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Category: Business

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

    Source: US Whitehouse

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

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

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

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

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

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

    MIL OSI USA News –

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

    Source: US Whitehouse

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

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

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

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

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

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

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

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

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

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

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

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

    (d)  “Qualifying Project” means:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

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

    Source: US Whitehouse

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

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

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

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

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

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

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

    (B)  data pipelines and labeling systems;

    (C)  AI models and systems;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    No Offer or Solicitation

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

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

    Attachments

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

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

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

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

    Results of Operations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Financial Condition

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Asset Quality

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

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

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

    Accruing Loans 30 to 89 Days Delinquent

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

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

    PCD Loans (Held-for-Investment)

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

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

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

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

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

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

    About Northfield Bank

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: United Kingdom – Government Statements

    Press release

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

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

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

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

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

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

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

    Maritime Minister Mike Kane said:  

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

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

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

    Chris Courtney, CEO, National Manufacturing Institute Scotland said:

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

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

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

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

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

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

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

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

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

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

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

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

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

    Maritime media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

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

    Source: United Kingdom – Government Statements

    Press release

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Business and Trade Secretary Jonathan Reynolds said: 

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

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

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

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

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

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

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

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

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

    Notes to editor 

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

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

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

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

    Bacon and Nadler Reintroduce Legislation to Protect Organ Donors

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ###

    MIL OSI USA News –

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

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

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

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

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

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

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

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

    Federal Disaster Declaration

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

    Advocating for Northern Michigan

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

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

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

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

    State Actions 

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

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

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

    Resources

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

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

    229 Court St. 

    Cheboygan, MI 49721 

    8288 S. Pleasantview Rd. 

    Harbor Springs, MI 49740 

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

    MIL OSI USA News –

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

    Source: New places to play in Gungahlin

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

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

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

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

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

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

    Watch

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

    Keep up to date

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

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    MIL OSI News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter Highlights

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

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

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

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

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

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

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

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

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

    Summary Results

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

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

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

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

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

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

    Balance Sheet Summary

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

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

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

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

    Loans by Type

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

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

    Interest-bearing Deposits

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

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

    Asset Quality

    Allowance for Credit Losses

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

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

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

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

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

    Non-interest Income

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

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

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

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

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

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

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

    Non-interest Expense

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Provision for Income Taxes

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

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

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

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

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

    Webcast Details

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

    About Five Star Bancorp

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

    Forward-Looking Statements

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

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

    Condensed Financial Data (Unaudited)

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

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

    Non-GAAP Reconciliation (Unaudited)

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Transaction structure and terms confirmed in line with Memorandum of Understanding

    Creating a global leader in energy services

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

    Highlights

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

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

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

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

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

    Strategic rationale of the Proposed Combination

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

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

    The transaction is expected to create significant shareholder value through:

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

     Transaction structure, ownership and terms

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

     Key activities performed since the execution of the Memorandum of Understanding

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

     Organisational structure of Saipem7

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

     Pre-completion distributions to shareholders

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

    Shareholders’ Agreement

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

    Timing, conditions precedent, approvals and other matters

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

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

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

    Documentation

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

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

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

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

    Advisors

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

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

    Enquiries

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

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

    No Offer or Solicitation

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

    Forward-looking Statements

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

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

    Use of Non-IFRS Financial Measures

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

    Presentation of Financial Information

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

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

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

    Attachment

    The MIL Network –

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

    US Senate News:

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

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

    MIL OSI USA News –

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

    Source: United Kingdom – Executive Government & Departments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    DOI: 10.1136/bmj-2025-085546

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

    DOI: 10.1136/bmj-2025-085547

    Declared interests

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

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

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

    This Roundup was accompanied by an SMC Briefing. 

    MIL OSI United Kingdom –

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

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

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

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

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

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

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

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

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

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

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

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Ministry of Economic Development: The Strategy for the Development of the Creative Economy will take into account business developments

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

    The Ministry of Economic Development of Russia continues to work on implementing the decisions taken at the strategic session on the development of the creative economy in the Government of the Russian Federation. One of the key documents will be the Strategy for the Development of the Creative Economy until 2036. It will be based, among other things, on the opinions and practices of the business community. For this purpose, the Center for Strategic Research is conducting a business survey.

