donor Protection Act so that living organ donors will no longer face the Hobbesian choice of saving an innocent human life at the risk of losing insurance coverages that provide economic security and peace of mind to their families and loved ones. The time is now for America to transcend high-cost, high-mortality dialysis care as the default solution for people living with kidney failure and to encourage greater living organ donation and greater transplant opportunities for all Americans in need of a life-saving organ,” said Edward V. Hickey, III, President, American Association of Kidney Patients.

    “Life insurers are committed to helping people access the financial protection they want and need for themselves and their families. The Living Donor Protection Act will help ensure that organ donors can continue to access life, disability income, or long-term care coverage, while upholding fair underwriting standards. Most importantly, it will safeguard those who selflessly give the gift of life through organ donation,” said David Chavern, President and CEO, American Council of Life Insurers.

    “The selfless individuals who give the gift of life by donating a kidney should not face discrimination by life, long-term care, or disability insurers. This legislation would be a significant step in efforts to encourage more living donors and reduce the kidney transplant waiting list by providing the protections that living donors should receive for their lifesaving actions,” said LaVarne Burton, President and CEO, American Kidney Fund. 

    “No child or adult should die waiting for a liver transplant. We must work together to increase living organ donation, and the Living Donor Protection Act provides a tangible path forward by removing key barriers for those willing to give the gift of life. We are so grateful to Representatives Bacon and Nadler for their extraordinary leadership and commitment to advancing living donor transplantation, which will help thousands of liver patients throughout the country,” said Lorraine Stiehl, CEO, American Liver Foundation and caregiver to a transplant patient. 

    “ASN commends the re-introduction of the Living Donor Protection Act and accompanying Living Donor FMLA Protection Act, critical legislation which will remove barriers that discourage living donors from providing the life-saving gift of a kidney transplant. Americans who are considering becoming living donors deserve more support than the current system provides for them, and ASN believes the Living Donor Protection Act and accompanying Living Donor FMLA Protection Act are critical to achieve this goal,” said Prabir Roy-Chaudhury, MD, PhD, FASN, President, American Society of Nephrology President.

    “On behalf of the American Society of Transplantation (AST), representing a majority of the nation’s transplant medical professionals, our Society strongly applauds and endorses the re-introduction of the Living Donor Protection Act (LDPA). AST is grateful for the ongoing and steadfast leadership of Representatives Bacon, Nadler and Senators Cotton and Gillibrand to protect transplant patients and strengthen living donation. The LDPA is a patient-focused bill seeking to remove policy barriers that might otherwise prevent an individual from providing a lifesaving donor organ. AST greatly appreciates this bipartisan, bicameral, and patient centric legislation. We look forward to working with you to advance the LDPA in this 119th Congress,” said Dr. Jon Kobashigawa, MD, President, American Society of Transplantation. 

    “On behalf of more than 2,000 transplant surgeons and professionals, the American Society of Transplant Surgeons (ASTS) enthusiastically commends the champions of the Living Donor Protection Act (LDPA) for their unwavering commitment to saving lives. As a tireless advocate for this legislation since its inception—and a proud partner in shaping its recent progress—ASTS is thrilled to see the momentum continue following the bill’s strong bipartisan support in the 118th Congress. With a preliminary CBO score of zero, there is no better time for Congress to act. Passing the LDPA will provide vital, commonsense protections for living donors and remove unnecessary employment and insurance barriers to giving the ultimate gift: the gift of life,” said Ginny L. Bumgardner, MD, PhD, American Society of Transplant Surgeons.  

    “Global Liver Institute strongly supports the Living Donor Protection Act as an essential step to save lives by making the donation process affordable for living donors and protecting their employment. This bipartisan legislation was a collaborative effort, reflecting the policies determined most important to support living donors as determined by organ donors, liver and kidney patients, the insurance industry, transplant professionals, nephrologists, advocacy organizations and disease professionals. We look forward to its final passage in the 119th Congress,” said Larry Holden, President and CEO, Global Liver Institute.  

    “Living donors are heroes demonstrating compassion and generosity, and they are also rigorously screened individuals at the peak of health. Our family, friends and neighbors who choose to give the gift of a kidney enable thousands of Americans per year to resume a life where they can fully contribute to society, the economy, and their families rather than being limited by the life-support stopgap of dialysis. The ISGD enthusiastically endorses the Living Donor Protection Act,” said Laurel Damashek, Executive Director, International Society of Glomerular Disease and living donor kidney transplant recipient. 

    “We applaud Representatives Bacon and Nadler for their continued leadership on the Living Donor Protection Act. Taking this new approach of splitting the bill to ensure a smoother passage is an appropriate and needed step. These bills are a bipartisan approach to address the national organ shortage crisis, remove barriers to transplantation and recognize the courage and generosity of those who choose to save lives through donation. We urge Congress to pass this legislation quickly,” said Kevin Longino, CEO, National Kidney Foundation and a kidney transplant recipient.

    “As nonprofit dialysis providers, kidney transplant is an ideal outcome for many of our patients and legislation to protect and support living donors is critical to our patient-centered mission,” said Monica Massaro, Executive Director, Nonprofit Kidney Care Alliance.

    “Polycystic kidney disease currently has no cure, and for many of the 600,000 patients living in the US, organ transplantation becomes their best path forward when kidney function declines. Living donors don’t just extend lives—they reduce strain on our health care system and save taxpayer money by helping patients avoid dialysis. Yet needless barriers disincentivize many from stepping up to help. The Living Donor Protection Act is a commonsense, bipartisan solution that will ensure living donors are protected, not penalized, for their generosity,” said Susan Bushnell, President and CEO, Polycystic Kidney Disease (PKD) Foundation.

    “As a pioneer in transplantation since performing New York State’s first living donor kidney transplant in 1963, The Rogosin Institute believes that kidney transplantation is the ideal treatment for patients with end-stage kidney disease. We are proud to wholeheartedly endorse all components of the Living Donor Protection Act.  Importantly, the Act will remove barriers to donation such as insurance uncertainty and financial insecurity. Rogosin extends our thanks to the bipartisan members of Congress supporting this critical legislation. We thank Congressmen Bacon and Nadler for championing the Living Donor Protection Act,” said The Rogosin Institute.

    “Living organ donors save people’s lives and should be able to give the gift of life without fear of insurance discrimination or financial retribution, especially as they recover from surgery. The Living Donor Protection Act rightfully protects these selfless individuals from this. Thank you, Sens. Cotton and Gillibrand and Reps. Bacon and Nadler for your bipartisan leadership and for standing up for living organ donors,” said Maureen McBride, Ph.D., CEO, United Network for Organ Sharing.

    The text of the bills can be found here and here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Michigan Receives Disaster Declaration from President Trump for Northern Michigan Ice Storm Recovery Efforts

    Source: United States House of Representatives – Congressman Jack Bergman (MI-1)

    Today, Rep. Jack Bergman joined Governor Gretchen Whitmer announcing that President Donald Trump has approved Michigan’s request for a disaster declaration to help communities impacted by the historic ice storm in Northern Michigan earlier this year. The devastating storm knocked out power and communications and left hundreds of miles of roads blocked by fallen trees and debris. 

    “President Trump’s approval of a Major Disaster Declaration for the counties impacted by March’s devastating ice storm is welcome news,” said U.S. Representative Jack Bergman. “I’m grateful to his Administration for working to get this done. This long-awaited decision unlocks critical resources to help our communities recover and rebuild as quickly as possible. It’s been a true team effort – from local agencies to state and federal partners. Northern Michigan is no stranger to tough times – but it’s in moments like these, when our communities rally and move forward together, that the true spirit of Northern Michigan shines brightest.”

    “Yesterday, I spoke to President Trump who confirmed that communities in Northern Michigan impacted by the historic ice storm damage earlier thisnyear will start to receive federal disaster funding,” said Governor Whitmer. “With this initial support, we can help communities recover costs associated with cleanup efforts. I want to thank the president and our congressional delegation for supporting our request, and I look forward to collaborating further on much-needed additional resources. Michiganders across the state stepped up to help our neighbors, and while other parts of our request remain under review, we will continue advocating together to help Northern Michigan recover and rebuild.”

    “Many Northern Michigan individuals, families, and small businesses are still recovering from the historic ice storms that hit our state earlier this year,” said Lt. Governor Garlin Gilchrist II. “This federal emergency declaration will help local leaders, communities, and Northern Michigan families get back on their feet and move forward with their lives. While this storm was devastating, Michiganders are strong, and we will Stand Tall together.” 

    “I’m pleased that funding is coming to Northern Michigan to bolster the ongoing recovery efforts following the ice storm this March,” said U.S. Senator Gary Peters. “The State of Michigan and local emergency managers continue to work hard because this job is not finished, and I’ll keep fighting to help our communities get the resources they need to bounce back stronger.” 

    “The Michigan State Police has supported response efforts from the moment this storm began, coordinating statewide resources through the State Emergency Operations Center to assist local communities impacted by the storm,” said Col. James F. Grady II, director of the MSP. “This federal declaration is a crucial next step. It allows us to continue supporting our partners through long-term recovery.” 

    Federal Disaster Declaration

    The declaration opens the path to Federal Emergency Management Agency (FEMA) Public Assistance in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Kalkaska, Mackinac, Montmorency, Oscoda, Otsego, and Presque Isle Counties and the Little Traverse Bay Bands of Odawa Indians. The administration continues to review the request for Individual Assistance and Public Assistance under Schedule F. 

    Advocating for Northern Michigan

      On June 25th, Rep. Jack Bergman led a letter with the entire Michigan Congressional Delegation, urging President Donald J. Trump in the strongest possible terms,to approve Governor Whitmer’s May 16 request for a Major Disaster Declaration.

