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  • MIL-OSI USA: Senators Coons, Cornyn’s bill to equip law enforcement with trauma kits passes Senate

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.), John Cornyn (R-Texas), Sheldon Whitehouse (D-R.I.), Thom Tillis (R-N.C.), Mike Rounds (R-S.D.), and Dick Durbin (D-Ill.) released the following statements after their Improving Police Critical Aid for Responding to Emergencies (CARE) Act, which would equip law enforcement officers with quality trauma kits so they can respond immediately if a civilian or fellow officer experiences a traumatic injury during a call, passed the Senate:

    “Our nation’s law enforcement officers keep our communities safe, and all Americans are better off when they have the resources they need to do their jobs when emergencies strike,” said Senator Coons. “As co-chair of the Senate Law Enforcement Caucus, I’m proud that my colleagues passed this bipartisan, commonsense legislation so that police officers have the trauma kits they need to save lives.”

    “When responding to medical emergencies, time and access to the right tools can mean the difference between life and death,” said Senator Cornyn. “This legislation would equip law enforcement officers with high-quality trauma kits to prevent deaths due to blood loss and give patients the best chance of survival.”

    “Police officers serve on the frontlines in their communities every day, and they are often first on the scene in medical emergencies,” said Senator Whitehouse. “Our bipartisan legislation would provide officers in the field with emergency trauma kits, and fund standardized training to allow them to better protect the public and save lives.”

    “As a strong supporter of our brave men and women in law enforcement, I am proud to co-introduce the Improving Police CARE Act which would equip them with the tools they need to keep our communities safe,” said Senator Tillis. “Ensuring law enforcement officers have effective trauma kits will save countless law enforcement and civilian lives.”

    “As the first people to arrive at the scene of an emergency, law enforcement officers must be prepared for anything and properly equipped to respond,” said Senator Rounds. “Our legislation would support equipping officers with trauma kits to control life-threatening hemorrhages in an emergency situation. This bill has the potential to save lives, and I’m pleased that it has passed the Senate.”

    “It is imperative that law enforcement officers have the resources and training they need to save lives,” said Senator Durbin. “Blood loss injuries are too often deadly, especially in rural areas where it can take longer for patients to receive emergency medical care. The bipartisan Improving Police CARE Act will establish standards for trauma kits used by law enforcement, ensuring that our officers have the right tools to respond to injuries immediately and continue to serve our communities.”

    U.S. Senators Ashley Moody (R-Fla.) and Maggie Hassan (D-N.H.) are cosponsors of the legislation.

    Background:

    Trauma kits play a vital role in preventing deaths due to blood loss. Between 30-40% of trauma-related deaths are caused by hemorrhaging, or uncontrolled bleeding, with 33-56% of them occurring before the patient arrives at the hospital. During the Iraq and Afghanistan conflicts, tourniquets and tourniquet training were widely adopted by the military for their lifesaving potential in combat. This practice has since been embraced in civilian populations given its clear survival benefit. In fact, one study found that patient survival was six times more likely when a tourniquet was used, underscoring the critical need for timely bleeding control. This is especially true in rural areas where the average EMS response time is typically double that of urban areas. Having access to a trauma kit and early bleeding control can help bridge this gap and mean the difference between life and death.

    The effectiveness of a law enforcement trauma kit program depends in part on the contents and the quality of the kits. Medical professionals recommend that a kit include bleeding control supplies like tourniquets, bandages, non-latex gloves, scissors, and instructions. However, there is enormous variation in the products available on the market.

    The Improving Police Critical Aid for Responding to Emergencies (CARE) Act would:

    • Establish baseline standards in consultation with law enforcement and medical professionals for trauma kits purchased using grant funding under the Edward Byrne Memorial Justice Assistance Grant (JAG)
    • And require the development of optional best practices that law enforcement agencies can adapt for training law enforcement officers to use trauma kits, and for deployment and maintenance of the kits in vehicles and government facilities

    The legislation is endorsed by the National Association of Police Organizations (NAPO), International Association of Chiefs of Police (IACP), Major County Sheriffs of America (MCSA), Federal Law Enforcement Officers Association (FLEOA), NYPD Sergeants Benevolent Association (SBA), National Fraternal Order of Police (FOP), the Society of Trauma Nurses, the American College of Surgeons (ACS), and the American Trauma Society.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Banking Committee Unanimously Advances Comprehensive Housing Legislation

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The U.S. Senate Committee on Banking, Housing, and Urban Affairs, of which U.S. Senator Mike Crapo (R-Idaho) is a senior member, unanimously advanced the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025. Senator Crapo is a co-sponsor of the legislation, which was led by Committee Chairman Tim Scott (R-South Carolina) and Ranking Member Elizabeth Warren (D-Massachusetts).

    “Homes are the foundation for economic success, family stability and community cohesiveness,” said Crapo. “Unfortunately, lack of affordable housing is routinely the number one concern I hear from Idahoans. We must reform inefficient segments of U.S. housing across all markets to make the American dream of homeownership more attainable.”

    The comprehensive housing package would take various steps to increase access to affordable housing for Americans across the country by expanding and preserving the housing supply, improving housing affordability, and increasing oversight and efficiency of federal regulators and housing programs. The measure contains several provisions Senator Crapo co-sponsored as standalone bills, including:

    Text of the bill is available here, and a section-by-section summary is available here.

    MIL OSI USA News –

  • MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

    Source: United Nations 2

    The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

    Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

    With a dramatic reduction in funding Haiti faces a crucial “turning point.”

    UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

    UN News: What is the current state of humanitarian funding in Haiti?

    Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

    This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

    © UNICEF/Maxime Le Lijour

    UN aid agencies continue to support Haitian people with humanitarian aid.

    The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

    This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

    UN News: What conditions in Haiti have led to such significant funding needs?

    The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

    Haiti’s exposure to natural hazards is an aggravating factor.

    The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

    © UNOCHA/Giles Clarke

    The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

    Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

    In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

    The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

    UN News: How has the growing control of armed groups affected donor confidence?

    The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

    This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

    The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

    Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

    The operational cost of aid has also increased.

    UN News: What is the impact of the new approach taken by the US administration?

    On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

    In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

    © WFP/Theresa Piorr

    US food aid is prepared for delivery following floods in Haiti in 2022.

    Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

    UN News: To what extent is the current situation unprecedented?

    The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

    The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

    US-co-funded health centres have closed, leaving pregnant women and children without assistance.

    The current crisis demonstrates the country’s growing isolation.

    While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

    UN News: What difficult decisions have had to be made regarding cutting aid?

    The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

    In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

    © MINUSTAH/Logan Abassi

    The long-term development of Haiti is at risk as funding decreases.

    Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

    Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

    This compromises not only the immediate response but also the development of medium-term solutions.

    UN News: How are Haitians being affected?

    Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

    The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

    © PAHO/WHO/David Lorens Mentor

    A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

    In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

    In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

    UN News: How have people in Haiti reacted?

    Beneficiaries expressed a sense of despair at the sudden suspension of the services.

    In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

    Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Gaza children starving despite Israeli ‘tactical pauses’, UN says

    Source: United Nations 2

    Speaking at the regular news briefing in New York, UN Deputy Spokesperson Farhan Haq said that even four days into the announced pauses, “we are still seeing casualties among those seeking aid and more deaths due to hunger and malnutrition.”

    He added that parents are “struggling to save their starving children” and warned that the current conditions for aid delivery are “far from sufficient.”

    The UN Office for the Coordination of Humanitarian Affairs (OCHA) said that while it is using every available window to deliver supplies during the unilateral pauses, the scale of need vastly outpaces what is getting through.

    “A permanent ceasefire is needed more than ever,” Mr. Haq said, emphasising that “unilateral tactical pauses alone do not allow for the continuous flow of supplies required to meet immense needs levels in Gaza.”

    Access a major hurdle

    Access remains one of the biggest hurdles.

    Entry through the Kerem Shalom/Karem Abu Salem crossing requires multiple layers of approval from Israeli authorities – including safe passage, cessation of bombardment, and the literal opening of locked gates.

    “Yesterday, three facilitated missions allowed our staff to collect cargo containing food from the Kerem Shalom and Zikim crossings and allowed for fuel to be transferred within Gaza,” Mr. Haq said.

    “However, the others faced impediments, particularly delays in receiving the green light to move by the Israeli authorities, and one had to be cancelled.”

    Extreme hunger haunts children

    The situation was echoed by Ricardo Pires, UNICEF’s Communication Manager, who returned from Gaza this week.

    “It’s absolutely apocalyptic,” he told UN News. “Children are being injured and killed while trying to get food and aid, while suffering from malnutrition and hunger.”

    Mr. Pires said that two out of the three criteria for a famine declaration have been met, according to the latest alert by food security experts.

    UNICEF and other agencies are also grappling with the collapse of basic infrastructure.

    Perfect storm of suffering for children

    “We’re at the brink of a man-made drought,” Mr. Pires said, with only 40 per cent of water production functioning and children turning to contaminated sources, risking deadly disease.

    “Children are dehydrated, they are reverting to contaminated water, which will make them sick, with deadly diseases or diarrhoea outbreaks and in some cases, even meningitis,” he added.”

    “It is a complete perfect storm of suffering for children.”

    UN News interview with UNICEF Communication Manager Ricardo Pires.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Investor Alert: Impersonation Scam Uses Premier Scott Moe’s Image and Fake Social Media Posts to Target Saskatchewan People

    Source: Government of Canada regional news

    Released on July 30, 2025

    The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan people of impersonation scams on social media claiming that Premier Scott Moe is endorsing online investment platforms.

    The FCAA informs Saskatchewan investors that Premier Scott Moe does not endorse or advertise any investment platforms.

    “Do not make investment decisions based on public figure endorsements,” FCAA Securities Division Executive Director Dean Murrison said. “Scammers can create fraudulent news and social media articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”

    The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses. 

    If you have experienced entities claiming public figure endorsements for their investment platforms or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

    In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

    Tips to protect yourself:

    • Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
    • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
    • Get a second opinion and seek professional advice about the investment.
    • Do not allow unknown or unverified individuals to remotely access your computer.
    • Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: U.S. Marshals and Jackson Police Arrest Barricaded Wanted Man and Woman as Accessory

    Source: US Marshals Service

    Jackson, TN – The U.S. Marshals Service (USMS) and Jackson Police Department arrested a Jackson couple, Jamar Hardiman, 45, and his wife, Crysta Hardiman, 37, after a barricade situation during an arrest.

    On July 30, 2025, the USMS Two Rivers Violent Fugitive Task Force (TRVFTF) in Jackson attempted to serve an arrest warrant on Jamar Hardiman for Failure to Appear for trial in Madison County Circuit Court, Division II on charges of Possession of a Weapon by a Convicted Felon, Schedule VI Drugs with Intent, and Possession of a Firearm with Intent to Go Armed. The charges stem from an investigation by the 26th Judicial Drug Task Force.

    When the USMS Task Force attempted to serve the warrant at Hardiman’s residence on Tanglewood Cove, he barricaded himself in the attic. Marshals held their position and utilized techniques to make the arrest. The Jackson Police and Fire Departments provided critical resources to assist the USMS during the operation.

    Crysta Hardiman, who was also inside the residence at the time, had prior knowledge that Jamar Hardiman was wanted. During the investigation, she aided and harbored the fugitive, Jamar Hardiman, and therefore was arrested for Accessory After the Fact by JPD.

    Jamar and Crysta Hardiman were both transported to the Madison County Jail.

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

    MIL Security OSI –

  • MIL-OSI: Orange County Bancorp, Inc. Announces Record Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Net Income increased $2.3 million, or 27.4%, to $10.5 million for the quarter ended June 30, 2025 from $8.2 million for the quarter ended June 30, 2024
    • Net Interest Income grew $1.0 million, or 4.2%, to $25.1 million for the quarter ended June 30, 2025, as compared to $24.1 million for the quarter ended June 30, 2024
    • Total Deposits rose $123.4 million, or 5.7%, to $2.3 billion at June 30, 2025, from $2.2 billion at year-end 2024
    • Total Loans increased $102.1 million, or 5.6%, to $1.9 billion at June 30, 2025, from $1.8 billion at year-end 2024
    • Book value per share increased $2.55, or 15.6%, to $18.90 at June 30, 2025, from $16.35 at December 31, 2024
    • Trust and investment advisory income rose 14.8%, to $3.4 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended June 30, 2024

    MIDDLETOWN, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Company (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $10.5 million, or $0.87 per basic and diluted share, for the three months ended June 30, 2025. This compares with net income of $8.2 million, or $0.73 per basic and diluted share, for the three months ended June 30, 2024. The increase in earnings per share, basic and diluted, was due primarily to increases in net interest income and total noninterest income partially offset by an increase in non-interest expense during the current period. For the six months ended June 30, 2025, net income reached $19.2 million, or $1.64 per basic and diluted share, as compared to $17.5 million, or $1.55 per basic and diluted share, for the six months ended June 30, 2024.

    Book value per share rose $2.55, or 15.6%, from $16.35 at December 31, 2024, to $18.90 at June 30, 2025. Tangible book value per share increased $2.65, or 16.8%, from $15.80 at December 31, 2024, to $18.45 at June 30, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were due to increased earnings during the six months ended June 30, 2025 and a reduction of unrealized losses in the available for sale securities (“AFS”) portfolio coupled with net proceeds of approximately $43 million from completion of a follow-on common stock offering during the second quarter of 2025.

    “I am pleased to report Orange County Bank had a very productive and successful second quarter,” said Company President and CEO Michael Gilfeather. “Nearly every segment of the Bank turned in strong financial performance, yielding $10.5 million of net income for the period, a $2.3 million, or 27% increase over the same quarter last year. These results include several one-time gains but also reflect continued strength in financial performance as we execute on our full-service, business banking strategy.

    We also completed a $46 million follow-on common stock offering during the quarter, strengthening our financial position and giving us the flexibility to continue to expand our lending business in a prudent manner while improving trading liquidity in our stock. On a per share basis, we earned $0.87 a share for the quarter ended June 30, 2025, versus $0.73 for the same quarter last year.

    Key to our strong financial performance was continued growth of our loan portfolio. Year to date, total loans increased $102.1 million, or 5.6%, to $1.9 billion at quarter end. Despite uncertainty surrounding tariff policy, loan demand and economic activity in the communities we serve remains strong, but we continue to exercise prudence in underwriting. Year-to-date, we have grown our loan portfolio without a significant change in loan yields. The average yield on our loan portfolio was 6.02% for the first half of 2025, down modestly from 6.06% for the first half of the prior year.

    Deposit growth also remains robust, with total deposits up $123.4 million year-to-date to $2.3 billion, a 5.7% increase over year end 2024. These new deposits were organically sourced, enabling us to replace $74 million of higher cost brokered deposits with lower cost Bank client funds. Our cost of deposits for the three months ended June 30, 2025 was 1.30%. We consider our low-cost deposit base a key competitive advantage of the Bank, and while there is some seasonality to these numbers, we have been highly intentional in growing this important driver of our success.

    Given that rates on both deposits and loans remained largely unchanged through the first half of the year, it stands to reason net interest margin remained stable as well. For the three months ended June 30, 2025, our net interest margin stood at an impressive 4.06%.

    Our Wealth Management division also continued its run of increasing contributions to performance with nearly 15% growth, to $3.4 million for the current quarter from $3.0 million for the same period last year. Earnings from Wealth Management, which is comprised of Trust and Investment Advisory Services, is an important source of revenue for the Company. Orange Wealth Management represents a value-added expansion of our traditional banking business which provides greater service and leads to the creation of more fees and revenues per client. In addition, many of the group’s clients are also borrowers and/or depositors of the Bank.

    Given our successful capital raise and further growth in loans, deposits, and wealth management, we had a strong second quarter. I want to once again acknowledge that none of this could happen without the experience, expertise and commitment from our employees. I thank them and our customers and shareholders for their continued confidence and support.”

    Second Quarter 2025 Financial Review

    Net Income

    Net income for the second quarter of 2025 was $10.5 million, an increase of $2.3 million, or 27.4%, from net income of $8.2 million for the second quarter of 2024. The increase represents a combination of increased net interest income and non-interest income over the same quarter last year. Net income for the six months ended June 30, 2025 was $19.2 million, as compared to $17.5 million for the same period in 2024. The increase reflects the effect of net interest income growth combined with increased non-interest income during the first six months of 2025 as compared to the prior year period. These improvements were partially offset by higher provision for credit losses in the first half of 2025 as compared to a $1.9 million recovery recognized through the provision during the first half of 2024 and associated with Signature Bank subordinated debt. The increase in non-interest income includes the recognition of gain associated with the sale of a branch location coupled with a Bank Owned Life Insurance gain related to policy proceeds from a death benefit.

    Net Interest Income

    For the three months ended June 30, 2025, net interest income rose $1.0 million, or 4.2%, to $25.1 million, versus $24.1 million during the same period last year. The increase was driven primarily by a $712 thousand increase in interest and fees combined with a $309 thousand reduction in interest expense during the current period. For the six months ended June 30, 2025, net interest income reached $48.8 million representing an increase of $3.0 million, or 6.7%, over the first half of 2024.

    Total interest income rose $712 thousand, or 2.2%, to $33.2 million for the three months ended June 30, 2025, compared to $32.5 million for the three months ended June 30, 2024. The increase was driven mainly by 5.0% growth in interest and fees associated with loans. For the six months ended June 30, 2025, total interest income rose $1.6 million, or 2.4%, to $65.1 million as compared to $63.6 million for the six months ended June 30, 2024.

    Total interest expense decreased $309 thousand during the second quarter of 2025, to $8.1 million, as compared to $8.4 million in the second quarter of 2024. The decrease was primarily due to the reduction of interest costs associated with FHLB advances and borrowings as a result of increased deposit levels during the quarter. Interest expense associated with FHLB advances drawn and other borrowings during the current quarter totaled $375 thousand as compared to $890 thousand during the second quarter of 2024. During the six months ended June 30, 2025, total interest expense fell $1.5 million, to $16.4 million, as compared to $17.9 million for the same period last year.

    Provision for Credit Losses

    The Company recognized a provision for credit losses of $2.1 million for the three months ended June 30, 2025, as compared to $2.2 million for the three months ended June 30, 2024. This current quarter provision was primarily driven by reserves associated with a specific non-accrual loan as well as the impact of the methodology associated with estimated lifetime losses and the types of loans closed during the quarter. The allowance for credit losses to total loans was 1.48% as of June 30, 2025 versus 1.44% as of December 31, 2024. For the six months ended June 30, 2025, the provision for credit losses totaled $2.3 million as compared to $570 thousand, net of recovery, for the six months ended June 30, 2024. No reserves for investment securities were recorded during the first half of 2025 or 2024, respectively.

    Non-Interest Income

    Non-interest income rose $3.5 million, or 92.2%, to $7.3 million for the three months ended June 30, 2025 as compared to $3.8 million for the three months ended June 30, 2024. The growth included the continued increased fee income within each of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts, as well as certain one-time items during the quarter. These items represented the recognition of a $1.2 million gain associated with the sale of a branch location and approximately $2.4 million of income associated with BOLI payments related to a death benefit offset by a tactical loss of approximately $727 thousand recorded on the sale of certain securities to reposition a small portion of the portfolio and replace with higher yielding securities. For the six months ended June 30, 2025, non-interest income increased approximately $4.2 million, to $11.7 million, as compared to $7.5 million for the six months ended June 30, 2024.

    Non-Interest Expense

    Non-interest expense was $16.8 million for the second quarter of 2025, reflecting an increase of $1.3 million, or 8.2%, as compared to $15.5 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s commitment to growth. This investment consists primarily of increases in occupancy costs, information technology, and professional fees. Our efficiency ratio improved to 51.6% for the three months ended June 30, 2025, from 55.5% for the same period in 2024. For the six months ended June 30, 2025, our efficiency ratio decreased to 55.0% from 57.9% for the same period in 2024. Non-interest expense for the six months ended June 30, 2025 reached $33.3 million, reflecting a $2.5 million increase over non-interest expense of $30.8 million for the six months ended June 30, 2024.

    Income Tax Expense

    Provision for income taxes for the three months ended June 30, 2025 was $3.1 million, compared to $2.0 million for the same period in 2024. The increase was directly related to provisions associated with higher levels of pre-tax income as well as the effect of certain tax adjustments for the quarter. For the six months ended June 30, 2025, the provision for income taxes was $5.7 million as compared to $4.3 million for the six months ended June 30, 2024. Our effective tax rate for the three-month period ended June 30, 2025 was 23.0%, as compared to 19.7% for the same period in 2024. Our effective tax rate for the six-month period ended June 30, 2025 was 23.0%, as compared to 19.9% for the same period in 2024.

    Financial Condition

    Total consolidated assets increased $96.3 million, or 3.8%, to $2.6 billion at June 30, 2025 from $2.5 billion at December 31, 2024. The growth of the balance sheet included increases in cash, loans, and deposits as well as paydowns of borrowings during the current six-month period.

    Total cash and due from banks increased from $150.3 million at December 31, 2024, to $175.6 million at June 30, 2025, an increase of approximately $25.3 million, or 16.8%. This increase resulted primarily from higher levels of deposit balances and the completion of the common stock offering which increased cash and due from banks.

    Total investment securities fell $37.1 million, or 8.2%, from $453.5 million at December 31, 2024 to $416.4 million at June 30, 2025. The decrease was driven primarily by investment maturities during the first six months of 2025 combined with the sale of approximately $15.0 million in securities at quarter end. The portfolio sale was a strategic initiative to offset a portion of the increases in non-interest income and replaced the investments with higher yielding securities.

    Total loans increased $102.1 million, or 5.6%, from $1.8 billion at December 31, 2024 to $1.9 billion at June 30, 2025. The increase was driven by $72.4 million of growth in commercial real estate loans, $30.5 million of increased commercial real estate construction loans, $6.5 million of increased commercial and industrial loans, and $1.8 million of growth in home equity loans. These increases were offset by decreases within the residential real estate and consumer loan segments.

    Total deposits increased $123.4 million, to $2.3 billion at June 30, 2025, from $2.2 billion at December 31, 2024. This increase was due primarily to $36.0 million of growth in noninterest-bearing demand accounts; $98.2 million of growth in interest bearing demand accounts; $14.1 million of growth in money market accounts; and $51.8 million of growth in savings accounts. The increases in deposit accounts were offset by a $76.7 million decrease in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at June 30, 2025 included 49.0% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 43% of total deposits at June 30, 2025 as compared to 39% of total deposits at December 31, 2024.

    FHLBNY short-term borrowings were $21.0 million at June 30, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings continues to be driven by increased deposits which outpaced loan growth during the first half of 2025 and allowed for paydowns of borrowings while maintaining higher levels of cash at June 30, 2025. The decrease in borrowings reflects a strategic decision to manage liquidity sources and take advantage of opportunities to reduce funding costs.

    Stockholders’ equity experienced an increase of approximately $67.1 million during the first half of 2025, reaching $252.6 million at June 30, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of a completed common stock offering which netted approximately $43 million, earnings of approximately $19.2 million, and a decrease in unrealized losses of approximately $6.3 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes.

    At June 30, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 12.40%, both common equity and Tier 1 capital to risk weighted assets were 16.36%, and total capital to risk weighted assets was 17.61%.

    Wealth Management

    At June 30, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.8 billion in assets under management or advisory, a 2.5% increase over December 31, 2024. Trust and investment advisory income for the quarter ended June 30, 2025 reached $3.4 million, a $437 thousand, or 14.8%, increase as compared to $3.0 million for the quarter ended June 30, 2024.

    The breakdown of trust and investment advisory assets as of June 30, 2025 and December 31, 2024, respectively, is as follows:

     
    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $ 1,170,808   64.05 %   $ 1,105,143   61.99 %
    Trust Asset Under Administration & Management   657,181   35.95 %     677,723   38.01 %
    Total $ 1,827,989   100.00 %   $ 1,782,866   100.00 %
                   

    Loan Quality

    At June 30, 2025, the Bank had total non-performing loans of $11.7 million, or 0.61% of total loans. Total non-accrual loans represented approximately $11.7 million at June 30, 2025 compared to $6.3 million at December 31, 2024. The increase in non-accrual loans represents several different loans that have experienced payment disruption during the quarter and are at various stages of collection.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2025, the Bank’s cash and due from banks totaled $175.6 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, corporate bonds, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of June 30, 2025, the Bank’s investment in securities available for sale was $410.8 million, of which $66.8 million was not pledged as collateral and additional $74.3 million with the Federal Reserve which is not specifically designated to any borrowings. Additionally, as of June 30, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $628.2 million, of which $76.4 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of June 30, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $541.8 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At June 30, 2025, the Bank also held $74.3 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

    The Bank also considers brokered deposits an element of its deposit strategy. As of June 30, 2025, the Bank had brokered deposit arrangements with various terms totaling $106.5 million.