    Representatives of companies, industry associations, public and expert organizations, as well as individual entrepreneurs and the self-employed can take part in the survey. The best regional practices for developing the creative economy will also be analyzed.

    An open dialogue with business is a key part of preparing a strategy, says Deputy Minister of Economic Development of Russia Tatyana Ilyushnikova.

    “Systematic work on developing the creative economy is already underway. In 2024, a federal law on the development of creative industries was adopted, and since 2025, the Ministry of Economic Development of Russia has been officially vested with the functions of a regulator in this area. Developing a long-term strategy is the next logical step. Already during the strategic session, we received proposals from State Duma deputies, specialized associations and experts. But the key part of this work is an open dialogue with businesses and the professional community. The survey conducted by the Center for Strategic Research is one of the most important feedback tools. Its results will form the basis for decisions and mechanisms aimed at creating conditions for the sustainable growth of creative industries in Russia,” Tatyana Ilyushnikova emphasized.

    To take into account proposals and initiatives onsurvey page It is necessary to fill out a questionnaire and describe the project in detail, including its uniqueness, innovativeness and potential impact on the development of the industry. Information on possible economic effects and social significance will be of particular value. The questionnaire also includes an indication of current/required support measures (tax incentives, subsidies, grant support, educational programs, etc.).

    Upon completion of the survey, CSR specialists will collect, summarize and submit proposals to the Russian Ministry of Economic Development for work on the text of the strategy.

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: Ernst Pushes to Safeguard American Innovation From China

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – After releasing a bombshell report detailing how critical technology is vulnerable to espionage by the Chinese Communist Party, Senate Small Business and Entrepreneurship Committee Chair Joni Ernst (R-Iowa) detailed why Congress must pass her INNOVATE Act to protect and advance American innovation.
    Ernst laid out how her bill to reauthorize the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs would cut red tape, ensure that funding goes to truly small businesses and startups, and strengthen protections against China’s attempts to steal taxpayer-funded intellectual property.

    Watch Senator Ernst’s full remark here.
    Ernst’s full remarks:
    “Today’s hearing comes at a pivotal moment.
    “America has consistently been at the forefront of technological innovation.
    “Nonetheless, our adversaries — especially China — are working overtime to undermine us.
    “Over the past 100 years, the United States of America has catalyzed the world’s most consequential technology breakthroughs.
    “From putting mankind on the moon, to unlocking a whole new digital frontier, Americans didn’t just invent. We built.
    “We turned those big dreams into real-world breakthroughs, securing a long and prosperous period of economic might and global leadership.
    “But after a century of wins, we cannot become complacent.
    “Over the past 20 years, those in power in Washington have looked the other way as China initiated a comprehensive industrial espionage strategy.
    “They’re not hiding it either. The Chinese Communist Party, through its Made in China 2025 plan, has made crystal clear its goal to eliminate U.S. technological leadership in critical industries.
    “We need to be more clear-eyed, folks. China desires nothing more than to surpass the United States technologically and militarily.
    “They want to impose their authoritarian ideology on the world and destroy the West.
    “If we want any shot at preserving America’s leadership and warfighting capabilities, we have to lock down our innovation pipeline.
    “The truth is, America has left its door wide open, effectively inviting our adversaries to take advantage.
    “As a result, sensitive industries have become vulnerable to exploitation, allowing countries like China to use well-known techniques— including talent recruitment programs— to steal our innovations.
    “The CCP forces innovators across our vibrant startup economy to hand over trade secrets and intellectual property as a cost of doing business.
    “They invest in American firms, not to help, but to scheme, snoop, and steal.
    “The United States Trade Representative and FBI estimate intellectual property theft by China costs our economy between $225-600 billion per year.
    “The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are no exception.
    “In 2021, the Pentagon first sounded the alarm, revealing the pervasive exploitation of the SBIR program by foreign bad actors and recommended a foreign ties due diligence review process for applicants.
    “That’s why, through the SBIR STTR Extension Act of 2022, I fought to establish a framework to identify the extent of foreign risk, vet each company coming through the doors, and stop awarding awards to malicious actors.
    “It was a strong start, but it isn’t enough. Congress must take further action to secure the critical technologies being cultivated in these programs.
    “In fact, my recent report on this subject showed that 64 percent of applications flagged for foreign risk were still eligible to receive taxpayer dollars. That’s unacceptable. I ask unanimous consent to enter this report into the record.
    “We cannot afford to keep investing taxpayer dollars to develop and deploy our best homegrown technologies, while failing to safeguard them against theft by our adversaries.
    “This is why earlier this year I introduced the INNOVATE Act.
    “It would tighten our defenses, standardizing foreign ties due diligence in SBIR across participating agencies and giving agencies more muscle to claw back award dollars when our national security is threatened. It’s just common sense.
    “Let me be clear, this is only a first step. The disturbing reality is that China is already conducting economic warfare in our homeland by targeting our farmland and critical infrastructure.
    “If we want to win the next century and beyond, we must protect our innovators, our intellectual property, and the technologies that will shape our future.
    “I am looking forward to hearing from our expert witnesses today on the scale of these threats and response measures for Congress to consider.”

