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Category: Banking

  • MIL-OSI Africa: Mauritius: African Development Bank Urges Bold Reforms to Unlock Capital and Accelerate Sustainable Growth in 2025 Report

    Source: APO

    The African Development Bank (www.AfDB.org) has urged Mauritius to accelerate structural reforms to unlock its vast capital potential and advance long-term, sustainable growth. The Bank made the call during the launch of its 2025 Country Focus Report for Mauritius, titled “Making Mauritius’ Capital Work Better for its Development.”

    The report notes that while Mauritius continues to post strong economic performance—recording real GDP growth of 4.9% in 2024, slightly down from 5% in 2023—structural constraints and external shocks continue to undermine the country’s growth trajectory. Key growth drivers in 2024 included construction, financial services, trade, and tourism, with arrivals reaching 1.38 million, representing 97% of pre-pandemic levels. On the demand side, consumption and investment were the primary drivers of growth.

    Despite the persistent challenges, the report underscores Mauritius’ significant untapped potential. In 2020, the island nation’s total national wealth was estimated at over $96 billion—more than six times its GDP—comprising human, financial, natural, and produced capital. In addition, Mauritius’ vast ocean economy resources, within its 2.3 million km² Exclusive Economic Zone, offer immense opportunities for developing a sustainable blue economy.

    Speaking at the launch event, Mahess Rawoteea, Deputy Financial Secretary at the Ministry of Finance, welcomed the recommendations in the report. “We are confident that the structural reforms outlined in the 2025–2026 Budget Speech will unlock significant investments, particularly in renewable energy, and contribute to higher GDP growth,” he said.

    Rawoteea emphasized the central role of human capital in Mauritius’ development, while acknowledging persistent challenges such as education quality, skills mismatches, low female labor participation, demographic shifts, and youth emigration. He announced the establishment of a Climate Finance Unit within the Ministry of Finance to help bridge the country’s climate financing gap.

    “Mauritius is undertaking institutional reforms to better mobilize domestic and foreign capital and promote sustainable development,” he added. “We are streamlining processes, enhancing transparency, and improving the ease of doing business. Environmental protection, including addressing beach erosion, is also a key priority.”

    Rawoteea expressed appreciation for the African Development Bank’s support, particularly in mobilizing investments in renewable energy and the ocean economy—two sectors identified as future growth pillars.

    In his keynote remarks, Prof. Kevin Urama, the Bank Group’s Chief Economist and Vice President for Economic Governance and Knowledge Management, emphasized Africa’s broader potential for transformation. “If Africa commits to investing in its own development and managing its assets efficiently, it can reduce external dependency and harness its enormous capital for transformative growth,” he said.

    Urama cited weak tax administration and inefficiencies in revenue collection as major constraints to development, urging a fundamental rethink of public financial management across the continent.

    Wolassa Kumo, the Bank’s Principal Country Economist for Mauritius presented an overview of the report. The launch event attracted senior government officials, development partners, private sector leaders, and civil society representatives.

    Among those in attendance were Hervé Lohoues, the Bank’s Division Manager for the Country Economics Department covering Nigeria, East Africa and Southern Africa, and Nontle Kabanyane, the Bank’s Principal Country Programme Officer, who moderated a panel discussion.

    The panel explored strategies for mobilizing domestic capital more effectively by strengthening institutions, improving regulatory frameworks, increasing transparency and accountability, and deepening regional trade integration. Panelists included:

    • Dr. Zyaad Boodoo, Ministry of Environment, Solid Waste Management and Climate Change (natural capital), Mauritius?
    • Mr. Sanjev Bhonoo, Principal Statistician, Statistics Mauritius (natural capital)
    • Mr. Ricaud M. Auckbur, Chief Technical Officer, Ministry of Education and Human Resources (human capital), Mauritius?
    • Ms. Zaahira Ebramjee, Head of National Economic Collaboration, Business Mauritius (business capital)
    • Mr. Vikram Ramful, Head of Listing, Stock Exchange of Mauritius (financial capital)

    Click here (https://apo-opa.co/46KmHkM) to download the report.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Emeka Anuforo
    Communication and External Relations Department
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org

    Media files

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    MIL OSI Africa –

  • MIL-OSI Security: Essex County Man Pleads Guilty to Multiple Firearms Offenses

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    NEWARK, N.J. – An Essex County, New Jersey, man pled guilty on July 15, 2025, to multiple firearms offenses, U.S. Attorney Alina Habba announced.

    Kaiyir Green, 22, of Newark, New Jersey, pled guilty before U.S. District Judge Georgette Castner in Trenton federal court to a four-count indictment charging him with two counts of possession of a firearm and/or ammunition by a convicted felon, one count of illegal possession of a machine gun, and one count of possession of an unregistered firearm.

    According to documents filed in these cases and statements made in Court:

    On March 1, 2023, law enforcement officers responded to a report of a stolen vehicle and observed Green attempting to enter the stolen vehicle.  When law enforcement approached, Green fled and led law enforcement on an extended foot chase.  Law enforcement eventually apprehended Green and they recovered from him a privately manufactured firearm (commonly referred to as a “ghost gun”) loaded with five rounds of ammunition.  After Green was arrested, he made several phone calls from a recorded line at the detention center in which he directed others to go to his home and remove “everything” including a “black bag.”  Law enforcement later observed an individual remove a black bag from Green’s home.  A search of that bag revealed a firearm that had been modified with a switch rendering the firearm fully automatic. The fully automatic firearm was also loaded with one round of 9mm ammunition in a large capacity magazine. Law enforcement also recovered a 50-round capacity drum magazine.

    U.S. Attorney Habba credited law enforcement members with the Bureau of Alcohol, Tobacco, Firearms and Explosives, Newark Field Division, under the direction of Special Agent in Charge L.C. Cheeks, Jr.; the New Jersey State Police, under the direction of Col. Patrick J. Callahan, and Elizabeth Police Department, under the direction of Chief Giacomo Sacca, with the investigation leading to the charges.

    The charges of being a felon in possession of firearms and/or ammunition each carry a maximum penalty of 15 years in prison and a fine of up to $250,000. The charge of possession of a firearm carries a maximum penalty of 10 years in prison and a fine of up to $250,000. The charge of possession of an unregistered firearm carries a maximum penalty of 10 years in prison and a fine up to $10,000.

    Green’s sentencing is scheduled for November 25, 2025.

    The government is represented by Assistant United States Attorney Rachelle M. Navarro of the Bank Integrity, Money Laundering, and Recovery Unit in Newark.

                                                                ###

    Defense counsel for Green: Claressa Lowe, Esq.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Marjorie Ngwenya reappointed to the Prudential Regulation Committee

    Source: United Kingdom – Government Statements

    Press release

    Marjorie Ngwenya reappointed to the Prudential Regulation Committee

    The Economic Secretary to the Treasury has today confirmed the reappointment of Marjorie Ngwenya as an External Member of the Prudential Regulation Committee (PRC).

    Marjorie will serve a further three-year term, from 5 September 2025 to 4 September 2028.

    The Economic Secretary to the Treasury, Emma Reynolds, said:

    I am pleased to confirm the reappointment of Marjorie Ngwenya to the Prudential Regulation Committee. During her first term, Marjorie made significant contributions to the Committee’s work, and her continued service will help to ensure that the committee retains the benefit of her extensive industry experience and expertise, so it can deliver on the government’s mission to regulate for growth.

    Further information

    • Marjorie is a former chairperson of the Canon Collins Trust (UK) and a trustee of the Legal Resources Centre (South Africa).
    • Marjorie is a past President of the Institute and Faculty of Actuaries (IFoA) and served on the IFoA’s governing council for eight years. In her executive career, she was a member of the Group Executive Committee of Liberty Group in South Africa, serving as Chief Strategist. Prior to that, she was Chief Risk Officer for Old Mutual’s African Operations.
    • Marjorie has not engaged in any political activity in the last five years.

    About the Prudential Regulation Committee

    The Prudential Regulation Authority (PRA) supervises banks, insurers and major investment firms. The PRA’s most important decisions are taken by the Prudential Regulation Committee, chaired by the Governor of the Bank of England.  The Committee comprises the Governor of the Bank of England; Deputy Governors for Financial Stability, Markets and Banking, and Prudential Regulation; the Chief Executive of the Financial Conduct Authority; a member appointed by the Governor with the approval of the Chancellor; and six other external members appointed by the Chancellor.

    Updates to this page

    Published 17 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Apple Arcade launches special crossover events featuring SpongeBob SquarePants

    Source: Apple

    Headline: Apple Arcade launches special crossover events featuring SpongeBob SquarePants

    UPDATE July 17, 2025

    This month, players can dive into special crossover events featuring SpongeBob SquarePants in Snake.io+ and Crossy Road Castle, available exclusively on Apple Arcade. Characters and locations from the iconic series arrive in limited-time events in the two popular games on the service. Fans of the absorbent and yellow and porous pal can also check out a brand-new endless mode in SpongeBob: Patty Pursuit, where they’ll test their skills in increasingly difficult levels to top the leaderboard.

    Apple Arcade brings together more than 200 games and offers exclusive events created in collaboration with some of the industry’s top developers. Iconic characters and fan-favorite games come to life in new ways on the service, bringing a whole new level of fun to players that’s free from ads and in-app purchases.

    Snake.io+ by Kooapps
    In Snake.io+, the hit battle royale game, players can slither their way underwater as they complete a series of missions to unlock four unique skins inspired by SpongeBob, Patrick, Sandy, and Plankton. This limited-time event is available now and ends August 25.

    Snake.io+ by Kooapps.

    Crossy Road Castle by Hipster Whale
    Crossy Road Castle, the popular co-op platforming party game, is launching a fun update that will have players racing through 40 Bikini Bottom-themed levels as SpongeBob, Patrick, Squidward, or Sandy — collecting Krabby Patties and avoiding jellyfish. The Krabby Patty Kollectathon event kicks off July 21, followed by the Jellyfish Jam that runs August 4 through August 17.

    Crossy Road Castle by Hipster Whale.