           
    Non-GAAP Financial Measure Reconciliations      
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
           
      June 30, 2025   December 31, 2024
      (Dollars in thousands except for share data)
    Tangible Common Equity:      
    Total stockholders’ equity $ 252,589     $ 185,531  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible common equity $ 246,552     $ 179,351  
    Common shares outstanding   13,362,912       11,350,158  
    Book value per common share $ 18.90     $ 16.35  
    Tangible book value per common share $ 18.45     $ 15.80  
           
    Tangible Assets      
    Total assets $ 2,606,263     $ 2,509,927  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible assets $ 2,600,226     $ 2,503,747  
    Tangible common equity to tangible assets   9.48 %     7.16 %
           
    NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
           

    About Orange County Bancorp, Inc

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
           
      June 30, 2025   December 31, 2024
           
    ASSETS      
           
    Cash and due from banks $ 175,606     $ 150,334  
    Investment securities – available-for-sale   410,814       443,775  
    (Amortized cost $478,824 at June 30, 2025 and $519,567 at December 31, 2024)    
    Restricted investment in bank stocks   5,618       9,716  
    Loans   1,917,802       1,815,751  
    Allowance for credit losses   (28,408 )     (26,077 )
    Loans, net   1,889,394       1,789,674  
           
    Premises and equipment, net   14,949       15,808  
    Accrued interest receivable   10,465       6,680  
    Bank owned life insurance   35,398       42,257  
    Goodwill   5,359       5,359  
    Intangible assets   678       821  
    Other assets   57,982       45,503  
           
    TOTAL ASSETS $ 2,606,263     $ 2,509,927  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
           
    Deposits:      
    Noninterest bearing $ 687,120     $ 651,135  
    Interest bearing   1,589,603       1,502,224  
    Total deposits   2,276,723       2,153,359  
           
    FHLB advances, short term   21,000       113,500  
    FHLB advances, long term   10,000       10,000  
    Subordinated notes, net of issuance costs   19,626       19,591  
    Accrued expenses and other liabilities   26,325       27,946  
           
    TOTAL LIABILITIES   2,353,674       2,324,396  
           
    STOCKHOLDERS’ EQUITY      
           
    Common stock, $0.25 par value; 30,000,000 shares authorized;
    13,370,929 and 11,366,608 issued; 13,362,912 and 11,350,158 outstanding,
    at June 30, 2025 and December 31, 2024, respectively    		   3,343       2,842  
    Surplus   164,752       120,896  
    Retained Earnings   146,129       129,919  
    Accumulated other comprehensive income (loss), net of taxes   (61,436 )     (67,751 )
    Treasury stock, at cost; 8,017 and 16,450 shares at June 30,
    2025 and December 31, 2024, respectively    		   (199 )     (375 )
    TOTAL STOCKHOLDERS’ EQUITY   252,589       185,531  
           
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,606,263     $ 2,509,927  
           
           
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
           
     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      For Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024       2025       2024  
    INTEREST INCOME              
    Interest and fees on loans $ 28,103     $ 26,778       55,417     $ 52,392  
    Interest on investment securities:              
    Taxable   2,731       3,105       5,395       6,331  
    Tax exempt   561       581       1,137       1,149  
    Interest on Federal funds sold and other   1,829       2,048       3,182       3,713  
                   
    TOTAL INTEREST INCOME   33,224       32,512       65,131       63,585  
                   
    INTEREST EXPENSE              
    Savings and NOW accounts   5,256       5,158       10,150       9,735  
    Time deposits   2,222       2,114       4,446       4,528  
    FHLB advances and borrowings   375       890       1,306       3,141  
    Subordinated notes   231       231       461       461  
    TOTAL INTEREST EXPENSE   8,084       8,393       16,363       17,865  
                   
    NET INTEREST INCOME   25,140       24,119       48,768       45,720  
                   
    Provision (recovery) for credit losses – investments   –       –       –       (1,900 )
    Provision for credit losses – loans   2,113       2,210       2,315       2,470  
    NET INTEREST INCOME AFTER              
    PROVISION FOR CREDIT LOSSES   23,027       21,909       46,453       45,150  
                   
    NONINTEREST INCOME              
    Service charges on deposit accounts   334       232       624       467  
    Trust income   1,573       1,309       3,247       2,621  
    Investment advisory income   1,823       1,650       3,589       3,225  
    Investment securities gains(losses)   (727 )     –       (727 )     –  
    Earnings on bank owned life insurance   234       270       493       512  
    Gain on sale of assets   3,635       –       3,635       –  
    Other   444       346       811       668  
    TOTAL NONINTEREST INCOME   7,316       3,807       11,672       7,493  
                   
    NONINTEREST EXPENSE              
    Salaries   6,813       6,873       13,718       13,611  
    Employee benefits   2,338       2,304       4,788       4,426  
    Occupancy expense   1,299       1,164       2,576       2,325  
    Professional fees   1,666       1,337       3,013       2,773  
    Directors’ fees and expenses   319       (125 )     625       197  
    Computer software expense   2,117       1,430       4,099       2,665  
    FDIC assessment   330       350       660       768  
    Advertising expenses   481       438       870       802  
    Advisor expenses related to trust income   22       32       44       65  
    Telephone expenses   203       188       410       375  
    Intangible amortization   72       71       143       143  
    Other   1,094       1,425       2,302       2,647  
    TOTAL NONINTEREST EXPENSE   16,754       15,487       33,248       30,797  
                   
    Income before income taxes   13,589       10,229       24,877       21,846  
                   
    Provision for income taxes   3,128       2,016       5,712       4,343  
    NET INCOME $ 10,461     $ 8,213       19,165     $ 17,503  
                   
    Basic and diluted earnings per share $ 0.87     $ 0.73     $ 1.64     $ 1.55  
                   
    Weighted average shares outstanding   11,994,815       11,282,868       11,665,181       11,276,370  
                   
                   
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
                   
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,879,606     $ 28,100   6.00 %   $ 1,728,195 $ 26,778   6.21 %
    PPP Loans   152       3   7.92 %     197       –   0.00 %
    Investment securities   432,657       3,083   2.86 %     467,308       3,364   2.89 %
    Due from banks   167,987       1,829   4.37 %     160,498       2,048   5.12 %
    Other   5,773       209   14.52 %     5,343       322   24.17 %
    Total interest earning assets   2,486,175       33,224   5.36 %     2,361,541       32,512   5.52 %
    Non-interest earning assets   104,019               99,032          
    Total assets $ 2,590,194             $ 2,460,573          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 397,476     $ 489   0.49 %   $ 394,697     $ 485   0.49 %
    Money market accounts   702,607       3,721   2.12 %     666,460       3,796   2.28 %
    Savings accounts   301,586       1,046   1.39 %     254,188       877   1.38 %
    Certificates of deposit   221,363       2,222   4.03 %     184,363       2,114   4.60 %
    Total interest-bearing deposits   1,623,032       7,478   1.85 %     1,499,708       7,272   1.94 %
    FHLB Advances and other borrowings   34,341       375   4.38 %     76,923       890   4.64 %
    Subordinated notes   19,615       231   4.72 %     19,544       231   4.74 %
    Total interest bearing liabilities   1,676,988       8,084   1.93 %     1,596,175       8,393   2.11 %
    Non-interest bearing demand accounts   670,150               667,455          
    Other non-interest bearing liabilities   27,436               25,717          
    Total liabilities   2,374,574               2,289,347          
    Total shareholders’ equity   215,620               171,226          
    Total liabilities and shareholders’ equity $ 2,590,194             $ 2,460,573          
                           
    Net interest income     $ 25,140           $ 24,119    
    Interest rate spread1         3.43 %           3.41 %
    Net interest margin2         4.06 %           4.10 %
    Average interest earning assets to interest-bearing liabilities   148.3 %             148.0 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets          
                           
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Six Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,854,899     $ 55,411   6.02 %   $ 1,733,197 $ 52,389   6.06 %
    PPP Loans   157       6   7.71 %     203       3   2.96 %
    Investment securities   437,191       6,205   2.86 %     474,419       6,796   2.87 %
    Due from banks   157,381       3,182   4.08 %     155,047       3,713   4.80 %
    Other   6,871       327   9.60 %     8,119       684   16.90 %
    Total interest earning assets   2,456,499       65,131   5.35 %     2,370,985       63,585   5.38 %
    Non-interest earning assets   102,995               96,839          
    Total assets $ 2,559,494             $ 2,467,824          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 377,378     $ 891   0.48 %   $ 377,492     $ 922   0.49 %
    Money market accounts   694,263     $ 7,356   2.14 %     643,244       7,151   2.23 %
    Savings accounts   285,393     $ 1,903   1.34 %     245,009       1,662   1.36 %
    Certificates of deposit   222,173       4,446   4.04 %     197,003       4,528   4.61 %
    Total interest-bearing deposits   1,579,207       14,596   1.86 %     1,462,748       14,263   1.96 %
    FHLB Advances and other borrowings   59,536       1,306   4.42 %     122,203       3,141   5.15 %
    Subordinated notes   19,606       461   4.74 %     19,535       461   4.73 %
    Total interest bearing liabilities   1,658,349       16,363   1.99 %     1,604,486       17,865   2.23 %
    Non-interest bearing demand accounts   668,864               667,947          
    Other non-interest bearing liabilities   28,665               27,081          
    Total liabilities   2,355,878               2,299,514          
    Total shareholders’ equity   203,616               168,310          
    Total liabilities and shareholders’ equity $ 2,559,494             $ 2,467,824          
                           
    Net interest income     $ 48,768           $ 45,720    
    Interest rate spread1         3.36 %           3.15 %
    Net interest margin2         4.00 %           3.87 %
    Average interest earning assets to interest-bearing liabilities   148.1 %             147.8 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets            
                           
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Performance Ratios:              
    Return on average assets (1) 1.62 %   1.34 %   1.50 %   1.42 %
    Return on average equity (1) 19.41 %   19.19 %   18.82 %   20.80 %
    Interest rate spread (2) 3.43 %   3.41 %   3.36 %   3.15 %
    Net interest margin (3) 4.06 %   4.10 %   4.00 %   3.87 %
    Dividend payout ratio (4) 14.91 %   15.80 %   15.83 %   14.82 %
    Non-interest income to average total assets 1.13 %   0.62 %   0.91 %   0.61 %
    Non-interest expenses to average total assets 2.59 %   2.52 %   2.60 %   2.50 %
    Average interest-earning assets to average interest-bearing liabilities 148.25 %   147.95 %   148.13 %   147.77 %
                     
        At   At        
        June 30, 2025   June 30, 2024        
    Asset Quality Ratios:              
    Non-performing assets to total assets 0.45 %   0.64 %        
    Non-performing loans to total loans 0.61 %   0.92 %        
    Allowance for credit losses to non-performing loans   242.51 %   173.95 %        
    Allowance for credit losses to total loans 1.48 %   1.60 %        
                     
    Capital Ratios (5):              
    Total capital (to risk-weighted assets) 17.61 %   15.09 %        
    Tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Common equity tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Tier 1 capital (to average assets) 12.40 %   10.04 %        
                     
    Notes:              
    (1)  Annualized for the three and six month periods ended June 30, 2025 and 2024, respectively.
    (2)  Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3)  The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4)  The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5)  Ratios are for the Bank only.
                     
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
    Interest income $ 33,224   $ 32,512   $ 65,131   $ 63,585
    Interest expense   8,084     8,393     16,363     17,865
    Net interest income   25,140     24,119     48,768     45,720
    Provision for credit losses   2,113     2,210     2,315     570
    Net interest income after provision for credit losses   23,027     21,909     46,453     45,150
    Noninterest income   7,316     3,807     11,672     7,493
    Noninterest expenses   16,754     15,487     33,248     30,797
    Income before income taxes   13,589     10,229     24,877     21,846
    Provision for income taxes   3,128     2,016     5,712     4,343
    Net income $ 10,461   $ 8,213   $ 19,165   $ 17,503
                   
    Basic and diluted earnings per share $ 0.87   $ 0.73   $ 1.64   $ 1.55
    Weighted average common shares outstanding   11,994,815     11,282,868     11,665,181     11,276,370
                   
      At   At        
      June 30, 2025   December 31, 2024        
    Book value per share $ 18.90   $ 16.35        
    Net tangible book value per share (1) $ 18.45   $ 15.80        
    Outstanding common shares   13,362,912     11,350,158        
                   
    Notes:              
    (1)  Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $678, and $821 in other intangible assets for June 30, 2025 and December 31, 2024, respectively.
                   
     
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $ 248,838   12.98 %   $ 242,390   13.35 %
    Commercial real estate   1,434,414   74.79 %     1,362,054   75.01 %
    Commercial real estate construction   111,483   5.81 %     80,993   4.46 %
    Residential real estate   71,169   3.71 %     74,973   4.13 %
    Home equity   19,142   1.00 %     17,365   0.96 %
    Consumer   32,756   1.71 %     37,976   2.09 %
    Total loans   1,917,802   100.00 %     1,815,751   100.00 %
    Allowance for loan losses   28,408         26,077    
    Total loans, net $ 1,889,394       $ 1,789,674    
                   
    (a) – Includes PPP loans of: $ 147       $ 170    
                   
     
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $ 687,120   30.18 %   0.00 %   $ 651,135   30.24 %   0.00 %
    Interest bearing demand accounts   429,330   18.86 %   0.52 %     331,115   15.38 %   0.42 %
    Money market accounts   693,148   30.44 %   2.08 %     679,082   31.54 %   2.15 %
    Savings accounts   322,832   14.18 %   1.40 %     271,014   12.59 %   1.25 %
    Certificates of Deposit   144,293   6.34 %   3.69 %     221,013   10.26 %   3.97 %
    Total $ 2,276,723   100.00 %   1.17 %   $ 2,153,359   100.00 %   1.31 %
                           
     
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
    (Dollar Amounts in thousands)
           
      June 30, 2025   December 31, 2024
           
    Non-accrual loans:      
    Commercial and industrial $ 2,372     $ 293  
    Commercial real estate   8,414       6,000  
    Commercial real estate construction   –       –  
    Residential real estate   100       6  
    Home equity   828       –  
    Consumer   –       –  
    Total non-accrual loans   11,714       6,299  
    Accruing loans 90 days or more past due:      
    Commercial and industrial   –       –  
    Commercial real estate   –       –  
    Commercial real estate construction   –       –  
    Residential real estate   –       –  
    Home equity   –       –  
    Consumer   –       –  
    Total loans 90 days or more past due   –       –  
    Total non-performing loans   11,714       6,299  
    Other real estate owned   –       –  
    Other non-performing assets   –       –  
    Total non-performing assets $ 11,714     $ 6,299  
           
    Ratios:      
    Total non-performing loans to total loans   0.61 %     0.35 %
    Total non-performing loans to total assets   0.45 %     0.25 %
    Total non-performing assets to total assets   0.45 %     0.25 %
    Net-chargeoffs to total loans, YTD   0.01 %     0.48 %
           

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, July 30, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended June 30, 2025.

    Highlights of 2025‘s Second Quarter

    • Higher natural gas prices in the second quarter drove improved financial results in the quarter.
      • Natural gas and oil sales, including realized hedging gains, were $344 million for the quarter.
      • Operating cash flow was $210 million or $0.71 per diluted share.
      • Adjusted EBITDAX for the quarter was $260 million.
      • Adjusted net income was $40.0 million or $0.13 per diluted share for the quarter.
    • Five Western Haynesville wells turned to sales in the second quarter.
      • These wells had an average lateral length of 10,897 feet and an average per well initial production rate of 36 MMcf per day.
      • The five wells were drilled and completed at an average per well cost of $2,647 per completed lateral foot.
    • Comstock has turned 21 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,803 feet and a per well initial production rate of 25 MMcf per day.

    Financial Results for the Three Months Ended June 30, 2025

    During the second quarter of 2025, Comstock realized $3.02 per Mcf before hedging and $3.06 per Mcf after hedging for its natural gas production of 112 Bcf. As a result, Comstock’s natural gas and oil sales in the second quarter of 2025 increased to $344.3 million (including realized hedging gains of $4.3 million). Operating cash flow (excluding changes in working capital) generated in the second quarter of 2025 was $209.6 million, and net income for the second quarter was $130.7 million or $0.44 per diluted share. The net income in the quarter included a pre-tax $231.6 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the first quarter of 2025. Excluding this item, adjusted net income for the second quarter of 2025 was $40.0 million, or $0.13 per diluted share.

    Comstock’s production cost per Mcfe in the second quarter averaged $0.80 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.28 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock’s unhedged operating margin was 73% in the second quarter of 2025 and 74% after hedging.

    Financial Results for the Six Months Ended June 30, 2025

    For the six months ended June 30, 2025, Comstock realized $3.31 per Mcf before hedging and $3.29 per Mcf after hedging for its natural gas production of 227 Bcf. Natural gas and oil sales for the six months ended June 30, 2025 totaled $749.3 million (including realized hedging losses of $3.7 million). Operating cash flow (excluding changes in working capital) generated during the first six months of 2025 was $448.6 million, and net income was $15.3 million or $0.05 per diluted share. Net income during the first six months of 2025 included a pre-tax $90.8 million unrealized loss on hedging contracts held for risk management. Excluding this item and exploration expense, adjusted net income for the six months ended June 30, 2025 was $93.9 million or $0.32 per diluted share.

    Comstock’s production cost per Mcfe during the six months ended June 30, 2025 averaged $0.82 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.29 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock’s unhedged and hedged operating margin was 75% during the first six months of 2025.

    Drilling Results

    Comstock drilled twelve (10.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2025, which had an average lateral length of 10,388 feet. Comstock turned thirteen (12.0 net) operated wells to sales in the second quarter of 2025.

    Since its last operational update in May 2025, Comstock has turned twelve (11.0 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 29 MMcf per day. The completed lateral length of these wells averaged 10,939 feet. Included in the wells turned to sales were four more successful Western Haynesville wells:

    Well

    		  

    Vertical
    Depth
    (feet)

    		  

    Completed
    Lateral (feet)

    		   Initial
    Production
    Rate (MMcf
    per day)
                 
    Menn PB #1   16,262   10,926   38
    Jennings Loehr #1   15,582   12,106   34
    Jennings FSRA #1   14,760   12,045   28
    Bell Meyer #1   18,762   9,100   41

    Other

    Comstock and NextEra Energy Resources, LLC, a unit of NextEra Energy, Inc. (NYSE: NEE) are collaborating to explore the potential development of power generation assets near Comstock’s growing Western Haynesville area. The joint project will look to integrate Comstock’s growing natural gas supply and its natural gas gathering and processing and pipeline assets in its Western Haynesville area to support reliable energy solutions to potential data center customers.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on July 31, 2025, to discuss the second quarter 2025 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register-conf.media-server.com/register/BI4a6aefc65c284c6190c230cdebdf9088.
    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/537xytab.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on July 31, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/537xytab.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the NYSE and the NYSE Texas under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    Revenues:                        
    Natural gas sales   $ 339,225     $ 216,527     $ 751,511     $ 503,610  
    Oil sales     741       1,074       1,443       1,950  
    Total natural gas and oil sales     339,966       217,601       752,954       505,560  
    Gas services     130,296       29,229       230,162       77,042  
    Total revenues     470,262       246,830       983,116       582,602  
    Operating expenses:                        
    Production and ad valorem taxes     10,555       19,244       21,734       37,152  
    Gathering and transportation     41,759       49,361       84,376       96,460  
    Lease operating     31,109       34,805       66,109       69,877  
    Exploration     —       —       2,150       —  
    Depreciation, depletion and amortization     158,379       194,242       326,270       384,931  
    Gas services     126,714       31,494       243,483       80,174  
    General and administrative     12,300       10,177       23,380       19,348  
    Total operating expenses     380,816       339,323       767,502       687,942  
    Operating income (loss)     89,446       (92,493 )     215,614       (105,340 )
    Other income (expenses):                        
    Gain (loss) from derivative financial instruments     235,847       (25,252 )     (94,492 )     14,055  
    Other income     2,100       322       2,439       653  
    Interest expense     (55,178 )     (51,932 )     (110,015 )     (101,489 )
    Total other income (expenses)     182,769       (76,862 )     (202,068 )     (86,781 )
    Income (loss) before income taxes     272,215       (169,355 )     13,546       (192,121 )
    (Provision for) benefit from income taxes     (141,487 )     46,106       1,789       54,398  
    Net income (loss)     130,728       (123,249 )     15,335       (137,723 )
    Net income attributable to noncontrolling interest     (5,886 )     (3,061 )     (11,771 )     (4,908 )
    Net income (loss) available to the Company   $ 124,842     $ (126,310 )   $ 3,564     $ (142,631 )
                             
    Net income (loss) per share                        
    Basic   $ 0.45     $ (0.43 )   $ 0.05     $ (0.49 )
    Diluted   $ 0.44     $ (0.43 )   $ 0.05     $ (0.49 )
    Weighted average shares outstanding:                        
    Basic     290,604       289,670       290,455       283,816  
    Diluted     294,247       289,670       294,026       283,816  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended June 30,     Six Months Ended June 30,  
        2025     2024     2025     2024  
    Natural gas production (MMcf)     112,164       130,861       227,193       270,304  
    Oil production (Mbbls)     13       15       23       27  
    Total production (MMcfe)     112,238       130,949       227,329       270,464  
                             
    Natural gas sales   $ 339,225     $ 216,527     $ 751,511     $ 503,610  
    Natural gas hedging settlements (1)     4,286       60,552       (3,673 )     108,547  
    Total natural gas including hedging     343,511       277,079       747,838       612,157  
    Oil sales     741       1,074       1,443       1,950  
    Total natural gas and oil sales including hedging   $ 344,252     $ 278,153     $ 749,281     $ 614,107  
                             
    Average natural gas price (per Mcf)   $ 3.02     $ 1.65     $ 3.31     $ 1.86  
    Average natural gas price including hedging (per Mcf)   $ 3.06     $ 2.12     $ 3.29     $ 2.26  
    Average oil price (per barrel)   $ 57.00     $ 71.60     $ 62.74     $ 72.22  
    Average price (per Mcfe)   $ 3.03     $ 1.66     $ 3.31     $ 1.87  
    Average price including hedging (per Mcfe)   $ 3.07     $ 2.12     $ 3.30     $ 2.27  
                             
    Production and ad valorem taxes   $ 10,555     $ 19,244     $ 21,734     $ 37,152  
    Gathering and transportation     41,759       49,361       84,376       96,460  
    Lease operating     31,109       34,805       66,109       69,877  
    Cash general and administrative (2)     6,771       6,095       13,411       11,850  
    Total production costs   $ 90,194     $ 109,505     $ 185,630     $ 215,339  
                             
    Production and ad valorem taxes (per Mcfe)   $ 0.09     $ 0.14     $ 0.10     $ 0.13  
    Gathering and transportation (per Mcfe)     0.37       0.38       0.37       0.36  
    Lease operating (per Mcfe)     0.28       0.27       0.29       0.26  
    Cash general and administrative (per Mcfe)     0.06       0.05       0.06       0.04  
    Total production costs (per Mcfe)   $ 0.80     $ 0.84     $ 0.82     $ 0.79  
                             
    Unhedged operating margin     73 %     50 %     75 %     57 %
    Hedged operating margin     74 %     61 %     75 %     65 %
                             
    Gas services revenue   $ 130,296     $ 29,229     $ 230,162     $ 77,042  
    Gas services expenses     126,714       31,494       243,483       80,174  
    Gas services margin   $ 3,582     $ (2,265 )   $ (13,321 )   $ (3,132 )
                             
    Natural Gas and Oil Capital Expenditures:                        
    Unproved property acquisitions   $ 9,932     $ 9,694     $ 19,616     $ 79,138  
    Total natural gas and oil properties acquisitions   $ 9,932     $ 9,694     $ 19,616     $ 79,138  
    Exploration and Development:                        
    Development leasehold   $ 5,295     $ 2,592     $ 8,851     $ 6,530  
    Exploratory drilling and completion     130,997       52,392       231,104       158,848  
    Development drilling and completion     123,991       151,350       269,569       297,143  
    Other development costs     7,919       14,685       8,434       14,722  
    Total exploration and development capital expenditures   $ 268,202     $ 221,019     $ 517,958     $ 477,243  

    (1)   Included in gain (loss) from derivative financial instruments in operating results.