    MIL OSI USA News –

  • MIL-OSI USA: Senators Scott, Crapo, Colleagues Reintroduce Legislation to Improve IRS Accountability

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    U.S. Senator Tim Scott (R-S.C.), Senate Finance Committee Chairman Mike Crapo (R-Idaho), and their Republican colleagues, reintroduced the IRS Accountability and Taxpayer Protection Act to modify rules for imposing tax penalties on Americans. This bill would require a supervisor or higher-level official to approve or deny penalties during the pre-assessment process. Establishing a supervisor sign-off requirement will improve transparency and accountability at the IRS to make sure that taxpayers are not given improper or automated penalties.

    “IRS agents should seek proper approval before issuing penalties to American taxpayers,” said Sen. Scott. “I’m reintroducing the IRS Accountability and Taxpayer Protection Act to implement reforms that put the taxpayer first and supports good governance. This bill ensures no penalty can be imposed without written approval from a supervisor, bringing greater transparency and accountability to the process. American taxpayers deserve a fair system that protects their rights—not one that punishes them without oversight.”

    “Senator Scott deserves the gratitude of millions of Americans for reintroducing legislation to strengthen this vital taxpayer safeguard against unauthorized penalties. Congress affirmed the IRS’s penalty authority must be balanced with the rights of taxpayers in the bipartisan IRS Restructuring and Reform Act of 1998. That provision has come under attack in recent years, endangering the hard-won protections that Americans depend upon in legitimate disputes with the IRS. The IRS Accountability and Taxpayer Protection Act gives hope to taxpayers who follow the rules that the IRS will do the same. We are proud to support Senator Scott’s bill. Lawmakers in both parties should do so too,” said Pete Sepp, president of the National Taxpayers Union.

    “Democrats super-sized the IRS to ramp up audits on small businesses and households. They attempted to strip away section 6751(b) of the tax code, a provision that prevents IRS agents from supervisor shopping for a rubber stamp to shake down taxpayers. Scott’s bill ensures the IRS can’t intimidate taxpayers into settling by threatening unjust penalties. Taxpayers need more protection from the IRS, not less. Every lawmaker should support Sen. Scott’s bill and I applaud his leadership,” said Grover Norquist, president of Americans for Tax Reform.

    In addition to U.S. Senators Scott and Crapo, the IRS Accountability and Taxpayer Protection Act is cosponsored by Senators Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Chuck Grassley (R-Iowa), and Jim Risch (R-Idaho).