    On May 30th, Rep. Jack Bergman joined Michigan USDA Farm Service Agency (FSA) Director Joel Johnson to announce that assistance through the Emergency Conservation Program (ECP) and Emergency Forest Restoration Program (EFRP) is on the way for Northern Michigan. Both programs are designed to help landowners recover from severe storm damage and restore their operations.

    On May 19th, Rep. Jack Bergman expressed his full support for Governor Gretchen Whitmer’s request for a Presidential Major Disaster Declaration in response to the ice storm that struck Northern Michigan and the Upper Peninsula in March.

    On April 5th, Rep. Bergman visited the affected counties and met with local emergency leaders, linemen, and first responders to discuss the needs across the region.

    State Actions 

    On March 31, Governor Whitmer declared a state of emergency to respond to the storm’s impact. The declaration initially covered 10 counties and was expanded to include 12 counties: Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Mackinac, Montmorency, Oscoda, Otsego, and Presque Isle counties. Governor Whitmer also deployed the Michigan National Guard to provide more personnel and specialized equipment to help with ice storm recovery efforts in northern Michigan. Lastly, the Governor Whitmer declared an energy emergency in the Upper Peninsula to help expedite delivery of fuel and other critical supplies to impacted areas. 

    On May 16, Governor Whitmer submitted a formal request for a major disaster declaration to help Northern Michigan recover and rebuild from the historic ice storms that hit the region hard in late March. The governor also traveled to the White House to meet with President Trump, advocating for federal assistance for Northern Michigan. The governor previously asked for an Emergency Declaration, which would authorize up to $5 million in immediate public assistance to support emergency efforts, including debris management needs.  

    She will continue working with the administration to pursue further relief from FEMA, and her request for individual assistance (IA) remains under review by the federal administration. IA can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster. She will also seek resources for hazard mitigation measures statewide.  

    Resources

    Residents and business owners who sustained losses in the designated areas can begin applying for assistance at www.DisasterAssistance.gov, by calling 800-621-FEMA (3362), or by using the FEMA App. Anyone using a relay service, such as video relay service (VRS), captioned telephone service or others, can give FEMA the number for that service.  

    On June 11, the U.S. Small Business Administration (SBA) separately granted an administrative disaster declaration for Cheboygan County and the contiguous counties of Charlevoix, Emmet, Mackinac, Montmorency, Otsego, and Presque Isle. SBA established two Disaster Loan Outreach Centers for one-on-one assistance, open now through July 26 at 2:00pm:  

    229 Court St. 

    Cheboygan, MI 49721 

    8288 S. Pleasantview Rd. 

    Harbor Springs, MI 49740 

    Loan applications are also available online or by mail. For additional information on low-interest SBA loans or the application process, visit the MySBA Loan Portal or call 1-800-659-2955. The physical loan application deadline is Aug. 8. Small businesses and non-profits have until March 9, 2026, to apply for EIDLs (working capital loans). So far SBA has disbursed $572,322 in loans for this disaster. 

    MIL OSI USA News –

  • MIL-OSI Australia: When employers must lodge the SGC statement

    Source: New places to play in Gungahlin

    If you’ve missed paying your eligible employees and contractors their SG on time, in full, or to the right fund, you must pay the super guarantee charge (SGC). You’ll need to:

    • lodge an SGC statement
    • pay the SGC amount to us, not the super fund.

    SGC is more than the super you would’ve otherwise paid to the employee’s fund. It’s calculated on salary and wages that includes overtime and some allowances, instead of ordinary time earnings. It also includes interest and other fees. SGC is not tax deductible, so it’s best that you pay on time.

    To avoid additional penalties, you need to lodge the SGC statement within one calendar month of the missed quarterly payment due date each year:

    • 28 August
    • 28 November
    • 28 February
    • 28 May.

    Our video explains what happens if you fail to meet your super obligations as an employer and provides instructions on how to lodge an SGC statement.

    Watch

    Remember, we have resources available to help you meet your SG obligations. Visit ato.gov.au/superforemployers.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

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    MIL OSI News –

  • MIL-OSI Australia: Woman charged with arson in relation to fire which destroyed unit at Ravenswood

    Source: New South Wales Community and Justice

    Woman charged with arson in relation to fire which destroyed unit at Ravenswood

    Thursday, 24 July 2025 – 8:48 am.

    Police have charged a 61-year-old woman from Ravenswood with arson in relation to a fire at Ravenswood yesterday.  
    Around 10.30am, emergency services responded to reports of a unit on fire on Warring Street.  
    Tasmania Fire Service extinguished the fire; however the unit was destroyed.  
    Fire Investigators determined the fire was deliberately lit.  
    The woman was bailed to appear before the Launceston Magistrates Court on 3 September 2025.

    MIL OSI News –

  • MIL-OSI: Five Star Bancorp Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $14.5 million for the three months ended June 30, 2025, as compared to $13.1 million for the three months ended March 31, 2025 and $10.8 million for the three months ended June 30, 2024.

    Second Quarter Highlights

    Performance and operating highlights for the Company for the periods noted below included the following:

        Three months ended  
    (in thousands, except per share and share data)   June 30,
    2025    		       March 31,
    2025    		       June 30,
    2024    		  
    Return on average assets (“ROAA”)   1.37 %     1.30 %     1.23 %
    Return on average equity (“ROAE”)   14.17 %     13.28 %     11.72 %
    Pre-tax income $ 20,099     $ 18,391     $ 15,152  
    Pre-tax, pre-provision income(1) $ 22,599     $ 20,291     $ 17,152  
    Net income $ 14,508     $ 13,111     $ 10,782  
    Basic earnings per common share $ 0.68     $ 0.62     $ 0.51  
    Diluted earnings per common share $ 0.68     $ 0.62     $ 0.51  
    Weighted average basic common shares outstanding   21,225,831       21,209,881       21,039,798  
    Weighted average diluted common shares outstanding   21,269,265       21,253,588       21,058,085  
    Shares outstanding at end of period   21,360,991       21,329,235       21,319,583  
                           
    (1)See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
     

    James E. Beckwith, President and Chief Executive Officer, commented:

    “We are very pleased to report an exceptional quarter where the continuation of our organic growth strategy fueled new account openings and resulted in growth in loans and deposits. Total loans held for investment increased by $136.2 million, or 3.76% (15.04% when annualized), and total deposits increased by $158.3 million, or 4.24% (16.94% when annualized). Net interest margin increased by eight basis points to 3.53%, while our efficiency ratio decreased to 41.03% compared to 42.58% for the first quarter of 2025. Short-term borrowings remained at zero as of June 30, 2025 and December 31, 2024. This quarter, we declared another dividend to shareholders, which exemplifies our commitment to shareholder value.

    This success serves as a strong testimony to our people, technology, operating efficiencies, conservative underwriting practices, exceptional credit quality, and prudent approach to portfolio management, which we believe will continue to benefit our clients, employees, community, and shareholders. It is also attributable to our relationship-based banking approach, where clients receive high-tech and high-touch concierge business banking services.

    We look forward to bringing these services to the Walnut Creek market, where we expect to open an office in the third quarter of 2025. Since our expansion in the San Francisco Bay Area began in June 2023, the team has grown to 34 employees with $456.9 million in deposits as of June 30, 2025. We also look forward to the continued growth of business verticals, including Food, Agribusiness, and Diversified Industries where we believe clients will benefit from our global trade services and exceptional treasury management tools.

    As we look to the second half of 2025, we are humbled and proud of our team’s accomplishments. We also thank our employees for their outstanding commitment to ensuring Five Star Bank remains a safe, trusted, and steadfast banking partner.”

    Financial highlights as of and during the three months ended June 30, 2025 included the following:

    • The San Francisco Bay Area team increased from 31 to 34 employees and generated deposit balances totaling $456.9 million at June 30, 2025, an increase of $77.2 million from March 31, 2025.
    • The Company hired five new Business Development Officers, increasing from 35 at March 31, 2025 to 40 at June 30, 2025.
    • Cash and cash equivalents were $483.8 million, representing 12.42% of total deposits at June 30, 2025, as compared to 12.11% at March 31, 2025.
    • Total deposits increased by $158.3 million, or 4.24%, during the three months ended June 30, 2025, due to increases in non-wholesale deposits that exceeded decreases in wholesale deposits, which the Company defines as brokered deposits and California Time Deposit Program deposits. During the three months ended June 30, 2025, non-wholesale deposits increased by $191.6 million, or 6.29%, and wholesale deposits decreased by $33.4 million, or 4.84%.
    • The Company had no short-term borrowings at June 30, 2025 or March 31, 2025.
    • Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.03% for the three months ended June 30, 2025, as compared to 42.58% for the three months ended March 31, 2025 and 44.07% for the three months ended June 30, 2024.
    • For the three months ended June 30, 2025, net interest margin was 3.53%, as compared to 3.45% for the three months ended March 31, 2025 and 3.39% for the three months ended June 30, 2024. The effective Federal Funds rate was 4.33% as of June 30, 2025, remaining constant from March 31, 2025 and decreasing from 5.33% at June 30, 2024.
    • Other comprehensive loss was $0.3 million during the three months ended June 30, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $12.0 million as of June 30, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.06% and 2.22% of total interest-earning assets, respectively, as of June 30, 2025.
    • The Company’s common equity Tier 1 capital ratio was 10.85% and 11.00% as of June 30, 2025 and March 31, 2025, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
    • Loan and deposit growth in the three and twelve months ended June 30, 2025 was as follows:
    (in thousands) June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Loans held for investment $ 3,758,025     $ 3,621,819     $ 136,206       3.76 %
    Non-interest-bearing deposits   1,004,061       933,652       70,409       7.54 %
    Interest-bearing deposits   2,890,561       2,802,702       87,859       3.13 %
                   
    (in thousands) June 30,
    2025    		   June 30,
    2024    		   $ Change   % Change
    Loans held for investment $ 3,758,025     $ 3,266,291     $ 491,734       15.05 %
    Non-interest-bearing deposits   1,004,061       825,733       178,328       21.60 %
    Interest-bearing deposits   2,890,561       2,323,898       566,663       24.38 %
    • The ratio of nonperforming loans to loans held for investment at period end increased from 0.05% at March 31, 2025 to 0.06% at June 30, 2025. The increase was due to one commercial real estate loan being put on nonaccrual status during the quarter.
    • The Company’s Board of Directors declared on April 17, 2025, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended June 30, 2025. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on July 17, 2025, which the Company expects to pay on August 11, 2025 to shareholders of record as of August 4, 2025.