    (2)   Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    ADJUSTED NET INCOME (LOSS):                        
    Net income (loss)   $ 130,728     $ (123,249 )   $ 15,335     $ (137,723 )
    Unrealized (gain) loss from derivative financial instruments     (231,561 )     85,804       90,819       94,492  
    Exploration expense     —       —       2,150       —  
    Adjustment to income taxes     140,873       (20,769 )     (14,419 )     (23,521 )
    Adjusted net income (loss) (1)   $ 40,040     $ (58,214 )   $ 93,885     $ (66,752 )
                             
    Adjusted net income (loss) per share (2)   $ 0.13     $ (0.20 )   $ 0.32     $ (0.24 )
    Diluted shares outstanding     294,247       289,670       294,026       283,816  
                             
                             
    ADJUSTED EBITDAX:                        
    Net income (loss)   $ 130,728     $ (123,249 )   $ 15,335     $ (137,723 )
    Interest expense     55,178       51,932       110,015       101,489  
    Income taxes     141,487       (46,106 )     (1,789 )     (54,398 )
    Depreciation, depletion, and amortization     158,379       194,242       326,270       384,931  
    Exploration     —       —       2,150       —  
    Unrealized (gain) loss from derivative financial instruments     (231,561 )     85,804       90,819       94,492  
    Stock-based compensation     5,529       4,082       9,971       7,497  
    Total Adjusted EBITDAX (3)   $ 259,740     $ 166,705     $ 552,771     $ 396,288  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    OPERATING CASH FLOW (1):                        
    Net income (loss)   $ 130,728     $ (123,249 )   $ 15,335     $ (137,723 )
    Reconciling items:                        
    Unrealized (gain) loss from derivative financial instruments     (231,561 )     85,804       90,819       94,492  
    Deferred income taxes     143,586       (46,144 )     310       (54,431 )
    Depreciation, depletion and amortization     158,379       194,242       326,270       384,931  
    Amortization of debt discount and issuance costs     2,975       3,399       5,919       5,383  
    Stock-based compensation     5,529       4,082       9,971       7,497  
    Operating cash flow   $ 209,636     $ 118,134     $ 448,624     $ 300,149  
    (Increase) decrease in accounts receivable     34,978       (23,187 )     1,318       76,231  
    (Increase) decrease in other current assets     25,322       (730 )     25,881       4,846  
    Increase (decrease) in accounts payable and accrued expenses     77,628       (10,642 )     46,487       (126,112 )
    Net cash provided by operating activities   $ 347,564     $ 83,575     $ 522,310     $ 255,114  
        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    FREE CASH FLOW (DEFICIT)(2):                        
    Operating cash flow   $ 209,636     $ 118,134     $ 448,624     $ 300,149  
    Less:                        
    Exploration and development capital expenditures     (268,202 )     (221,019 )     (517,958 )     (477,243 )
    Midstream capital expenditures     (54,272 )     (11,190 )     (102,940 )     (16,488 )
    Other capital reimbursements (expenditures)     848       (942 )     762       (971 )
    Contributions from midstream partner     33,000       11,000       92,500       17,000  
    Free cash deficit from operations   $ (78,990 )   $ (104,017 )   $ (79,012 )   $ (177,553 )
    Acquisitions     (9,932 )     (9,694 )     (19,616 )     (79,138 )
    Free cash deficit after acquisitions   $ (88,922 )   $ (113,711 )   $ (98,628 )   $ (256,691 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash deficit from operations and free cash deficit after acquisitions are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        June 30,
    2025    		     December 31,
    2024    		  
    ASSETS            
    Cash and cash equivalents   $ 25,859     $ 6,799  
    Accounts receivable     173,528       174,846  
    Derivative financial instruments     136       4,865  
    Other current assets     69,456       97,524  
    Total current assets     268,979       284,034  
    Property and equipment, net     6,002,010       5,688,389  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     87,838       73,777  
    Derivative financial instruments     139       —  
        $ 6,694,863     $ 6,382,097  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 460,062     $ 421,814  
    Accrued costs     151,798       146,173  
    Operating leases     48,378       35,927  
    Derivative financial instruments     87,909       8,940  
    Total current liabilities     748,147       612,854  
    Long-term debt     3,018,009       2,952,090  
    Deferred income taxes     345,426       345,116  
    Derivative financial instruments     74,017       66,757  
    Long-term operating leases     39,389       37,740  
    Asset retirement obligation     35,008       33,996  
    Total liabilities     4,259,996       4,048,553  
    Stockholders’ Equity:            
    Common stock     146,535       146,130  
    Additional paid-in capital     1,364,857       1,366,274  
    Accumulated earnings     732,183       728,619  
    Total stockholders’ equity attributable to Comstock     2,243,575       2,241,023  
    Noncontrolling interest     191,292       92,521  
    Total stockholders’ equity     2,434,867       2,333,544  
        $ 6,694,863     $ 6,382,097  

    The MIL Network –

  • MIL-OSI: Brag House Announces Closing of $15 Million Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has closed the previously announced private investment in public equity (“PIPE”) financing. The Company received gross proceeds of approximately $15 million, before deducting placement agent fees and offering expenses.

    The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

    Pursuant to the terms of the securities purchase agreement, the Company sold an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

    Revere Securities LLC acted as the sole placement agent for the PIPE financing.

    The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Brag House

    Brag House is a leading media technology gaming platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By seamlessly merging gaming, social interaction, and cutting-edge technology, the Company provides an inclusive and engaging environment for casual gamers while enabling brands to authentically connect with the influential Gen Z demographic. The platform offers live-streaming capabilities, gamification features, and custom tournament services, fostering meaningful engagement between users and brands. For more information, please visit www.braghouse.com.

    Caution Regarding Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

    Media Contact
    Fatema Bhabrawala
    Director of Media Relations
    fbhabrawala@allianceadvisors.com

    Investor Relations Contact
    Adele Carey
    VP, Investor Relations
    ir@thebraghouse.com

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Reports Second Quarter 2025 Results and Declares Regular Quarterly Dividend of $0.32 per Share

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., July 30, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its second quarter ended June 30, 2025.

    Financial Highlights:

    (All comparisons vs. the second quarter of 2024).

    • Net income per diluted share decreased by 2%, from $1.25 to $1.23;
    • Adjusted net income per diluted share decreased 56%, from $1.10 to $0.48;
    • Gross premiums written decreased 2%, from $207.9 million to $203.3 million;
    • Net premiums earned increased 6%, from $187.8 million to $198.3 million;
    • Loss and loss adjustment expenses ratio increased from 57.9% to 70.7%;
    • Commission expense ratio improved from 13.9% to 13.2%;
    • Underwriting expense ratio improved from 22.4% to 21.7%;
    • GAAP combined ratio increased from 94.2% (95.4% excluding LPT) to 105.6% (106.4% excluding LPT);
    • Net investment income increased 1%, from $26.9 million to $27.1 million;
    • Net realized and unrealized gains on investments increased from $2.2 million to $20.9 million;
    • Record number of ending policies in-force of 134,421, a 5% increase; and
    • Returned $31.4 million to stockholders through a combination of share repurchases and regular quarterly dividends.

    Management Commentary

    Chief Executive Officer Katherine Antonello commented: “Second quarter gross premiums written decreased slightly, with growth in smaller policy size bands offset by decreases within the middle market. Our focus on profitability over growth led to targeted underwriting actions and improved risk selection which impacted our ability and desire to grow at the same pace in certain classes and jurisdictions. Despite the reduction in gross premiums written, net premiums earned increased by 6%, and we ended the period with another record number of policies in-force, which were up 5% year-over-year.

    In response to the rapid rise in cumulative trauma claims in California, we increased the accident year 2025 loss and LAE ratio on voluntary business from 66.0% in the first quarter to 69.0%. As a result of this increased loss activity, we reallocated observed favorable reserve development from accident years 2020 and prior to more recent accident years, which resulted in no net prior loss reserve development from our voluntary business during the quarter. We took this action to reflect the increased frequency of cumulative trauma claims we are experiencing in the more recent accident years and the level of uncertainty around this new trend. We intend to perform a full actuarial study in the third quarter.

    Our commission expense ratio was 13.2%, versus 13.9% a year ago, driven by lower new business premiums. While our underwriting expenses increased slightly, our underwriting expense ratio decreased to 21.7% from 22.4% a year ago. We continue to find ways to reduce expenses by automating processes, delivering customer self-service capabilities, and utilizing artificial intelligence.

    Lastly, we declared a regular quarterly dividend of $0.32 per share and continue to see attractive opportunities to return capital to our shareholders via share repurchases. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

    Summary of Second Quarter 2025 Results

    (All comparisons vs. the second quarter of 2024, unless otherwise noted).

    Gross premiums written were $203.3 million, a decrease of 2%. The decrease was primarily driven by reductions in new business in the middle market. Net premiums earned were $198.3 million, an increase of 6%.

    Losses and loss adjustment expenses were $140.1 million, an increase of 29%. The increase was primarily due to a higher current accident year loss and loss adjustment expense ratio of 69% and the absence of favorable prior accident year loss reserve development during the quarter. In addition, $5.5 million of loss and loss adjustment expense was recognized to increase the 2025 first quarter estimate, resulting in the calendar year loss and loss adjustment expense ratio of 70.7% (71.5% excluding LPT), versus 57.9% (59.1% excluding LPT).

    Commission expense was flat at $26.1 million. The Company’s commission expense ratio was 13.2%, versus 13.9% a year ago. The decrease in the ratio was primarily related to lower agency incentive accruals, the increase in net premiums earned, and an increase in the proportion of renewal premiums, which are typically subject to a lower commission rate.

    Underwriting expenses were $43.1 million, an increase of 2%. The Company’s underwriting expense ratio was 21.7%, versus 22.4% a year ago. Our increase in underwriting expenses was primarily related to a reduced internal allocation of underwriting expenses to loss adjustment expenses due to a refinement in assumptions. Excluding this allocation, underwriting expenses decreased by $3.0 million primarily driven by lower compensation-related expenses and depreciation and amortization costs offset by higher bad debt expense. Increased net earned premiums contributed to the lower underwriting expense ratio.

    Net investment income was $27.1 million, an increase of 1%. The increase was primarily due to higher book yields on our fixed maturity securities.

    Net realized and unrealized gains on investments reflected on the income statement were $20.9 million, versus $2.2 million. The increase is primarily attributable to increases in the fair value of the Company’s equity securities holdings.

    Income tax expense was $7.3 million (19.7% effective rate), versus $8.3 million (20.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

    The Company’s book value per share including the deferred gain and computed after considering dividends declared was $49.44, an increase of 12.8% year-over-year and 3.1% for the second quarter of 2025. During the second quarter, this measure was favorably impacted by $7.4 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) and $16.6 million of net after-tax unrealized gains arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share computed after considering dividends declared of $51.68 increased by 8.2% year-over-year and 2.5% during the second quarter of 2025.

    Third Quarter 2025 Dividend Declaration

    On July 30, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.32. The dividend is payable on August 27, 2025 to stockholders of record as of August 13, 2025.

    Stock Repurchases

    During the second quarter of 2025, the Company repurchased 482,000 shares of its common stock at an average price of $48.08 per share. During the period from July 1, 2025 through July 29, 2025, the Company repurchased a further 229,363 shares of its common stock at an average price of $46.44 per share. The Company currently has a remaining share repurchase authorization of $99.4 million.

    Earnings Conference Call and Webcast

    The Company will host a conference call on Thursday, July 31, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

    To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

    The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

    Reconciliation of Non-GAAP Financial Measures to GAAP

    The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

    Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Filings with the SEC

    The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

    About Employers Holdings, Inc.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact Information

    Michael Pedraja (775) 327-2706 or mpedraja@employers.com

    EMPLOYERS HOLDINGS, INC.
    Table of Contents

      Page    
           
      1   Consolidated Financial Highlights
           
      2   Summary Consolidated Balance Sheets
           
      3   Summary Consolidated Income Statements
           
      4   Return on Equity
           
      5   Combined Ratios
           
      6   Roll-forward of Unpaid Losses and LAE
           
      7   Consolidated Investment Portfolio
           
      8   Book Value Per Share
           
      9   Earnings Per Share
           
      10   Non-GAAP Financial Measures
    EMPLOYERS HOLDINGS, INC.
    Consolidated Financial Highlights (unaudited)
    $ in millions, except per share amounts
     
        Three Months Ended   Six Months Ended
        June 30,   June 30,
          2025       2024     % change     2025       2024     % change
    Selected financial highlights:                        
    Gross premiums written   $ 203.3     $ 207.9     (2 ) %   $ 415.4     $ 418.7     (1 ) %
    Net premiums written     201.5       206.1     (2 )       411.8       415.2     (1 )  
    Net premiums earned     198.3       187.8     6         381.3       372.6     2    
    Net investment income     27.1       26.9     1         59.2       53.8     10    
    Net income excluding LPT(1)     28.0       29.6     (5 )       39.2       55.8     (30 )  
    Adjusted net income(1)     11.5       27.9     (59 )       32.8       45.1     (27 )  
    Net Income before income taxes     37.0       40.0     (8 )       52.9       75.3     (30 )  
    Net Income     29.7       31.7     (6 )       42.5       60.0     (29 )  
    Comprehensive income     37.2       29.6     26         71.8       47.0     53    
    Total assets                 3,543.3       3,550.0     —    
    Stockholders’ equity                 1,083.1       1,022.9     6    
    Stockholders’ equity including the Deferred Gain(2)                 1,173.8       1,118.2     5    
    Adjusted stockholders’ equity(2)                 1,227.0       1,217.2     1    
    Annualized adjusted return on stockholders’ equity(3)     3.7 %     9.2 %   (60 ) %     5.3 %     7.5 %   (29 ) %
    Amounts per share:                        
    Cash dividends declared per share   $ 0.32     $ 0.30     7   %   $ 0.62     $ 0.58     7   %
    Earnings per diluted share(4)     1.23       1.25     (2 )       1.74       2.36     (26 )  
    Earnings per diluted share excluding LPT(4)     1.16       1.17     (1 )       1.61       2.19     (26 )  
    Adjusted earnings per diluted share(4)     0.48       1.10     (56 )       1.35       1.77     (24 )  
    Book value per share(2)                 45.62       41.09     11    
    Book value per share including the Deferred Gain(2)                 49.44       44.91     10    
    Adjusted book value per share(2)                 51.68       48.89     6    
    Combined ratio excluding LPT:(5):                        
    Loss and loss adjustment expense ratio:                        
    Current Year     71.4 %     63.9 %         68.8 %     64.1 %    
    Prior Year     0.1       (4.8 )         0.5       (2.5 )    
    Loss and loss adjustment expense ratio     71.5 %     59.1 %         69.3 %     61.6 %    
    Commission expense ratio     13.2 %     13.9 %         12.9 %     13.7 %    
    Underwriting expense ratio     21.7 %     22.4 %         22.6 %     23.7 %    
    Combined ratio excluding LPT     106.4 %     95.4 %         104.8 %     99.0 %    
                             
                             
    (1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Balance Sheets (unaudited)
    $ in millions, except per share amounts
     
        June 30,
    2025    		   December 31,
    2024
    ASSETS        
    Investments, cash and cash equivalents   $ 2,529.5     $ 2,532.4  
    Accrued investment income     15.7       15.7  
    Premiums receivable, net     382.0       361.3  
    Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE     407.3       417.8  
    Deferred policy acquisition costs     64.0       59.6  
    Deferred income tax asset, net     29.4       38.3  
    Other assets     115.4       116.2  
    Total assets   $ 3,543.3     $ 3,541.3  
             
    LIABILITIES        
    Unpaid losses and LAE   $ 1,786.8     $ 1,808.2  
    Unearned premiums     429.6       402.2  
    Commissions and premium taxes payable     62.8       65.8  
    Deferred Gain     90.7       94.0  
    Other liabilities     90.3       102.4  
    Total liabilities   $ 2,460.2     $ 2,472.6  
             
    STOCKHOLDERS’ EQUITY        
    Common stock and additional paid-in capital   $ 426.3     $ 424.8  
    Retained earnings     1,500.2       1,472.9  
    Accumulated other comprehensive loss     (53.2 )     (82.5 )
    Treasury stock, at cost     (790.2 )     (746.5 )
    Total stockholders’ equity     1,083.1       1,068.7  
    Total liabilities and stockholders’ equity   $ 3,543.3     $ 3,541.3  
             
    Stockholders’ equity including the Deferred Gain (1)   $ 1,173.8     $ 1,162.7  
    Adjusted stockholders’ equity (1)     1,227.0       1,245.2  
    Book value per share (1)   $ 45.62     $ 43.52  
    Book value per share including the Deferred Gain(1)     49.44       47.35  
    Adjusted book value per share (1)     51.68       50.71  
             
    (1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Income Statements (unaudited)
    $ in millions
     
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    Revenues:      
    Net premiums earned $ 198.3     $ 187.8     $ 381.3     $ 372.6  
    Net investment income   27.1       26.9       59.2       53.8  
    Net realized and unrealized gains on investments(1)   20.9       2.2       8.1       13.6  
    Other income   —       0.1       0.3       0.1  
    Total revenues   246.3       217.0       448.9       440.1  
    Expenses:              
    Losses and LAE incurred   (140.1 )     (108.8 )     (260.8 )     (225.3 )
    Commission expense   (26.1 )     (26.0 )     (49.1 )     (51.1 )
    Underwriting expenses   (43.1 )     (42.2 )     (86.0 )     (88.4 )
    Interest and financing expenses   —       —       (0.1 )     —  
    Total expenses   (209.3 )     (177.0 )     (396.0 )     (364.8 )
    Net income before income taxes   37.0       40.0       52.9       75.3  
    Income tax expense   (7.3 )     (8.3 )     (10.4 )     (15.3 )
    Net Income   29.7       31.7       42.5       60.0  
    Unrealized AFS investment gains (losses) arising during the period, net of tax(2)   7.4       (4.9 )     28.5       (16.5 )
    Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)   0.1       2.8       0.8       3.5  
    Total comprehensive income $ 37.2     $ 29.6     $ 71.8     $ 47.0  
    Net Income $ 29.7     $ 31.7     $ 42.5     $ 60.0  
    Amortization of the Deferred Gain – losses   (1.7 )     (1.5 )     (3.3 )     (3.0 )
    Amortization of the Deferred Gain – contingent commission   —       (0.4 )     —       (0.8 )
    LPT contingent commission adjustments   —       (0.2 )     —       (0.4 )
    Net income excluding LPT Agreement (3)   28.0       29.6       39.2       55.8  
    Net realized and unrealized gains on investments   (20.9 )     (2.2 )     (8.1 )     (13.6 )
    Income tax expense related to items excluded from Net income   4.4       0.5       1.7       2.9  
    Adjusted net income $ 11.5     $ 27.9     $ 32.8     $ 45.1  
                   
    (1) Includes unrealized gains on equity securities and other investments of $19.6 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $7.9 million and $14.7 million for the six months ended June 30, 2025 and 2024, respectively.
    (2) AFS = Available for Sale securities.
    (3) See Page 10 regarding our use of Non-GAAP Financial Measures.              
    EMPLOYERS HOLDINGS, INC.
    Return on Equity (unaudited)
    $ in millions
     
        Three Months Ended   Six Months Ended
        June 30,   June 30,
          2025       2024       2025       2024  
                     
    Net income A $ 29.7     $ 31.7     $ 42.5     $ 60.0  
    Impact of the LPT Agreement     (1.7 )     (2.1 )     (3.3 )     (4.2 )
    Net realized and unrealized gains on investments     (20.9 )     (2.2 )     (8.1 )     (13.6 )
    Income tax expense related to items excluded from Net income     4.4       0.5       1.7       2.9  
    Adjusted net income (1) B   11.5       27.9       32.8       45.1  
                     
    Stockholders’ equity – end of period   $ 1,083.1     $ 1,022.9     $ 1,083.1     $ 1,022.9  
    Stockholders’ equity – beginning of period     1,075.7       1,018.9       1,068.7       1,013.9  
    Average stockholders’ equity C   1,079.4       1,020.9       1,075.9       1,018.4  
                     
    Stockholders’ equity – end of period   $ 1,083.1     $ 1,022.9     $ 1,083.1     $ 1,022.9  
    Deferred Gain – end of period     90.7       95.3       90.7       95.3  
    Accumulated other comprehensive loss – end of period     67.3       125.3       67.3       125.3  
    Income taxes related to accumulated other comprehensive loss – end of period     (14.1 )     (26.3 )     (14.1 )     (26.3 )
    Adjusted stockholders’ equity – end of period     1,227.0       1,217.2       1,227.0       1,217.2  
    Adjusted stockholders’ equity – beginning of period     1,228.8       1,213.0       1,245.2       1,199.1  
    Average adjusted stockholders’ equity (1) D   1,227.9       1,215.1       1,236.1       1,208.2  
                     
    Return on stockholders’ equity A / C   2.8 %     3.1 %     4.0 %     5.9 %
    Annualized return on stockholders’ equity     11.0       12.4       7.9       11.8  
                     
    Adjusted return on stockholders’ equity (1) B / D   0.9 %     2.3 %     2.7 %     3.7 %
    Annualized adjusted return on stockholders’ equity (1)     3.7       9.2       5.3       7.5  
                     
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    EMPLOYERS HOLDINGS, INC.
    Combined Ratios (unaudited)
    $ in millions, except per share amounts
     
        Three Months Ended   Six Months Ended
        June 30,   June 30,
          2025       2024       2025       2024  
                     
    Net premiums earned A $ 198.3     $ 187.8     $ 381.3     $ 372.6  
    Losses and LAE incurred B   140.1       108.8       260.8       225.3  
    Amortization of deferred reinsurance gain – losses     1.7       1.5       3.3       3.0  
    Amortization of deferred reinsurance gain – contingent commission     —       0.4       —       0.8  
    LPT contingent commission adjustments     —       0.2       —       0.4  
    Losses and LAE excluding LPT(1) C $ 141.8     $ 110.9       264.1       229.5  
    Prior year loss reserve development     0.3       (9.1 )     1.6       (9.2 )
    Losses and LAE excluding LPT – current accident year D $ 141.5     $ 120.0     $ 262.5     $ 238.7  
    Commission expense E $ 26.1     $ 26.0     $ 49.1     $ 51.1  
    Underwriting expenses F $ 43.1     $ 42.2     $ 86.0     $ 88.4  
    GAAP combined ratio:                
    Loss and LAE ratio B/A   70.7 %     57.9 %     68.4 %     60.5 %
    Commission expense ratio E/A   13.2       13.9       12.9       13.7  
    Underwriting expense ratio F/A   21.7       22.4       22.6       23.7  
    GAAP combined ratio     105.6 %     94.2 %     103.9 %     97.9 %
    Combined ratio excluding LPT:(1)                
    Loss and LAE ratio excluding LPT C/A   71.5 %     59.1 %     69.3 %     61.6 %
    Commission expense ratio E/A   13.2       13.9       12.9       13.7  
    Underwriting expense ratio F/A   21.7       22.4       22.6       23.7  
    Combined ratio excluding LPT     106.4 %     95.4 %     104.8 %     99.0 %
    Combined ratio excluding LPT: current accident year:(1)                
    Loss and LAE ratio excluding LPT D/A   71.4 %     63.9 %     68.8 %     64.1 %
    Commission expense ratio E/A   13.2       13.9       12.9       13.7  
    Underwriting expense ratio F/A   21.7       22.4       22.6       23.7  
    Combined ratio excluding LPT: current accident year     106.3 %     100.2 %     104.3 %     101.5 %
                     
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    EMPLOYERS HOLDINGS, INC.
    Roll-forward of Unpaid Losses and LAE (unaudited)
    $ in millions
     
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025     2024       2025     2024  
               
    Unpaid losses and LAE at beginning of period $ 1,792.6   $ 1,874.5     $ 1,808.2   $ 1,884.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   407.1     424.0       412.4     428.4  
    Net unpaid losses and LAE at beginning of period   1,385.5     1,450.5       1,395.8     1,456.1  
    Losses and LAE incurred:              
    Current year losses   141.5     120.0       262.5     238.7  
    Prior year losses on voluntary business   —     (9.3 )     0.7     (9.3 )
    Prior year losses on involuntary business   0.3     0.2       0.9     0.1  
    Total losses incurred   141.8     110.9       264.1     229.5  
    Losses and LAE paid:              
    Current year losses   26.0     24.1       34.0     30.9  
    Prior year losses   115.5     104.7       240.1     222.1  
    Total paid losses   141.5     128.8       274.1     253.0  
    Net unpaid losses and LAE at end of period   1,385.8     1,432.6       1,385.8     1,432.6  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   401.0     418.3       401.0     418.3  
    Unpaid losses and LAE at end of period $ 1,786.8   $ 1,850.9     $ 1,786.8   $ 1,850.9  

    Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.7 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.3 million and $4.2 million, for the six months ended June 30, 2025 and 2024, respectively.