    SpongeBob: Patty Pursuit by Nickelodeon
    Launching today, players can dive into a brand-new endless mode in SpongeBob: Patty Pursuit, a side-scrolling action game where SpongeBob jumps, bounces, slides, and fly-kicks through colorful and dynamic levels. The update will have players test their skills in increasingly difficult levels with no checkpoints and no extra lives to see who can top the leaderboard.

    SpongeBob: Patty Pursuit by Nickelodeon.

    These fun crossover events follow the special appearances of global sensation Bluey in Fruit Ninja Classic+ and Paddington in Crayola Create and Play+ this summer, only on Apple Arcade.
    • Fruit Ninja Classic+ by Halfbrick Studios: The exclusive collaboration with Bluey runs until September 19, bringing four fun-filled events that transform Fruit Ninja Classic+ with Bluey-themed wands, wand powers, dojos, and Easter eggs for fans of all ages to enjoy.
    • Crayola Create and Play+ by Red Games Co.: Paddington brings a suitcase full of creativity to Crayola Create and Play+ through August 26. Explore a British-inspired world designed just for his visit: Whether decorating a suitcase or enjoying a scoop of marmalade ice cream by the sea, this magical summer holiday promises creativity, curiosity, and countless moments of joy.

    Pricing and Availability

    • Apple Arcade is available for $6.99 (U.S.) per month with a one-month free trial. Customers who purchase a new iPhone, iPad, Mac, or Apple TV receive three months of Apple Arcade for free.1
    • Apple Arcade is part of Apple One’s Individual ($19.95 U.S.), Family ($25.95 U.S.), and Premier ($37.95 U.S.) monthly plans, with a one-month free trial.2
    • Arcade Originals are playable across iPhone, iPad, Mac, Apple TV, and Apple Vision Pro. App Store Greats are available on iPhone, iPad, and Apple Vision Pro.
    • An Apple Arcade subscription gives a family of up to six unlimited access to all the games in its catalog.
    • Availability for the 200+ games across devices varies based on hardware and software compatibility. Some content may not be available in all areas.

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    1. This offer is available to new subscribers only. One subscription covers one Family Sharing group. The offer is good for three months after eligible device activation. The plan automatically renews until cancelled. Restrictions and other terms apply.
    2. The Apple One free trial includes only services that are not currently used through a free trial or a subscription. The plan automatically renews after the trial until cancelled. Restrictions and other terms apply.

    MIL OSI Global Banks –

  • MIL-OSI Economics: RBI to conduct 7-day Variable Rate Reverse Repo (VRRR) auction under LAF on July 18, 2025

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, July 18, 2025, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 2,00,000 7 10:00 AM to 10:30 AM July 25, 2025
    (Friday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/734

    MIL OSI Economics –

  • MIL-OSI Africa: AI advancements must not leave developing nations behind 

    Source: Government of South Africa

    Thursday, July 17, 2025

    Artificial Intelligence (AI) and rapid technological advancements are changing the global economic landscape, but policymakers must ensure that this shift does not deepen inequality or leave developing nations behind.

    This is according to Reserve Bank Governor Lesetja Kganyago who addressed the third G20 Finance Ministers and Central Banks Governors meeting held in Zimbali, Kwa-Zulu Natal on Thursday.

    “[AI]…represents a significant turning point in the global economic landscape. Governors have just come out of a very insightful side event on the implications of AI for productivity and labour markets. What is clear is that, if harnessed effectively, AI has the potential to revive productivity growth and improve living standards.

    “However, as policymakers, our challenge is not simply to catch up but to ensure that this shift does not deepen inequality or destabilise already fragile labour markets. Getting the balance right between innovation and inclusion will be one of the defining policy imperatives of our time,” he said.

    The Governor noted that for emerging markets and developing economies “the stakes are especially high”
    “In Africa, for instance, the working age population is expanding rapidly and according to the African Development Bank, the continent could potentially unlock up to $1 trillion in productivity gains by 2035.

    But only if we close critical gaps in data, digital infrastructure, skills and capital access,” the governor said.
    Kganyago emphasised that as G20 countries “we carry a unique responsibility to shape a global recovery that is not only resilient, but also inclusive and forward looking”.

    “This means deepening policy coordination, advancing structural reforms, investing in economies to adapt to compete and to thrive in a rapidly evolving global landscape. It also means that ensuring that the gains of technological progress are broadly shared and to the benefit of all.

    “The choices we make during these times of heightened uncertainty will shape the future of global economic cooperation.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Banking: Identity fraud: BaFin warns consumers about the website myfundrock.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The unknown operators claim that their offer is from FundRock Distribution DE Branch in Munich. This is the German branch of FundRock Distribution S.A., based in Luxembourg. However, this is not true. This is a case of identity fraud. FundRock Distribution DE Branch and FundRock Distribution S.A. have no connection to the website myfundrock.de or the services offered there.

    BaFin is issuing this warning on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin warns consumers about fraudulent term deposit offers.

    You can view BaFin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraudsters on the financial market in the “Recognising financial fraud” section of our website.

    MIL OSI Global Banks –

  • MIL-OSI: No Credit Check Loans With Guaranteed Approval & Same-Day Payday Loans — GADCapital Launches New Digital Platform for Instant Online Loans in 2025

    Source: GlobeNewswire (MIL-OSI)

    Aventura, July 17, 2025 (GLOBE NEWSWIRE) —  GADCapital has launched a new digital lending platform designed to connect U.S. borrowers with no credit check loans with guaranteed approval options and same-day payday loans online for urgent financial needs. More details about the service are available on GADCapital’s same-day payday loans page, where consumers can explore features built for rapid funding and expanded access even for those with lower credit scores..

    GADCapital’s platform responds to the growing demand for faster, more inclusive financial solutions by evaluating real-time income and bank activity rather than relying solely on FICO scores. The system enables instant payday loans online guaranteed approval possibilities and same-day cash deposits for loans up to $5,000, helping consumers address unexpected expenses quickly and discreetly.

    How GADCapital’s Platform Delivers No Credit Check Loans Online

    Unlike traditional bank loans that require hard credit pulls and strict scoring thresholds, GADCapital’s digital platform focuses on no credit check loans that rely on alternative data like income and bank transactions. Through the use of soft credit inquiries, GADCapital helps ensure that applying for same-day payday loans online will not harm a borrower’s credit score.

    Borrowers using GADCapital’s platform can:

    • Complete secure applications in under five minutes
    • Avoid hard credit checks that could lower FICO scores
    • Receive loan offers from multiple licensed lenders
    • Access funds as quickly as the same business day
    • Request amounts ranging from $100 to $5,000

    By modernizing the lending process, GADCapital positions itself as a leading provider of no credit check loans guaranteed approval possibilities, ensuring consumers receive timely support during financial emergencies.

    Why Borrowers Choose GADCapital for Same-Day Payday Loans Online

    Many Americans encounter situations where traditional lenders can’t offer the speed or flexibility needed for sudden expenses. GADCapital’s platform specifically addresses this gap by connecting consumers to same-day payday loans online no credit check options, giving them tools to manage costs such as medical bills, auto repairs, or unexpected utility payments.

    GADCapital’s platform stands out because it:

    • Avoids traditional credit requirements
    • Focuses on current financial health instead of past credit challenges
    • Prioritizes digital convenience over lengthy bank processes
    • Enables fast funding for urgent needs
    • Maintains partnerships only with state-licensed, reputable lenders

    This modern approach aligns with consumer demand for instant payday loans online guaranteed approval possibilities, offering a smoother alternative to traditional bank loans.

    GADCapital’s Digital Platform vs. Traditional Bank Loans

    Traditional banks often fall short for borrowers needing emergency cash loans, primarily because:

    • They require hard credit pulls that lower scores
    • They impose rigid credit score cutoffs
    • Loan decisions can take days or weeks
    • Rejections are frequent for subprime or thin-credit applicants
    • Loan sizes tend to be too large for small emergency needs

    By contrast, GADCapital’s platform:

    • Uses soft credit checks only
    • Bases decisions on verified income and real-time banking data
    • Delivers same-day or next-day funding for qualified borrowers
    • Provides loan offers for as little as $100
    • Focuses on urgent financial situations

    This makes GADCapital’s system a practical alternative for those searching for payday loans online no credit check instant approval while avoiding the bureaucracy of traditional financial institutions.

    How GADCapital’s Process Works for No Credit Check Loans

    Applying for a same day payday loan no credit check through GADCapital involves a simple four-step path:

    1. Online Application: Consumers fill out a secure digital form detailing employment, income, and banking information in just a few minutes.
    2. Soft Credit and Bank Data Review: GADCapital’s system performs a soft credit inquiry and analyzes recent bank activity to confirm financial stability.
    3. Multiple Lender Offers: Licensed lenders respond with side-by-side offers, presenting clear loan terms, rates, and repayment schedules.
    4. E-Signature and Funding: Once borrowers choose an offer, they e-sign documents electronically and may receive funds via ACH deposit or debit card push as quickly as the same business day.

    This digital workflow provides consumers with a faster and more transparent way to secure instant payday loans online guaranteed approval possibilities compared to traditional lenders.

    Who Can Apply for GADCapital’s No Credit Check Loans

    Consumers interested in using GADCapital’s platform for payday loans online no credit check instant approvalgenerally need to:

    • Be at least 18 years old
    • Reside in the United States
    • Have verifiable income from wages, benefits, or self-employment
    • Maintain an active checking account for loan deposits and repayments
    • Provide a valid email address and phone number

    By focusing on current financial circumstances rather than credit history alone, GADCapital opens access to no credit check loans guaranteed approval possibilities for individuals who might otherwise be excluded from traditional lending options.

    Types of No Credit Check Loans Offered Through GADCapital’s Platform

    GADCapital’s digital platform connects borrowers with various lending products, including:

    • $255 Payday Loans: A popular micro-loan option in states with lending caps for covering immediate small expenses.
    • Instant Payday Loans Online Guaranteed Approval Possibilities: Larger loan amounts up to $1,000 for urgent financial situations like auto repairs or medical bills.
    • Bad Credit Payday Loans: Designed for borrowers with sub-600 FICO scores who can verify income and employment.
    • Emergency Loans: Aimed at covering life-critical costs, such as emergency medical expenses or overdue utility bills.
    • Same Day Loans: Specifically designed for consumers needing funds within hours rather than waiting for traditional processing.