    Summary Results

    Three months ended June 30, 2025, as compared to three months ended March 31, 2025

    The Company’s net income was $14.5 million for the three months ended June 30, 2025, as compared to $13.1 million for the three months ended March 31, 2025. Net interest income increased by $2.5 million during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense driven by deposit growth. The provision for credit losses increased by $0.6 million, with loan growth and increases in net charge-offs during the three months ended June 30, 2025 as the leading drivers. Non-interest income increased by $0.5 million, primarily due to an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025. Non-interest expense increased by $0.7 million during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, primarily related to increases in business travel, conferences, training, and advertising and promotional expenses associated with expansion of the Bank’s business development teams, partially offset by an increase in deferred loan origination costs.

    Three months ended June 30, 2025, as compared to three months ended June 30, 2024

    The Company’s net income was $14.5 million for the three months ended June 30, 2025, as compared to $10.8 million for the three months ended June 30, 2024. Net interest income increased by $7.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense driven by deposit growth. The provision for credit losses increased by $0.5 million, with increases in net charge-offs during the three months ended June 30, 2025 as the leading driver. Non-interest income increased by $0.2 million, primarily due to an overall improvement in the estimated earnings related to investments in venture-backed funds, partially offset by a decrease in the volume of loans sold during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. Non-interest expense increased by $2.2 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, with an increase in salaries and employee benefits related to increased headcount as the leading driver.

    The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

        Three months ended        
    (in thousands, except per share data)   June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Selected operating data:                    
    Net interest income   $ 36,515     $ 33,977     $ 2,538       7.47 %
    Provision for credit losses     2,500       1,900       600       31.58 %
    Non-interest income     1,810       1,359       451       33.19 %
    Non-interest expense     15,726       15,045       681       4.53 %
    Pre-tax income     20,099       18,391       1,708       9.29 %
    Provision for income taxes     5,591       5,280       311       5.89 %
    Net income   $ 14,508     $ 13,111     $ 1,397       10.66 %
    Earnings per common share:                    
    Basic   $ 0.68     $ 0.62     $ 0.06       9.68 %
    Diluted   $ 0.68     $ 0.62     $ 0.06       9.68 %
    Performance and other financial ratios:                    
    ROAA     1.37 %     1.30 %            
    ROAE     14.17 %     13.28 %            
    Net interest margin     3.53 %     3.45 %            
    Cost of funds     2.53 %     2.56 %            
    Efficiency ratio     41.03 %     42.58 %            
                         
        Three months ended            
    (in thousands, except per share data)   June 30,
    2025    		   June 30,
    2024    		     $ Change     % Change
    Selected operating data:                    
    Net interest income   $ 36,515     $ 29,092     $ 7,423       25.52 %
    Provision for credit losses     2,500       2,000       500       25.00 %
    Non-interest income     1,810       1,573       237       15.07 %
    Non-interest expense     15,726       13,513       2,213       16.38 %
    Pre-tax income     20,099       15,152       4,947       32.65 %
    Provision for income taxes     5,591       4,370       1,221       27.94 %
    Net income   $ 14,508     $ 10,782     $ 3,726       34.56 %
    Earnings per common share:                    
    Basic   $ 0.68     $ 0.51     $ 0.17       33.33 %
    Diluted   $ 0.68     $ 0.51     $ 0.17       33.33 %
    Performance and other financial ratios:                    
    ROAA     1.37 %     1.23 %            
    ROAE     14.17 %     11.72 %        
    Net interest margin     3.53 %     3.39 %        
    Cost of funds     2.53 %     2.56 %        
    Efficiency ratio     41.03 %     44.07 %        
                             

    Balance Sheet Summary

    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change  
    Selected financial condition data:                  
    Total assets   $ 4,413,473     $ 4,245,057     $ 168,416       3.97 %
    Cash and cash equivalents     483,810       452,571       31,239       6.90 %
    Total loans held for investment     3,758,025       3,621,819       136,206       3.76 %
    Total investments     97,575       99,696       (2,121 )     (2.13 )%
    Total liabilities     3,996,731       3,838,606       158,125       4.12 %
    Total deposits     3,894,622       3,736,354       158,268       4.24 %
    Subordinated notes, net     73,968       73,932       36       0.05 %
    Total shareholders’ equity     416,742       406,451       10,291       2.53 %
    • Insured and collateralized deposits were approximately $2.6 billion, representing 67.06% of total deposits as of June 30, 2025, as compared to 67.55% as of March 31, 2025. Net uninsured and uncollateralized deposits were approximately $1.3 billion as of June 30, 2025, increasing from $1.2 billion at March 31, 2025.
    • Non-wholesale deposit accounts constituted 83.14% of total deposits as of June 30, 2025, as compared to 81.53% at March 31, 2025. Deposit relationships of greater than $5 million represented 59.91% of total deposits, as compared to 60.87% as of March 31, 2025, and had an average age of approximately 8.34 years as of June 30, 2025, as compared to 8.80 years as of March 31, 2025.
    • Total deposits as of June 30, 2025 were $3.9 billion, an increase of $158.3 million, or 4.24%, from March 31, 2025 comprised of increases in both interest-bearing and non-interest-bearing deposits. The primary driver of interest-bearing deposit growth was new money market deposit accounts opened during the quarter, adding $87.4 million in new balances. Non-interest-bearing deposit growth was driven by new accounts opened during the quarter, adding $68.7 million in new balances.
    • Cash and cash equivalents as of June 30, 2025 were $483.8 million, representing 12.42% of total deposits at June 30, 2025, as compared to 12.11% as of March 31, 2025.
    • Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $2.2 billion as of June 30, 2025, as compared to $2.0 billion at March 31, 2025.
        June 30, 2025
    (in thousands)   Line of Credit   Letters of Credit Issued   Borrowings   Available
    Federal Home Loan Bank of San Francisco (“FHLB”) advances   $ 1,290,446     $ 732,500     $ —     $ 557,946  
    Federal Reserve Discount Window     926,573       —       —       926,573  
    Correspondent bank lines of credit     185,000       —       —       185,000  
    Cash and cash equivalents     —       —       —       483,810  
    Total   $ 2,402,019     $ 732,500     $ —     $ 2,153,329  
                     
    (in thousands)   June 30,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Selected financial condition data:                
    Total assets   $ 4,413,473     $ 4,053,278     $ 360,195       8.89 %
    Cash and cash equivalents     483,810       352,343       131,467       37.31 %
    Total loans held for investment     3,758,025       3,532,686       225,339       6.38 %
    Total investments     97,575       100,914       (3,339 )     (3.31 )%
    Total liabilities     3,996,731       3,656,654       340,077       9.30 %
    Total deposits     3,894,622       3,557,994       336,628       9.46 %
    Subordinated notes, net     73,968       73,895       73       0.10 %
    Total shareholders’ equity     416,742       396,624       20,118       5.07 %
                                     

    The increase in total assets from December 31, 2024 to June 30, 2025 was primarily comprised of a $225.3 million increase in total loans held for investment and a $131.5 million increase in cash and cash equivalents. The $225.3 million increase in total loans held for investment between December 31, 2024 and June 30, 2025 was a result of $578.8 million in loan originations and advances, partially offset by $130.3 million and $223.1 million in loan payoffs and paydowns, respectively. The $225.3 million increase in total loans held for investment included $43.9 million in purchases of loans within the consumer concentration of the loan portfolio. The $131.5 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $328.1 million and $28.1 million, respectively, partially offset by net cash outflows related to investing activities of $224.7 million.

    The increase in total liabilities from December 31, 2024 to June 30, 2025 was primarily due to an increase in interest-bearing deposits of $255.2 million. The increase in interest-bearing deposits was largely due to increases in money market and time deposits of $179.4 million and $101.9 million, respectively.

    The increase in total shareholders’ equity from December 31, 2024 to June 30, 2025 was primarily a result of net income recognized of $27.6 million and a $0.4 million increase in accumulated other comprehensive income, partially offset by $8.5 million in cash dividends paid during the period.