    EMPLOYERS HOLDINGS, INC.
    Consolidated Investment Portfolio (unaudited)
    $ in millions
     
        June 30, 2025   December 31, 2024
    Investment Positions:   Cost or
    Amortized
    Cost (1)    		   Net Unrealized
    Gain (Loss)    		   Fair Value   %   Fair Value   %
    Fixed maturity securities   $ 2,145.5   $ (67.4 )   $ 2,077.0   82 %   $ 2,097.4   83 %
    Equity securities     155.5     120.1       275.6   11       259.8   10  
    Short-term investments     9.0     —       9.0   —       0.1   —  
    Other invested assets     85.9     12.7       98.6   4       106.6   4  
    Cash and cash equivalents     69.1     —       69.1   3       68.3   3  
    Restricted cash and cash equivalents     0.2     —       0.2   —       0.2   —  
    Total investments and cash   $ 2,465.2   $ 65.4     $ 2,529.5   100 %   $ 2,532.4   100 %
                             
    Breakout of Fixed Maturity Securities:                        
    U.S. Treasuries and agencies   $ 68.0   $ (0.5 )   $ 67.5   3 %   $ 59.3   3 %
    States and municipalities     169.9     (2.0 )     167.9   8       159.3   8  
    Corporate securities     822.2     (24.8 )     797.2   38       803.0   38  
    Mortgage-backed securities     713.5     (37.3 )     675.9   33       684.9   33  
    Asset-backed securities     195.9     (0.1 )     195.8   9       214.0   10  
    Collateralized loan obligations     26.0     (0.1 )     25.9   1       35.3   2  
    Bank loans and other     150.0     (2.6 )     146.8   7       141.6   7  
    Total fixed maturity securities   $ 2,145.5   $ (67.4 )   $ 2,077.0   100 %   $ 2,097.4   100 %
    Weighted average book yield 4.5%   4.5%
    Average credit quality (S&P) A+   A+
    Duration(2) 4.3   4.5
    (1) Amortized cost excludes allowance for current expected credit losses of $1.1 million      
    (2) Duration is measured by the sensitivity to changes in interest rates      
    EMPLOYERS HOLDINGS, INC.
    Book Value Per Share (unaudited)
    $ in millions, except per share amounts
     
        June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   June 30,
    2024
    Numerators:                
    Stockholders’ equity A $ 1,083.1     $ 1,075.7     $ 1,068.7     $ 1,022.9  
    Plus: Deferred Gain     90.7       92.4       94.0       95.3  
    Stockholders’ equity including the Deferred Gain (1) B   1,173.8       1,168.1       1,162.7       1,118.2  
    Accumulated other comprehensive loss     67.3       76.8       104.5       125.3  
    Income taxes related to accumulated other comprehensive loss     (14.1 )     (16.1 )     (22.0 )     (26.3 )
    Adjusted stockholders’ equity (1) C $ 1,227.0     $ 1,228.8     $ 1,245.2     $ 1,217.2  
                     
    Denominator (shares outstanding) D   23,740,953       24,210,602       24,556,706       24,896,116  
                     
    Book value per share (1) A / D $ 45.62     $ 44.43     $ 43.52     $ 41.09  
    Book value per share including the Deferred Gain(1) B / D   49.44       48.25       47.35       44.91  
    Adjusted book value per share (1) C / D   51.68       50.75       50.71       48.89  
                     
    Year-over-year change in: (2)                
    Book value per share     14.0 %     13.5 %     11.9 %     15.7 %
    Book value per share including the Deferred Gain     12.8       12.3       10.6       14.0  
    Adjusted book value per share     8.2       8.5       9.8       10.2  
                     
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.22, $1.20, $1.18 and $1.14 for the twelve month periods ended June 30, 2025, March 31, 2025, December 31, 2024 and June 30, 2024, respectively.
    EMPLOYERS HOLDINGS, INC.
    Earnings Per Share (unaudited)
    $ in millions, except per share amounts
     
        Three Months Ended   Six Months Ended
        June 30,   June 30,
          2025       2024       2025       2024  
    Numerators:                
    Net income A $ 29.7     $ 31.7     $ 42.5     $ 60.0  
    Impact of the LPT Agreement     (1.7 )     (2.1 )     (3.3 )     (4.2 )
    Net income excluding LPT (1) B   28.0       29.6       39.2       55.8  
    Net realized and unrealized gains on investments     (20.9 )     (2.2 )     (8.1 )     (13.6 )
    Income tax expense related to items excluded from Net income     4.4       0.5       1.7       2.9  
    Adjusted net income (1) C $ 11.5     $ 27.9     $ 32.8     $ 45.1  
                     
    Denominators:                
    Average common shares outstanding (basic) D   24,005,881       25,278,473       24,201,160       25,312,208  
    Average common shares outstanding (diluted) E   24,136,221       25,363,941       24,370,311       25,449,957  
                     
    Earnings per share:                
    Basic A / D $ 1.24     $ 1.25     $ 1.76     $ 2.37  
    Diluted A / E   1.23       1.25       1.74       2.36  
                     
    Earnings per share excluding LPT: (1)                
    Basic B / D $ 1.17     $ 1.17     $ 1.62     $ 2.20  
    Diluted B / E   1.16       1.17       1.61       2.19  
                     
    Adjusted earnings per share: (1)                
    Basic C / D $ 0.48     $ 1.10     $ 1.36     $ 1.78  
    Diluted C / E   0.48       1.10       1.35       1.77  
                     
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

    Non-GAAP Financial Measures

    Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

    Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

    Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

    Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

    Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

    Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

    Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

    Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

    The MIL Network –

  • MIL-OSI: Enact Reports Second Quarter 2025 Results; Announces $0.21 Per Share Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $168 million, or $1.11 per diluted share
    Adjusted Operating Income of $174 million, or $1.15 per diluted share
    Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.4%
    Primary Insurance in-force of $270 billion, a 1% increase from second quarter 2024
    PMIERs Sufficiency of 165% or approximately $2.0 billion
    Book Value Per Share of $35.20 and Book Value Per Share excluding AOCI of $35.90
    Increased Full-Year Capital Return Guidance to Approximately $400 million

    RALEIGH, N.C., July 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2025.

    “Our strong second quarter results underscore the resilience of our business model and the consistency of our execution,” stated Rohit Gupta, President and CEO of Enact. “We continue to navigate an evolving market, grow our insurance in-force, maintain robust risk and expense management and deliver strong capital returns while also investing in our business. As we look ahead, we remain confident in the fundamentals of the housing market and our ability to deliver long-term value for all stakeholders while helping more people responsibly achieve and sustain homeownership.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 2Q25 1Q25 2Q24
    Net Income (loss) $168 $166 $184
    Diluted Net Income (loss) per share $1.11 $1.08 $1.16
    Adjusted Operating Income (loss) $174 $169 $201
    Adj. Diluted Operating Income (loss) per share $1.15 $1.10 $1.27
    NIW ($B) $13 $10 $14
    Primary Persistency Rate 82% 84% 83%
    Primary IIF ($B) $270 $268 $266
    Net Premiums Earned $245 $245 $245
    Losses Incurred $25 $31 $(17)
    Loss Ratio 10% 12% (7)%
    Operating Expenses $53 $53 $56
    Expense Ratio 22% 21% 23%
    Net Investment Income $66 $63 $60
    Net Investment gains (losses) $(7) $(3) $(8)
    Return on Equity 13.0% 13.1% 15.4%
    Adjusted Operating Return on Equity 13.4% 13.4% 16.9%
    PMIERs Sufficiency ($) $1,961 $1,966 $2,057
    PMIERs Sufficiency (%) 165% 165% 169%
           

    Second Quarter 2025 Financial and Operating Highlights

    • Net income was $168 million, or $1.11 per diluted share, compared with $166 million, or $1.08 per diluted share, for the first quarter of 2025 and $184 million, or $1.16 per diluted share, for the second quarter of 2024. Adjusted operating income was $174 million, or $1.15 per diluted share, compared with $169 million, or $1.10 per diluted share, for the first quarter of 2025 and $201 million, or $1.27 per diluted share, for the second quarter of 2024.
    • New insurance written (NIW) was approximately $13 billion, up 35% from the first quarter of 2025, primarily from seasonality in the purchase origination market, and modestly down from the second quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 93% purchase originations.
    • Persistency remained elevated at 82%, down from 84% in the first quarter of 2025 and down from 83% in the second quarter of 2024. Approximately 7% of the mortgages in our portfolio had rates at least 50 basis points above June 2025’s average mortgage rate of 6.8%.
    • Primary insurance in-force (IIF) was $270 billion, up approximately 1% from $268 billion in the first quarter of 2025 and up approximately  1% from $266 billion in the second quarter of 2024.
    • Net premiums earned were $245 million, approximately flat from the first quarter of 2025 and modestly increased from the second quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, mostly offset by higher ceded premiums.
    • Losses incurred for the second quarter of 2025 were $25 million and the loss ratio was 10%, compared to $31 million and 12%, respectively, in the first quarter of 2025 and $(17) million and (7)%, respectively, in the second quarter of 2024. The current quarter’s reserve release of $48 million from favorable cure performance and loss mitigation activities compares to a reserve release of $47 million and $77 million in the first quarter of 2025 and second quarter of 2024, respectively. The reserve release in the second quarter of 2024 benefited from reduction of claim rate from 10% to 9%.
    • Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This compared to $53 million and 21%, respectively, in the first quarter of 2025 and $56 million and 23%, respectively in the second quarter of 2024. The year-over-year decrease was primarily driven by the prior year restructuring costs of $3 million from a voluntary separation program.
    • Net investment income was $66 million, up from $63 million in the first quarter of 2025 and up from $60 million in the second quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment gains (losses) in the quarter were $(7) million, as compared to $(3) million sequentially and $(8) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the second quarter of 2025 was 13.0% and annualized adjusted operating return on equity was 13.4%. This compares to the first quarter of 2025 results of 13.1% and 13.4%, respectively, and to second quarter 2024 results of 15.4% and 16.9%, respectively.

    Capital and Liquidity

    • We paid approximately $31 million, or $0.21 per share, dividend in the second quarter.
    • EMICO completed a dividend of approximately $130 million in the second quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $345 million in cash and cash equivalents plus $306 million of invested assets as of June 30, 2025. Combined cash and invested assets decreased $3 million from the prior quarter, primarily due to  share buybacks, our quarterly dividend and interest payment on our debt mostly offset by the contribution from EMICO.
    • PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the first quarter of 2025.

    Recent Events

    • We repurchased approximately 2.4 million shares at an average price of $35.45 for a total of approximately $85 million in the quarter. Additionally, through July 25, 2025, we repurchased 0.8 million shares at an average price of $35.86 for a total of $30 million. During the quarter we completed our $250 million share repurchase authorization announced May 1, 2024,  and as of July 25, 2025, there was approximately $262 million remaining of our previously announced $350 million repurchase authorization.
    • We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on September 8, 2025, to shareholders of record on August 18, 2025.
    • We now anticipate a total 2025 capital return of approximately  $400 million; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals.

    Conference Call and Financial Supplement Information
    This press release, the second quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss second quarter financial results in a conference call tomorrow, Thursday, July 31, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN.  It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call.  If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended June 30, 2025 and 2024, as well as for the three months ended March 31, 2025.

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      2Q25 1Q25 2Q24
    REVENUES:      
    Premiums $245,289 $244,786 $244,567
    Net investment income 65,884 63,037 59,773
    Net investment gains (losses) (7,343) (3,243) (7,713)
    Other income 1,060 2,196 2,207
    Total revenues 304,890 306,776 298,834
           
    LOSSES AND EXPENSES:      
    Losses incurred 25,289 30,541 (16,821)
    Acquisition and operating expenses, net of deferrals 50,598 50,094 53,960
    Amortization of deferred acquisition costs and intangibles 2,205 2,429 2,292
    Interest expense 12,296 12,291 13,644
    Loss on debt extinguishment 0 0 10,930
    Total losses and expenses 90,388 95,355 64,005
           
    INCOME BEFORE INCOME TAXES 214,502 211,421 234,829
    Provision for income taxes 46,694 45,643 51,156
    NET INCOME $167,808 $165,778 $183,673
           
    Net investment (gains) losses 7,343 3,243 7,713
    Costs associated with reorganization (24) 629 3,435
    Loss on debt extinguishment 0 0 10,930
    Taxes on adjustments (1,537) (813) (4,636)
    Adjusted Operating Income $173,590 $168,837 $201,115
           
    Loss ratio(1) 10% 12% (7)%
    Expense ratio(2) 22% 21% 23%
    Earnings Per Share Data:      
    Net Income per share      
    Basic $1.12 $1.09 $1.17
    Diluted $1.11 $1.08 $1.16
    Adj operating income per share      
    Basic $1.16 $1.11 $1.28
    Diluted $1.15 $1.10 $1.27
    Weighted-average common shares outstanding      
    Basic 149,940 151,831 157,193
    Diluted 150,729 152,907 158,571
           
    (1)The ratio of losses incurred to net earned premiums.
    (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended June 30, 2025 and March 31, 2025, one percentage point for the three-month period ended June 30, 2024.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 2Q25 1Q25 2Q24
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,896,818 $5,815,337 $5,331,345
    Short term investments 3,001 3,696 12,313
    Total investments 5,899,819 5,819,033 5,343,658
    Cash and cash equivalents 612,967 635,269 699,035
    Accrued investment income 53,259 49,654 45,317
    Deferred acquisition costs 22,910 23,322 24,619
    Premiums receivable 44,091 46,451 48,698
    Other assets 107,882 103,351 98,929
    Deferred tax asset 32,545 44,440 89,116
    Total assets $6,773,473 $6,721,520 $6,349,372
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $551,940 $542,528 $508,138
    Unearned premiums 101,205 107,519 129,870
    Other liabilities 153,447 208,667 143,167
    Long-term borrowings 743,753 743,399 742,368
    Total liabilities 1,550,345 1,602,113 1,523,543
    Equity:      
    Common stock 1,484 1,508 1,561
    Additional paid-in capital 1,927,372 2,007,776 2,220,903
    Accumulated other comprehensive income (104,342) (152,482) (236,305)
    Retained earnings 3,398,614 3,262,605 2,839,670
    Total equity 5,223,128 5,119,407 4,825,829
    Total liabilities and equity $6,773,473 $6,721,520 $6,349,372
           
    Book value per share $35.20 $33.96 $30.91
    Book value per share excluding AOCI $35.90 $34.97 $32.43
           
    U.S. GAAP ROE(1) 13.0% 13.1% 15.4%
    Net investment (gains) losses 0.6% 0.3% 0.6%
    Costs associated with reorganization 0.0% 0.0% 0.3%
    (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.9%
    Taxes on adjustments (0.1)% (0.1)% (0.4)%
    Adjusted Operating ROE(2) 13.4% 13.4% 16.9%
           
    Debt to Capital Ratio 12% 13% 13%
           
    (1)Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2)Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI USA: Lee Introduces America First Deregulation for Coastal Trade

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – U.S. Senator Mike Lee (R-UT) introduced three pieces of legislation today to repeal and reverse the effects of the overreaching Passenger Vessel Services Act of 1886 (PVSA). Senator Lee’s three-pronged approach will strengthen America’s economy while protecting American jobs and businesses by repealing PVSA and eliminating its burdensome regulations.

    “Red tape around America’s ports is strangling our economy and boosting foreign interests,” said Senator Mike Lee. “Current law protects ships that haven’t existed for decades and creates ridiculous requirements, forcing cruise ships to take Americans to foreign ports instead of their own cities. My legislation will repeal these outdated regulations, protect American jobs, and put our economy first.”

    Background:

    The Passenger Vessel Services Act (PVSA) is an outdated regulation intended to protect America’s coastal trade and tourism by restricting the domestic waterborne transportation of passengers only to ships that are U.S.-built, U.S.-flagged, and largely U.S.-crewed and -owned. This regulation was meant to insulate America’s coastal industries from foreign competition – with one exemption for ships making stops at “distant foreign ports.”

    In practice, however, PVSA has stunted America’s economy by complicating trade practices and incentivizing foreign travel over American tourism. For example, because the United States has produced no large cruise ships in over sixty years, virtually any of these vessels moving passengers from one American port to another is essentially required by law to stop at a “distant foreign port” in order to legalize its domestic American travel. This means America is shipping its tourism economy to other countries in order to protect American-made cruise ships that no longer exist.

    Far from an America First approach, PVSA regulations favor foreign economies and special interests.

    Senator Lee’s legislation will cut through the red tape strangling America’s coastal economy by repealing PVSA, eliminating its requirement for U.S.-built vessels, and exempting large passenger ships from PVSA requirements.

    The Open America’s Ports Act:

    • Repeals the Passenger Vessel Services Act (PVSA).

    The Protecting Jobs in American Ports Act:

    • Repeals the section of PVSA barring non-U.S.-built vessels from standard treatment at American ports.

    The Safeguarding American Tourism Act:

    • Exempts large passenger vessels (those with 800 or more passenger berths) from PVSA restrictions.

    Read the full text of the legislation below:

    Open America’s Ports Act

    Protecting Jobs in American Ports Act

    Safeguarding American Tourism Act

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn Blasts Democrats for Slow-Walking Trump Nominees, Undermining American People

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) blasted Senate Democrats for their historic slow-walking of Pres. Trump’s nominees and for undermining the will of the American people and expressed his view that Senate Republicans will need to consider taking steps to speed up confirmations should Democrats not relent in their obstruction. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

    “[My] Democratic colleagues here in the Senate have reflexively and mindlessly opposed President Trump’s nominees.”

    “We have confirmed 107 of them, while 147 lower-level but critical nominees are still waiting to be confirmed by the Senate.”

    “These include many ambassadors to key allies around the world that the Senate Foreign Relations Committee has voted out of Committee.”

    “To date, Senate Democrats have allowed voice votes or given unanimous consent on exactly zero of President Trump’s civilian nominees.”

    “Senate Democrats’ partisan obstruction is making our country less safe. It’s making American foreign policy less effective, and it’s ceding the field to our adversaries.”

    “If our Democratic colleagues do not relent on this needless and mindless obstruction, Senate Republicans will have to consider what additional steps we need to take in order to expedite this process.”

    “Our Democratic colleagues seem unwilling to accept the fact that President Trump actually won the election, receiving a mandate from the American people.”

    “We owe it to the American people, we owe it to President Trump, we owe it to these nominees who volunteered to serve their country to vote on these nominees without further delay.”

    MIL OSI USA News –

  • MIL-OSI USA News: “Absolute Blockbuster”: New GDP Report Shows Explosive Growth in Trump’s Economy

    Source: US Whitehouse

    With U.S. economic growth surging in the second quarter, President Donald J. Trump has proven the so-called “experts” wrong once again as he presides over tame inflation, blue-collar wage growth, explosive job creation, and a “Made in America” boom.

    Here’s what they’re saying about today’s GDP report:

    Economist E.J. Antoni: “This GDP report, I mean, really, is an absolute blockbuster. It completely defies expectation. It is not only a good headline number, it has good internals, as well.”

    Economist Steve Moore: “This is an amazing number … We’re seeing lots of jobs. We’re seeing tame inflation. It is really a beautiful picture … It’s hard to see anything to complain about. I’m sure Democrats will find something they don’t like.”

    Bullseye Brief author Adam Johnson: “The GDP Price Index was only 2% and the expectation was 2.2%. In other words, we have an economy growing at 3%; we have inflation at 2%. That’s the best of both words, so I’m very positive on that report.”

    Job Creators Network CEO Alfredo Ortiz: “The U.S. economy grew by an annualized 3% in the second quarter of the year—yet another data point that supports an interest rate cut by the Fed. Trump’s three-legged stool is working: balancing trade, cutting taxes, and slashing regulations are creating an economic boom.”

    Navy Federal Credit Union Chief Economist Heather Long: “The word of the summer for the economy is ‘resilient.’”

    CNN’s Wolf Blitzer: “Welcome news for the U.S. economy.”

    CNN’s Matt Egan: “GDP, the broadest measure of the U.S. economy, it did rebound in the second quarter. Three percent — that is a solid number and it also beat expectations.”

    Benzinga’s Piero Cingari: “The U.S. economy roared back robustly in the second quarter, with gross domestic product rebounding well above expectations—offering President Donald Trump a timely economic victory to celebrate.”

    CNBC’s Joe Kernen: “This three percent, with the market at new highs and, really, we haven’t seen inflation go up … none of these ‘horrible things’ have happened.”

    CNBC’s Rick Santelli: “There’s no doubt that this is some success. We’re seeing more horsepower. We’re seeing better equities. Inflation? Inflation really hasn’t changed much in the last year or so.”

    Politico: “The surge in growth is a win for an administration that’s been battling widespread perceptions that Trump’s economic agenda is causing more harm than good … But for now, the GDP — the total value of all goods and services produced in the U.S. — is expanding at a healthy clip.”

    USA TODAY columnist Nicole Russell: “Thanks to President Donald Trump’s bold policies, it appears that the United States will avoid a recession this year − one that so many liberals were predicting only months ago. Will Democrats put politics aside and applaud as the American economy shows a strength and resilience that so many of them doubted? Probably not.”

    CBS News: “The number represents a surprising turnaround from the first three months of 2025 … The new data also shows consumers increased spending since the last quarter, with a growth of 1.4%, up from 0.5% from January to March.”

    ABC News: “The U.S. economy expanded more than expected as President Donald Trump’s tariffs took hold over recent months, federal government data on Wednesday showed … The reading amounted to sturdy economic growth, suggesting the economy has continued to avert a significant tariff-induced cooldown. A boost in consumer spending helped propel the economic surge.”

    CNBC: “The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength.”

    Bloomberg: US Economy Rebounds With 3% GDP Growth

    The Wall Street Journal: “The U.S. economy grew at a 3.0% annual rate in the second quarter, exceeding expectations … Trump’s priorities, including tariffs and deportations, haven’t had a major [negative] economic impact thus far.”

    President Donald J. Trump: “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”

    Vice President JD Vance: “Trump economy keeps defying the experts. Strong growth!”

    Secretary of the Treasury Scott Bessent: “Real GDP grew 3% in Q2, surpassing expectations. Consumer spending is up, and inflation is cooling. This is what an America First economy looks like, and the best is yet to come.”

    Secretary of Commerce Howard Lutnick: “GDP just surged to 3% and the Trump Economy has officially arrived. Biden’s first quarter is behind us, and growth is already accelerating. President Trump’s tariff policies have drawn historic investments and opened up global markets for U.S. businesses. Congratulations America: 3 percent today, and we’re just getting started.”

    Secretary of Labor Lori Chavez-DeRemer: “Thanks to @POTUS, working families are thriving and our economy is booming”

    National Economic Council Director Kevin Hassett: “There’s really strong growth, really strong income growth, we’ve got a huge reduction in government spending … Every single thing about this GDP release has shown strength.”

    Press Secretary Karoline Leavitt: “Today, GDP growth came in above market expectations, and yesterday, consumer confidence rose. Americans trust in President Trump’s America First economic agenda that continues to prove the so-called ‘experts’ wrong. President Trump has reduced America’s reliance on foreign products, boosted investment in the US, and created thousands of jobs — delivering on his promise to Make America Wealthy Again. The data is clear and there are no more excuses, now is the time for ‘too late’ Powell to cut the rates!”