    All loans are provided by licensed lenders who adhere to state regulations, helping borrowers secure payday loans online no credit check instant approval safely and legally.

    Key Features of GADCapital’s Digital Lending Platform

    GADCapital’s platform introduces several advantages for consumers exploring no credit check loans:

    • Soft Credit Inquiries: Borrowers avoid hard credit pulls, preserving credit scores.
    • Same-Day Funding Available: Many loans are funded the same business day for urgent needs.
    • Income-Based Approvals: Decisions rely on current income and banking activity, not just credit scores.
    • Transparent Terms: All loan offers disclose rates and fees clearly for consumers seeking payday loans online.
    • Strong Security Measures: GADCapital’s encryption protocols protect sensitive personal and financial data.

    These features make GADCapital’s digital platform a trusted choice for those seeking instant payday loans online guaranteed approval possibilities without traditional lending barriers.

    Benefits and Considerations of GADCapital’s Platform

    Advantages of GADCapital’s platform:

    • Fast application and funding process
    • Access to multiple lenders for competitive loan offers
    • Eligibility for borrowers with diverse credit histories
    • Clear and transparent loan terms
    • Digital convenience with secure online transactions

    Important considerations:

    • Short-term loans may carry higher interest rates
    • Repayment periods are often shorter than traditional loans
    • Loans should only be used for genuine emergencies, not ongoing expenses
    • Borrowers should review terms carefully to avoid future financial strain

    GADCapital emphasizes that same-day payday loans online no credit check are intended as emergency solutions, not long-term financial strategies.

    How GADCapital Fits Into Today’s Emergency Lending Landscape

    As demand for rapid financial solutions grows, GADCapital continues to position itself as a leader in the payday loans online no credit check instant approval market. Through technology and strong partnerships with licensed lenders, the company remains focused on:

    • Expanding credit access for underserved consumers
    • Delivering transparent lending processes
    • Offering a digital alternative to traditional bank loans

    By leveraging advanced digital tools and an extensive lender network, GADCapital helps consumers handle financial emergencies quickly and securely.

    About GADCapital

    GADCapital is a digital lending platform connecting consumers with licensed lenders offering no credit check payday loans, same-day payday loans online, and other short-term financial solutions. The company’s mission is to simplify the borrowing process and deliver fast, secure funding for individuals facing unexpected expenses.

    Disclaimer

    This article provides general information about emergency lending services and should not be considered financial or legal advice. Loan terms, interest rates, and availability vary by lender and state. While some lenders may offer high approval rates, no loan approval is truly “guaranteed” and depends on individual circumstances and lender verification processes. This content is for informational purposes only. Prospective borrowers should carefully review all terms and conditions before accepting any loan offer. The publisher assumes no responsibility for actions taken based on this information. All company names and trademarks are the property of their respective owners and are used for informational purposes only.

    Contact Data:
     GADCapital Press Office
    Phone: (800) 961-5909
    Email: info@gadcapital.com
    Website: https://gadcapital.com

    The MIL Network –

  • MIL-OSI: zerohash funding infrastructure helps power World App Mini App ecosystem; launches Account Funding SDK for Mini Apps in World App

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 17, 2025 (GLOBE NEWSWIRE) — zerohash today announced it is providing funding infrastructure for Mini Apps within the World App ecosystem.

    Zerohash for World App’s Mini App ecosystem aims to help pave the way for real-world adoption of digital assets including WLD (Worldcoin), as well as offering an additional technical foundation for developers building Mini Apps. The Mini App ecosystem allows third-party developers to build experiences directly inside the platform – ranging from event-based trading to AI-powered utilities and decentralized services. Notable Mini Apps include Kalshi, UNO Swap, and World Chat, across over 1 million unique users (Source:World App).

    Mini App developers can now seamlessly embed zerohash’s regulated funding rails to enable compliant, in-platform transactions. By extension, World App users are able to instantly fund their accounts in USDC or WLD, without needing to manually input their wallet addresses or leaving the platform. zerohash’s Account Funding SDK works by automatically detecting the World App environment using pre-populated user context to deliver a faster, frictionless funding experience.

    The integration is now live for the growing roster of Mini App developers, as World App becomes a leading hub for on-chain, user-friendly companies.

    Edward Woodford, CEO of zerohash said, “as the go-to partner for compliant, regulated, on-chain infrastructure, zerohash is proud to deliver the rails that make innovators including World App.”

    Head of Financial Products at Tools for Humanity, Patrick Traughber said, “zerohash’s infrastructure helps deliver a more seamless Mini App developer experience as we build out engaging products for the real human network.”

    About zerohash
    zerohash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enables innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization and on/off-ramps.

    zerohash powers solutions for some of the largest and innovative companies including Interactive Brokers, Stripe, Shift4, Franklin Templeton, Felix Pago, Kalshi and LightSpark. Zerohash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    In the United States, zerohash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. zerohash LLC and zerohash Liquidity

    Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. zerohash Trust Company LLC has been approved by the North Carolina Commissioner of Banks as a non-depository trust company. For information about our global regulatory footprint, including our Argentinian registrations, see here.

    zerohash Disclosures
    zerohash services and product offerings may not be available in all jurisdictions.

    zerohash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. zerohash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset.

    zerohash is not registered with the SEC or FINRA. zerohash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of Customers.

    Learn more by visiting zerohash.com or following us on X @ZeroHashX

    Media Contacts
    zerohash
    Shaun O’Keeffe
    (855) 744-7333
    media@zerohash.com 

    The MIL Network –

  • MIL-OSI: Farmers & Merchants Bancorp (FMCB) Reports Record Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income of $23.1 million, an increase of $1.3 million or 5.9% compared to the second quarter of 2024;
    • Basic earnings per share of $33.06 and diluted earnings per share of $32.94; diluted earnings per share up 12.1% compared to the second quarter of 2024;
    • Diluted earnings per share of $126.87 over the trailing twelve months, up 7.8% compared to $117.73 over the same trailing period a year ago and 15.2% compared to $110.10 for the same period two years ago;
    • Tangible book value per share increased 9.7% to $835.33 compared to $761.62 as of June 30, 2024;
    • Achieved a return on average assets of 1.65% and a return on average equity of 15.09%;
    • Net interest income of $53.9 million, up $3.1 million or 6.1% compared to $50.8 million in the second quarter of 2024; net interest margin (tax equivalent basis) of 4.07%, up from 3.91% in the second quarter of 2024;
    • Continued cost discipline resulted in an efficiency ratio of 44.88%;
    • Liquidity position remains strong with $291.8 million in cash, $1.3 billion in investment securities, of which $573.0 million are available-for-sale, no borrowings and a borrowing capacity of $2.1 billion as of June 30, 2025;
    • Continued to grow our solid capital position with a preliminary total risk-based capital ratio of 15.35%, common equity tier 1 ratio of 13.87%, tier 1 leverage ratio of 11.18% and a tangible common equity ratio of 11.08%;
    • Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.09%; net charge-off ratio of 0.02% for the quarter and no non-accrual loans or leases at quarter-end.

    LODI, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record second quarter net income of $23.1 million, or $32.94 per diluted common share for the second quarter of 2025 compared with $21.8 million, or $29.39 per diluted common share, for the second quarter of 2024 and $23.0 million, or $32.86 per diluted common share for the first quarter of 2025. Annualized return on average assets was 1.65% and return on average equity was 15.09% for the second quarter of 2025 compared with 1.58% and 15.33% for the second quarter of 2024, and 1.70% and 15.65% for the first quarter of 2025. The expense efficiency ratio for second quarter was 44.88% down from 45.77% for the second quarter of 2024 and up from 43.86% for the first quarter of 2025.

    Net income over the trailing twelve months was $90.0 million compared with $87.9 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $126.87, up 7.8% compared with $117.73 for the same trailing period a year ago and $110.10 for the same period two years ago. Basic earnings per share over the trailing twelve months totaled $127.01, up 7.9% compared with $117.73 for the same trailing period a year ago and $110.10 for the same period two years ago.

    During the quarter, the Company declared a mid-year cash dividend of $9.30 per share totaling $6.5 million, a 5.7% increase over the $8.80 per share mid-year dividend paid in 2024. The Company has now paid a cash dividend for 90 consecutive years and has increased the cash dividend for 60 consecutive years. Farmers and Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group. On July 1, 2025, Sure Dividend released their top-ranked Dividend Kings, based on expected returns over the next five years and ranked Farmers & Merchants Bancorp #5 on this prestigious list.

    CEO Commentary

    Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the second quarter of 2025, highlighted by record second quarter net income of $23.1 million, a return on average assets of 1.65%, and a return on average equity of 15.09%. Net income for the first six-months of 2025 of $46.1 million is the best performing six-month period in the history of the Company. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter end with $291.8 million in cash, $1.3 billion in investment securities, of which $573.0 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity, while maintaining a conservative loan-to-deposit ratio of 76.38%. Capital levels continue to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Total deposits increased $61.2 million, or 1.3% to $4.8 billion at June 30, 2025 compared to December 31, 2024, as we continued our focus on growing deposits with our longstanding client relationships and developing new client relationships. Gross loans and leases were $3.6 billion at the end of the second quarter, up $40.3 million or 1.1% from March 31, 2025 and down $54.4 million or 1.5% from December 31, 2024. The increase in the second quarter was due to increased loan demand while the decrease in the first quarter was partially due to some seasonality in agricultural lending as well as our continued conservative approach in underwriting given the yield curve, which continues to not price in duration risk for loans and leases beyond three years. Credit quality remains solid as we continue to work closely with our borrowers while they work through the current economic cycle, particularly in a few agricultural products adversely impacted by negative conditions in the export market. Our Company remains in excellent financial condition, continues to perform at a high-level and is well positioned to navigate the challenges ahead as we have for the past 109 years.”