    Net Interest Income and Net Interest Margin

    The following is a summary of the components of net interest income for the periods indicated:

        Three months ended        
    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Interest and fee income   $ 60,580     $ 57,087     $ 3,493       6.12 %
    Interest expense     24,065       23,110       955       4.13 %
    Net interest income   $ 36,515     $ 33,977     $ 2,538       7.47 %
    Net interest margin     3.53 %     3.45 %        
                     
        Three months ended        
    (in thousands)   June 30,
    2025    		   June 30,
    2024    		   $ Change   % Change
    Interest and fee income   $ 60,580     $ 48,998     $ 11,582       23.64 %
    Interest expense     24,065       19,906       4,159       20.89 %
    Net interest income   $ 36,515     $ 29,092     $ 7,423       25.52 %
    Net interest margin     3.53 %     3.39 %        
                             

    The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

        Three months ended
        June 30, 2025   March 31, 2025   June 30, 2024
    (in thousands)   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/ Rate   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/ Rate   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/ Rate
    Assets                                    
    Interest-earning deposits in banks   $ 361,866     $ 3,987       4.42 %   $ 328,571     $ 3,575       4.41 %   $ 148,936     $ 1,986       5.36 %
    Investment securities     97,886       577       2.37 %     100,474       581       2.34 %     105,819       650       2.47 %
    Loans held for investment and sale     3,691,616       56,016       6.09 %     3,567,992       52,931       6.02 %     3,197,921       46,362       5.83 %
    Total interest-earning assets     4,151,368       60,580       5.85 %     3,997,037       57,087       5.79 %     3,452,676       48,998       5.71 %
    Interest receivable and other assets, net     101,632               93,543               84,554          
    Total assets   $ 4,253,000             $ 4,090,580             $ 3,537,230          
                                         
    Liabilities and shareholders’ equity                                    
    Interest-bearing transaction accounts   $ 283,369     $ 1,043       1.48 %   $ 303,822     $ 1,112       1.48 %   $ 291,470     $ 1,104       1.52 %
    Savings accounts     121,692       801       2.64 %     123,599       772       2.53 %     120,080       856       2.87 %
    Money market accounts     1,647,628       13,270       3.23 %     1,540,879       12,435       3.27 %     1,547,814       13,388       3.48 %
    Time accounts     726,295       7,790       4.30 %     706,528       7,629       4.38 %     272,887       3,369       4.96 %
    Subordinated notes and other borrowings     73,967       1,161       6.30 %     73,908       1,162       6.37 %     75,747       1,189       6.31 %
    Total interest-bearing liabilities     2,852,951       24,065       3.38 %     2,748,736       23,110       3.41 %     2,307,998       19,906       3.47 %
    Demand accounts     957,034               910,954               817,668          
    Interest payable and other liabilities     32,406               30,389               41,429          
    Shareholders’ equity     410,609               400,501               370,135          
    Total liabilities & shareholders’ equity   $ 4,253,000             $ 4,090,580             $ 3,537,230          
                                         
    Net interest spread             2.47 %             2.38 %             2.24 %
    Net interest income/margin       $ 36,515       3.53 %       $ 33,977       3.45 %       $ 29,092       3.39 %
                                                                 

    Net interest income during the three months ended June 30, 2025 increased $2.5 million, or 7.47%, to $36.5 million compared to $34.0 million during the three months ended March 31, 2025. Net interest margin totaled 3.53% for the three months ended June 30, 2025, an increase of eight basis points compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $3.5 million in interest income, mainly due to a $123.6 million, or 3.46%, increase in the average balance of loans and a seven basis point improvement in the average yield on loans during the three months ended June 30, 2025 compared to the prior quarter. The increase in interest income was partially offset by an additional $1.0 million in interest expense, which was mainly driven by a $150.2 million, or 4.19%, increase in the average balance of deposits at an average rate of two basis points lower than the prior quarter.

    As compared to the three months ended June 30, 2024, net interest income increased $7.4 million, or 25.52%, to $36.5 million from $29.1 million. Net interest margin totaled 3.53% for the three months ended June 30, 2025, an increase of 14 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $11.6 million in interest income, mainly due to a $493.7 million, or 15.44%, increase in the average balance of loans and a 26 basis point improvement in the average yield on loans during the three months ended June 30, 2025 compared to the same quarter of the prior year. The increase in interest income was partially offset by an additional $4.2 million in interest expense compared to the same quarter of the prior year. The increase in interest expense is mainly attributable to a $686.1 million, or 22.50%, increase in the average balance of deposits at an average rate of one basis point lower during the three months ended June 30, 2025 compared to the same quarter of the prior year.

    Loans by Type

    The following table provides loan balances, excluding deferred loan fees, by type as of the dates shown:

    (in thousands)   June 30, 2025   March 31, 2025
    Real estate:        
    Commercial   $ 3,066,627     $ 2,941,201  
    Commercial land and development     1,422       3,556  
    Commercial construction     112,399       113,002  
    Residential construction     5,479       5,747  
    Residential     33,132       34,053  
    Farmland     51,579       43,643  
    Commercial:        
    Secured     173,855       170,525  
    Unsecured     37,568       34,970  
    Consumer and other     278,215       277,093  
    Net deferred loan fees     (2,251 )     (1,971 )
    Total loans held for investment   $ 3,758,025     $ 3,621,819  
                     

    Interest-bearing Deposits

    The following table provides interest-bearing deposit balances by type as of the dates shown:

    (in thousands)   June 30, 2025   March 31, 2025
    Interest-bearing transaction accounts   $ 292,257     $ 295,633  
    Money market accounts     1,704,652       1,577,473  
    Savings accounts     121,567       128,210  
    Time accounts     772,085       801,386  
    Total interest-bearing deposits   $ 2,890,561     $ 2,802,702  
                     

    Asset Quality

    Allowance for Credit Losses

    At June 30, 2025, the Company’s allowance for credit losses was $40.2 million, as compared to $37.8 million at December 31, 2024. The $2.4 million increase in the allowance is due to a $4.6 million provision for credit losses recorded during the six months ended June 30, 2025, partially offset by net charge-offs of $2.2 million, primarily attributable to commercial and industrial loans, during the same period.

    The Company’s ratio of nonperforming loans to loans held for investment increased from 0.05% at December 31, 2024 to 0.06% at June 30, 2025. Loans designated as watch decreased from $123.4 million to $106.5 million between December 31, 2024 and June 30, 2025. Loans designated as substandard increased from $2.6 million to $4.2 million between December 31, 2024 and June 30, 2025. There were no loans with doubtful risk grades at June 30, 2025 or December 31, 2024.

    A summary of the allowance for credit losses by loan class is as follows:

        June 30, 2025   December 31, 2024
    (in thousands)   Amount   % of Total   Amount   % of Total
    Real estate:                
    Commercial   $ 27,792       69.19 %   $ 25,864       68.44 %
    Commercial land and development     33       0.08 %     78       0.21 %
    Commercial construction     2,575       6.41 %     2,268       6.00 %
    Residential construction     75       0.19 %     64       0.17 %
    Residential     334       0.83 %     270       0.71 %
    Farmland     723       1.80 %     607       1.61 %
          31,532       78.50 %     29,151       77.14 %
    Commercial:                
    Secured     5,623       14.00 %     5,866       15.52 %
    Unsecured     417       1.04 %     278       0.74 %
          6,040       15.04 %     6,144       16.26 %
    Consumer and other     2,595       6.46 %     2,496       6.60 %
    Total allowance for credit losses   $ 40,167       100.00 %   $ 37,791       100.00 %
                                     

    The ratio of allowance for credit losses to loans held for investment remained at 1.07% at June 30, 2025 and December 31, 2024.

    Non-interest Income

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended        
    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Service charges on deposit accounts   $ 196     $ 215     $ (19 )     (8.84 )%
    Gain on sale of loans     119       125       (6 )     (4.80 )%
    Loan-related fees     468       448       20       4.46 %
    FHLB stock dividends     325       331       (6 )     (1.81 )%
    Earnings on bank-owned life insurance     220       161       59       36.65 %
    Other income     482       79       403       510.13 %
    Total non-interest income   $ 1,810     $ 1,359     $ 451       33.19 %
                                     

    Other income. The increase resulted primarily from an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025 compared to the three months ended March 31, 2025.

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended      
    (in thousands)   June 30,
    2025    		   June 30,
    2024    		   $ Change   % Change
    Service charges on deposit accounts   $ 196     $ 189     $ 7       3.70 %
    Gain on sale of loans     119       449       (330 )     (73.50 )%
    Loan-related fees     468       370       98       26.49 %
    FHLB stock dividends     325       329       (4 )     (1.22 )%
    Earnings on bank-owned life insurance     220       158       62       39.24 %
    Other income     482       78       404       517.95 %
    Total non-interest income   $ 1,810     $ 1,573     $ 237       15.07 %
                                     

    Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold, partially offset by an improvement in the effective yield of loans sold. During the three months ended June 30, 2025, approximately $1.6 million of loans were sold with an effective yield of 7.60%, as compared to approximately $6.8 million of loans sold with an effective yield of 6.60% during the three months ended June 30, 2024.

    Other income. The increase related primarily to an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

    Non-interest Expense

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Salaries and employee benefits   $ 8,910     $ 9,134     $ (224 )     (2.45 )%
    Occupancy and equipment     657       637       20       3.14 %
    Data processing and software     1,508       1,457       51       3.50 %
    Federal Deposit Insurance Corporation (“FDIC”) insurance     470       455       15       3.30 %
    Professional services     918       913       5       0.55 %
    Advertising and promotional     865       522       343       65.71 %
    Loan-related expenses     423       319       104       32.60 %
    Other operating expenses     1,975       1,608       367       22.82 %
    Total non-interest expense   $ 15,726     $ 15,045     $ 681       4.53 %
                                     

    Salaries and employee benefits. The decrease related primarily to: (i) a $0.6 million increase in deferred loan origination costs due to greater loan originations, net of purchased consumer loans; and (ii) $0.1 million decrease in salaries, benefits, and bonus expense. The decrease was partially offset by a $0.5 million increase in commissions expense due to greater loan originations, net of purchased consumer loans, period-over-period.

    Advertising and promotional. The increase related primarily to additional expenses incurred to support the expansion of the Bank’s business development teams, including a $0.1 million increase related to business development expenses, a $0.1 million increase in expenses related to sponsored events and partnerships, and a $0.1 million increase in expenses related to donations.