    Counselor to the Secretary of the Treasury Joseph Lavorgna: “Q2 real #GDP expands 3.0%, above consensus expectations! Passage of the #OBBB and the CapEx comeback which is already underway will power a second half boom and beyond.”

    MIL OSI USA News –

  • MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

    Source: US Whitehouse

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Background.  In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order.  In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).  In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits.  I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

    The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

    In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States. 

    I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined.  For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce.  These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices.  Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging.  The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

    Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

    Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

    Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

    Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other.  And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

    Sec. 2.  Suspension of Duty-Free de minimis Treatment.  (a)  The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry.  Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges.  International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order.  Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

    (b)  Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.  

    Sec. 3.  Duty Rates for International Postal Shipments.  (a)  Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section.  Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

    (b)  A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

    (c)  A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

    (i)    Countries with an effective IEEPA tariff rate of less than 16 percent:  $80 per item;

    (ii)   Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive):  $160 per item; and

    (iii)  Countries with an effective IEEPA rate above 25 percent:  $200 per item.

    (d)  For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

    (e)  The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order.  After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

    (f)  Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

    Sec. 4.  Implementation.  (a)  The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (b)  The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (c)  Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order.  The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register.  The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

    (d)  To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500.  Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order.  CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

    Sec. 5.  Definition.  As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

    Sec. 6.  Severability.  (a)  If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

    (b)(i)  If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected.  Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended.  Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.  CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

    (ii)  Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment.  After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

    Sec. 7.  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 Homeland Security.

                                 DONALD J. TRUMP

    THE WHITE HOUSE,

        July 30, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON HISTORIC LAWSUIT AGAINST THE TRUMP ADMINISTRATION

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries released the following statement:

    Over the last several months, the Trump administration has repeatedly and unlawfully blocked Members of Congress from carrying out oversight of potential abuses in our immigration detention system. Today, Democratic Members of Congress are fighting back with a first-of-its-kind lawsuit asserting our constitutional responsibility to serve as a check-and-balance on the executive branch and its weaponization of immigration enforcement.

    Donald Trump’s Department of Homeland Security is undermining our values as a nation of immigrants and one anchored in the rule of law. ICE and DHS have repeatedly and illegally arrested and detained American citizens and lawful permanent residents without due process. These extreme tactics, like raiding churches and schools and unleashing masked ICE agents on law-abiding communities, are extreme and unacceptable. The Trump administration is determined to hide the truth from Congress and the American people. House Democrats will not be silenced or intimidated.

    This is an all-hands-on-deck effort, and I thank my colleagues for their leadership in bringing this groundbreaking lawsuit forward, including: the Congressional Hispanic Caucus led by Chair Adriano Espaillat, the Rapid Response Task Force and Litigation Working Group helmed by Assistant Democratic Leader Joe Neguse and Judiciary Committee Ranking Member Jamie Raskin, Homeland Security Committee Ranking Member Bennie Thompson, Oversight and Government Reform Committee Ranking Member Robert Garcia, a group of the Members putting themselves on the frontline of this fight including Representatives Lou Correa, Jason Crow, Veronica Escobar, Dan Goldman, Jimmy Gomez, Raul Ruiz and Norma Torres and our partners at Democracy Forward and American Oversight. 

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    MIL OSI USA News –

  • MIL-OSI USA: Casten, 92 House Democrats Demand Oversight Into Humanitarian Efforts in Gaza Amid Starvation Crisis

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    July 30, 2025

    Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led 92 House Democrats in a letter to Secretary of State Marco Rubio demanding an investigation into the ownership structure and operation of the Gaza Humanitarian Foundation (GHF), a private, unqualified U.S.-linked aid organization at the center of the worsening starvation and humanitarian crisis in Gaza.

    A copy of the letter can be found here.

    GHF is a U.S.-linked aid organization with no prior experience in humanitarian aid and operates under opaque funding arrangements. GHF received a $30 million grant from the State Department, despite significant internal objections from USAID officials that the group’s funding plan failed to meet the “minimum technical or budgetary standards.” In their letter, the lawmakers criticize the organization’s lack of qualifications, noting that neither of the private firms contracted by GHF to manage distribution sites in Gaza has prior experience in humanitarian work, nor does GHF Executive Chairman Johnnie Moore, who is a close ally of President Donald Trump.

    “We have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza,” the lawmakers wrote. “…Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace.”

    In July 2025, the Integrated Food Security Phase Classification, a panel developed by the United Nations’ Food and Agriculture Organization, issued a report warning that “the worst-case scenario of Famine is currently playing out in the Gaza Strip.” Netanyahu’s blockade and GHF’s dangerously mismanaged aid sites are directly contributing to the starvation crisis.

    The lawmakers also expressed concern regarding disturbing violence at GHF distribution sites, where flawed distribution methods have caused mass panic and mass casualties.

    GHF operates only four aid distribution sites in Gaza using a reckless first-come, first-served model that has resulted in deadly chaos. At least 1,000 Palestinians have reportedly been killed while attempting to access aid near GHF sites, with reports describing Israeli soldiers and U.S. contractors opening fire on desperate civilians. One former contractor said he was instructed to “shoot to kill and ask questions later.”

    “Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis,” the lawmakers continued. “As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity.”

    In addition to Rep. Casten, the letter was signed by Amo, Gabe; Ansari, Yassamin; Balint, Becca; Barragán, Nanette; Bera, Ami; Bonamici, Suzanne; Brownley, Julia; Brown, Shontel; Carbajal, Salud; Carson, André; Carter, Troy; Castro, Joaquin; Chu, Judy; Cleaver, Emanuel; Cohen, Steve; Courtney, Joe; Craig, Angie; Crow, Jason; Davis, Danny; Dean, Madeleine; DeGette, Diana; DeLauro, Rosa; Deluzio, Christopher; DeSaulnier, Mark; Dexter, Maxine; Dingell, Debbie; Doggett, Lloyd; Escobar, Veronica; Fields, Cleo; Foster, Bill; Foushee, Valerie; Frost, Maxwell; Garcia, Robert; Garcia, Sylvia; Green, Al; Harder, Josh; Hayes, Jahana; Houlahan, Chrissy; Hoyle, Val; Huffman, Jared; Jackson, Jonathan; Jacobs, Sara; Johnson, Henry; Kaptur, Marcy; Keating, William; Kelly, Robin; Khanna, Ro; Larsen, Rick; Larson, John; Leger Fernandez, Teresa; Lofgren, Zoe; Lynch, Stephen; Magaziner, Seth; Matsui, Doris; McBride, Sarah; McClellan, Jennifer; McCollum, Betty; McGovern, James; Moore, Gwen; Mullin, Kevin; Nadler, Jerrold; Norton, Eleanor; Ocasio-Cortez, Alexandria; Panetta, Jimmy; Pappas, Chris; Pelosi, Nancy; Pettersen, Brittany; Pingree, Chellie; Pocan, Mark; Pressley, Ayanna; Quigley, Mike; Randall, Emily; Ruiz, Raul; Salinas, Andrea; Schakowsky, Janice; Schrier, Kim; Scott, Robert; Smith, Adam; Sorensen, Eric; Stansbury, Melanie; Swalwell, Eric; Takano, Mark; Thompson, Bennie; Thompson, Mike; Tokuda, Jill; Tonko, Paul; Trahan, Lori; Underwood, Lauren; Vasquez, Gabe; Velázquez, Nydia; Watson Coleman, Bonnie; and Williams, Nikema.

    A copy of the letter can be found here. Text of the letter can be found below.

    Dear Secretary Rubio:

    As supporters of a strong U.S.-Israel relationship and advocates for humanitarian assistance to the people of Gaza, we write to seek clarity on the ownership structure and operation of the Gaza Humanitarian Foundation (GHF).

    More than two million people in Gaza currently face “critical levels” of hunger. We welcome efforts to facilitate the entry of humanitarian aid and share the objective of ensuring that Hamas does not divert such aid. However, we have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza. We agree that delivering aid promptly and securely is crucial. However, GHF’s practices and finances require increased transparency and oversight to ensure aid reaches the intended beneficiaries effectively, safely, and in accordance with international standards.

    On June 24, 2025, the Department of State (DOS) approved a $30 million grant for GHF. Jeremy Lewin, a current DOS official and former Department of Government Efficiency (DOGE) employee, reportedly moved forward with the grant’s approval despite 58 internal objections that U.S. Agency for International Development (USAID) staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required “minimum technical or budgetary standards.” As lawmakers entrusted with the authority to appropriate taxpayer funds, which were undoubtedly used for GHF’s grant, we find this troubling.

    Moreover, GHF has not published a complete list of its sponsors. Registered in Delaware in February 2025, GHF also established an office in Geneva, Switzerland (which the Swiss government has since announced is to be dissolved) with the explicit intent of accommodating donors that “prefer to participate outside of the U.S. structure.” The foundation has publicly stated that it has received at least $119 million from “other government donors.” Furthermore, despite its public denial, the Israeli government has reportedly covertly contributed approximately $280 million USD to the new aid mechanism run by GHF. Full disclosure of GHF’s funding sources is imperative.

    GHF runs four aid distribution sites in Gaza. It contracts two American private firms, Safe Reach Solutions (SRS) and UG Solutions (UGS), to provide security and logistics, with some pricing models reportedly provided by Boston Consulting Group consultants, who reportedly regularly met with Israeli officials in connection with the consultants’ role in helping develop ideas for GHF’s operations. None of the groups have prior humanitarian experience, nor does GHFExecutive Chairman Johnnie Moore, a close ally of President Trump. As a result, these distribution centers appear to operate at a reduced capacity at an exorbitant cost, significantly exceeding the current operating costs of experienced humanitarian organizations.

    We are further alarmed at the widespread violence at GHF distribution centers. As of July 23, 2025, there have reportedly been at least 1,000 people killed while trying to access critical aid near GHF sites. Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis. As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity. A former security contractor stated that he was instructed, “if you feel threatened, shoot – shoot to kill and ask questions later.” GHF centers offer desperately needed lifelines to those who receive aid without experiencing violence. However, the risk of violence, long wait times, and limited aid availability appear to force hundreds of thousands to choose between risking their lives or going without food.

    The operations of the GHF sites are widely criticized by experienced humanitarian organizations as being inefficient and dangerous, and violating internationally agreed-upon humanitarian principles. Notably, GHF’s inaugural Executive Director and former Marine, Jake Wood, resigned from the organization, citing that the organization no longer aligned with “humanitarian principles.”

    Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace. To address our concerns, we respectfully request responses to the following questions no later than August 14th, 2025:

    1. From which congressionally appropriated account does DOS’s $30 million grant for the GHF originate?

    2. What specific oversight mechanisms are in place to ensure that the GHF operates in accordance with U.S. and international humanitarian law and humanitarian principles of neutrality and impartiality?

    3. The DOS reportedly stated that GHF is subject to “rigorous oversight, including of GHF’s operations and finances.”

      1. What is DOS’s role in monitoring the daily operations and financial practices of GHF, and what is the reporting mechanism?

      2. Are the GHF and the private security contractors that it partners with to distribute assistance in compliance with U.S. standards (legal, regulatory, technical, budgetary, or otherwise) for humanitarian organizations?

    4. The $30 million grant to GHF was approved despite 58 internal objections that USAID staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required ‘minimum technical or budgetary standards.’ What were the details of their objections or concerns, and why were they overridden?

    5. What makes GHF more qualified than other humanitarian organizations with years of experience and the operational expertise needed to handle such a complex situation?

      1. What makes the newly appointed Executive Chairman, Rev. Johnnie Moore Jr., a man with no prior humanitarian experience, but a close relationship with President Trump, the right person to lead GHF?

    6. What steps is the U.S. government taking to address concerns about militarization at GHF’s aid sites, particularly regarding the involvement of U.S. private contractors and Israeli security forces?

    7. Is there a formal agreement or memo of understanding between the U.S. and GHF that outlines the foundation’s operational guidelines, transparency, and accountability measures? If so, please provide a copy or summary of these terms.

    8. Was the DOS involved in the decision-making processes that led to the establishment of only four aid distribution centers in Gaza to date? If so, please provide details of that communication.

    9. GHF refuses to publish its sources of funding, including the $119 million it received from “other government donors.” What is the complete and most current list of GHF’s donors?

    10. What are the details of the contracts between GHF, its contractors, Safe Reach Solutions (SRS), UGSolutions (UGS), and its aid providers?

      1. What does GHF pay per diem for security and logistics to SRS and UGS?

      2. Where does GHF source its aid packages from? How much does it pay for them?

    11. Has the U.S. conducted any oversight or reviews of GHF’s operations in light of recent criticisms related to overcrowding, militarization, and security concerns? If so, what were the findings?

    12. The Trump Administration is reportedly considering an additional $500 million grant to GHF using USAID funds. According to U.S. law, all NGO recipients of USAID grants are subject to a responsibility determination that certifies the NGO’s “necessary management competence…and that the applicant will practice mutually agreed upon methods of accountability for funds and other assets provided by USAID.”

      1. Will this funding be approved?

      2.  If so, what account will this funding come from?

    13. What steps will be taken to conduct the required “responsibility determination” certifying GHF’s competence and accountability?

    14. What specific benefits has GHF’s aid distribution model or operations provided for U.S. and Israeli interests that the U.S. government assesses may justify some of the apparent drawbacks of the GHF model and operations?

    15. Looking ahead, what information can the Administration share about the likely roles and potential roles of GHF and other humanitarian assistance providers in Gaza, respectively, under various scenarios (ceasefire, intensified conflict, post-conflict transition)? 

      1. What are the sources of this information?

      2. What factors will the Administration use to determine whether and how to provide U.S. support to GHF and/or other providers, while actively monitoring their compliance with applicable legal and other standards?

    16. How, if at all, will GHF coordinate with other humanitarian organizations already working in Gaza? Will GHF work within the already established coordinating mechanisms, and if so, how does it plan to do so?

    Thank you for your attention to this critical matter.

    Sincerely,

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mike Levin Honors Michael Meyers as July 2025 Constituent of the Month

    Source: United States House of Representatives – Representative Mike Levin (CA-49)

    July 30, 2025

    Michael Meyers

    Carlsbad, Calif. – Today, Rep. Mike Levin (CA-49) recognized Michael Meyers, a Carlsbad native and founder of North County San Diego’s first local goalball team for the blind and visually impaired, as his July 2025 Constituent of the Month. 

    Michael was diagnosed with retinitis pigmentosa, a degenerative eye disease, during high school and turned his disability into a force for local advocacy. While attending a rehabilitation program in Colorado, he discovered goalball, a team sport designed specifically for visually impaired athletes. After returning home to Carlsbad, he learned there were no local teams or programs that offered the sport. Michael worked with family and friends to launch a North County San Diego Goalball team earlier this year to provide this unique sporting opportunity to members of the community.  

    In just a few months, the team has grown to include more than 30 players and has drawn support from national leaders in adaptive sports, including Paralympic silver medalist Joseph Hamilton and former U.S. Men’s National Goalball Team head coach Matt Boyle.  

    Rep. Levin recognized Michael for his inspiring leadership and commitment to accessibility, health, and community inclusion.  

    See below for Rep. Levin’s statement recognizing Michael Meyers in the Congressional Record: 

    “Mr. Speaker, I am proud to recognize Michael Meyers as my July 2025 Constituent of the Month.  

    “Michael represents the best in our community. He is resilient, innovative, and committed to making our district more inclusive for individuals with disabilities. Michael saw a lack of recreational opportunities for people with visual impairments in our region and took it upon himself to create a solution. The goalball team he founded in North County San Diego is now helping dozens of visually impaired residents stay active, build confidence, and connect with one another.  

    “Michael’s work ensures that people who are blind or visually impaired have the chance to be part of a team, to challenge themselves, and to not sit on the sidelines. That spirit of inclusion and determination is exactly what makes our district special, and it is why I am honored to recognize Michael as my Constituent of the Month.” 

    ABOUT THE CONSTITUENT OF THE MONTH PROGRAM:  

    Rep. Levin’s Constituent of the Month program recognizes outstanding North County San Diego and South Orange County residents who have gone above and beyond to help their neighbors, give back to their community, and represent the best of our country. Rep Levin’s?June 2025 Constituent of the Month was Nani Love, a case manager and victim’s advocate at the North County LGBTQ Resource Center, and his May 2025 Constituent of the Month was Rohen Vargo, the founder of a student-run blood pressure screening clinic.  

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mike Levin, Health Leaders & Patients Expose Devastating Medicaid Cuts That Threaten Access to Health Care

    Source: United States House of Representatives – Representative Mike Levin (CA-49)

    July 29, 2025

    Rep. Levin, health leaders & patients discuss impacts of devastating Medicaid cuts

    View full press conference here

    Vista, CA — On the eve of the 60th anniversary of Medicaid becoming law, Rep. Mike Levin (CA-49), health leaders, and patients condemned deep Medicaid and health care cuts enacted under the Republican budget law that threaten access to health care services for millions of Americans. The Republican budget will harm seniors, low-income families, and California’s health care system.

    President Trump signed into law the Republican budget, also called the One Big Beautiful Bill Act, on July 4th. The law makes the largest cuts to Medicaid in the program’s history and puts hospitals, emergency care, and Medicaid coverage at risk for nearly 15 million people, including two million people in California. The state expects billions in projected revenue losses?for health care providers, which is expected to reduce access to care. 

    “Medicaid has given millions of Americans access to care for six decades, but today, that promise is being broken,” said Rep. Levin. “This reckless law is a disaster for public health that will force millions of people off their insurance, raise premiums, and shut down hospitals and clinics. These cuts aren’t just numbers on a page, they’re real people who will lose access to life saving care and we can’t allow that to happen.” 

    The Republican budget law will:

    • Cut $1 trillion to Medicaid; 
    • Kick 15 million Americans off their health care coverage; 
    • Defund Planned Parenthood and impact over 1 million women;  
    • Increase premiums and copays for families nationwide; 
    • Impose paperwork requirements that could lock people out of coverage;  
    • Cut billions from hospital and clinics.  

    “This law rips health care away from families so billionaires can get tax breaks. We won’t stand for it, and I will continue fighting to protect Medicaid to ensure every American gets the care they deserve,” said Rep. Levin.

    Local health professionals on the ground described how the law puts critical services and patients at serious risk.   

    “At Gary and Mary West PACE, over 90% of the older adults we serve rely on Medicaid to access critical services that keep them health and independent in their homes,” said West PACE Community Engagement Director, Mary Jurgensen. “Across California, PACE programs serve nearly 22,000 seniors annually, each one counting on coordinated care, meals, therapy, and transportation that Medicaid funds support. The proposed Medicaid cuts in HR 1 threaten our ability to deliver these essential services and will place people at risk of losing access to life-sustaining care.” 

    Health leaders noted that in California, premiums are expected to soar. For those insured under Covered California, insurers are already seeking rate increases over 20%. Data from the House Budget Committee shows that more than 2 million people across California could lose health insurance, including children and seniors.

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    MIL OSI USA News –

  • MIL-OSI USA: Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County E

    Source: US State of Missouri

    FOR IMMEDIATE RELEASE

    July 30, 2025

    Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County Executive Sam Page

    JEFFERSON CITY, MO—Missouri Secretary of State Denny Hoskins today commended the outstanding work of the Legal and Elections divisions at the Missouri Secretary of State’s Office, whose investigation into possible misuse of public funds culminated in referral to the Missouri Attorney General’s Office.

    A St. Louis County grand jury has indicted County Executive Sam Page on two misdemeanor election charges and two felony theft charges. The indictment alleges that taxpayer dollars were used to fund a mailer opposing Proposition B in the April 8, 2025, ballot—a clear violation of state law prohibiting public officials from using government funds to influence ballot measures.

    “Our office takes its role in protecting fair and lawful elections extremely seriously,” said Secretary of State Hoskins. “I’m proud of the seasoned professionals in our Legal and Elections divisions whose experience, integrity, and diligence ensured this matter was thoroughly and professionally examined.”

    The Secretary of State’s Office referred the investigation initially to the St. Louis County Prosecuting Attorney’s Office. Due to a conflict of interest, the case was reassigned and is now being handled by a special prosecutor within the Missouri Attorney General’s Office.

    “This process reflects the strength of checks and balances within Missouri’s government,” added Hoskins. “Thanks to the expertise of our teams, Missouri citizens can expect real accountability for the appropriate use of public funds—not political campaigning.”

    Secretary Hoskins reaffirmed that the Secretary of State’s Office remains committed to upholding the integrity of elections and public trust.

    For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

     

    About the Missouri Secretary of State’s Office

    The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

    Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

     

    About Secretary of State Denny Hoskins

    Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Hoskins Highlights Ongoing Election Integrity Efforts

    Source: US State of Missouri

     

     

    FOR IMMEDIATE RELEASE

    July 30, 2025

    Secretary Hoskins Highlights Ongoing Election Integrity Efforts

    JEFFERSON CITY, MO — Secretary of State Denny Hoskins today announced the latest developments in Missouri’s ongoing commitment to ensuring accurate, secure, and transparent voter rolls, reinforcing the state’s position as a national leader in election integrity.

    “Free and fair elections begin with clean voter rolls,” said Secretary Hoskins. “That’s why Missouri conducts regular, extensive voter registration list maintenance—and we’re strengthening those efforts with powerful new tools and partnerships. I thank President Trump and his administration for taking leadership on allowing real, common sense resources for local election authorities to make strides in election integrity.”

    In 2025 alone, as of the release, Missouri’s local election authorities removed more than 195,000 outdated or ineligible voter registrations. These removals include over 4,000 individuals with felony convictions and over 43,000 confirmed deceased registrations. Please note, list maintenance is ongoing.

    Thanks to new access to federal databases—including the Department of Homeland Security’s Systematic Alien Verification for Entitlements (SAVE) program and Social Security Administration records—Missouri is now better equipped than ever to identify noncitizens and deceased individuals on the voter rolls.

    Additionally, the Secretary of State’s Office is partnering with the Department of Homeland Security and the Federal Bureau of Investigations to investigate any non-citizens who have voted in Missouri. 

    The Secretary of State’s Office is also exploring memoranda of understanding (MOUs) with bordering and economically connected states to share data and enhance the accuracy of voter lists across state lines. These partnerships aim to provide additional safeguards against double registrations and unlawful voting.

    “These are not just numbers—they represent real accountability,” Hoskins said. “Behind each removal is a commitment to voter confidence, election integrity, and the rule of law. And none of it would be possible without the dedicated work of our local election authorities. Their efforts are essential to protecting our elections, and we thank them for their continued service to the people of Missouri.”

     

    About the Missouri Secretary of State’s Office

    The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

    Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

     

    About Secretary of State Denny Hoskins

    Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

     

    For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

    MIL OSI USA News –

  • MIL-OSI USA: Prepare for Heavy Rain and Potential Flooding

    Source: US State of New York

    overnor Kathy Hochul today directed State agencies to prepare for heavy rain and the potential for localized flooding as parts of the state are forecast to be impacted by periods of heavy rain Thursday into Friday. New Yorkers across the Mid-Hudson, Long Island and New York City Regions could see locally higher totals over 3 inches of rain beginning Thursday and are cautioned to be vigilant in impacted areas. The storm also has the potential to impact the Capital Region if the storm track shifts. This is expected to be a slow-moving weather event with the most severe impacts occurring where the storm ultimately sets up. Isolated strong thunderstorms bringing locally heavy downpours, isolated damaging winds and large hail may occur Wednesday evening in parts of the Capital Region, Mohawk Valley, Southern Tier, Mid-Hudson, New York City and Long Island. Following the rain, cooler temperatures and low levels of humidity will blanket the State over the weekend.

    “As the forecast shifts from extreme heat to heavy rains, I am urging all New Yorkers to stay vigilant and use caution through the end of this week,” Governor Hochul said. “State agencies are on standby for heavy downpours and localized flooding and will be monitoring the situation in real-time to ensure the safety of all New Yorkers in the path of the storm.”

    Residents are encouraged to monitor their local forecasts, weather watches and warnings. For a complete listing of weather alerts, visit the National Weather Service website at alerts.weather.gov.