    Mr. Steinwert continued, “I am pleased to announce that Bank Director Magazine just released their annual ranking of the top performing banks for 2024 and Farmers & Merchants Bancorp was ranked the #3 bank in the nation across all asset categories. This follows our #2 ranking for 2023 and #1 ranking for 2022. Bank Director’s recognition of our performance over the last three years validates the success of our strategy and commitment to our clients, employees, shareholders and communities.”

    Earnings

    Net interest income for the quarter ended June 30, 2025 was $53.9 million compared with $50.8 million in the same quarter in 2024 and $53.1 million in the first quarter of 2025. Net interest income for the six-months ended June 30, 2025 was $107.0 million, an increase of $4.5 million, or 4.4%, when compared with the $102.5 million for the same period in 2024. The Company’s net interest margin increased to 4.13% for the six-months ended June 30, 2025 compared with 4.02% for the same period in 2024.  The increase in the net interest margin was driven primarily by a decrease in deposit costs. Tangible book value per share increased to $835.33 at June 30, 2025, up 9.7% compared with $761.62 a year ago.

    Balance Sheet

    Total assets at quarter-end were $5.5 billion, up from $5.4 billion as of December 31, 2024. Total cash and cash equivalents were $291.8 million, an increase of $79.2 million from December 31, 2024 and a decrease of $315.5 million compared to March 31, 2025, primarily due to the repayment of brokered deposits. Total loans and leases outstanding were $3.6 billion, a decrease of $54.4 million or 1.5% from December 31, 2024, but an increase of $40.3 million or 1.1% from March 31, 2025. As of June 30, 2025, our total investment securities portfolio was $1.3 billion, an increase of $88.0 million from December 31, 2024 and an increase of $66.6 million from March 31, 2025. The portfolio is comprised of $573.0 million in available-for-sale securities and $748.9 million in held-to-maturity securities. Total deposits decreased $217.6 million to $4.76 billion compared to March 31, 2025, due to the repayment of all brokered deposits of $250.0 million during the quarter. Excluding the brokered deposits, total deposits increased $32.4 million, or 0.7% in the second quarter from March 31, 2025, and increased $61.2 million or 1.3% from December 31, 2024. Our loan to deposit ratio was 76.38% as of June 30, 2025, down from 78.53% as of December 31, 2024, due to an increase in total deposits and a modest decrease in total loans and leases.

    Credit Quality

    The Company’s credit quality remained solid with no non-accrual loans and leases as of June 30, 2025 and a negligible delinquency ratio of 0.03% of total loans and leases. Net charge-offs were 0.02% of average loans and leases for both the second quarter of 2025 and for the first half of 2025 compared to minor net recoveries for the comparative periods in 2024. Net charge-offs over the trailing twelve months were 0.04% of average total loans and leases. The total allowance for credit losses on loans and leases as well as unfunded commitments was $79.0 million as of June 30, 2025 compared to $78.1 million as of March 31, 2025. The allowance for credit losses on loans and leases increased by $0.8 million to $76.2 million, or 2.09% as of June 30, 2025 compared with $75.4, million or 2.10% as of March 31, 2025. A provision of $1.4 million was recorded during the second quarter of 2025 compared to no provision during the second quarter of 2024. The provision totaled $1.7 million for the first six-months of 2025 compared to no provision in the first six-months of 2024.

    Capital

    The Company’s and Bank’s regulatory capital ratios continued to strengthen during the second quarter of 2025. The growth in capital was driven by net income of $23.1 million offset by stock repurchases of $5.3 million and dividends paid of $6.8 million. The Company repurchased 4,546 shares during the quarter, reducing total outstanding shares to 725,367. As of June 30, 2025, there remains $14.7 million authorized for repurchases under the board-approved repurchase plan. At June 30, 2025, the Company’s preliminary total risk-based capital ratio was 15.35% and the common equity tier 1 capital ratio was 13.87%, an increase from 15.23% and 13.75% as of March 31, 2025, respectively. At June 30, 2025, the Company’s tier 1 leverage capital ratio was 11.18%, a decrease from 11.32% as of March 31, 2025, as a result of higher average assets. At June 30, 2025, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized.” At June 30, 2025, the tangible common equity ratio was 11.08%, up from 10.72% as of June 30, 2024.

    About Farmers & Merchants Bancorp

    Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.5 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

    Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.

    In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

    In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

    In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

    In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

    F&M Bank is the 18th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

    F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago.

    F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, general economic conditions, inflation, recessions, tariffs, economic uncertainty in the United States, and changes in interest rates. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company’s ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

    For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

    Investor Relations Contact
    Farmers & Merchants Bancorp
    Bart R. Olson
    Executive Vice President and Chief Financial Officer

    Phone: 209-367-2485
    bolson@fmbonline.com

                             
    FINANCIAL HIGHLIGHTS                        
          Three-Months Ended     Six-Months Ended
    (dollars in thousands, except per share amounts)     June 30, 2025   March 31, 2025   June 30, 2024     June 30, 2025   June 30, 2024
    Earnings and Profitability:                        
    Interest income     $ 70,061     $ 67,138     $ 69,831       $ 137,199     $ 136,472  
    Interest expense       16,193       13,997       19,050         30,190       33,978  
    Net interest income       53,868       53,141       50,781         107,009       102,494  
    Provision for credit losses       1,400       300       –         1,700       –  
    Noninterest income       5,519       5,021       4,767         10,540       9,842  
    Noninterest expense       26,651       25,509       25,422         52,160       50,943  
    Income before taxes       31,336       32,353       30,126         63,689       61,393  
    Income tax expense       8,281       9,344       8,359         17,625       16,903  
    Net income     $ 23,055     $ 23,009     $ 21,767       $ 46,064     $ 44,490  
                             
    Basic earnings per share     $ 33.06     $ 32.88     $ 29.39       $ 65.94     $ 59.95  
    Diluted earnings per share     $ 32.94     $ 32.86     $ 29.39       $ 65.80     $ 59.95  
    Weighted Average Shares Outstanding – Basic       697,332       699,736       740,752         698,527       742,150  
    Weighted Average Shares Outstanding – Diluted       699,852       700,215       740,752         700,102       742,150  
    Return on average assets       1.65 %     1.70 %     1.58 %       1.67 %     1.65 %
    Return on average equity       15.09 %     15.65 %     15.33 %       15.37 %     15.82 %
    Loan yield       6.08 %     6.07 %     6.13 %       6.07 %     6.11 %
    Cost of average total deposits       1.31 %     1.17 %     1.51 %       1.25 %     1.39 %
    Net interest margin – tax equivalent       4.07 %     4.20 %     3.91 %       4.13 %     4.02 %
    Effective tax rate       26.43 %     28.88 %     27.75 %       27.67 %     27.53 %
    Efficiency ratio       44.88 %     43.86 %     45.77 %       44.37 %     45.35 %
    Book value per share     $ 852.72     $ 825.18     $ 779.40       $ 852.72     $ 779.40  
    Tangible book value per share     $ 835.33     $ 843.33     $ 761.62       $ 835.33     $ 761.62  
                             
    Balance Sheet:                        
    Total assets     $ 5,478,773     $ 5,680,024     $ 5,267,485       $ 5,478,773     $ 5,267,485  
    Cash and cash equivalents       291,752       607,254       295,936         291,752       295,936  
    of which held at Fed       178,999       515,758       225,676         178,999       225,676  
    Total investment securities       1,321,812       1,255,204       1,046,210         1,321,812       1,046,210  
    of which available-for-sale       572,951       495,433       251,413         572,951       251,413  
    of which held-to-maturity       748,861       759,771       794,797         748,861       794,797  
    Gross loans and leases       3,635,831       3,595,511       3,692,237         3,635,831       3,692,237  
    Allowance for credit losses – loans and leases       76,169       75,423       74,432         76,169       74,432  
    Total deposits       4,760,364       4,977,968       4,597,055         4,760,364       4,597,055  
    Subordinated debentures       10,310       10,310       10,310         10,310       10,310  
    Total shareholders’ equity     $ 618,532     $ 602,306     $ 576,220       $ 618,532     $ 576,220  
                             
    Loan-to-deposit ratio       76.38 %     72.23 %     80.32 %       76.38 %     80.32 %
    Percentage of checking deposits to total deposits       49.23 %     50.79 %     48.60 %       49.23 %     48.60 %
                             
    Capital ratios (Bancorp) (1)                        
    Common equity tier 1 capital to risk-weighted assets       13.87 %     13.75 %     13.09 %       13.87 %     13.09 %
    Tier 1 capital to risk-weighted assets       14.09 %     13.97 %     13.32 %       14.09 %     13.32 %
    Risk-based capital to risk-weighted assets       15.35 %     15.23 %     14.58 %       15.35 %     14.58 %
    Tier 1 leverage capital ratio       11.18 %     11.32 %     10.66 %       11.18 %     10.66 %
    Tangible common equity ratio (2)       11.08 %     10.40 %     10.72 %       11.08 %     10.72 %
                             
    (1) Capital information is preliminary for June 30, 2025                        
    (2) Non-GAAP measurement                        
                             
    Non-GAAP measurement reconciliation:                        
                             
    (Dollars in thousands)     June 30, 2025   March 31, 2025   June 30, 2024          
                             
    Shareholders’ equity     $ 618,532     $ 602,306     $ 576,220            
    Less: Intangible assets       12,609       12,740       13,145            
    Tangible common equity     $ 605,923     $ 589,566     $ 563,075            
                             
    Total assets     $ 5,478,773     $ 5,680,024     $ 5,267,485            
    Less: Intangible assets       12,609       12,740       13,145            
    Tangible assets     $ 5,466,164     $ 5,667,284     $ 5,254,340            
                             
    Tangible common equity ratio (1)       11.08 %     10.40 %     10.72 %          
                             
    (1) Tangible common equity divided by tangible assets                        

    The MIL Network –

  • MIL-OSI Africa: African Development Bank approves financing to advance Rwanda’s universal energy access

    Source: APO – Report:

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved €173.84 million for the Rwanda Energy Sector Result-Based Financing (RBF II) program to modernize the electricity network, expand access to clean energy, and strengthen institutional capacity.

    The Asian Infrastructure Investment Bank will provide an additional €86.92 million, bringing the total program cost to €260.76 million.