    Loan-related expenses. The increase related primarily to a $0.1 million increase in expenses related to inspections to support the increase in loan originations and annual loan reviews.

    Other operating expenses. The increase was primarily due to a $0.2 million increase in business travel expenses and a $0.1 million increase in expenses related to conferences and trainings attended.

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   June 30,
    2025    		   June 30,
    2024    		   $ Change   % Change
    Salaries and employee benefits   $ 8,910     $ 7,803     $ 1,107       14.19 %
    Occupancy and equipment     657       646       11       1.70 %
    Data processing and software     1,508       1,235       273       22.11 %
    FDIC insurance     470       390       80       20.51 %
    Professional services     918       767       151       19.69 %
    Advertising and promotional     865       615       250       40.65 %
    Loan-related expenses     423       297       126       42.42 %
    Other operating expenses     1,975       1,760       215       12.22 %
    Total non-interest expense   $ 15,726     $ 13,513     $ 2,213       16.38 %
                                     

    Salaries and employee benefits. The increase related primarily to: (i) a $1.2 million increase in salaries, benefits, and bonus expense, mainly related to a 16.58% increase in headcount between June 30, 2024 and June 30, 2025; and (ii) a $0.1 million increase in commissions paid. This increase was partially offset by a $0.2 million increase in deferred loan origination costs due to a greater number of loan originations, net of purchased consumer loans, period-over-period.

    Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was primarily due to a $0.1 million increase in fees paid for compensation and business development consulting services.

    Advertising and promotional. The increase related primarily to additional expenses incurred to support the expansion of the Bank’s business development teams, including a $0.1 million increase in expenses related to sponsored events and partnerships and a $0.1 million increase related to business development expenses.

    Loan-related expenses. The increase related primarily to a $0.1 million increase in expenses related to inspections to support the increase in loan originations and annual loan reviews.

    Other operating expenses. The increase was primarily due to a $0.1 million increase in travel expense and a $0.1 million increase in expenses related to conferences, trainings, and professional association memberships.

    Provision for Income Taxes

    On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Act also made certain changes to the deductibility of the cost of meals and charitable contributions that are effective for tax years beginning after Dec. 31, 2025. These changes were not reflected in the income tax provision for the period ended June 30, 2025, as enactment occurred after the balance sheet date. The Company is currently evaluating the impact on future periods.

    Three months ended June 30, 2025, as compared to three months ended March 31, 2025

    Provision for income taxes increased to $5.6 million for the three months ended June 30, 2025 from $5.3 million for the three months ended March 31, 2025, which was primarily due to an increase in taxable income recognized during the three months ended June 30, 2025. This increase was partially offset by a net $0.2 million reduction to the provision recorded during the three months ended June 30, 2025. This adjustment related to a tax law change for the state of California effective as of June 30, 2025, which requires a transition from a three-factor apportionment formula to a single-sales-factor formula for determining state income tax. As such, the Company recorded a net benefit of approximately $0.9 million relating to the current year provision, which was partially offset by a $0.7 million expense relating to the remeasuring of the deferred tax assets and liabilities as of June 30, 2025. The effective tax rates were 27.82% and 28.71% for the three months ended June 30, 2025 and March 31, 2025, respectively.

    Three months ended June 30, 2025, as compared to three months ended June 30, 2024

    Provision for income taxes increased by $1.2 million, or 27.94%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily driven by an increase in taxable income. This increase was partially offset by a net $0.2 million reduction to the provision recorded during the three months ended June 30, 2025. This adjustment related to a tax law change for the state of California effective as of June 30, 2025, which requires a transition from a three-factor apportionment formula to a single-sales-factor formula for determining state income tax. As such, the Company recorded a net benefit of approximately $0.9 million relating to the current year provision, which was partially offset by a $0.7 million expense relating to the remeasuring of the deferred tax assets and liabilities as of June 30, 2025. The effective tax rates were 27.82% and 28.84% for the three months ended June 30, 2025 and June 30, 2024, respectively.

    Webcast Details

    Five Star Bancorp will host a live webcast for analysts and investors on Thursday, July 24, 2025 at 1:00 PM ET (10:00 AM PT) to discuss its second quarter financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

    About Five Star Bancorp

    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

    The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

    Condensed Financial Data (Unaudited)

        Three months ended
    (in thousands, except per share and share data)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Revenue and Expense Data            
    Interest and fee income   $ 60,580     $ 57,087     $ 48,998  
    Interest expense     24,065       23,110       19,906  
    Net interest income     36,515       33,977       29,092  
    Provision for credit losses     2,500       1,900       2,000  
    Net interest income after provision     34,015       32,077       27,092  
    Non-interest income:            
    Service charges on deposit accounts     196       215       189  
    Gain on sale of loans     119       125       449  
    Loan-related fees     468       448       370  
    FHLB stock dividends     325       331       329  
    Earnings on bank-owned life insurance     220       161       158  
    Other income     482       79       78  
    Total non-interest income     1,810       1,359       1,573  
    Non-interest expense:            
    Salaries and employee benefits     8,910       9,134       7,803  
    Occupancy and equipment     657       637       646  
    Data processing and software     1,508       1,457       1,235  
    FDIC insurance     470       455       390  
    Professional services     918       913       767  
    Advertising and promotional     865       522       615  
    Loan-related expenses     423       319       297  
    Other operating expenses     1,975       1,608       1,760  
    Total non-interest expense     15,726       15,045       13,513  
    Income before provision for income taxes     20,099       18,391       15,152  
    Provision for income taxes     5,591       5,280       4,370  
    Net income   $ 14,508     $ 13,111     $ 10,782  
                 
    Comprehensive Income            
    Net income   $ 14,508     $ 13,111     $ 10,782  
    Net unrealized holding gain on securities available-for-sale during the period     190       1,030       295  
    Less: Income tax expense related to other comprehensive (loss) income     502       305       87  
    Other comprehensive (loss) income     (312 )     725       208  
    Total comprehensive income   $ 14,196     $ 13,836     $ 10,990  
                 
    Share and Per Share Data            
    Earnings per common share:            
    Basic   $ 0.68     $ 0.62     $ 0.51  
    Diluted   $ 0.68     $ 0.62     $ 0.51  
    Book value per share   $ 19.51     $ 19.06     $ 17.85  
    Tangible book value per share(1)   $ 19.51     $ 19.06     $ 17.85  
    Weighted average basic common shares outstanding     21,225,831       21,209,881       21,039,798  
    Weighted average diluted common shares outstanding     21,269,265       21,253,588       21,058,085  
    Shares outstanding at end of period     21,360,991       21,329,235       21,319,583  
                 
    Selected Financial Ratios            
    ROAA     1.37 %     1.30 %     1.23 %
    ROAE     14.17 %     13.28 %     11.72 %
    Net interest margin     3.53 %     3.45 %     3.39 %
    Loan to deposit(2)     96.50 %     97.01 %     103.87 %
     
    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    (2) Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.
     
    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Balance Sheet Data            
    Cash and due from financial institutions   $ 53,724     $ 42,473     $ 28,572  
    Interest-bearing deposits in banks     430,086       410,098       161,787  
    Time deposits in banks     849       4,024       4,097  
    Securities – available-for-sale, at fair value     94,990       97,111       103,204  
    Securities – held-to-maturity, at amortized cost     2,585       2,585       2,973  
    Loans held for sale     309       2,669       5,322  
    Loans held for investment     3,758,025       3,621,819       3,266,291  
    Allowance for credit losses     (40,167 )     (39,224 )     (35,406 )
    Loans held for investment, net of allowance for credit losses     3,717,858       3,582,595       3,230,885  
    FHLB stock     15,000       15,000       15,000  
    Operating leases, right-of-use asset     7,094       5,944       6,630  
    Premises and equipment, net     1,606       1,524       1,610  
    Bank-owned life insurance     23,466       23,246       19,030  
    Interest receivable and other assets     65,906       57,788       55,107  
    Total assets   $ 4,413,473     $ 4,245,057     $ 3,634,217  
                 
    Non-interest-bearing deposits   $ 1,004,061     $ 933,652     $ 825,733  
    Interest-bearing deposits     2,890,561       2,802,702       2,323,898  
    Total deposits     3,894,622       3,736,354       3,149,631  
    Subordinated notes, net     73,968       73,932       73,822  
    Other borrowings     —       —       —  
    Operating lease liability     7,744       6,591       7,077  
    Interest payable and other liabilities     20,397       21,729       23,217  
    Total liabilities     3,996,731       3,838,606       3,253,747  
                 
    Common stock     303,155       302,788       301,968  
    Retained earnings     125,545       115,309       90,734  
    Accumulated other comprehensive loss, net of taxes     (11,958 )     (11,646 )     (12,232 )
    Total shareholders’ equity     416,742       406,451       380,470  
    Total liabilities and shareholders’ equity   $ 4,413,473     $ 4,245,057     $ 3,634,217  
                 
    Quarterly Average Balance Data            
    Average loans held for investment and sale   $ 3,691,616     $ 3,567,992     $ 3,197,921  
    Average interest-earning assets     4,151,368       3,997,037       3,452,676  
    Average total assets     4,253,000       4,090,580       3,537,230  
    Average deposits     3,736,018       3,585,782       3,049,919  
    Average total equity     410,609       400,501       370,135  
                 
    Credit Quality            
    Allowance for credit losses to nonperforming loans     1,763.26 %     2,222.32 %     1,882.30 %
    Nonperforming loans to loans held for investment     0.06 %     0.05 %     0.06 %
    Nonperforming assets to total assets     0.05 %     0.04 %     0.05 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.06 %     0.05 %     0.06 %
                 
    Capital Ratios            
    Total shareholders’ equity to total assets     9.44 %     9.57 %     10.47 %
    Tangible shareholders’ equity to tangible assets(1)     9.44 %     9.57 %     10.47 %
    Total capital (to risk-weighted assets)     13.72 %     13.97 %     14.38 %
    Tier 1 capital (to risk-weighted assets)     10.85 %     11.00 %     11.27 %
    Common equity Tier 1 capital (to risk-weighted assets)     10.85 %     11.00 %     11.27 %
    Tier 1 leverage ratio     10.03 %     10.17 %     11.05 %
     
    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
     

    Non-GAAP Reconciliation (Unaudited)

    The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

    Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

    Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

    Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

    The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

        Three months ended
    (in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Pre-tax, pre-provision income            
    Pre-tax income   $ 20,099     $ 18,391     $ 15,152  
    Add: provision for credit losses     2,500       1,900       2,000  
    Pre-tax, pre-provision income   $ 22,599     $ 20,291     $ 17,152  

    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –

  • MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW 

    Transaction structure and terms confirmed in line with Memorandum of Understanding

    Creating a global leader in energy services

    Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services. 