    New Yorkers should ensure that government emergency alerts are enabled on their mobile phones. They should also sign up for real-time weather and emergency alerts that will be texted to their phones by texting their county or borough name to 333111.

    Agency Preparations

    Division of Homeland Security and Emergency Services
    The Division’s Office of Emergency Management (OEM) is in contact with their local counterparts and is prepared to facilitate requests for assistance. OEM has enhanced their monitoring, the Office of Fire Prevention and Control is preparing to stage water rescue teams in Orange County and Ulster Counties in advance of the anticipated weather and will activate the State Fire Operations Center if conditions warrant.

    State stockpiles are ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring the storm track and statewide impacts closely.

    Department of Transportation
    The State Department of Transportation is monitoring weather conditions and prepared to respond with 3,428 supervisors and operators available statewide. All field staff are available to fully engage and respond.

    Statewide equipment numbers are as follows:

    • 1,431 large dump trucks
    • 337 large loaders
    • 92 chippers
    • 86 tracked and wheeled excavators
    • 33 water pumps
    • 32 traffic and tree crew bucket trucks
    • 28 traffic tower platforms
    • 16 vacuum trucks with sewer jets

    The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

    Thruway Authority
    The Thruway Authority has 669 operators and supervisors prepared to respond to any wind or flood related issues across the state with small to medium sized excavators, plow/dump trucks, large loaders, portable Variable Message Signs (VMS) boards, portable light towers, smaller generators, smaller pumps and equipment hauling trailers, as well as signage and other traffic control devices available for any detours or closures. VMS and social media are utilized to alert motorists of weather conditions on the Thruway.

    Statewide equipment numbers are as follows:

    • 337 Large and Small Dump Trucks
    • 63 Loaders
    • 31 Trailers
    • 5 Vac Trucks
    • 14 Excavators
    • 8 Brush Chippers
    • 99 Chainsaws
    • 24 Aerial Trucks
    • 22 Skid Steers
    • 86 Portable Generators
    • 65 Portable Light Units

    The Thruway Authority encourages motorists to download its mobile app which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

    Department of Public Service
    New York’s utilities have approximately 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. The utilities will work with the local, county, and state transportation agencies to navigate closed roadways in any areas experiencing flooding. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

    New York State Police
    State Police instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service, and all watercraft and specialty vehicles are staged and ready for deployment.

    Department of Environmental Conservation
    The Department of Environmental Conservation’s (DEC) Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers, and regional staff remain on alert and continue to monitor weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

    DEC will have swift water teams staged in the Hudson Valley starting tomorrow morning through Friday, August 1.

    DEC reminds local officials to watch for potential flooding in their communities. Municipalities are encouraged to undertake local assessments of flood-prone areas and to remove any accumulating debris. DEC permits and authorization are not required to remove debris unless stream banks or beds will be disturbed by debris removal and/or the use of heavy equipment. Municipalities and local governments are advised to contact DEC’s Regional Permit Administrators if assistance is required and to help determine if a permit is necessary.

    If a permit is necessary, DEC can issue Emergency Authorizations to expedite approval of projects in place of an individual permit. DEC approves Emergency Authorizations for situations that are deemed an emergency based on the immediate protection of life, health, general welfare, property, or natural resources.

    Office of Parks, Recreation and Historic Preservation
    New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

    Metropolitan Transportation Authority

    The Metropolitan Transportation Authority is closely monitoring weather conditions to ensure safe, reliable service. MTA employees will be poised to respond to any weather-related issues. To reduce the likelihood of flooding and respond to any instances of flooding, MTA crews will inspect drains in flood-prone areas to ensure they are functional, and supervisors will monitor flood-prone locations for any reports of flooding to ensure quick response. Elevator and escalator specialists will be deployed to flood-prone locations to attend to any weather-related elevator and escalator troubles.

    Customers are encouraged to check mta.info for the latest service updates, and to use caution while navigating the system. Customers should also sign up for real-time service alerts via text or email. These alerts are also available via the MTA app and the TrainTime app.

    Port Authority of New York and New Jersey

    The Port Authority of New York and New Jersey is closely monitoring weather forecasts and is working with airport terminal operators and other airport partners in preparation. Air travelers should check with their airlines for updated information on their flights or check the Federal Aviation Administration website for any FAA programs that may affect flight operations at their departure airport before leaving for the airport and allow for additional travel time. Motorists who use the Port Authority’s six bridges and tunnels are strongly encouraged to sign up for email alerts, bus riders can use the MyTerminal app for real-time alerts on bus service at the Midtown Bus Terminal, or for PATH riders, check train service information via the PATH mobile app, RidePATH.

    Flood Safety

    • Know your area’s type of flood risk — visit FEMA’s Flood Map Service Center.
    • Have a flood emergency plan in place that includes considerations for your children, pets and neighbors.
    • If you live in a flood-prone area, document your belongings and valuables. Keep important documents in a waterproof container. Create digital, password-protected copies of important documents, pictures, and other items.
    • Obtain flood insurance coverage under the National Flood Insurance Program (NFIP). Homeowner’s policies do not cover flooding.
    • Monitor your local weather forecast and follow any warnings that may be broadcast.
    • If you are advised by emergency officials to take immediate action such as evacuation, do not wait – follow all orders promptly.
    • Traveling during a flood can be extremely dangerous. One foot of moving water can sweep a vehicle away. Never walk, swim or drive through flood waters. If you have doubts, remember: “Turn Around, Don’t Drown!”
    • Consider those with access and functional needs to determine if they are prepared for a flood emergency where they live and work.

    For more preparedness information and safety tips from DHSES, visit dhses.ny.gov/safety. The National Weather Service website also includes Flood Safety Tips and Spring Safety Resources.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Throws Support Behind Case Challenging Trump Administration’s Illegal Tariffs

    Source: US State of California

    Wednesday, July 30, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    Continues fighting on all fronts for businesses and consumers 

    OAKLAND — California Attorney General Rob Bonta today filed an amicus brief in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). In April, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under IEEPA. In the brief filed today in the U.S. Court of Appeals for the District of Columbia, Attorney General Bonta and Governor Newsom argue that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority under IEEPA is incorrect, that IEEPA’s language does not provide the authority to impose tariffs, and that President Trump’s IEEPA tariffs are unlawful (and that, much like California’s own case, the plaintiffs’ case was properly filed in district court, not the Court of International Trade). The brief urges the Court of Appeals to affirm the District Court’s decision.

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the District of Columbia to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    The case in question involves two family-owned educational-toy companies challenging the Trump Administration’s tariffs under IEEPA. In May, the U.S. District Court for the District of Columbia denied the Trump Administration’s motion to transfer the case to the Court of International Trade and instead retained jurisdiction, held that IEEPA does not authorize tariffs and that the Trump Administration’s IEEPA tariffs were unlawful, and granted the plaintiffs’ motion for an injunction. In the brief, Attorney General Bonta agrees and argues that the Court of Appeals should affirm the District Court’s well-reasoned decision. 

    Attorney General Bonta is committed to challenging the illegal tariffs that threaten California jobs, businesses, and consumers and has held roundtables in San Francisco and Los Angeles to learn about the impact of tariffs on California industry.

    On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of IEEPA to impose tariffs without the consent of Congress. In May, California filed a motion for a preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in its case proceeds and filed an amicus brief in the Court of International Trade in Oregon v. Trump, another case also challenging President Trump’s illegal imposition of tariffs. In June, a judge granted California’s request for dismissal to allow the state to appeal its case challenging the Trump Administration’s illegal tariffs after the Administration asked that the case be transferred to the Court of International Trade — a motion that California opposed. The dismissal kept the case in California and allowed California to appeal to the Ninth Circuit. California’s case remains ongoing.

    A copy of the amicus brief can be found here.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: State Provides Resources to Assist in Recovery at Fremont Plant Explosion

    Source: US State of Nebraska

    .cerveny@nebraska.gov”>katrina.cerveny@nebraska.gov

    State Provides Resources to Assist in Recovery at Fremont Plant Explosion

    LINCOLN, NE – The state of Nebraska is providing resources to assist in recovery operations at the Horizon Biofuels plant in Fremont. Three people, an adult and two children, have been missing since an explosion at the plant yesterday. A fire continues to burn at the structure.  

    Fourteen members of Nebraska Task Force One (NE-TF1) have been activated, including personnel with expertise in structural issues and a canine team. The group is also transporting equipment to the location that can be utilized should it become necessary.  They will join other emergency response teams that remain on the scene, including multiple law enforcement and fire departments. Troopers with the Nebraska State Patrol continue to provide traffic control around the area. Representatives from the state Fire Marshal’s office are there as well. 

    Activation of NE-TF1 was authorized by Adjutant General Craig Strong, director of the Nebraska Emergency Management Agency (NEMA). Nebraska’s Emergency Management Act allows for the deployment of resources in response to emergencies and disasters. 

    Gov. Jim Pillen expressed his deep appreciation to the numerous agencies that have responded since yesterday.

    “This is obviously a difficult situation for the community and those first responders who are working diligently at the scene,” said Gov. Pillen. “Suzanne and I continue to extend our thoughts and prayers to the family and friends of those who were in the plant at the time of this tragic incident.”

    MIL OSI USA News –

  • MIL-OSI: Duos Technologies Group, Inc. Announces Proposed Public Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced that it is commencing an underwritten public offering of shares of its common stock (or common stock equivalents). The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

    The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business. With this funding, the Company is expected to be fully capitalized to execute on its substantial backlog and advance to Stage 2 of its EDC strategy, which is the development and deployment of more than 65 edge data centers.

    Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

    The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-272603) filed with the Securities and Exchange Commission (“SEC”) on June 12, 2023, and declared effective by the SEC on June 21, 2023.

    A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

    Forward-Looking Statements
    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Ozak AI Enters Stage 4 of Presale at $0.005 After Raising Over $1.5 Million in Early Rounds

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — Ozak AI has officially launched Stage 4 of its presale, pricing the $OZ token at $0.005 following strong momentum from previous rounds. With over $1.5 million already raised and more than 60 million tokens sold, the project is drawing increasing attention for its real-world AI utility and decentralized infrastructure model. The growing presale demand reflects investor confidence in Ozak AI’s ability to merge artificial intelligence with blockchain through practical applications in sectors such as finance, logistics, and automation.

    The model pricing has also drawn the attention of early adopters and intelligent investors, with a total of more than $1.50 million raised so far. Valuable upwards momentum, well-defined utility potential, and an ever-increasing interest of both retail and institutional communities of investors are making the presale of Ozak AI quite a trending subject.

    Real Utility vs. Demand: The Driving Force Behind Real-World Demand is Real Utility

    Ozak AI combines blockchain and artificial intelligence through a decentralized infrastructure network (DePIN), emphasizing real-time AI services and secure data handling. This innovative platform addresses practical challenges in finance, logistics, data security and automation by delivering decentralized AI solutions with real-world impact.

    The commitment to tangible utility has attracted strong investor interest during Ozak AI’s presale. The platform offers advanced features such as Prediction Agents (PAs), the Ozak Stream Network (OSN), EigenLayer AVS, Arbitrum Orbit integration, Ozak Data Vaults, AI-powered prediction agents, real-time data analytics, smart contract execution and more. These capabilities enable companies to scale efficiently, reduce costs, and make data-driven decisions—bringing AI functionality to where it is needed most.

    Youtube embed:

    Next 500X AI Altcoin

    Enthusiastic Demand Speculates on Increased Confidence

    Ozak AI appears to be on the right track, with its strategic long-term growth approach resonating increasingly with investors. The token price has risen from $0.001 to $0.005 during the presale phases, marking a 400% increase so far. With a $1 target price, early investors could see a potential return on investment (ROI) of 20,000%. The $OZ token presale has already raised over $1.50 million, with more than 60.76 million $OZ tokens sold, reflecting strong demand and growing confidence even before the token is listed on exchanges.

    Every price level during the presale introduces more urgency to the presale, impelling people to participate early. Investors know that even at this stage (Stage 4: $0.005), the potential has a great way to go up, as additional exchange listings in the future will come up. The value promise is evident but convincing based on the idea that Ozak AI is all about providing working toolsets and platforms of AI in the real world. It is not a speculation that can be exciting, but a belief in products and their relevance in the market.

    What is So Special About Ozak AI That it May Bring Better ROI as Compared to Many Altcoins?

    The uniqueness of the Ozak AI is that it is hybrid in its utility. This project allows for the formation of a decentralized ecosystem of smart contracts, predictive algorithms, and autonomous apps by using both AI and blockchain. This is a synergy between the two most progressive technologies that will enable Ozak AI to perform even better than the traditional altcoins, which are based on the concept of single utility.

    Conclusion

    Ozak AI is proving to be more than just another blockchain project—it’s a real-world solution provider with a clear technological edge. From its low-cost, high-reward Stage 1 entry point of $0.001 to its current presale pricing of $0.005, every phase of its rollout reflects strong demand and purposeful growth. As the platform bridges the gap between AI and decentralized infrastructure, investor enthusiasm continues to rise.

    For more information about Ozak AI, visit the links below:

    Website: https://ozak.ai/
    Twitter/X: https://x.com/OzakAGI
    Telegram: https://t.me/OzakAGI

    Media Contact: 
    Andres Brinc 
    media@ozak.ai

    Disclaimer: This content is provided byOzak AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5a7b4e2-8424-43d4-9ed8-64195f1e6b86

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    OSWEGO, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the second quarter ended June 30, 2025.

    The holding company for Pathfinder Bank (“the Bank”) reported net income attributable to common shareholders of $31,000, or less than $0.01 per diluted share in the second quarter of 2025, compared to $3.0 million or $0.47 per diluted share in the first quarter of 2025 and $2.0 million or $0.32 per share in the second quarter of 2024.

    Second Quarter 2025 Highlights and Key Developments

    • The Company continued to undertake proactive measures in the second quarter to mitigate credit risk and enhance asset quality metrics for the long term. These included the July 2025 sale of $9.3 million in nonperforming and classified loans associated with one local commercial relationship for a pre-tax loss of $3.1 million recorded as a second quarter 2025 lower of cost or market adjustment to loans held for sale (“LOCOM HFS adjustment”), representing $0.40 per diluted share net of tax, as well as $2.6 million in net charge offs (“NCOs”) that are reflected in provision expense of $1.2 million.
    • Nonperforming loans declined to $11.7 million at period end, improving by 11.7% during the second quarter and 52.3% from June 30, 2024. Nonperforming loans also declined to 1.28% of total loans at period end, improving from 1.45% on March 31, 2025 and 2.76% on June 30, 2024.
    • Total deposits were $1.22 billion at period end, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. During the second quarter of 2025, total balances declined on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits at period end from 78.31% on March 31, 2025 and 67.98% on June 30, 2024.
    • Total loans were $909.7 million at period end, reflecting the move of $3.2 million in balances to held-for-sale status for the July 2025 sale of nonperforming and classified loans, compared to $912.2 million on March 31, 2025 and $888.3 million on June 30, 2024. Commercial loans grew to $549.1 million or 60.4% of total loans at period end, compared to $542.7 million on March 31, 2025 and $527.2 million on June 30, 2024.
    • Net interest income was $10.8 million and net interest margin (“NIM”) was 3.11% in the second quarter of 2025. Linked quarter results reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees, adding approximately $347,000 to net interest income of $11.4 million and 10 basis points to NIM of 3.31%. Second quarter 2024 net interest income was $9.5 million and NIM was 2.78%.
    • The efficiency ratio was 65.66%, compared to 67.19% in the linked quarter and 74.36% in the year-ago period. The efficiency ratio, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.
    • Pre-tax, pre-provision (“PTPP”) net income was $4.2 million, compared to $4.2 million in the linked quarter and $2.8 million in the year-ago period. PTPP net income, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.  

    “Pathfinder’s more exacting approach to proactive credit risk mitigation continues to be implemented, with measures taken to proactively address certain loans experiencing credit deterioration resulting in elevated charge offs and the sale of nonperforming and classified commercial loans associated with a single in-market commercial relationship,” said President and Chief Executive Officer James A. Dowd. “These steps were taken as part of our ongoing efforts to enhance Pathfinder’s asset quality and resilience over the long term.”

    Dowd added, “Growing our Central New York core deposit franchise remains an ongoing area of focus, as it continues to serve as a valuable source of low-cost funding for local, relationship-based lending opportunities with small- and middle-market businesses and consumers in our attractive regional markets.”

    Net Interest Income and Net Interest Margin
    Second quarter 2025 net interest income was $10.8 million, a decrease of $597,000, or 5.2%, from the first quarter of 2025. The decrease from the linked quarter was due in part to approximately $347,000 of first quarter 2025 net interest income attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

    A decrease in interest and dividend income of $259,000 from the linked quarter was attributed to average yield decreases of 22 basis points on loans, which benefited by 15 basis points from 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees in the first quarter of 2025. The interest and dividend income decrease was also attributed to 5 basis points on fed funds sold and interest-earning deposits, and 11 basis points on all interest-earning assets, partially offset by average yield increases on taxable and tax-exempt securities of 3 and 76 basis points, respectively. In addition, average loan balances declined by $4.9 million, while average balances of lower-yielding taxable securities increased by $18.5 million. The corresponding decrease in loan interest income and federal funds sold and interest-earning deposits was $566,000 and $21,000, respectively, partially offset by increases in taxable and tax-exempt securities income of $337,000 and $63,000, respectively. An increase in interest expense from the first quarter of 2025 of $338,000 was primarily attributed to a 5 basis point increase in the average cost of interest bearing deposits.

    Net interest margin was 3.11% in the second quarter of 2025 compared to 3.31% in the first quarter 2025. The decrease of 20 basis points reflected lower average loan yields and higher average interest bearing deposit costs in the second quarter of 2025, as well as approximately 10 basis points of first quarter 2025 margin attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

    Second quarter 2025 net interest income was $10.8 million, an increase of $1.3 million, or 14.1%, from the second quarter of 2024. An increase in interest and dividend income of $160,000 was primarily attributed to average yield increases of 11 basis points on loans and a $25.9 million increase in average loan balances. The corresponding increase in loan interest income was $617,000. A decrease in interest expense of $1.2 million was attributed to reductions in the average cost of interest bearing deposits and total interest-bearing liabilities of 40 basis points and 45 basis points, respectively, as well as reductions in brokered deposits and short-term borrowings expense associated with paydowns of brokered deposits and borrowings utilizing a portion of the low-cost liquidity provided by core deposit growth.

    Net interest margin was 3.11% in the second quarter of 2025 compared to 2.78% in the second quarter of 2024. The increase of 33 basis points reflected higher average loan yields and lower average deposit and borrowing costs in the second quarter of 2025, as compared to the year-ago period.

    Noninterest Income
    Second quarter 2025 noninterest income includes the $3.1 million LOCOM HFS adjustment, with an after-tax effect of $2.5 million or $0.40 per diluted share. Nonperforming and classified loans associated with one local commercial relationship dating back to 2013, with an original principal balance of $9.3 million and a June 30, 2025 principal balance of $6.3 million were sold in July 2025 for $3.2 million to an undisclosed financial buyer.

    Second quarter 2025 noninterest income totaled negative $1.5 million, reflecting the $3.1 million LOCOM HFS adjustment, and no longer includes contributions from the insurance agency business sold in October 2024. Noninterest income was $1.2 million in the linked quarter and $1.2 million, including $260,000 in insurance revenue, in the year-ago period.

    Compared to the linked quarter, second quarter 2025 noninterest income reflected increases of $179,000 in debit card interchange fees and $6,000 in service charges on deposit accounts, as well as a decrease of $6,000 in earnings and gain on bank owned life insurance (“BOLI”). Compared to the linked quarter, second quarter 2025 noninterest income also reflected increases of $202,000 in net unrealized gains on marketable equity securities, as well as decreases of $8,000 in net realized losses on sales and redemptions of investment securities and $4,000 in loan servicing fees.

    Compared to the year-ago period, second quarter 2025 noninterest income included increases of $50,000 in service charges on deposit accounts, as well as decreases of $11,000 in earnings and gain on BOLI, and $11,000 in debit card interchange fees. Compared to the year-ago period, second quarter 2025 noninterest income also reflected an increase of $559,000 in net unrealized gains on marketable equity securities, as well as decreases of $16,000 in net realized gains on sales and redemptions of investment securities and $15,000 in loan servicing fees.

    Noninterest Expense
    Noninterest expense totaled $8.1 million in the second quarter of 2025, including $595,000 in costs associated with the East Syracuse branch acquired in July 2024 and excluding costs for the insurance agency business sold in October 2024. Noninterest expense was $8.4 million in the linked quarter, including East Syracuse branch costs of $577,000, and $7.9 million in the year-ago period, including insurance agency costs of $232,000.

    Salaries and benefits were $4.5 million in the second quarter of 2025, in line with the linked quarter and increased $126,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the July 2024 East Syracuse Branch Acquisition, which had $116,000 of total salary and benefit expenses in the second quarter of 2025. Excluding the East Syracuse branch, salaries and benefits increased $10,000 from the year-ago period. This increase from the second quarter of 2024 was primarily attributed to a $183,000 increase in stock-based compensation, partially offset by a $106,000 decrease in employee benefits, a $51,000 decrease in salaries and benefits expenses, and a $16,000 decrease in director compensation.  

    Building and occupancy was $1.2 million in the second quarter of 2025, decreasing $117,000 from the linked quarter and increasing $316,000 from the year-ago quarter. The decrease from the linked quarter reflected lower costs associated with building maintenance primarily related to snow removal. The increase from the first quarter of last year was primarily due to ongoing facilities-related costs associated with operating the East Syracuse branch acquired in July 2024.

    Data processing expense was $667,000 in the second quarter of 2025, in line with the linked quarter and increasing $117,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the ongoing operations of the East Syracuse branch acquired in July 2024.

    No FDIC assessment expense was recorded in the second quarter of 2025, due to modest over-accruals in prior periods, compared to $229,000 and $228,000 in the linked and year-ago periods, respectively. The Company anticipates more normalized FDIC assessments in the future and expects this expense to range between $220,000 to $230,000 per quarter in the second half of 2025.

    Annualized noninterest expense represented 2.18% of average assets in the second quarter of 2025, compared to 2.33% and 2.19% in the linked and year-ago periods. The efficiency ratio was 65.66%, compared to 67.19% and 74.36% in the linked and year-ago periods, respectively. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

    Net Income
    For the second quarter of 2025, net income attributable to common shareholders was $31,000, or less than $0.01 per basic and diluted share. Linked quarter net income was $3.0 million, or $0.48 per basic share and $0.47 per diluted share. Second quarter 2024 net income totaled $2.0 million or $0.32 per basic and diluted share.

    Statement of Financial Condition
    As of June 30, 2025, the Company’s statement of financial condition reflects total assets of $1.51 billion, compared to $1.50 billion and $1.45 billion recorded on March 31, 2025 and June 30, 2024, respectively.

    Loans totaled $909.7 million on June 30, 2025, after $3.2 million in balances were moved to held-for-sale status for the July 2025 sale of nonperforming and classified loans, resulting in a decrease of $2.4 million or 0.3% from March 31, 2025. Total loans increased $21.5 million or 2.4% from one year prior. Consumer and residential loans totaled $362.1 million, decreasing 2.4% during the second quarter and increasing 0.2% from one year prior. Commercial loans totaled $549.1 million, increasing 1.2% during the second quarter and 4.1% from one year prior, despite the recent loan sale.

    With respect to liabilities, deposits totaled $1.22 billion on June 30, 2025, decreasing 3.4% on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality, during the second quarter and increasing 11.0% from one year prior. 

    Shareholders’ equity totaled $124.4 million on June 30, 2025, decreasing $483,000 or 0.4% in the second quarter and increasing $1.1 million or 0.9% from one year prior. The second quarter 2025 decrease primarily reflects a $599,000 decrease in retained earnings, a $426,000 decrease in accumulated other comprehensive loss (“AOCL”), and a $542,000 increase in additional paid in capital. Noncontrolling interest, previously included in equity on the Statements of Financial Condition, was eliminated in October 2024 upon the sale of the Company’s 51% insurance agency ownership interest.

    Asset Quality
    The Company’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

    Nonperforming loans were $11.7 million, or 1.28% of total loans on June 30, 2025, compared to $13.2 million or 1.45% on March 31, 2025 and $24.5 million or 2.76% on June 30, 2024. Continued improvement in nonperforming loans in the second quarter of 2025 primarily resulted from the recent sale of loans associated with one local commercial relationship dating to 2013.