    The Board approval on July 14 marks the African Development Bank’s second result-based energy sector operation in Rwanda, following a $305 million program approved in September 2018. This indicates Rwanda’s preference for a performance-based financing approach in closing power infrastructure gaps.

    The RBF II program is anchored on Rwanda’s Energy Sector Strategic Plan (ESSP II 2024–2029) and aims to improve the quality of life of residents, drive economic growth, and reduce poverty through targeted investments in the energy sector.

    Specifically, the program is focused on delivering results in 3 areas: modernizing and extending the electricity network and systems; increasing access to on-grid and off-grid electricity and clean cooking technologies; and strengthening technical and institutional capacity.

    It will connect 200,000 households and 850 productive use customers to the national grid, add 50,000 new electricity connections through off-grid solutions, provide clean cooking devices to 100,000 households and 310 public institutions, and install street lighting on 200 km of roads in secondary cities across Rwanda.

    The RBF II program is a key deliverable under the Bank’s High-5 priority areas of “Light up and Power Africa” and “Improve the Quality of Life of the People of Africa.” Additionally, it will contribute to delivering on the Mission 300 Initiative of the African Development Bank and the World Bank to connect 300 million Africans to electricity by 2030.

    – on behalf of African Development Bank Group (AfDB).

    Contact:
    Communication and External Relations Department 
    media@afdb.org  

    About the African Development Bank Group:
    The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

    For more information: www.AfDB.org

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Africa: Committee on Electricity Warns Against Job Losses as a Result of Just Energy Transition Plan

    Source: APO – Report:

    .

    The Portfolio Committee on Electricity and Energy expressed its concern over potential job losses as a result of the Just Energy Transition (JET) plan when it received a briefing from Eskom on the revised plan, decoupled from the decommissioning of plants.

    The Eskom JET strategy has been decoupled from the decommissioning schedule to ensure independence from plant operations. Eskom’s plan promotes the optimal use of the existing coal fleet while rolling out clean energy capacity to ensure security of supply and energy sustainability.

    The committee engaged with the power utility on its R400 billion debt burden along with limited government support, as the fiscus cannot keep funding Eskom in the way it has in the past. Also, due to the inflated cost of electricity, the entity has declining energy sales, escalating municipal debt and less than cost-reflective tariffs.

    The committee demanded an explanation from Eskom on how it plans to secure the substantial assistance and sustained funding required for the entire JET, including the estimated R257 billion for a minimum emission standards compliance and the 14,000 km of grid expansion needed by 2034.

    Eskom said that it has a commitment to reduce emissions by 40% by 2030. Regarding minimisation of any disruption that might occur, Eskom said that the transition not only includes sustainability but also energy security and affordability.

    The power utility stated that in its communication, it has been indicating that coal is not an issue. But to manage the transition, the entity uses technology to make it safe to reduce emissions. The committee heard that Eskom will not shut down coal-powered stations for the sake of shutdown and disrupt the economy but, where it is possible, coal will be used as optimally and efficiently as possible within the ambit of the commitments made.

    Regarding the strategies that are being implemented to mitigate the risks of funding delays and the impact of the US withdrawal from the International Partners Group, Eskom said the dynamics and changes from the US have changed how the power entity traditionally views funding. However, Eskom believes that change comes with opportunity.

    Eskom told the committee that the entity also engaged with the World Bank to source funding from various international funders. The committee heard that funders are aware of their five-year project from the discussions already undertaken.

    Regarding job losses due to the closure of the coal power stations and the JET plan, Eskom told the committee that it wants to grow the economy on all fronts, while continuously using all the available resources to meet emission targets. The committee noted the difficulties arising from the decommissioning of power stations, which include job losses and economic and social impacts.

    The committee expressed its appreciation to Eskom for stabilising the grid and avoiding loadshedding for a sustained period. The committee told Eskom that nuclear energy is probably the safest and cleanest energy source available. Members of the committee advised Eskom about the possibility of considering the new technology of using nuclear waste stored at fire pits for generating electricity.

    – on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa –

  • MIL-OSI Security: Philadelphia Man Who Robbed Four Banks Sentenced to Seven Years in Prison

    Source: US FBI

    PHILADELPHIA – United States Attorney David Metcalf announced that Joseph Perkins, 31, of Philadelphia, Pennsylvania, was sentenced today to 84 months in prison and three years of supervised release by United States District Judge Karen S. Marston for robbing multiple city banks in a two-week span.

    Perkins was charged by indictment in October 2024 with four counts of bank robbery and pleaded guilty in March. As detailed in court filings and admitted to by the defendant, he would present threatening demand notes to bank personnel in order to obtain and abscond with money.

    The offenses committed by Perkins are as follows:

    • the August 26, 2024, robbery of the Citizens Bank branch located inside the ACME Market at 2497 Aramingo Avenue, Philadelphia
    • the August 29, 2024, robbery of the Citizens Bank branch located at 2101 Cottman Avenue, Philadelphia
    • the September 4, 2024, robbery of the TD Bank branch located at 6304 Roosevelt Boulevard, Philadelphia
    • the September 7, 2024, robbery of the TD Bank branch located at 2267 East Butler Street, Philadelphia

    Perkins received cash in the first three robberies but fled the fourth empty-handed.

    The case was investigated by the FBI Philadelphia Violent Crimes Task Force and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Kwambina Coker.

    MIL Security OSI –

  • MIL-OSI Security: Philadelphia Man Who Robbed Four Banks Sentenced to Seven Years in Prison

    Source: US FBI

    PHILADELPHIA – United States Attorney David Metcalf announced that Joseph Perkins, 31, of Philadelphia, Pennsylvania, was sentenced today to 84 months in prison and three years of supervised release by United States District Judge Karen S. Marston for robbing multiple city banks in a two-week span.

    Perkins was charged by indictment in October 2024 with four counts of bank robbery and pleaded guilty in March. As detailed in court filings and admitted to by the defendant, he would present threatening demand notes to bank personnel in order to obtain and abscond with money.

    The offenses committed by Perkins are as follows:

    • the August 26, 2024, robbery of the Citizens Bank branch located inside the ACME Market at 2497 Aramingo Avenue, Philadelphia
    • the August 29, 2024, robbery of the Citizens Bank branch located at 2101 Cottman Avenue, Philadelphia
    • the September 4, 2024, robbery of the TD Bank branch located at 6304 Roosevelt Boulevard, Philadelphia
    • the September 7, 2024, robbery of the TD Bank branch located at 2267 East Butler Street, Philadelphia

    Perkins received cash in the first three robberies but fled the fourth empty-handed.

    The case was investigated by the FBI Philadelphia Violent Crimes Task Force and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Kwambina Coker.

    MIL Security OSI –

  • MIL-OSI Economics: RBI imposes monetary penalty on Thane District Central Co-operative Bank Ltd., Thane, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated July 14, 2025, imposed a monetary penalty of ₹2.10 lakh (Rupees Two Lakh Ten Thousand only) on Thane District Central Co-operative Bank Ltd., Thane, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act.

    The statutory inspection of the bank was conducted by NABARD with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to put in place a system of periodic updation of KYC of its customers as per the prescribed periodicity.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/730

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated July 14, 2025, imposed a monetary penalty of ₹20,000.00 (Rupees Twenty Thousand only) on The Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had sanctioned a loan to one of its directors.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/731

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated July 11, 2025, imposed a monetary penalty of ₹3.00/- lakh (Rupees Three Lakh only) on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’ and ‘Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.

    The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. conduct Vulnerability Assessment (VA) and Penetration Testing (PT) of its internet facing mobile application as per the prescribed periodicity; and

    2. provide compensation for certain failed IMPS and UPI transactions, which were not auto-reversed within the prescribed timeline.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/732

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated July 11, 2025, imposed a monetary penalty of ₹3.00/- lakh (Rupees Three Lakh only) on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’ and ‘Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.

    The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. conduct Vulnerability Assessment (VA) and Penetration Testing (PT) of its internet facing mobile application as per the prescribed periodicity; and

    2. provide compensation for certain failed IMPS and UPI transactions, which were not auto-reversed within the prescribed timeline.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/732

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Mandvi Nagrik Sahakari Bank Limited, Mandvi, Dist. Surat, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated July 11, 2025, imposed a monetary penalty of ₹2.00/- lakh (Rupees Two Lakh only) on The Mandvi Nagrik Sahakari Bank Limited, Mandvi, Dist. Surat, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Management of Advances – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to ensure end-use of funds with respect to a loan sanctioned by it.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/733

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Friendship and Bilateral Cooperation Treaty: The 17 Projects the UK and Germany will deliver together

    Source: United Kingdom – Executive Government & Departments

    World news story

    Friendship and Bilateral Cooperation Treaty: The 17 Projects the UK and Germany will deliver together

    A collection of projects agreed between the UK and Germany as part of the Treaty signed by the two countries on 17 July 2025 in London.

    In July 2025 the UK and Germany signed the Treaty on Friendship and Bilateral Cooperation. As part of the Implementation Plan under Article 22 of the Treaty, they agreed to deliver 17 priority projects. These projects span the breadth of the Treaty, enhancing cooperation in the face of global challenges, and delivering tangible benefits for UK and German citizens. The projects will be reviewed by a Joint Cabinet every two years.

    1. Ukraine Recovery & Reconstruction

    The UK-Germany Alliance will power Ukraine’s recovery: driving reform, reconstruction and resilience together.

    • Strengthening coordination and strategic alignment between the UK and Germany on Ukraine reform, recovery and reconstruction support.
    • Championing annual Ukraine Recovery Conferences, improving joint action between humanitarian, development and peace actors and strengthening donor engagement with Ukrainian civil society.

    2. Trinity House Defence Agreement

    The UK and Germany commit to building a much deeper Defence partnership which will endure in the long-term and enable both countries to address threats, and strengthen NATO, through the framework agreed in the 2024 Trinity House Agreement on Defence co-operation.