    Highlights

    • The company resulting from the merger1 between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion2, EBITDA in excess of €2 billion3, will generate more than €800 million of Free Cash Flow4 and will have a combined backlog of €43 billion5
    • The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
    • The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total6
    • On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
    • Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
    • Completion of the Proposed Combination anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

    Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

    It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem77 and Mr Alessandro Puliti will be appointed as CEO of Saipem78. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

    The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

    Strategic rationale of the Proposed Combination

    The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
    • Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
    • World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
    • Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects 

    The transaction is expected to create significant shareholder value through:

    • Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
    • More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
    • Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
    • Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
    • Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital

     Transaction structure, ownership and terms

    • Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million9
    • Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.10 The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting

     Key activities performed since the execution of the Memorandum of Understanding

    • Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
    • Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
    • No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
    • Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
    • Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
    • Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
    • Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination

     Organisational structure of Saipem7

    • Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
    • The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
    • Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors

     Pre-completion distributions to shareholders

    • Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
    • If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million11,12, 13, to be paid in Q2 2026  
    • In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million14 to its shareholders prior to completion of the Proposed Combination

    Shareholders’ Agreement

    The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

    Timing, conditions precedent, approvals and other matters

    Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption15. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

    Completion is currently anticipated to occur in the second half of 2026.

    The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

    Documentation

    In connection with the Proposed Combination, the following documents, among others, will be made available:

    • The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
    • The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
    • The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
    • The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination

    These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

    The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)16. 

    Advisors

    Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    No Offer or Solicitation

    This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

    Forward-looking Statements

    This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7.  Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

    1 Merger by way of absorption of Subsea7 into Saipem
    2 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    3 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    4 Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    5 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    6 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    7 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    9 Subject to approval by the Subsea7 Shareholders’ Meeting
    10 Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest.  Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
    11 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    12 The dividend paid by Saipem will be qualified as ordinary in nature
    13 Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
    14 Subject to approval by the Subsea7 Shareholders’ Meeting
    15 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
    16 Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
     This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

    Attachment

    The MIL Network –

  • MIL-OSI USA: VIDEO: Senator Peters Advocates for Policies to Support Truck Drivers, Safer Roads in Michigan

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – During a hearing in the Senate Commerce Subcommittee on Surface Transportation, Freight, Pipelines, and Safety, U.S. Senator Gary Peters (MI) advocated for Michigan’s truck drivers, which make up roughly 1 in 15 jobs throughout the state, according to the Michigan Trucking Association. As Ranking Member of the Subcommittee, Peters delivered opening remarks where he underscored his commitment to ensuring Michigan truck drivers receive the wages and benefits they deserve.
    “Our nation’s truck drivers are the backbone of our economy. These frontline workers spend long hours, often away from their families and at all times of day and night, transporting goods across the country to America’s communities… It’s not an exaggeration to say that the trucking industry touches every American’s daily life,” said Senator Peters, Ranking Member of the Senate Commerce Subcommittee on Surface Transportation, Freight, Pipelines, and Safety. “That’s especially true for Americans who have made trucking their career. There are nearly 250,000 trucking jobs in Michigan alone, making up 1 in 15 jobs throughout my state. From long and short-haul drivers, to mechanics, dispatchers, and logistics coordinators, these jobs provide key economic opportunities for Michiganders, and I am committed to making sure that these jobs live up to their promise for Michiganders by providing fair wages, health care, and retirement benefits. That’s why I am proud to have one of the foremost leaders of that fight here to testify today, Teamsters President Sean O’Brien.”
    During the hearing, Peters also advocated for policies to improve roadway safety to protect both truckers and the drivers they share the road with.
    “Mr. O’Brien and the members of this panel know very well that the single most important factor in the success of our truck drivers and this industry, as well as road users across this country, is safety,” Peters continued. “I believe this committee must prioritize safety in the next surface transportation reauthorization bill for both truckers and those they share the road with, from the deployment of advanced safety technology and driver assistance systems, to investing in safer streets and stronger bridges, to tackling truck parking issues and defending drivers’ access to rest and bathrooms, to addressing freight fraud and theft.”
    Peters also highlighted the current challenges that truck drivers and businesses face as the industry navigates the Trump Administration’s tariff policies.
    “I want to acknowledge that today’s trucking industry, as well as all freight and multimodal industries, is facing an incredibly challenging economic environment with this Administration’s chaotic approach to tariffs. This doesn’t just impact truckers and consumers, changing rules, rising prices, and economic uncertainty impacts the manufacturers that build the trucks that move our goods and keep drivers safe,” said Peters. “In Michigan, the commercial vehicle manufacturing supply chain relies on cross border trade with Canada, and with a global supply chain. Many of these businesses have been forced to consider laying off workers or pausing investments due to a lack of certainty created by constantly shifting tariff policies.”
    “We can and should pursue policies to create commercial trucking manufacturing jobs here at home, but this continued chaos will only serve to harm U.S. manufacturers, consumers, and our intermodal freight system,” Peters continued.

    To watch video of Senator Peters’ opening remarks and question at the hearing, click here.
    Peters has consistently advocated for investments and legislation to support truckers and the trucking industry. In the bipartisan infrastructure law, Peters secured more than $4.6 billion to improve roads, bridges, and highways throughout Michigan, including over $1.8 million for the improvement of the Blue Water Bridge to reduce freight delays and ensure the efficient movement of goods across the bridge via truck. In 2024, Peters’ bipartisan Strengthening the Commercial Driver’s License Information System (CDLIS) Act was signed into law to protect funding for the Commercial Driver’s License Information System (CDLIS), a crucial, nationwide computer system that ensures commercial drivers have only one license and one complete driver record.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Reintroduces Legislation to Bolster Alabama’s Ag Community

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) reintroduced two pieces of legislation—the Farm Board Act and the Mid-South Oilseed Double Cropping Study Act—to improve opportunities and increase market access for Alabama’s agriculture community. More information about both bills can be found below.

    “Our farmers, foresters, and livestock producers shoulder an enormous burden of keeping America’s food secure,” said Senator Tuberville. “They need to be able to make a living off the land, and they need to have a FCIC Board of Directors that fully reflects their needs. I’m proud to reintroduce legislation that strengthens representation on the FCIC Board, and another piece of legislation that would help solidify a new revenue opportunity for our farmers while also addressing the growing need for renewable diesels and synthetic aviation fuels. As Alabama’s voice on the Senate Ag Committee, I’ll continue fighting to secure opportunities for our ag producers as they feed, fuel, and clothe our country.”

    “I commend Coach on each piece of legislation,” said Alabama Commissioner of Agriculture and Industries Rick Pate. “The Farm Board Act will ensure representation for production agriculture to the FCIC Board of Directors while the Mid-South Oil Seed Bill will help pave the way for another alternative crop for producers to consider growing based on the demand for renewable fuel. I look forward to Coach getting each bill to the finish line.”

    “We appreciate Coach’s continued support of Alabama farmers and his steadfast dedication to supporting innovation while managing risk by increasing availability and oversight of crop insurance programs,” said Alabama Farmers Federation President Jimmy Parnell. “With more offerings than ever for livestock producers, it is important these farmers have representation on the FCIC Board.  Additionally, as farmers are looking at alternative crops to supplement their income, the Mid-South Oilseed Double Cropping Study Act will help to make sure they have the appropriate risk management tools available.”

    ABOUT THE FARM BOARD ACT:

    The Farm Board Act would require the Federal Crop Insurance Corporation (FCIC) Board of Directors to designate one of the four producers on the ten-member board as an individual that produces both livestock and crops. The FCIC is a government owned corporation that finances the Federal Crop Insurance Program’s (FCIP) operations. Making this addition would improve perspective and decisions regarding the newer livestock related crop insurance products that benefit all areas of Alabama’s agriculture industry.  The designated producer seat would not start immediately, but when Board members begin to cycle off on May 1, 2027.

    American Farm Bureau Federation (AFBF), Alabama Farmers Federation (ALFA), Alabama Department of Ag & Industries, and the Alabama Cattlemen’s Association are all supportive of Senator Tuberville’s legislation. More information about the Farm Board Act can be found here.