    NCOs after recoveries were $2.6 million or an annualized 1.14% of average loans in the second quarter of 2025, with gross charge offs for consumer loans, purchased loan pools, and commercial loans, offsetting recoveries in each of these categories. NCOs were $340,000 or an annualized 0.15% of average loans in the linked quarter and $66,000 or 0.03% in the prior year period.

    Provision for credit loss expense was $1.2 million in the second quarter of 2025 primarily reflecting NCOs in the period, partially offset by reductions related to quantitative and qualitative factors in the Company’s reserve model. The provision was $457,000 and $290,000 in the linked and year-ago quarters, respectively.

    The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $16.0 million on June 30, 2025, compared to $17.4 million on March 31, 2025 and $16.9 million on June 30, 2024. As a percentage of total loans, ACL represented 1.76% on June 30, 2025, 1.91% on March 31, 2025, and 1.90% on June 30, 2024.

    Liquidity
    The Company has diligently ensured a strong liquidity profile as of June 30, 2025 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

    The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.22 billion on June 30, 2025, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. Decreases in total deposits primarily reflect reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits on June 30, 2025, compared to 78.31% on March 31, 2025 and 67.98% on June 30, 2024. The Bank continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

    On June 30, 2025, Pathfinder Bancorp had an available additional funding capacity of $124.5 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $46.5 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

    Cash Dividend Declared
    On June 30, 2025, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

    In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by July 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on August 8, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

    Evaluating the Company’s market performance, the closing stock price as of June 30, 2025 stood at $15.34 per share. This positions the annualized dividend yield at 2.61%.

    About Pathfinder Bancorp, Inc.
    Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches, as well as diversified consumer, mortgage, and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov. 

    This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

    PATHFINDER BANCORP, INC.                              
    Selected Financial Information (Unaudited)                              
    (Amounts in thousands, except per share amounts)                              
                                   
        2025     2024  
    SELECTED BALANCE SHEET DATA:   June 30,     March 31,     December 31,     September 30,     June 30,  
    ASSETS:                              
    Cash and due from banks   $ 16,183     $ 18,606     $ 13,963     $ 18,923     $ 12,022  
    Interest-earning deposits     15,292       32,862       17,609       16,401       19,797  
    Total cash and cash equivalents     31,475       51,468       31,572       35,324       31,819  
    Available-for-sale securities, at fair value     300,951       284,051       269,331       271,977       274,977  
    Held-to-maturity securities, at amortized cost     157,892       155,704       158,683       161,385       166,271  
    Marketable equity securities, at fair value     4,881       4,401       4,076       3,872       3,793  
    Federal Home Loan Bank stock, at cost     5,278       2,906       4,590       5,401       8,702  
    Loans held-for-sale     3,161       –       –       –       –  
    Loans, net of deferred fees     909,723       912,150       918,986       921,660       888,263  
    Less: Allowance for credit losses     15,983       17,407       17,243       17,274       16,892  
    Loans receivable, net     893,740       894,743       901,743       904,386       871,371  
    Premises and equipment, net     19,047       19,233       19,009       18,989       18,878  
    Assets held-for-sale     –       –       –       –       3,042  
    Operating lease right-of-use assets     1,115       1,356       1,391       1,425       1,459  
    Finance lease right-of-use assets     16,280       16,478       16,676       16,873       4,004  
    Accrued interest receivable     6,889       6,748       6,881       6,806       7,076  
    Foreclosed real estate     83       –       –       –       60  
    Intangible assets, net     5,675       5,832       5,989       6,217       76  
    Goodwill     5,056       5,056       5,056       5,752       4,536  
    Bank owned life insurance     31,045       24,889       24,727       24,560       24,967  
    Other assets     22,551       22,472       25,150       20,159       25,180  
    Total assets   $ 1,505,119     $ 1,495,337     $ 1,474,874     $ 1,483,126     $ 1,446,211  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                              
    Deposits:                              
    Interest-bearing deposits   $ 1,030,155     $ 1,061,166     $ 990,805     $ 986,103     $ 932,132  
    Noninterest-bearing deposits     191,732       203,314       213,719       210,110       169,145  
    Total deposits     1,221,887       1,264,480       1,204,524       1,196,213       1,101,277  
    Short-term borrowings     75,500       27,000       61,000       60,315       127,577  
    Long-term borrowings     20,977       17,628       27,068       39,769       45,869  
    Subordinated debt     30,206       30,156       30,107       30,057       30,008  
    Accrued interest payable     813       844       546       236       2,092  
    Operating lease liabilities     1,313       1,560       1,591       1,621       1,652  
    Finance lease liabilities     16,566       16,655       16,745       16,829       4,359  
    Other liabilities     13,444       12,118       11,810       16,986       9,203  
    Total liabilities     1,380,706       1,370,441       1,353,391       1,362,026       1,322,037  
    Shareholders’ equity:                              
    Voting common stock shares issued and outstanding     4,788,109       4,761,182       4,745,366       4,719,788       4,719,788  
    Voting common stock   $ 48     $ 48     $ 47     $ 47     $ 47  
    Non-voting common stock     14       14       14       14       14  
    Additional paid in capital     53,645       53,103       52,750       53,231       53,182  
    Retained earnings     79,564       80,163       77,816       73,670       78,936  
    Accumulated other comprehensive loss     (8,858 )     (8,432 )     (9,144 )     (6,716 )     (8,786 )
    Unearned ESOP shares     –       –       –       –       (45 )
    Total Pathfinder Bancorp, Inc. shareholders’ equity     124,413       124,896       121,483       120,246       123,348  
    Noncontrolling interest     –       –       –       854       826  
    Total equity     124,413       124,896       121,483       121,100       124,174  
    Total liabilities and shareholders’ equity   $ 1,505,119     $ 1,495,337     $ 1,474,874     $ 1,483,126     $ 1,446,211  
                                             

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    SELECTED INCOME STATEMENT DATA:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Interest and dividend income:                                          
    Loans, including fees   $ 26,778     $ 24,757     $ 13,106     $ 13,672     $ 13,523     $ 14,425     $ 12,489  
    Debt securities:                                          
    Taxable     10,707       11,343       5,522       5,185       5,312       5,664       5,736  
    Tax-exempt     867       1,006       465       402       445       469       498  
    Dividends     114       307       21       93       164       149       178  
    Federal funds sold and interest-earning deposits     157       219       68       89       82       492       121  
    Total interest and dividend income     38,623       37,632       19,182       19,441       19,526       21,199       19,022  
    Interest expense:                                          
    Interest on deposits     14,263       15,037       7,318       6,945       7,823       7,633       7,626  
    Interest on short-term borrowings     1,040       2,340       495       545       700       1,136       1,226  
    Interest on long-term borrowings     137       395       72       65       136       202       201  
    Interest on subordinated debt     958       980       483       475       490       496       489  
    Total interest expense     16,398       18,752       8,368       8,030       9,149       9,467       9,542  
    Net interest income     22,225       18,880       10,814       11,411       10,377       11,732       9,480  
    Provision for (benefit from) credit losses:                                          
    Loans     1,677       1,014       1,173       504       988       9,104       304  
    Held-to-maturity securities     5       (59 )     5       –       (5 )     (31 )     (74 )
    Unfunded commitments     (28 )     61       19       (47 )     5       (104 )     60  
    Total provision for credit losses     1,654       1,016       1,197       457       988       8,969       290  
    Net interest income after provision for credit losses     20,571       17,864       9,617       10,954       9,389       2,763       9,190  
    Noninterest income:                                          
    Service charges on deposit accounts     754       639       380       374       405       392       330  
    Earnings and gain on bank owned life insurance     318       324       156       162       169       361       167  
    Loan servicing fees     198       200       97       101       96       79       112  
    Net realized (losses) gains on sales and redemptions of investment securities     (8 )     (132 )     –       (8 )     249       (188 )     16  
    Gain on asset sale 1 & 2     –       –       –       –       3,169       –       –  
    Net unrealized gains (losses) on marketable equity securities     638       (31 )     420       218       166       62       (139 )
    Gains on sales of loans and foreclosed real estate     148       58       83       65       39       90       40  
    LOCOM HFS adjustment 3     (3,064 )     –       (3,064 )     –       –       –       –  
    Loss on sale of premises and equipment     –       –       –       –       –       (36 )     –  
    Debit card interchange fees     181       310       180       1       265       300       191  
    Insurance agency revenue 1     –       657       –       –       49       367       260  
    Other charges, commissions & fees     514       923       230       284       299       280       234  
    Total noninterest (loss) income     (321 )     2,948       (1,518 )     1,197       4,906       1,707       1,211  
    Noninterest expense:                                          
    Salaries and employee benefits     8,975       8,728       4,525       4,450       4,123       4,959       4,399  
    Building and occupancy     2,577       1,730       1,230       1,347       1,254       1,134       914  
    Data processing     1,333       1,078       667       666       721       672       550  
    Professional and other services     1,384       1,258       778       606       608       1,820       696  
    Advertising     218       221       77       141       218       165       116  
    FDIC assessments     229       457       –       229       231       228       228  
    Audits and exams     174       293       60       114       123       123       123  
    Amortization expense     314       8       157       157       27       124       5  
    Insurance agency expense 1     –       517       –       –       456       308       232  
    Community service activities     39       91       28       11       19       20       39  
    Foreclosed real estate expenses     50       55       29       21       20       27       30  
    Other expenses     1,201       1,178       510       691       744       679       576  
    Total noninterest expense     16,494       15,614       8,061       8,433       8,544       10,259       7,908  
    Income (loss) before provision for income taxes     3,756       5,198       38       3,718       5,751       (5,789 )     2,493  
    Provision (benefit) for income taxes     751       1,013       7       744       492       (1,173 )     481  
    Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.     3,005       4,185       31       2,974       5,259       (4,616 )     2,012  
    Net income attributable to noncontrolling interest 1     –       65       –       –       1,352       28       12  
    Net income (loss) attributable to Pathfinder Bancorp Inc.   $ 3,005     $ 4,120     $ 31     $ 2,974     $ 3,907     $ (4,644 )   $ 2,000  
    Voting Earnings per common share – basic   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Voting Earnings per common share – diluted 4   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Series A Non-Voting Earnings per common share- basic   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Series A Non-Voting Earnings per common share- diluted 4   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Dividends per common share (Voting and Series A Non-Voting)   $ 0.20     $ 0.20     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.10  
                                                             

    1 Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements.  The Company sold its 51% membership interest in the Agency in October 2024.
    2 The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.
    3 The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to their estimated market value based on active sale negotiations.
    4 Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    FINANCIAL HIGHLIGHTS:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Selected Ratios:                                          
    Return on average assets     0.41 %     0.58 %     0.01 %     0.81 %     1.07 %     -1.25 %     0.56 %
    Return on average common equity     4.83 %     6.74 %     0.10 %     9.64 %     12.85 %     -14.79 %     6.49 %
    Return on average equity     4.83 %     6.74 %     0.10 %     9.64 %     12.85 %     -14.79 %     6.49 %
    Return on average tangible common equity 1     5.34 %     7.05 %     0.11 %     10.52 %     14.17 %     -15.28 %     6.78 %
    Net interest margin     3.21 %     2.77 %     3.11 %     3.31 %     3.02 %     3.34 %     2.78 %
    Loans / deposits     74.45 %     80.66 %     74.45 %     72.14 %     76.29 %     77.05 %     80.66 %
    Core deposits/deposits 2     78.47 %     67.98 %     78.47 %     78.31 %     76.86 %     77.45 %     67.98 %
    Annualized non-interest expense / average assets     2.26 %     2.20 %     2.18 %     2.33 %     2.33 %     2.75 %     2.19 %
    Commercial real estate / risk-based capital 3     183.34 %     169.73 %     183.34 %     182.62 %     186.73 %     189.47 %     169.73 %
    Efficiency ratio 1     66.43 %     71.29 %     65.66 %     67.19 %     72.25 %     75.78 %     74.36 %
                                               
    Other Selected Data:                                          
    Average yield on loans     5.86 %     5.56 %     5.75 %     5.97 %     5.87 %     6.31 %     5.64 %
    Average cost of interest bearing deposits     2.78 %     3.14 %     2.81 %     2.76 %     3.12 %     3.11 %     3.21 %
    Average cost of total deposits, including non-interest bearing     2.33 %     2.67 %     2.37 %     2.29 %     2.59 %     2.59 %     2.72 %
    Deposits/branch 4   $ 101,824     $ 100,116     $ 101,824     $ 105,373     $ 100,377     $ 99,684     $ 100,116  
    Pre-tax, pre-provision net income 1   $ 8,334     $ 6,288     $ 4,216     $ 4,183     $ 3,321     $ 3,368     $ 2,767  
    Total revenue 1   $ 24,828     $ 21,902     $ 12,277     $ 12,616     $ 11,865     $ 13,627     $ 10,675  
                                               
    Share and Per Share Data:                                          
    Cash dividends per share   $ 0.20     $ 0.20     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.10  
    Book value per common share   $ 20.17     $ 20.22     $ 20.17     $ 20.33     $ 19.83     $ 19.71     $ 20.22  
    Tangible book value per common share 1   $ 18.43     $ 19.46     $ 18.43     $ 18.56     $ 18.03     $ 17.75     $ 19.46  
    Basic and diluted weighted average shares outstanding – Voting     4,759       4,704       4,769       4,749       4,733       4,714       4,708  
    Basic earnings per share – Voting  5   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Diluted earnings per share – Voting  5 & 6   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Basic and diluted weighted average shares outstanding – Series A Non-Voting     1,380       1,380       1,380       1,380       1,380       1,380       1,380  
    Basic earnings per share – Series A Non-Voting  5   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Diluted earnings per share – Series A Non-Voting  5 & 6   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Common shares outstanding at period end     6,168       6,100       6,168       6,141       6,126       6,100       6,100  
                                               
    Pathfinder Bancorp, Inc. Capital Ratios:                                          
    Company tangible common equity to tangible assets 1     7.61 %     8.24 %     7.61 %     7.68 %     7.54 %     7.36 %     8.24 %
    Company Total Core Capital (to Risk-Weighted Assets)     15.97 %     16.19 %     15.97 %     15.89 %     15.66 %     15.55 %     16.19 %
    Company Tier 1 Capital (to Risk-Weighted Assets)     12.31 %     12.31 %     12.31 %     12.24 %     12.00 %     11.84 %     12.31 %
    Company Tier 1 Common Equity (to Risk-Weighted Assets)     11.81 %     11.83 %     11.81 %     11.75 %     11.51 %     11.33 %     11.83 %
    Company Tier 1 Capital (to Assets)     8.75 %     9.16 %     8.75 %     8.82 %     8.64 %     8.29 %     9.16 %
                                               
    Pathfinder Bank Capital Ratios:                                          
    Bank Total Core Capital (to Risk-Weighted Assets)     14.87 %     16.04 %     14.87 %     14.86 %     14.65 %     14.52 %     16.04 %
    Bank Tier 1 Capital (to Risk-Weighted Assets)     13.62 %     14.79 %     13.62 %     13.61 %     13.40 %     13.26 %     14.79 %
    Bank Tier 1 Common Equity (to Risk-Weighted Assets)     13.62 %     14.79 %     13.62 %     13.61 %     13.40 %     13.26 %     14.79 %
    Bank Tier 1 Capital (to Assets)     9.68 %     10.30 %     9.68 %     9.80 %     9.64 %     9.13 %     10.30 %
                                                             

    1 Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
    2 Non-brokered deposits excluding certificates of deposit of $250,000 or more.
    3 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
    4 Includes 11 full-service branches and one motor bank for periods after June 30, 2024. Includes 10 full-service branches and one motor bank for all periods prior.
    5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.
    6 Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    ASSET QUALITY:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Total loan charge-offs   $ 3,352     $ 180     $ 2,844     $ 508     $ 1,191     $ 8,812     $ 112  
    Total recoveries     415       84       247       168       171       90       46  
    Net loan charge-offs     2,937       96       2,597       340       1,020       8,722       66  
    Allowance for credit losses at period end     15,983       16,892       15,983       17,407       17,243       17,274       16,892  
    Nonperforming loans at period end     11,689       24,490       11,689       13,232       22,084       16,170       24,490  
    Nonperforming assets at period end   $ 11,772     $ 24,550     $ 11,772     $ 13,232     $ 22,084     $ 16,170     $ 24,550  
    Annualized net loan charge-offs to average loans     0.64 %     0.02 %     1.14 %     0.15 %     0.44 %     3.82 %     0.03 %
    Allowance for credit losses to period end loans     1.76 %     1.90 %     1.76 %     1.91 %     1.88 %     1.87 %     1.90 %
    Allowance for credit losses to nonperforming loans     136.74 %     68.98 %     136.74 %     131.55 %     78.08 %     106.83 %     68.98 %
    Nonperforming loans to period end loans     1.28 %     2.76 %     1.28 %     1.45 %     2.40 %     1.75 %     2.76 %
    Nonperforming assets to period end assets     0.78 %     1.70 %     0.78 %     0.88 %     1.50 %     1.09 %     1.70 %
                                                             
        2025     2024  
    LOAN COMPOSITION:   June 30,     March 31,     December 31,     September 30,     June 30,  
    1-4 family first-lien residential mortgages   $ 240,833     $ 243,854     $ 251,373     $ 255,235     $ 250,106  
    Residential construction     3,520       3,162       4,864       4,077       309  
    Commercial real estate     381,575       381,479       377,619       378,805       370,361  
    Commercial lines of credit     75,487       65,074       67,602       64,672       62,711  
    Other commercial and industrial     85,578       91,644       89,800       88,247       90,813  
    Paycheck protection program loans     85       96       113       125       136  
    Tax exempt commercial loans     6,349       4,446       4,544       2,658       3,228  
    Home equity and junior liens     49,339       52,315       51,948       52,709       35,821  
    Other consumer     68,439       71,681       72,710       76,703       75,195  
    Subtotal loans     911,205       913,751       920,573       923,231       888,680  
    Deferred loan fees     (1,482 )     (1,601 )     (1,587 )     (1,571 )     (417 )
    Total loans   $ 909,723     $ 912,150     $ 918,986     $ 921,660     $ 888,263  
                                             
        2025     2024  
    DEPOSIT COMPOSITION:   June 30,     March 31,     December 31,     September 30,     June 30,  
    Savings accounts   $ 129,252     $ 129,898     $ 128,753     $ 129,053     $ 106,048  
    Time accounts     341,063       349,673       360,716       352,729       368,262  
    Time accounts in excess of $250,000     144,355       149,922       142,473       140,181       117,021  
    Money management accounts     9,902       10,774       11,583       11,520       12,154  
    MMDA accounts     278,919       306,281       239,016       250,007       193,915  
    Demand deposit interest-bearing     120,083       109,941       101,080       97,344       128,168  
    Demand deposit noninterest-bearing     191,732       203,314       213,719       210,110       169,145  
    Mortgage escrow funds     6,581       4,677       7,184       5,269       6,564  
    Total deposits   $ 1,221,887     $ 1,264,480     $ 1,204,524     $ 1,196,213     $ 1,101,277  
                                             

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025       2024  
    SELECTED AVERAGE BALANCES:   2025     2024     Q2     Q1     Q2  
    Interest-earning assets:                              
    Loans   $ 913,658     $ 889,988     $ 911,347     $ 916,207     $ 885,384  
    Taxable investment securities     425,841       433,156       435,022       416,558       434,572  
    Tax-exempt investment securities     34,394       29,053       34,314       34,475       28,944  
    Fed funds sold and interest-earning deposits     11,497       8,669       10,070       12,939       13,387  
    Total interest-earning assets     1,385,390       1,360,866       1,390,753       1,380,179       1,362,287  
    Noninterest-earning assets:                              
    Other assets     116,590       96,772       118,280       114,882       98,746  
    Allowance for credit losses     (17,377 )     (16,498 )     (17,342 )     (17,413 )     (16,905 )
    Net unrealized losses on available-for-sale securities     (10,395 )     (10,701 )     (10,838 )     (9,947 )     (10,248 )
    Total assets   $ 1,474,208     $ 1,430,439     $ 1,480,853     $ 1,467,701     $ 1,433,880  
    Interest-bearing liabilities:                              
    NOW accounts   $ 112,720     $ 97,213     $ 113,994     $ 111,643     $ 92,918  
    Money management accounts     10,602       11,759       10,302       10,906       12,076  
    MMDA accounts     277,664       212,693       298,907       256,186       214,364  
    Savings and club accounts     129,752       110,119       129,736       129,769       107,558  
    Time deposits     494,200       525,767       489,490       498,963       524,276  
    Subordinated loans     30,149       29,954       30,173       30,123       29,977  
    Borrowings     66,165       133,894       61,803       70,575       141,067  
    Total interest-bearing liabilities     1,121,252       1,121,399       1,134,405       1,108,165       1,122,236  
    Noninterest-bearing liabilities:                              
    Demand deposits     199,123       170,313       192,186       206,137       171,135  
    Other liabilities     29,497       16,542       29,037       29,961       17,298  
    Total liabilities     1,349,872       1,308,254       1,355,628       1,344,263       1,310,669  
    Shareholders’ equity     124,336       122,185       125,225       123,438       123,211  
    Total liabilities & shareholders’ equity   $ 1,474,208     $ 1,430,439     $ 1,480,853     $ 1,467,701     $ 1,433,880  
                                             
        Six Months Ended June 30,     2025       2024  
    SELECTED AVERAGE YIELDS:   2025     2024     Q2     Q1     Q2  
    Interest-earning assets:                              
    Loans     5.86 %     5.56 %     5.75 %     5.97 %     5.64 %
    Taxable investment securities     5.08 %     5.38 %     5.10 %     5.07 %     5.44 %
    Tax-exempt investment securities     5.04 %     6.93 %     5.42 %     4.66 %     6.88 %
    Fed funds sold and interest-earning deposits     2.73 %     5.05 %     2.70 %     2.75 %     3.62 %
    Total interest-earning assets     5.58 %     5.53 %     5.52 %     5.63 %     5.59 %
    Interest-bearing liabilities:                              
    NOW accounts     1.16 %     1.08 %     1.25 %     1.07 %     1.14 %
    Money management accounts     0.09 %     0.11 %     0.12 %     0.11 %     0.10 %
    MMDA accounts     3.16 %     3.70 %     3.25 %     3.06 %     3.74 %
    Savings and club accounts     0.25 %     0.26 %     0.25 %     0.25 %     0.26 %
    Time deposits     3.66 %     3.97 %     3.64 %     3.69 %     4.03 %
    Subordinated loans     6.36 %     6.54 %     6.40 %     6.31 %     6.53 %
    Borrowings     3.56 %     4.09 %     3.67 %     3.46 %     4.05 %
    Total interest-bearing liabilities     2.92 %     3.34 %     2.95 %     2.90 %     3.40 %
    Net interest rate spread     2.66 %     2.19 %     2.57 %     2.73 %     2.19 %
    Net interest margin     3.21 %     2.77 %     3.11 %     3.31 %     2.78 %
    Ratio of average interest-earning assets to average interest-bearing liabilities     123.56 %     121.35 %     122.60 %     124.55 %     121.39 %
                                             

    The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    NON-GAAP RECONCILIATIONS:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Tangible book value per common share:                                          
    Total equity               $ 124,413     $ 124,896     $ 121,483     $ 120,246     $ 123,348  
    Intangible assets                 (10,731 )     (10,888 )     (11,045 )     (11,969 )     (4,612 )
    Tangible common equity (non-GAAP)                 113,682       114,008       110,438       108,277       118,736  
    Common shares outstanding                 6,168       6,144       6,126       6,100       6,100  
    Tangible book value per common share (non-GAAP)               $ 18.43     $ 18.56     $ 18.03     $ 17.75     $ 19.46  
    Tangible common equity to tangible assets:                                          
    Tangible common equity (non-GAAP)               $ 113,682     $ 114,008     $ 110,438     $ 108,277     $ 118,736  
    Tangible assets                 1,494,388       1,484,449       1,463,829       1,471,157       1,441,599  
    Tangible common equity to tangible assets ratio (non-GAAP)                 7.61 %     7.68 %     7.54 %     7.36 %     8.24 %
    Return on average tangible common equity:                                          
    Average shareholders’ equity   $ 124,336     $ 122,185     $ 125,225     $ 123,438     $ 121,589     $ 125,626     $ 123,211  
    Average intangible assets     10,912       4,617       10,834       10,991       11,907       4,691       4,614  
    Average tangible equity (non-GAAP)     113,424       117,568       114,391       112,447       109,682       120,935       118,597  
    Net income (loss)     3,005       4,120       31       2,974       3,907       (4,644 )     2,000  
    Net income (loss), annualized   $ 6,060     $ 8,285     $ 124     $ 11,831     $ 15,543     $ (18,475 )   $ 8,044  
    Return on average tangible common equity (non-GAAP) 1     5.34 %     7.05 %     0.11 %     10.52 %     14.17 %     -15.28 %     6.78 %
    Revenue, pre-tax, pre-provision net income, and efficiency ratio:                                          
    Net interest income   $ 22,225     $ 18,880     $ 10,814     $ 11,411     $ 10,377     $ 11,732     $ 9,480  
    Total noninterest income     (321 )     2,948       (1,518 )     1,197       4,906       1,707       1,211  
    Net realized (gains) losses on sales and redemptions of investment securities     (8 )     (132 )     –       (8 )     249       (188 )     16  
    Gains on sales of loans and foreclosed real estate     148       58       83       65       39       90       40  
    LOCOM HFS adjustment 2     (3,064 )     –       (3,064 )     –       –       –       –  
    Gain on asset sale     –       –       –       –       3,169       –       –  
    Revenue (non-GAAP) 3     24,828       21,902       12,277       12,551       11,826       13,537       10,635  
    Total non-interest expense     16,494       15,614       8,061       8,433       8,544       10,259       7,908  
    Pre-tax, pre-provision net income (non-GAAP) 4   $ 8,334     $ 6,288     $ 4,216     $ 4,183     $ 3,321     $ 3,368     $ 2,767  
    Efficiency ratio (non-GAAP) 5     66.43 %     71.29 %     65.66 %     67.19 %     72.25 %     75.78 %     74.36 %
                                                             

    1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
    2 The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to the estimated market value based on sale negotiation terms.
    3 Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities, sales of loans and foreclosed real estate, and a gain on the October 2024 sale of the Company’s insurance agency asset
    4 Pre-tax, pre-provision net income equals revenue less total non-interest expense
    5 Efficiency ratio equals noninterest expense divided by revenue

    The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

    Investor/Media Contacts
    James A. Dowd, President, CEO
    Justin K. Bigham, Senior Vice President, CFO
    Telephone: (315) 343-0057

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus to Attend Rare Evo 2025 in Las Vegas

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, July 30, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), a leader in digitizing reinsurance securities as tokenized real-world assets (RWAs), together with its subsidiary SurancePlus, today announced its participation in Rare Evo 2025, a premier blockchain convention held August 6–10, 2025 at Caesars Palace in Las Vegas, Nevada.