    • Deep Precision Strike and Defence: Advancing work to develop a new Deep Precision Strike capability to provide a conventional deterrent in Europe; we are jointly leading the 2.000 km+ cluster within the European Long Range Strike Approach (ELSA). It will be among the most advanced systems ever designed. We will aim to deliver a capability within a decade.
    • Uncrewed Aerial Systems and Future Connectivity: Continuing ongoing UK-Germany coordination of the development, procurement, and doctrine of uncrewed aerial systems. Both Air Forces have developed a detailed „Flight Plan“ to increase their future connectivity.
    • Strengthening Eastern Flank through new Land Strategic Partnership: Delivering a strategic partnership in land systems and continuing their close BOXER cooperation, including RCH 155 artillery and extending cooperation to common offboard systems for Future Ground Combat Systems. Both armies are building on their bilateral vision statement to drive this forward. A new Statement of Intent on bridging capabilities has been agreed.
    • Undersea Co-operation in the Northern Seas: Working together to counter undersea threats. This includes training of German crews on UK P-8A Maritime Patrol Aircraft which will also be delivered to Germany shortly. Both sides have signed an agreement on joint procurement of new Sting Ray torpedoes under development for their aircraft.

    3. Strengthening Defence Industrial and Export Co-operation

    We will work jointly across Government to promote defence exports and champion greater co-operation between our defence industries.

    • Widening our efforts to facilitate and promote dialogue with, and co-operation between, UK and German Defence Industries by further developing the UK-Germany Defence Industry Forum, as per the first meeting in June, reflecting our commitment to a new partnership with industry. This will drive innovation and business-business links to enhance growth.
    • Seeking opportunities to support one another’s defence capability requirements, including through developing future joint procurement initiatives where our requirements align.
    • Deepening efforts to promote our growth and security by pursuing joint export campaigns for jointly produced equipment, building on the UK’s imminent accession to the Germany-France-Spain Treaty on arms export controls.

    4. Joint Action Plan on Irregular Migration

    We will implement the comprehensive Joint Action Plan on Migration to step-up action against people smuggling and illegal migration.

    • Increasing cooperation against migrant smuggling, strengthening law enforcement and judicial cooperation, stepping-up efforts on returns, providing regional leadership and deterring irregular migration to Germany and the UK.
    • Germany is introducing a clarification in German legislation concerning the facilitation of irregular migration to the UK (to be brought to Cabinet with a view to be adopted by Parliament as soon as possible, within 2025).
    • This will establish an even stronger framework for law enforcement, policy and prosecutorial cooperation against organised crime groups smuggling and trafficking people. Aligning as regional leaders on irregular migration in forums such as the Calais Group and Berlin Process, developing joint approaches to key upstream routes.
    • Continuing to support one another to be innovative in managing our migration systems and delivering secure borders.

    5. Strategic Science and Technology Partnership

    We will together develop cutting-edge critical technologies – such as quantum, AI and digital, semiconductors, space capabilities, advanced connectivity, fusion and sustainable energy solutions including battery technologies – to drive long-term economic growth, by:

    • Conducting high-impact research, accelerating adoption of transformative technologies, enhancing supply chain resilience and contributing to an open and innovative business environment.
    • Exploring AI cooperation initiatives, enhancing UK-German innovation leadership, fostering further collaboration to accelerate breakthrough innovation, establishing a strategic space partnership, strengthening collaboration on semiconductors and facilitating closer cooperation between our two nations’ battery eco-systems.

    6. North Sea Energy Infrastructure Project

    We will work together to develop North Seas energy infrastructure – supporting economic growth and reducing bills through trade and infrastructure development.

    • Driving the development of offshore hybrid interconnection between the UK and Germany by the mid-2030s, including through exploring a Joint Declaration of Intent on Offshore Hybrid Assets for agreement at the North Sea Summit in January 2026.
    • Working together to accelerate the development of H2- and CO2-infrastructures.

    We will pave the way for a new direct rail connection between the UK and Germany.

    • Establishing formal cooperation between the two governments to address the barriers to establishing direct rail services between London and Germany within the next ten years.
    • Creating a task force, including Transport and Interior Ministries, to explore establishing juxtaposed controls.

    8. E-gates

    We will streamline leisure, educational, and business travel to Germany.

    • Rolling out the first phase of e-gates access for frequent travellers by the end of August, followed by roll out for all UK nationals as soon as technically possible.

    9. School trips and mobility of citizens

    We will make it easier for school groups to travel between the UK and Germany and consider ways to further enhance mobility between our people.

    • Delivering visa-free school group travel between the UK and Germany, increasing opportunities for linguistic, cultural and academic experiences. Rolling out the new scheme by the end of 2025.
    • Appointing a Joint Expert Group from across both governments to identify mutually agreeable solutions to UK and German mobility issues, including challenges faced by educational and scientific institutions, cultural bodies and political organisations.

    10. Business-Government Forum

    We will bring together German and UK businesses to exchange on business opportunities and to explore joint projects in order to drive growth, enabling our governments to draw upon the expertise and insights of our vibrant business communities.

    • Bringing together key stakeholders from Germany and the UK in this Forum to promote cooperation between German and UK companies and to identify areas of high growth potential in which UK-German cooperation will benefit the two economies.
    • This will be complemented by opportunities for direct exchange between senior business leaders and Ministers from both countries.

    11. Strategic conflict prevention and stabilisation partnership

    We will develop our global partnership to prevent conflict and build lasting peace.

    • Collaborating across international conflict prevention and resolution initiatives, including countering violent extremism; supporting security sector reform and working together to widen our engagement.
    • Sharing situational awareness, early warning, crisis data; collaborating on use of AI; and strengthening our commitment to the Women, Peace and Security agenda.

    12. Western Balkans stability and security

    The UK will host the German-born Berlin Process, bringing leaders of the six Western Balkans countries and other European states together to support stability, security and economic co-operation in the region.

    • Strengthening coordination between the UK and Germany to support long-term regional and broader European security
    • Driving joint initiatives under the Berlin Process and seeking tangible progress for the Western Balkans Six on their Euro-Atlantic paths.

    13. Indo-Pacific cooperation

    The UK and Germany commit to increased and sustained cooperation on the Indo-Pacific.

    • Strengthening coordination on regional and maritime security, share best practice on geo-economic affairs and secure growth, and strategically align efforts on climate change mitigation and adaptation in the Indo-Pacific.
    • This will include coordination between UK and Germany on initiatives across the Indo-Pacific cooperation workstream.

    14. Biosecurity Cooperation

    We will strengthen our capability to protect our nations and our interests from biological threats.

    • Exchanging information on the development of national biosecurity strategies, bolstering critical infrastructure (e.g. in health care), improving preparedness to state terrorism with biological agents, and preparing for new and re-emerging, highly pathogenic pathogens.
    • Establishing joint exercises and an emergency support system between the UK and Germany.

    15. Strategic sustainable development partnership

    We will deliver impact together on all aspects of sustainable development including growth and jobs, health and climate.

    • Building alliances to advance the 2030 Agenda, and reform international systems. Coordinating on global financial institutions, private sector mobilisation, climate and debt solutions, sustainable infrastructure, and climate resilient and inclusive growth.
    • Holding an annual Development Dialogue setting the strategic direction for our collaboration on development, focusing on shared expertise, new ideas and innovative tools to tackle key challenges and support Global South partners.

    16. Education, Culture, Sport

    We will boost opportunity and growth by putting young people and social mobility at the heart of a new era of educational, cultural and sporting cooperation.

    • Driving more school exchanges, focusing on lower socio-economic groups, creating new initiatives, delivered through existing mobility pathways, such as the first UK-German Creative Industries Prize and inaugural Youth Summit.
    • Delivering a revitalised UK-German Cultural & Education Commission, led by UK and German ministers, to identify and deliver new people-to-people initiatives, with a focus on driving opportunity for all.

    17. KfW/UK Public Financial Institutions collaboration

    Cooperation between our Public Financial Institutions will accelerate the investment needed to boost growth in our economies. * Deepening links between the British Business Bank, National Wealth Fund, and British International Investment) and Germany’s KfW to help mobilise private capital, develop well-functioning and sustainable markets * Sharing insights & best practice, enhancing operational/financial performance, seizing investment opportunities in areas of mutual interest, and exploring further opportunities to deepen cooperation.

    Updates to this page

    Published 17 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Global challenges require ‘bold, cooperative leadership’ – Godongwana

    Source: Government of South Africa

    The G20 bloc must remain a source of leadership and action in development, as the world economy and countries continue to face a multitude of challenges.

    This is the word from Finance Minister Enoch Godongwana, who delivered the opening remarks at the 3rd G20 Finance Ministers and Central Bank Governors Meeting in KwaZulu-Natal on Thursday.

    “We meet at a time of a fragile global economic growth. While inflation is gradually moderating and financial conditions have started to stabilise in some regions, uncertainty continues to weigh heavily on global growth prospects.

    “Rising trade barriers, persistent global imbalances and new geopolitical risks are… concerns,” he said.

    Furthermore, many developing countries – particularly those in Africa – remain “burdened by high and rising debt vulnerabilities, constrained fiscal space and high cost of capital”, which limits their ability to invest in their economies.

    “Technological shifts, especially in artificial intelligence and digital finance, offer tremendous potential but also demand robust governance and coordinated action to harness to the opportunities, mitigate risks such as job displacement, and bridge digital divides towards inclusive growth.

    “At the same time, climate-related shocks and extreme weather events are increasing in frequency and severity worldwide, impacting lives, livelihoods and economic stability.  The cumulative impact of these cascading challenges is pushing the achievement of the Sustainable Development Goals (SDGs) 2030 further out of reach,” Godongwana said.

    The Minister noted that developing countries, particularly those in Africa, face a “staggering” yearly financing gap of some $4 trillion for sustainable development.

    “The message from the 4th Financing for Development Conference in Spain was unequivocal: We must act decisively, choose cooperation over fragmentation, unity over division and action over inaction before the window to deliver on our shared commitment closes.

    “In the face of these complex challenges, the G20 must remain a source of strategic global leadership, cooperation and action. We must extend our efforts if we are to reach our true potential as a collective, to enable us to deal decisively with economic, environmental, developmental and social challenges that plague… low-income countries in other regions and small developing States.

    “We have a critical role to play in revitalising and strengthening multilateralism by fostering inclusive dialogue, reinforcing rules-based cooperation and driving collective action in global challenges that no country can solve alone,” Godongwana said.