    ABOUT THE MID-SOUTH OILSEED DOUBLE CROPPING STUDY ACT:

    This bill requests a study from the USDA Risk Management Agency (RMA) on winter oilseed crops, canola, and rapeseed (which is a type of canola) for the Mid-South region—Alabama, Tennessee, and Kentucky. Alabama producers are starting to grow canola as a second crop—following soybeans—and the crop can be used to produce Synthetic Aviation Fuel (SAF), which creates an additional market for our producers. This also enables Alabama farmers to expand revenue opportunities during the winter months and helps reduce nutrient losses in the soil. For farmers to take advantage of opportunities in renewable diesel and SAF, they need the assurance that crop insurance—such as Catastrophic Risk Protection, Yield Protection, Revenue Protection, or Revenue Protection with Harvest Price Exclusion—will be eligible in their counties for these crops and practices. To address crop insurance gaps that may exist, RMA and FCIC need to gather data on the feasibility of producing winter oilseed as a double and rotational crop in the Mid-South region. 

    The diversification of our energy markets by adding new, cost-effective, and sustainable options is necessary. Renewable domestic diesel capacity is slated for aggressive growth with the potential to double by 2030. Additionally, the 106-billion-gallon global commercial jet fuel market is projected to grow to over 230 billion gallons by 2050. The end goal is to get a study now, then down the road have double cropped canola and rapeseed be covered by crop insurance. 

    U.S. Canola Association, National Oilseed Processors Association (NOPA), Alabama Farmers Federation (ALFA), and the Alabama Department of Ag & Industries are all supportive of Senator Tuberville’s legislation. More information about the Mid-South Oilseed Double Cropping Study Act can be found here.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: expert reaction to two papers assessing off-the-shelf health tests sold in UK shops

    Source: United Kingdom – Executive Government & Departments

    A study published in The BMJ assesses direct-to-consumer self-tests sold in the UK.

    Prof Amitava Banerjee, Professor of Clinical Data Science and Honorary Consultant Cardiologist, Institute of Health Informatics, UCL, said:

    “Direct-to-consumer, self-tests are increasingly used by people with and without disease for screening and are widely available from high street vendors.  In these rigorous, real-world studies led by the University of Birmingham, we see two main findings.  First, across 30 self-tests in 19 conditions from infertility and menopause to raised cholesterol and anaemia, there is a not enough information for consumers to judge when and why to do the test, and how to interpret or how to act on the results.  Second, the evidence and the support from clinical guidelines to use these tests is often lacking, suggesting that regulatory oversight needs to be improved.

    “Sometimes people use self-tests because they “feel it is better to know” and they are trying to inform their health and healthcare decisions.  This research shows that these self-tests are often not providing relevant knowledge or information and they are not informing decisions in the right way.  Therefore, all stakeholders need to consider the quality of self-tests and information available to members of the public or health professionals before recommending their use, whether in the health and wellness space or in diagnosis, treatment and prevention of disease.”

    Rachel Richardson, Acting Head of Methods Support, Evidence Production and Methods Directorate, The Cochrane Collaboration, said:

    “This well-conducted research shines a welcome light on an area of healthcare which appears to be inadequately regulated.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, The Open University, said:

    “I think the findings of these new studies on self-tests for health conditions, available (at a cost) in supermarkets, high street chemists and online, are scary and concerning.  I don’t doubt the findings of the researchers, that many of the available tests don’t make it clear who could make good use of them, how accurate the results might be, or what someone should do in the light of their results.

    “These are good studies in my view.  The researchers do list some limitations in the discussion sections of the papers, in particular that their samples of tests were obtained two years ago and were not specifically intended to be a sample of what was available across the country, but given what they do say about where they got the tests, I’d be surprised if they aren’t pretty much the same anywhere nowadays.  Also, the researchers didn’t check with representatives of the public whether the instructions were as unhelpful to understanding as they believe they were, but I don’t think this affects their conclusions.

    “I’m certainly not saying that tests like this should be banned, or even radically discouraged.  The authors of these research papers aren’t saying that either.  Experience during the heights of the Covid pandemic showed how useful home testing could be, particularly when access to other information about one’s health might not be easily available (as can still be the case at some GP practices, for instance).  And, generally as a default position, I don’t like telling people they can’t do something that they want to do – though only in the light of clear, transparent and easily available information on the pros and cons, and in the presence of adequate regulation.  These studies make it clear that users of many self-tests aren’t given easy access to relevant information, and that the regulation isn’t appropriate at present.

    “I’ll just mention one particular aspect, because it’s one that I have studied and written about myself.  This is about why the findings are important, not about the quality of the research.  No diagnostic or screening test for a health condition can be 100% accurate.  There will inevitably be false positives – people with a positive test result for the condition who actually don’t have the condition – and false negatives – people with a negative test result for a condition who actually do have the condition.  These are aspects of accuracy, though discussions of that word don’t always make it clear enough that there are two different ways in which a test result can be wrong.

    “You probably recall some of the interest and media discussion about these things in relation to Covid testing.  Not all of the discussion was logical or well argued, but it clearly and correctly drew attention to the fact that test results can be wrong sometimes.

    “Fewer than half of the self-tests examined by the researchers gave any information at all on the box about accuracy of the results.  Even when they did give information about accuracy on the box or in the instructions inside, the information was sometimes itself not accurate, or was based on the results of laboratory studies under careful conditions, not on findings on use of the tests by people who are not health professionals.

    “But even if all the tests had given information about accuracy, and all that information was reliable, there can still be problems. I’ll describe how.

    “Because there are two kinds of wrong results from tests – false positives and false negatives – we need to look at two aspects of the chance of making an error.  One common way of doing this, that was used in some of the self-test instructions, is as follows.  Findings from the development and use of the test can estimate the probability that someone, who is known to have the health condition in question, will have a true positive test result rather than a false negative result.  (In the jargon, that probability is called the test sensitivity – but trust me, knowing the jargon doesn’t help understanding.)  Another finding from test development and use is an estimate of the chance that a person, who is known not to have the condition on question, will have a true negative test result rather than a false positive result.  (That’s called the test specificity.)

    “The trouble is that these two probabilities are the probability of the person having a positive or a negative test result, in the position where we know whether they really have the health condition.  But you don’t do these tests if you know already whether you have the health condition.  So these probabilities are the wrong way round.  What people (and health professionals) want to know is, for example, if we know someone has a positive test result, what’s the chance that they really have the health condition that is being tested for.  Or, if we know someone has a negative test result, what’s the chance that they really don’t have the health condition?  (There are jargon names for those too – the positive predictive value and the negative predictive value, but again I don’t think those names help much, as there’s too much risk of confusion.)  And I’m sure that’s the kind of thing someone would want to know if they buy a self-test and see what result it gives for them.

    “However, the first lot of probabilities, the sensitivity and specificity, are different from the second lot, the predictive values.  If I tell you that the chance that a person, known already to have the health condition, will have positive test result is 98%, that doesn’t tell you what the chance is that a person, who has a positive test result, actually has the health condition.  That second probability is almost certainly not 98%, and in many circumstances it would be very much less than 98%.  To get from one set of probabilities to the other, you would need more information, such as how likely it is that the person has the condition if we don’t yet know the test result.

    “Just to rub in that these two probabilities aren’t the same, consider the following silly story.  You find a man in the street in London.  You happen to know he is the Pope.  What’s the chance that he is a Roman Catholic?  Obviously, 100%.  But now suppose the thing you know ,and the thing you want to know the chance of, are the other way round.  You know, somehow, that a different man in the London street is a Roman Catholic.  What’s the chance that he is the Pope?  Well, very much less than 100%.  It matters, a lot, which thing you already know and which thing you want the probability for.

    “So, in testing you get different probabilities if you know whether the person being tested has the health conditions, and want the probability that the test will be positive, from if you know what the person’s test result is, and want the probability that they have the health condition.  And only one of these probabilities – the second one – tells you what a test result is really saying about the chance of having the health condition.

    “There has been a lot of research in the past on how people, including health professionals and also non-professionals that might buy one of these self-tests, understand the findings, when they are given some information about the probabilities.  Several studies, for instance, found that many doctors and health professionals weren’t using the information on probabilities when the person’s health status is already known (the sensitivity and specificity) properly in trying to answer the question of how likely it is that someone, with a positive test result, actually has the health condition.  And if doctors might not be getting it right, how could a non-expert be expected to interpret their own test results properly?

    “The position on that maybe isn’t as grim as it sounds, though.  Other research has indicated that there are ways of getting the information across so that it’s useable by non-experts.  That has been done by several groups, including the Winton Centre for Risk and Evidence Communication in Cambridge (which has now closed, though its findings are still available), groups led by the psychologist Gerd Gigerenzer in Berlin, and many others.  Somehow, those communication findings need to be incorporated, as well as they can be, in the instructions for these tests.  But that will require more and better regulation.

    “Also, some doctors in primary health, including Jessica Watson and Margaret McCartney, who wrote the editorial accompanying these two new research papers in the BMJ, have worked on ways of helping people to understand test results – though you’d need to ask them how much of their findings could transfer easily to something that could be written clearly in test instructions rather than used in direct communication between health professionals and patients.”

    Paper 1: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of information on intended use, instructions for use, and post-test decision making’ by Clare Davenport et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025. 

    DOI: 10.1136/bmj-2025-085546

    Paper 2: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of regulation and evidence of performance’ by Bethany Hillier et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025. 

    DOI: 10.1136/bmj-2025-085547

    Declared interests

    Prof Amitava Banerjee: “AB declares no relevant conflicts of interest.”

    Prof Kevin McConway: “I have no conflicts of interest to declare.”

    Rachel Richardson: “I have no interests to declare.”

    This Roundup was accompanied by an SMC Briefing. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Papers assessing off-the-shelf health tests sold in UK shops

    Source: United Kingdom – Executive Government & Departments

    Scientists from the University of Birmingham have reviewed a number of direct-to-consumer health tests that are available for members of the public to buy from supermarkets, pharmacies and shops in the UK, such as tests for vitamin deficiency, blood cholesterol and the menopause.