    Rare Evo brings together blockchain projects, industry leaders, investors, and developers in a celebration of decentralized innovation and interoperability. With hundreds of exhibitors, capital allocators, and developers in attendance, the event is designed to foster collaboration across ecosystems and bridge the gap between Web2 and Web3.

    At Rare Evo, the Oxbridge / SurancePlus team will engage with a broad network of blockchain and financial market participants to showcase its category-defining tokenized reinsurance securities, and to advance discussions surrounding its partnership with Midnight—a next-generation privacy blockchain from the creators of Cardano, led by founder Charles Hoskinson.

    Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus, commented: “Rare Evo provides a valuable opportunity to connect with partners and leaders across the Web3 ecosystem. We look forward to discussing our work in tokenized reinsurance and how our partnership with Midnight will support enhanced privacy and interoperability for investors.”

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

    Company Contact:

    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI: Inoxoft Launches Offline AI Tool for On-Device Text Classification

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, July 30, 2025 (GLOBE NEWSWIRE) — Inoxoft, a custom software development company, has announced the release of WhiteLightning, an open-source CLI tool that enables developers to train and run fast, lightweight text classifiers entirely offline. This tool doesn’t rely on cloud APIs or large LLMs at runtime.

    Built over a year by Inoxoft’s AI and ML engineering team, WhiteLightning was created to address a growing need: delivering intelligent, privacy-safe NLP to edge devices, embedded systems, and offline environments. Using a novel teacher-student approach, the tool distills LLM-generated synthetic data into compact ONNX models under 1 MB in size, ready to run anywhere.

    “We built WhiteLightning to give developers full control over NLP and without the usual trade-offs,” said Liubomyr Pohreliuk, CEO at Inoxoft. “You don’t need a 175B model on standby. You need something that works offline, fast, and reliably, something you can ship.”

    Why it matters

    • Drastically lower cost. The tool uses LLMs just once for training (around one cent per task), avoiding ongoing per-query API fees.
    • Compact model size. It’s small enough to fit inside mobile apps, routers, or embedded devices.
    • Runs on minimal hardware. WhiteLightning is made for edge environments like Raspberry Pi or older phones.
    • Fast and efficient. The solution processes thousands of inputs per second on standard CPUs.
    • Cross-platform ready. This means consistent output across Python, Rust, Swift, and more.
    • Truly offline. There are no cloud dependencies, data leaks, or vendor lock-in.

    Under the hood

    • LLM-to-edge distillation. Converts task prompts into synthetic data, then a fast ONNX model.
    • CLI-first experience. Simple Docker-based tool, one command to generate classifiers.
    • Multi-language runtime compatibility. Supports Rust, Swift, Node.js, Dart, and more.
    • GitHub-native DevOps. CI/CD with Flake8, Pytest, pre-commit hooks, test matrix in GitHub Actions
    • Secure by design – No local Python dependencies, environment-variable-based API handling.

    WhiteLightning is not a hosted SaaS. It’s a production-grade CLI utility aimed at engineers who want precise, controllable, local-first AI capabilities without extra infrastructure.

    Built and backed by Inoxoft

    WhiteLightning is developed and actively maintained by Inoxoft’s ML engineers and OSS team:

    • Open-source license. GPL-3.0 for the tool, MIT for generated models.
    • Community-led roadmap. Feature discussions and dev chat on Discord.
    • Deployment-ready Docker image. ghcr.io/inoxoft/whitelightning
    • Public CI/CD. All PRs tested through GitHub Actions, cross-runtime validations included

    Try it yourself

    WhiteLightning is available on GitHub with full documentation, test examples, and deployment templates.

    Explore the Repo
    Read the Docs

    For developers who need real-world NLP—fast, free, and fully offline—WhiteLightning offers a clean, powerful alternative to hosted LLMs.

    Contact:
    pr@inoxoft.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31f97979-3089-48c3-b2ab-7a1217a7dfa0

    The MIL Network –

  • MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    THIRD QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) increased 11% to $291.6 million.
    • Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Adjusted EBITDA increased 42% to $45.2 million.
    • Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
    • Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

    “During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

    “Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

    CONSOLIDATED RESULTS

    Three Months Ended June 30 As Reported   Adjusted1
    in millions, except per share amounts   2025     2024     2025     2024
                   
    Total revenues $ 311.0   $ 281.4   $ 319.9   $ 281.4
    Gross profit $ 183.6   $ 166.7   $ 188.4   $ 166.7
    Income before tax $ 34.7   $ 23.0   $ 34.0   $ 22.9
    Net income $ 26.5   $ 18.0   $ 25.2   $ 17.2
    Diluted earnings per share $ 0.34   $ 0.25   $ 0.33   $ 0.24
    EBITDA (non-GAAP measure) $ 45.7   $ 31.8   $ 45.2   $ 31.7
                           
    • PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
    • PSC increased 7% as a result of higher average PLO.
    • Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
    • Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
    • Store expenses increased 2% and 1% on a same-store basis.
    • General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
    • Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
    • PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
    • Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
    • Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
    • Store expenses increased 3% on a total and same-store basis.
    • Segment contribution increased 32% to $47.6 million.
    • Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

    Latin America Pawn

    • PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
    • PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
    • Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
    • Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
    • Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL

    EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/ 

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/ 

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/ 

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/ 

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com 
    Phone: (512) 314-2220

    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
    (in thousands, except per share amounts)   2025       2024       2025       2024  
    Revenues:              
    Merchandise sales $ 168,624     $ 158,140     $ 524,434     $ 502,230  
    Jewelry scrapping sales   26,970       15,395       64,640       43,191  
    Pawn service charges   115,339       107,830       348,262       321,442  
    Other revenues   48       56       131       188  
    Total revenues   310,981       281,421       937,467       867,051  
    Merchandise cost of goods sold   108,226       101,211       341,605       322,680  
    Jewelry scrapping cost of goods sold   19,116       13,483       48,367       37,479  
    Gross profit   183,639       166,727       547,495       506,892  
    Operating expenses:              
    Store expenses   119,123       116,335       352,101       341,472  
    General and administrative   21,780       20,060       60,089       54,869  
    Depreciation and amortization   8,003       8,158       24,358       24,942  
    Loss (gain) on sale or disposal of assets and other   —       20       25       (149 )
    Other operating income   (1,262 )     —       (1,262 )     (765 )
    Total operating expenses   147,644       144,573       435,311       420,369  
    Operating income   35,995       22,154       112,184       86,523  
    Interest expense   8,458       3,539       14,886       10,381  
    Interest income   (5,440 )     (2,931 )     (9,408 )     (8,452 )
    Equity in net income of unconsolidated affiliates   (1,200 )     (1,263 )     (4,180 )     (4,135 )
    Other (income) expense   (536 )     (191 )     377       (627 )
    Income before income taxes   34,713       23,000       110,509       89,356  
    Income tax expense   8,210       5,050       27,600       21,457  
    Net income $ 26,503     $ 17,950     $ 82,909     $ 67,899  
                   
    Basic earnings per share $ 0.45     $ 0.33     $ 1.47     $ 1.23  
    Diluted earnings per share $ 0.34     $ 0.25     $ 1.08     $ 0.89  
                   
    Weighted-average basic shares outstanding   59,134       54,898       56,308       55,022  
    Weighted-average diluted shares outstanding   82,918       83,008       83,144       84,309  
                                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) June 30,
    2025    		   June 30,
    2024    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 472,088     $ 218,038     $ 170,513  
    Short-term restricted cash   9,609       9,204       9,294  
    Pawn loans   291,634       261,720       274,084  
    Pawn service charges receivable, net   45,410       40,638       44,013  
    Inventory, net   225,489       171,937       191,923  
    Prepaid expenses and other current assets   43,417       40,391       39,171  
    Total current assets   1,087,647       741,928       728,998  
    Investments in unconsolidated affiliates   13,753       12,297       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   67,439       59,926       65,973  
    Right-of-use assets, net   236,064       235,030       226,602  
    Long-term restricted cash   5,380       —       —  
    Goodwill   321,907       308,847       306,478  
    Intangible assets, net   57,960       60,164       58,451  
    Deferred tax asset, net   25,841       25,245       25,362  
    Other assets, net   15,174       15,506       16,144  
    Total assets $ 1,883,068     $ 1,510,163     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ —     $ 137,326     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   78,756       69,742       85,737  
    Customer layaway deposits   33,336       20,067       21,570  
    Operating lease liabilities, current   60,183       58,905       58,998  
    Total current liabilities   172,275       286,040       269,377  
    Long-term debt, net   517,601       223,998       224,256  
    Deferred tax liability, net   2,017       416       2,080  
    Operating lease liabilities   184,295       188,996       180,616  
    Other long-term liabilities   16,822       9,258       12,337  
    Total liabilities   893,010       708,708       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024   580       518       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   448,073       347,082       348,366  
    Retained earnings   586,549       493,830       507,206  
    Accumulated other comprehensive loss   (45,174 )     (40,005 )     (51,547 )
    Total equity   990,058       801,455       804,571  
    Total liabilities and equity $ 1,883,068     $ 1,510,163     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Nine Months Ended
    June 30,
    (in thousands)   2025       2024  
       
    Operating activities:      
    Net income $ 82,909     $ 67,899  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   24,358       24,942  
    Amortization of deferred financing costs   1,238       1,212  
    Non-cash lease expense   43,889       43,999  
    Deferred income taxes   (542 )     438  
    Other adjustments   (1,877 )     69  
    Provision for inventory reserve   39       589  
    Stock compensation expense   9,213       7,945  
    Equity in net income from investment in unconsolidated affiliates   (4,180 )     (4,135 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (364 )     (1,593 )
    Inventory   (9,205 )     (2,775 )
    Prepaid expenses, other current assets and other assets   (74 )     (3,625 )
    Accounts payable, accrued expenses and other liabilities   (58,023 )     (65,396 )
    Customer layaway deposits   11,276       1,055  
    Income taxes   (927 )     (360 )
    Net cash provided by operating activities   97,730       70,264  
    Investing activities:      
    Loans made   (738,670 )     (683,121 )
    Loans repaid   417,734       391,297  
    Recovery of pawn loan principal through sale of forfeited collateral   291,903       272,781  
    Capital expenditures, net   (23,051 )     (16,870 )
    Acquisitions, net of cash acquired   (17,093 )     (11,963 )
    Proceeds from note receivable   241       1,100  
    Investment in unconsolidated affiliate   (718 )     (993 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   3,614       3,535  
    Net cash used in investing activities   (66,040 )     (59,234 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Proceeds from borrowings   300,000       —  
    Debt issuance cost   (7,563 )     —  
    Payments on assumed debt   (6,410 )     —  
    Purchase and retirement of treasury stock   (6,000 )     (9,009 )
    Payments of finance leases   (450 )     (386 )
    Net cash provided by (used in) financing activities   275,606       (12,648 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (26 )     (108 )
    Net increase in cash, cash equivalents and restricted cash   307,270       (1,726 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 487,077     $ 227,242  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
     
      Three Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 112,249   $ 56,375     $ —     $ 168,624     $ —     $ 168,624  
    Jewelry scrapping sales   23,750     3,220       —       26,970       —       26,970  
    Pawn service charges   83,930     31,409       —       115,339       —       115,339  
    Other revenues   31     17       —       48       —       48  
    Total revenues   219,960     91,021       —       310,981       —       310,981  
    Merchandise cost of goods sold   69,084     39,142       —       108,226       —       108,226  
    Jewelry scrapping cost of goods sold   16,814     2,302       —       19,116       —       19,116  
    Gross profit   134,062     49,577       —       183,639       —       183,639  
    Segment and corporate expenses (income):                      
    Store expenses   83,778     35,345       —       119,123       —       119,123  
    General and administrative   —     —       —       —       21,780       21,780  
    Depreciation and amortization   2,651     2,156       —       4,807       3,196       8,003  
    Other operating income   —     —       —       —       (1,262 )     (1,262 )
    Interest expense   —     71       —       71       8,387       8,458  
    Interest income   —     (427 )     (604 )     (1,031 )     (4,409 )     (5,440 )
    Equity in net (income) loss of unconsolidated affiliates   —     —       (1,409 )     (1,409 )     209       (1,200 )
    Other expense (income)   —     (12 )     —       (12 )     (524 )     (536 )
    Segment contribution $ 47,633   $ 12,444     $ 2,013     $ 62,090          
    Income (loss) before income taxes             $ 62,090     $ (27,377 )   $ 34,713  
                                       

            

      Three Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 107,849     $ 50,291     $ —     $ 158,140     $ —     $ 158,140  
    Jewelry scrapping sales   13,757       1,638       —       15,395       —       15,395  
    Pawn service charges   77,416       30,414       —       107,830       —       107,830  
    Other revenues   28       28       —       56       —       56  
    Total revenues   199,050       82,371       —       281,421       —       281,421  
    Merchandise cost of goods sold   67,229       33,982       —       101,211       —       101,211  
    Jewelry scrapping cost of goods sold   11,887       1,596       —       13,483       —       13,483  
    Gross profit   119,934       46,793       —       166,727       —       166,727  
    Segment and corporate expenses (income):                      
    Store expenses   81,441       34,894       —       116,335       —       116,335  
    General and administrative   —       —       —       —       20,060       20,060  
    Depreciation and amortization   2,408       2,090       —       4,498       3,660       8,158  
    (Gain) loss on sale or disposal of assets and other   (2 )     22       —       20       —       20  
    Interest expense   —       —       —       —       3,539       3,539  
    Interest income   —       (370 )     (605 )     (975 )     (1,956 )     (2,931 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,406 )     (1,406 )     143       (1,263 )
    Other (income) expense   —       (184 )     12       (172 )     (19 )     (191 )
    Segment contribution $ 36,087     $ 10,341     $ 1,999     $ 48,427          
    Income (loss) before income taxes             $ 48,427     $ (25,427 )   $ 23,000  
                                       
      Nine Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 357,964     $ 166,470     $ —     $ 524,434     $ —     $ 524,434  
    Jewelry scrapping sales   56,146       8,494       —       64,640       —       64,640  
    Pawn service charges   259,354       88,908       —       348,262       —       348,262  
    Other revenues   82       49       —       131       —       131  
    Total revenues   673,546       263,921       —       937,467       —       937,467  
    Merchandise cost of goods sold   225,412       116,193       —       341,605       —       341,605  
    Jewelry scrapping cost of goods sold   42,017       6,350       —       48,367       —       48,367  
    Gross profit   406,117       141,378       —       547,495       —       547,495  
    Segment and corporate expenses (income):                      
    Store expenses   250,399       101,702       —       352,101       —       352,101  
    General and administrative   —       —       —       —       60,089       60,089  
    Depreciation and amortization   8,050       6,191       —       14,241       10,117       24,358  
    Loss on sale or disposal of assets and other   17       8       —       25       —       25  
    Other operating income   —       —       —       —       (1,262 )     (1,262 )
    Interest expense   —       71       —       71       14,815       14,886  
    Interest income   —       (966 )     (1,803 )     (2,769 )     (6,639 )     (9,408 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,898 )     (4,898 )     718       (4,180 )
    Other expense (income)   (7 )     (220 )     —       (227 )     604       377  
    Segment contribution   147,658       34,592     $ 6,701     $ 188,951          
    Income (loss) before income taxes             $ 188,951     $ (78,442 )   $ 110,509  
                                       
      Nine Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 348,211     $ 154,019     $ —     $ 502,230     $ —     $ 502,230  
    Jewelry scrapping sales   39,258       3,933       —       43,191       —       43,191  
    Pawn service charges   236,499       84,943       —       321,442       —       321,442  
    Other revenues   94       59       35       188       —       188  
    Total revenues   624,062       242,954       35       867,051       —       867,051  
    Merchandise cost of goods sold   218,736       103,944       —       322,680       —       322,680  
    Jewelry scrapping cost of goods sold   33,965       3,514       —       37,479       —       37,479  
    Gross profit   371,361       135,496       35       506,892       —       506,892  
    Segment and corporate expenses (income):                      
    Store expenses   239,536       101,936       —       341,472       —       341,472  
    General and administrative   —       —       —       —       54,869       54,869  
    Depreciation and amortization   7,548       6,821       —       14,369       10,573       24,942  
    (Gain) loss on sale or disposal of assets and other   (6 )     (240 )     —       (246 )     97       (149 )
    Other operating income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       10,381       10,381  
    Interest income   —       (1,398 )     (1,811 )     (3,209 )     (5,243 )     (8,452 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,278 )     (4,278 )     143       (4,135 )
    Other (income) expense   —       (231 )     27       (204 )     (423 )     (627 )
    Segment contribution $ 124,283     $ 28,608     $ 6,097     $ 158,988          
    Income (loss) before income taxes             $ 158,988     $ (69,632 )   $ 89,356  
                                       
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
     
      Three Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2025 542   742     1,284  
    New locations opened —   10     10  
    Locations acquired 3   40     43  
    Locations combined or closed —   (1 )   (1 )
    As of June 30, 2025 545   791     1,336  
                   
      Three Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2024 535   711   1,246
    New locations opened 1   6   7
    Locations acquired 5   —   5
    As of June 30, 2024 541   717   1,258
               
      Nine Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2024 542   737     1,279  
    New locations opened —   23     23  
    Locations acquired 3   41     44  
    Locations combined or closed —   (10 )   (10 )
    As of June 30, 2025 545   791     1,336  
                   
      Nine Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2023 529     702     1,231  
    New locations opened 1     20     21  
    Locations acquired 12     —     12  
    Locations combined or closed (1 )   (5 )   (6 )
    As of June 30, 2024 541     717     1,258  
                     

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

        June 30,   Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
        2025   2024   2025   2024   2025   2024
                             
    Mexican peso   18.8   18.3   19.5   17.2   20.0   17.3
    Guatemalan quetzal   7.6   7.6   7.6   7.6   7.6   7.6
    Honduran lempira   25.8   24.3   25.7   24.3   25.2   24.3
    Australian dollar   1.5   1.5   1.6   1.5   1.6   1.5
                             

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    June 30,
    (in millions)   2025       2024  
           
    Net income $ 26.5     $ 18.0  
    Interest expense   8.5       3.5  
    Interest income   (5.4 )     (2.9 )
    Income tax expense   8.2       5.0  
    Depreciation and amortization   8.0       8.2  
    EBITDA $ 45.7     $ 31.8  
                   
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2025 Q3 Reported $ 311.0   $ 183.6   $ 34.7     $ 8.2     $ 26.5     $ 0.34     $ 45.7  
    Corporate lease termination   —     —     (1.3 )     (0.3 )     (1.0 )     (0.01 )     (1.3 )
    FX impact   —     —     (0.2 )     —       (0.2 )     —       (0.2 )
    Non-recurring foreign tax expense   —     —     —       0.8       (0.8 )     (0.01 )     —  
    Constant Currency   8.9     4.8     0.8       0.1       0.7       0.01       1.0  
    2025 Q3 Adjusted $ 319.9   $ 188.4   $ 34.0     $ 8.8     $ 25.2     $ 0.33     $ 45.2  
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2024 Q3 Reported $ 281.4   $ 166.7   $ 23.0     $ 5.0   $ 18.0     $ 0.25     $ 31.8  
    Non-recurring foreign tax expense   —     —     —       0.7     (0.7 )     (0.01 )     —  
    FX impact   —     —     (0.1 )     —     (0.1 )     —       (0.1 )
    2024 Q3 Adjusted $ 281.4   $ 166.7   $ 22.9     $ 5.7   $ 17.2     $ 0.24     $ 31.7  
                                                     
      Three Months Ended
    June 30, 2025    		   Nine Months Ended
    June 30, 2025
    (in millions) U.S. Dollar Amount   Percentage Change YOY   U.S. Dollar Amount   Percentage Change YOY
                   
    Consolidated revenues $ 311.0   11 %   $ 937.5   8 %
    Currency exchange rate fluctuations   8.9         30.9    
    Constant currency consolidated revenues $ 319.9   14 %   $ 968.4   12 %
                   
    Consolidated gross profit $ 183.6   10 %   $ 547.5   8 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency consolidated gross profit $ 188.4   13 %   $ 563.6   11 %
                   
    Consolidated net inventory $ 225.5   31 %   $ 225.5   31 %
    Currency exchange rate fluctuations   1.3         1.3    
    Constant currency consolidated net inventory $ 226.8   32 %   $ 226.8   32 %
                   
    Latin America Pawn gross profit $ 49.6   6 %   $ 141.4   4 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency Latin America Pawn gross profit $ 54.4   16 %   $ 157.5   16 %
                   
    Latin America Pawn PLO $ 70.6   13 %   $ 70.6   13 %
    Currency exchange rate fluctuations   1.5         1.5    
    Constant currency Latin America Pawn PLO $ 72.1   16 %   $ 72.1   16 %
                   
    Latin America Pawn PSC revenues $ 31.4   3 %   $ 88.9   5 %
    Currency exchange rate fluctuations   2.9         9.6    
    Constant currency Latin America Pawn PSC revenues $ 34.3   13 %   $ 98.5   16 %
                   
    Latin America Pawn merchandise sales $ 56.4   12 %   $ 166.5   8 %
    Currency exchange rate fluctuations   5.7         20.2    
    Constant currency Latin America Pawn merchandise sales $ 62.1   23 %   $ 186.7   21 %
                   
    Latin America Pawn segment profit before tax $ 12.4   20 %   $ 34.6   21 %
    Currency exchange rate fluctuations   1.1         3.0    
    Constant currency Latin America Pawn segment profit before tax $ 13.5   30 %   $ 37.6   32 %

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