    He called on the delegates to approach discussions at the meeting to with “open minds, collective purpose and a determination to deliver progress”.

    “The need for bold, cooperative leadership has never been greater,” Godongwana said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Mashatile calls for SA and China to shift focus from raw material trade to collaborative industrialisation

    Source: Government of South Africa

    South Africa and China are at a crucial juncture in redefining their economic partnership, moving from a focus on raw material trade to a collaborative approach to industrialisation. 

    This is according to Deputy President Paul Mashatile, who was speaking during a working dinner with the Insurance Corporation of British Columbia (ICBC) and Standard Bank at the China World Summit Wing Hotel Conference Hall in Beijing.

    “South Africa and China are at a pivotal moment to redefine our economic partnership, from raw material trade to co-industrialisation. Together, we can pave the way for a brighter future that brings prosperity to our people and strengthens the bonds between our nations.“

    The Deputy President emphasised the need for collaboration in strategic sectors to promote investment and trade in areas such as battery manufacturing, critical minerals, renewable energy, green hydrogen, infrastructure, rail modernisation, and metallurgy revitalisation.

    “South Africa presents significant investment opportunities in metallurgy and smelter revitalisation, driven by its rich mineral resources and the global shift towards a low-carbon economy.

    “Let us turn commitments into concrete projects that create jobs, transfer technology, and position South Africa as China’s gateway to Africa.”

    Mashatile is currently in China for a strategic working visit.

    The purpose of the visit, which began on Monday, is to strengthen bilateral relations and enhance economic cooperation between South Africa and China.

    He told the attendees that the gathering signifies the importance of fostering strong partnerships between South Africa and China in strategic sectors for investment and trade promotion. 

    “With the diversified resources of South Africa and the economic strength of China, there is a great deal that we can accomplish together. We must augment our collaboration, especially in critical industries poised for investment and trade.” 

    Currently, the Deputy President stated that South Africa and China have strong economic cooperation, with bilateral commerce amounting to US$34 billion in 2024 and Chinese foreign direct investment in South Africa being US$13.21 billion. 

    The Deputy President believes that this partnership is characterised by a growing trade relationship, with China being South Africa’s largest trading partner for 16 consecutive years.

    “A notable aspect of the trade relationship is the trade imbalance, where South Africa exports primarily raw materials to China and imports manufactured goods, creating a trade deficit for South Africa. South Africa needs to benefit more from its active, albeit highly unequal, trading partnership with China,” he said. 

    He said the dinner presented a strategic opportunity to leverage the institutions’ financial expertise and advisory market insights to deepen investment in SA’s priority sectors and to also address trade imbalances by promoting value-added exports and technology transfer. 

    The Deputy President said the platform was crucial to advancing partnerships in renewable energy, critical minerals, infrastructure, and manufacturing under the Forum on China-Africa Cooperation (FOCAC) framework.

    “Through the process of recognising and capitalising on these key sectors, we can create an environment in which both of our economies benefit and in which we make progress towards our common objectives.

    “I am certain that the many areas of expertise and knowledge that have been collected around these tables will make it possible for us to devise specific plans and strategies that can be put into action, which will propel our partnership ahead.” 

    He also highlighted some opportunities in green industrialisation, infrastructure financing, and export diversification. 

    “In addition to a rapidly expanding renewable energy industry, the country’s plentiful natural resources, which include minerals that are essential for the development of environmentally friendly technology, provide a solid basis for the expansion of green industrialisation.” 

    Meanwhile, he stressed that strategic investments in infrastructure, particularly in water and sanitation, and a focus on export diversification can further drive sustainable economic development and job creation. 

    Mashatile said there was potential for South Africa and China to work together to foster innovation, the transfer of technology, and the development of skills.

    “There is the potential for us to form partnerships that are beneficial to both parties if we capitalise on our skills and explore new ways of working together.

    “Through partnership and working together for a common purpose, we can realise the full potential of both our countries.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Wedbush Securities Welcomes Daniel Shea as Managing Director of Consumer & Diversified Industries Investment Banking

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 17, 2025 (GLOBE NEWSWIRE) — Wedbush Securities, a prominent financial services firm, has hired Daniel Shea as Managing Director in its Consumer & Diversified Industries Investment Banking group. In this role, Shea will play a key part in expanding and strengthening Wedbush’s Consumer & Diversified Companies investment banking coverage, drawing on his deep industry expertise and track record in consumer-related companies.

    Shea joins from BTIG, LLC, where he served as Managing Director and led the buildout of the firm’s consumer-focused investment banking group. With nearly 20 years of experience, Shea brings deep expertise in specialty retail, e-commerce, branded consumer products and restaurants. Earlier in his career, he held senior banking positions at firms including Keen-Summit Capital Partners, Canaccord Genuity, Sterne Agee-CRT and Janney Montgomery Scott.

    Shea’s notable deals include the spin-out of Twin Peaks from Fat Brands, the de-SPAC and IPO of Pinstripes, and a private convertible financing for FreshRealm. He also advised on the sale-leaseback and subsequent capital raise for Chicken N Pickle, BurgerFi’s acquisition of Anthony’s Coal Fired Pizza, Drive Shack’s follow-on equity offering, and the sale of Hampton Forge to Lennox Corporation.

    “I’m excited to join a team that appreciates the consumer sector and focuses on supporting entrepreneurs through pivotal moments of growth,” Shea said. “Wedbush’s collaborative and creative solution-driven culture aligns closely with how I’ve built my relationships over the years, and I look forward to replicating my past success for the Wedbush platform.”

    “I’ve known Dan for a decade and have always appreciated his conscientious service to clients—something I know he’ll bring with him to Wedbush,” shared Burke Dempsey, EVP and Head of Investment Banking & Capital Markets. “His history of advising on complex transactions across the consumer landscape makes him a strong strategic partner for our firm’s expansion and enhances our ability to deliver sector-specific insights and senior-level executions to our clients.”

    Shea’s appointment adds to Wedbush’s domain expertise across key growth sectors, strengthening the firm’s ability to deliver strategic insight and advisory excellence to clients.

    About Wedbush Securities
    Wedbush Securities is the largest subsidiary of Wedbush Financial Services. Since its founding in 1955, Wedbush is widely known for providing our clients, both private and institutional, with a wide range of securities brokerage, clearing, wealth management, and investment banking services. Headquartered in Los Angeles, California with 100 registered offices and nearly 900 colleagues, the firm focuses on client service and financial safety, innovation, and the utilization of advanced technology. Securities and Investment Advisory services are offered through Wedbush Securities Inc. Member NYSE/ FINRA / SIPC 

    Media Inquiries:
    Serina Molano
    publicrelations@wedbush.com
    213-688-4564

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b996a4f4-d7f2-405f-ac4c-06647429f422

    The MIL Network –

  • MIL-OSI: Wedbush Securities Welcomes Daniel Shea as Managing Director of Consumer & Diversified Industries Investment Banking

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 17, 2025 (GLOBE NEWSWIRE) — Wedbush Securities, a prominent financial services firm, has hired Daniel Shea as Managing Director in its Consumer & Diversified Industries Investment Banking group. In this role, Shea will play a key part in expanding and strengthening Wedbush’s Consumer & Diversified Companies investment banking coverage, drawing on his deep industry expertise and track record in consumer-related companies.

    Shea joins from BTIG, LLC, where he served as Managing Director and led the buildout of the firm’s consumer-focused investment banking group. With nearly 20 years of experience, Shea brings deep expertise in specialty retail, e-commerce, branded consumer products and restaurants. Earlier in his career, he held senior banking positions at firms including Keen-Summit Capital Partners, Canaccord Genuity, Sterne Agee-CRT and Janney Montgomery Scott.

    Shea’s notable deals include the spin-out of Twin Peaks from Fat Brands, the de-SPAC and IPO of Pinstripes, and a private convertible financing for FreshRealm. He also advised on the sale-leaseback and subsequent capital raise for Chicken N Pickle, BurgerFi’s acquisition of Anthony’s Coal Fired Pizza, Drive Shack’s follow-on equity offering, and the sale of Hampton Forge to Lennox Corporation.

    “I’m excited to join a team that appreciates the consumer sector and focuses on supporting entrepreneurs through pivotal moments of growth,” Shea said. “Wedbush’s collaborative and creative solution-driven culture aligns closely with how I’ve built my relationships over the years, and I look forward to replicating my past success for the Wedbush platform.”

    “I’ve known Dan for a decade and have always appreciated his conscientious service to clients—something I know he’ll bring with him to Wedbush,” shared Burke Dempsey, EVP and Head of Investment Banking & Capital Markets. “His history of advising on complex transactions across the consumer landscape makes him a strong strategic partner for our firm’s expansion and enhances our ability to deliver sector-specific insights and senior-level executions to our clients.”

    Shea’s appointment adds to Wedbush’s domain expertise across key growth sectors, strengthening the firm’s ability to deliver strategic insight and advisory excellence to clients.

    About Wedbush Securities
    Wedbush Securities is the largest subsidiary of Wedbush Financial Services. Since its founding in 1955, Wedbush is widely known for providing our clients, both private and institutional, with a wide range of securities brokerage, clearing, wealth management, and investment banking services. Headquartered in Los Angeles, California with 100 registered offices and nearly 900 colleagues, the firm focuses on client service and financial safety, innovation, and the utilization of advanced technology. Securities and Investment Advisory services are offered through Wedbush Securities Inc. Member NYSE/ FINRA / SIPC 

    Media Inquiries:
    Serina Molano
    publicrelations@wedbush.com
    213-688-4564

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b996a4f4-d7f2-405f-ac4c-06647429f422

    The MIL Network –

  • MIL-OSI: Wedbush Securities Welcomes Daniel Shea as Managing Director of Consumer & Diversified Industries Investment Banking

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 17, 2025 (GLOBE NEWSWIRE) — Wedbush Securities, a prominent financial services firm, has hired Daniel Shea as Managing Director in its Consumer & Diversified Industries Investment Banking group. In this role, Shea will play a key part in expanding and strengthening Wedbush’s Consumer & Diversified Companies investment banking coverage, drawing on his deep industry expertise and track record in consumer-related companies.