    The scientists assessed the evidence available for the basis of levels of accuracy, sensitivity and specificity that the tests reported. They also looked at how useable the tests were in terms of equipment, instructions and interpretation of the results.

    They published their findings in two papers in the BMJ.

    Journalists came to this briefing to hear some of the authors of the papers discuss their findings, and to ask their questions.

    Speakers included:

    Prof Jon Deeks, Professor of Biostatistics and head of the Biostatistics, Evidence Synthesis and Test Evaluation Research Group, University of Birmingham

    Dr Clare Davenport, Clinical Associate Professor, University of Birmingham (joining online)

    Prof Alex Richter, Professor of Clinical Immunology and Director of the Clinical Immunology Services, University of Birmingham

    Bethany Hillier, Medical Statistician, University of Birmingham

    This Briefing was accompanied by an SMC Roundup of comments. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to systematic review and meta-analysis of daily step count and risk of chronic diseases, cognitive decline and death

    Source: United Kingdom – Executive Government & Departments

    A systematic review and meta analysis published in The Lancet Public Health looks at daily steps and health outcomes in adults.

    Prof Steven Harridge, Professor of Human & Applied Physiology at the Centre for Ageing Resilience in a Changing Environment (CARICE) at King’s College London, said:

    “This is a systematic review of a large number of studies looking at the relationship between increasing step count and multiple health outcomes – as opposed to just all-cause mortality.

    “The paper shows clear effects of increasing physical activity (through increasing step count) on reducing disease risk.  There has been debate about the amount of activity an individual should be doing with 10,000 steps as a generalised target, not well evidenced. This paper shows that 7,000 steps is sufficient for reducing the risk for most diseases covered, and 10 000 steps does not confer much additional benefit.  But further risk reduction might be possible for some diseases.

    “Simply put, the paper supports bodies of evidence that increasing levels of physical activity are associated with positive health outcomes.  Importantly, increasing to 10,000 streps seems to confer no negative effects!

    “Studies of this kind are helpful in the large number of studies and participants combined into the analysis but it lacks mechanistic insight as to how these benefits arise.  The likelihood is that increasing step count increases cardiorespiratory fitness, well known to be positively associated with better health and all-cause mortality outcomes.

    “There is also another interpretation of these data. Humans are designed to be physically active (our evolutionary heritage as hunter gatherers), so the question could be posed the other way.  Let’s say the default is to walk 10,000 or 7,000 steps, what are the negative health outcomes that might be expected of going below this level?  Clearly, they are not good.  Thus is all depends on the perspective of what should be considered “normal”.  

    “Whilst step count is a very basic measure of activity (e.g.it does not capture intensity), this study adds to the body of knowledge that shows physical activity is vitally important for health and anything that encourages people to be more active is a good thing for both physical and mental health.  This is in the context of most people not adhering to the guidelines for physical activity as set out by the Chief Medical Officer.”

      

    Dr Andrew Scott, Senior Lecturer in Clinical Exercise Physiology, University of Portsmouth, University of Portsmouth, said:

    “The press release gives an accurate account of the study. The article is written by an excellent author team, leading to a coherent article summarising the evidence of daily step count and various health outcomes.

    “There’s been little research on steps per day, with most research focussing on characterising the exercise in frequency per week, time per day and intensity per minute of exercise. This research does fit the usual narrative of a logarithmic dose-response to exercise of a range of health conditions. This is not surprising; a dose-response is evident in many relationships between interventions/activities and health outcomes, including medications. This dose (amount of intervention) to outcome (health benefit) determines the dose required of particular medications to improve a particular health condition. In this case this information can be used to indicate the number of steps per day should be performed to reduce the risk of developing a health condition by a particular percentage. In most cases the 10,000 steps per day will still be better than 7,000 steps, just by decreasing margins of health benefit return.

    “More important than the exact number of steps, it demonstrates that overall more is always better and people should not focus too much on the numbers, particularly on days where activity is limited. The steps per day is useful when people’s exercise is weight-bearing, however cycling, swimming and rowing are not well-represented by the steps per day model.

    “This is a meta-analysis so it is representative of a range of studies, but there is a range of ways to be active for health benefit, beyond just steps per day. The team also analysed the rate or cadence of stepping, where faster rates of stepping per 30 minutes were further associated with health benefits, but not everybody can step at this rate to benefit with. There are other ways of exercise that are beneficial for older people, including balance exercise and higher intensity resistance training that can provide benefits beyond walking or jogging.

    “The compelling finding is that whilst such walking does not mitigate cancer incidence there is a decrease in cancer mortality, illustrating that enhanced physical activity levels leading to enhanced physical and psychological fitness enhances the resilience of people to deal with cancer and its associated treatments.

    “These findings are important for providing a public health message, where targeted exercise intervention, as opposed to discouraging inactivity is not as prevalent compared to medical intervention. So, while these findings have real world implications, the specific number should not receive too much reverence; it just means that 10,000 steps per day is not the only number to aim for, enhancing achievability.”

    Dr Daniel Bailey, Reader – Sedentary Behaviour and Health at Brunel University of London, said: 

    “The press release does accurately reflect the study, showing that walking 7000 steps per day is associated with significantly lower risk of a number of health outcomes like cardiovascular disease, type 2 diabetes, dementia, depression and falls. 

     “The researchers assessed the strength of evidence in their review of studies. The strength of evidence was moderate for most of the health outcomes, meaning that we can be confident the findings in this paper are true, but there is a possibility they may not be completely accurate. 

    “This study adds to existing evidence by showing that the more steps people do, the less their risk of developing different health conditions. The finding that doing 5000-7000 steps per day is an important addition to the literature which helps to debunk the myth that 10,000 steps per day should be the target for optimal health.  

     “This study suggested that 5000-7000 steps per day can significantly reduce the risk of many health outcomes, but that does not mean you cannot get benefits if you don’t meet this target. The study also found that health risks were reduced with each 1000 extra steps per day, up to a maximum of 12,000 steps per day. So just adding more steps from your starting point can have important benefits for health. 

     “An important limitation is that many of the findings from this review were based on a small number of studies, meaning that the results may not be accurate for some of the health outcomes measured. Also, the findings cannot be easily applied to people living with a chronic condition as the studies in this reviewer were in generally healthy people. 

    “The real-world implications are that people can get health benefits just from small increases in physical activity, such as doing an extra 1000 steps per day. To achieve the best reductions in risk, aiming for 5000-7000 per day can be recommended, which will be more achievable for many people than the unofficial target of 10,000 steps that has been around for many years.”  

    ‘Daily steps and health outcomes in adults: a systematic review and dose-response meta-analysis’ by Ding Ding et al. was published in The Lancet Public Health at 23:30 UK time on Wednesday 23rd July.

    DOI: https://doi.org/10.1016/S2468-2667(25)00164-1

    Declared interests

    Prof Steven Harridge: I am Professor of Human and Applied Physiology at King’s College London, with a research interest in healthy human ageing and have no funding from manufacturers of physical activity monitors.

    Dr Andrew Scott: I do not have any conflicts of interest.

    Dr Daniel Bailey: No interests

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Maxim Reshetnikov: Investments in SEZ reached 2.7 trillion rubles over 20 years

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    On Wednesday, July 23, the Minister of Economic Development of the Russian Federation, Maxim Reshetnikov, presented the main results of the work of special economic zones (SEZ) over the 20 years since the mechanism was created at a meeting of the President with members of the Government.

    “Exactly 20 years ago, on your instructions, a law was adopted on Special Economic Zones to create new growth points in the regions and stimulate investment,” the minister noted, addressing the head of state.

    Since the mechanism was launched, 59 SEZs have been created in Russia. More than 1,300 resident companies have invested 2.7 trillion rubles and created 110 thousand jobs. Today, the zones are developing in various sectors – from industry, science and logistics to tourism.

    “Special economic zones respond to key business needs. It is within the framework of SEZs that production facilities are launched that ensure technological sovereignty and replace imports,” emphasized Maxim Reshetnikov.

    The development of SEZs has accelerated especially in the last five years. Since 2020, more than half of the zones operating today — 34 — have been created. The influx of residents during this period was a record — 561 companies. Recent examples include the production of trailers in Tatarstan, medical furniture in the Tula region, pet food in the Lipetsk region, air filters and polymer products in the Novgorod region.

    The head of the department separately noted the contribution of SEZs to the development of regional economies. The zones become drivers of diversification and create highly skilled jobs. According to the Ministry of Economic Development, the level of wages at resident enterprises is often 30-50% higher than the regional average.

    In 2025, six new economic zones were created in Russia, and five more were expanded. Among the new ones are a tourist zone in Kuzbass, a machine-building cluster in the Chelyabinsk region, and an industrial and logistics hub in the Novosibirsk region. Applications for opening new sites are being developed, including a tourist SEZ in Mineralnye Vody.

    According to the minister, the effectiveness of the mechanism is also confirmed from the point of view of the return of state investments: “The costs of benefits and the creation of infrastructure are recouped by the growth of the tax base. As of today, the budgetary effect from the work of the SEZ has exceeded 122 billion rubles,” the head of the Ministry of Economic Development reported.

    During his speech, the minister outlined further priorities for the development of the mechanism. Among them are the simplification of procedures for investors, the integration of infrastructure support measures, the expansion of tourism formats, and the active attraction of foreign companies. Today, more than 100 foreign investors from 34 countries work in Russian SEZs.

    “The Institute of Special Economic Zones has become an effective mechanism for the country’s economic development. This is the result of the work of regional teams, constant improvement of legislation and, of course, your support,” Maxim Reshetnikov noted in conclusion, addressing the President.

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

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    MIL OSI Russia News –