    Shea joins from BTIG, LLC, where he served as Managing Director and led the buildout of the firm’s consumer-focused investment banking group. With nearly 20 years of experience, Shea brings deep expertise in specialty retail, e-commerce, branded consumer products and restaurants. Earlier in his career, he held senior banking positions at firms including Keen-Summit Capital Partners, Canaccord Genuity, Sterne Agee-CRT and Janney Montgomery Scott.

    Shea’s notable deals include the spin-out of Twin Peaks from Fat Brands, the de-SPAC and IPO of Pinstripes, and a private convertible financing for FreshRealm. He also advised on the sale-leaseback and subsequent capital raise for Chicken N Pickle, BurgerFi’s acquisition of Anthony’s Coal Fired Pizza, Drive Shack’s follow-on equity offering, and the sale of Hampton Forge to Lennox Corporation.

    “I’m excited to join a team that appreciates the consumer sector and focuses on supporting entrepreneurs through pivotal moments of growth,” Shea said. “Wedbush’s collaborative and creative solution-driven culture aligns closely with how I’ve built my relationships over the years, and I look forward to replicating my past success for the Wedbush platform.”

    “I’ve known Dan for a decade and have always appreciated his conscientious service to clients—something I know he’ll bring with him to Wedbush,” shared Burke Dempsey, EVP and Head of Investment Banking & Capital Markets. “His history of advising on complex transactions across the consumer landscape makes him a strong strategic partner for our firm’s expansion and enhances our ability to deliver sector-specific insights and senior-level executions to our clients.”

    Shea’s appointment adds to Wedbush’s domain expertise across key growth sectors, strengthening the firm’s ability to deliver strategic insight and advisory excellence to clients.

    About Wedbush Securities
    Wedbush Securities is the largest subsidiary of Wedbush Financial Services. Since its founding in 1955, Wedbush is widely known for providing our clients, both private and institutional, with a wide range of securities brokerage, clearing, wealth management, and investment banking services. Headquartered in Los Angeles, California with 100 registered offices and nearly 900 colleagues, the firm focuses on client service and financial safety, innovation, and the utilization of advanced technology. Securities and Investment Advisory services are offered through Wedbush Securities Inc. Member NYSE/ FINRA / SIPC 

    Media Inquiries:
    Serina Molano
    publicrelations@wedbush.com
    213-688-4564

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b996a4f4-d7f2-405f-ac4c-06647429f422

    The MIL Network –

  • MIL-OSI: Remittix Announces Q3 Launch of Cross-Border Crypto Wallet Following $16M+ Raised in Presale

    Source: GlobeNewswire (MIL-OSI)

    KOŠICE, Slovakia, July 17, 2025 (GLOBE NEWSWIRE) — Remittix, the blockchain-powered remittance platform, has announced the upcoming public release of its flagship crypto-to-fiat wallet in Q3 2025. This marks a major milestone for the project, which has already raised over $16 million in its ongoing token presale and distributed more than 551 million RTX tokens.

    Designed to solve long-standing challenges in international money transfers, the Remittix wallet enables users to convert crypto assets into local fiat currencies and send funds to over 30 countries in under 24 hours. The platform supports 40+ cryptocurrencies and 30+ fiat currencies, aiming to bridge blockchain infrastructure with traditional financial systems.

    “With the Remittix wallet, we’re not just launching another crypto app—we’re delivering real financial tools for real people,” said a Remittix spokesperson. “Whether it’s a freelancer in the Philippines or a merchant in Nigeria, our mission is to make global payments faster, cheaper, and borderless.”

    Key Features of the Upcoming Wallet:

    • Instant Swap and FX Conversion: Swap major cryptocurrencies and automatically convert to supported local currencies.
    • Bank Withdrawals: Direct send-to-bank features available in 30+ countries.
    • Privacy Focused: No IP logging and minimal KYC requirements for small transactions.
    • Business Tools Coming Soon: APIs for merchant payments and crypto invoicing.

    The project’s infrastructure has passed a full smart contract audit by CertiK, ensuring transparency and user safety. In anticipation of the wallet’s release, the Remittix presale is approaching its $18 million soft cap, with an active 50% token bonus still available for early participants.

    Analysts on platforms like Binance Square and CoinCentral, have noted that Remittix’s approach to integrating blockchain with cross-border payments is attracting increased interest, particularly from users in underserved financial regions.

    In support of its growing community, Remittix has also launched a $250,000 giveaway campaign to reward early supporters and raise awareness ahead of the product’s release.

    About Remittix

    Remittix is a next-generation remittance and payment solution built on blockchain technology. It aims to remove friction from cross-border payments and provide a faster, lower-cost alternative to traditional remittance channels. The platform’s native token, RTX, powers transaction fees, staking rewards, and upcoming DeFi-based payment utilities.

    To learn more about Remittix or to participate in the presale, visit:
    Website: https://remittix.io
    Linktree: https://linktr.ee/remittix
    Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway

    Contact:
    Andy Černý
    andy@remittix.io

    Disclaimer: This content is provided by Remittix. 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.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ad7ffc9-ce17-4fc7-9caa-8e1f0e069df5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/da7cee58-8c8a-48c1-b6a6-a601c69d5ab4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ce5ba15c-084e-4c2f-85b9-35e336d04414

    https://www.globenewswire.com/NewsRoom/AttachmentNg/dadd2433-0912-4981-8839-af3a9525509a

    The MIL Network –

  • MIL-OSI: Remittix Announces Q3 Launch of Cross-Border Crypto Wallet Following $16M+ Raised in Presale

    Source: GlobeNewswire (MIL-OSI)

    KOŠICE, Slovakia, July 17, 2025 (GLOBE NEWSWIRE) — Remittix, the blockchain-powered remittance platform, has announced the upcoming public release of its flagship crypto-to-fiat wallet in Q3 2025. This marks a major milestone for the project, which has already raised over $16 million in its ongoing token presale and distributed more than 551 million RTX tokens.

    Designed to solve long-standing challenges in international money transfers, the Remittix wallet enables users to convert crypto assets into local fiat currencies and send funds to over 30 countries in under 24 hours. The platform supports 40+ cryptocurrencies and 30+ fiat currencies, aiming to bridge blockchain infrastructure with traditional financial systems.

    “With the Remittix wallet, we’re not just launching another crypto app—we’re delivering real financial tools for real people,” said a Remittix spokesperson. “Whether it’s a freelancer in the Philippines or a merchant in Nigeria, our mission is to make global payments faster, cheaper, and borderless.”

    Key Features of the Upcoming Wallet:

    • Instant Swap and FX Conversion: Swap major cryptocurrencies and automatically convert to supported local currencies.
    • Bank Withdrawals: Direct send-to-bank features available in 30+ countries.
    • Privacy Focused: No IP logging and minimal KYC requirements for small transactions.
    • Business Tools Coming Soon: APIs for merchant payments and crypto invoicing.

    The project’s infrastructure has passed a full smart contract audit by CertiK, ensuring transparency and user safety. In anticipation of the wallet’s release, the Remittix presale is approaching its $18 million soft cap, with an active 50% token bonus still available for early participants.

    Analysts on platforms like Binance Square and CoinCentral, have noted that Remittix’s approach to integrating blockchain with cross-border payments is attracting increased interest, particularly from users in underserved financial regions.

    In support of its growing community, Remittix has also launched a $250,000 giveaway campaign to reward early supporters and raise awareness ahead of the product’s release.

    About Remittix

    Remittix is a next-generation remittance and payment solution built on blockchain technology. It aims to remove friction from cross-border payments and provide a faster, lower-cost alternative to traditional remittance channels. The platform’s native token, RTX, powers transaction fees, staking rewards, and upcoming DeFi-based payment utilities.

    To learn more about Remittix or to participate in the presale, visit:
    Website: https://remittix.io
    Linktree: https://linktr.ee/remittix
    Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway

    Contact:
    Andy Černý
    andy@remittix.io

    Disclaimer: This content is provided by Remittix. 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.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ad7ffc9-ce17-4fc7-9caa-8e1f0e069df5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/da7cee58-8c8a-48c1-b6a6-a601c69d5ab4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ce5ba15c-084e-4c2f-85b9-35e336d04414

    https://www.globenewswire.com/NewsRoom/AttachmentNg/dadd2433-0912-4981-8839-af3a9525509a

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI: Canadian Net Reit Announces Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, July 17, 2025 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) is pleased to announce that it has received approval from the TSX Venture Exchange (“TSX”) for the annual renewal of its normal course issuer bid (“NCIB”).

    For its current NCIB that expires on July 31, 2025, the Trust previously sought and received approval from the TSX to repurchase up to 1,028,053 units of Canadian Net (the “Units”). The Trust did not purchase any Units over the course of this NCIB.

    Under the renewed NCIB, Canadian Net may purchase for cancellation, through the facilities of TSX Venture Exchange, other designated exchanges and/or alternative Canadian trading systems, if in the best interest of the Trust, a maximum of 1,029,881 Units, which represents approximately 5% of the units in circulation. As of today, the Trust has 20,597,637 Units issued and outstanding. Over the course of any 30-day period, the Trust will not purchase more than 411,952 Units in total, which represents 2% of the Units issued and outstanding at this present date.

    All purchases and settlements of said securities are to be made through the facilities of TSX Venture Exchange, other designated exchanges and/or alternative Canadian trading systems in accordance with their rules and regulations. All units redeemed by the Trust pursuant to the NCIB will be cancelled. National Bank Financial will be handling the offer on behalf of the Trust. The price paid by the Trust for the redemption of these units will be the price of the units at the time of acquisition. The renewed normal course issuer bid will begin on August 1, 2025 and will expire on July 31, 2026.

    The Board of Trustees of Canadian Net believes that the purchase of units through the NCIB represents a valuable use of the financial resources of the Trust as these interventions can protect as well as enhance value for our unitholders when opportunities arise or in the event of volatility in the unit price.

    About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

    Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not intend or undertake to update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

    Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.

    For further information please contact Kevin Henley at (450) 536-5328.

    The MIL Network –