    Full text of the IRS Accountability and Taxpayer Protection Act can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Scott Applauds $25 Million Grant for Dorchester County Corridor

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senator Tim Scott (R-S.C.) issued the following statement on the Better Utilizing Investments to Leverage Development (BUILD) grant that he advocated for review and the U.S. Department of Transportation (DOT) approved. This nearly $25 million grant for U.S. Highway 78 Phase 3A was the only grant awarded in South Carolina in Round 2 of 2025 BUILD grant funds.

    “This BUILD grant is a vital investment in the safety of Dorchester’s residents and its future, and I look forward to seeing the development of this project that will improve safety for residents and overall corridor efficiency,” said Senator Scott. “The U.S. Highway 78 corridor has been a transportation priority for South Carolina for years, and this funding will deliver real, day-to-day improvements for the community.”

    Sen. Scott wrote a letter to the DOT in support of the BUILD grant to address safety concerns and congestions levels along the corridor in Dorchester County.

    This infrastructure investment is designed to improve traffic flow, expand transportation options, and enhance overall mobility and connectivity throughout the corridor, delivering substantial benefits to residents and commuters.

    Background:

    The U.S. 78 Phase 3A project will transform a critical transportation corridor by widening the highway from west of Orangeburg Road to North Maple Street in Dorchester County, South Carolina. The expansion will convert the existing two-lane roadway into a five-lane configuration featuring:

    • 12-foot-wide travel lanes 
    • 15-foot-wide center turn lane 
    • Approximately 3.39 miles of new sidewalks 
    • Approximately 4.9 miles of bicycle lanes 
    • Approximately 0.41 miles of multi-use path 
    • Upgraded intersections with dedicated turn lanes and concrete medians 
    • Replacement of the Rumphs Hill Creek culvert 
    • Installation of curb and gutter systems along the corridor 

    MIL OSI USA News –

  • MIL-OSI USA: Luján Fights for National Lab Science Funding, Presses Trump Administration to Protect America’s Scientific Innovation and Reverse Course on Cuts to Research and Development Programs

    US Senate News:

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

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), Co-Chair of the Senate National Labs Caucus, called on President Trump to reverse course on proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including cuts to programs at National Laboratories. In the letter to President Trump, Senator Luján highlights the successful economic impacts by these DOE research and development programs, including our National Laboratories’ critical role in driving global scientific leadership.

    Senator Luján wrote, “These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.”

    “Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence,” continued Senator Luján.

    “As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions,” concluded Senator Luján.

    The full text of the letter is available here and below:

    Dear President Trump:

    I am writing to express my deep concern regarding the proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including significant cuts to the Office of Science, the Office of Energy Efficiency and Renewable Energy (EERE), and the Advanced Research Projects Agency – Energy (ARPA–E). These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.

    The national laboratories are not just the Department of Energy’s research hubs; they are engines of economic empowerment. These nearly 80,000 scientists, engineers, and staff are at the forefront of pioneering technologies in advanced energy systems, life-saving medical isotopes, next-generation manufacturing, and national defense. The proposed 14% reduction to the Office of Science and 74% cut to EERE will have an immediate and destabilizing impact – threatening the continuation of critical research programs, leading to the loss of thousands of skilled jobs. Investments in science ARE investments in American leadership.

    Specifically, EERE has been responsible for more than $624 billion in net economic benefits, heavily contributing to U.S. energy bill reductions of over $800 billion since 1980. These cuts will impede 100s of ongoing lab-based projects in clean energy, grid modernization, and industrial decarbonization, while endangering 1,000s of jobs across multiple national laboratories, and undermine a network that has historically returned over $10 in economic output for every dollar of federal R&D investment. We don’t just silence the potential for future discoveries that could deliver heat and power to every corner of the country, we squander the ingenuity of the very Americans who have the knowledge and drive to make it happen.

    Similarly, proposed budget reductions would scale back fellowships, internships, and research grants that support tens of thousands of graduate and postdoctoral researchers. Around half of STEM graduate students rely on federal support to complete their training. The elimination of these opportunities would be devastating to early-career researchers and erode our long-term competitiveness, particularly in fields like quantum, biotechnology, and energy.

    For decades, DOE’s national laboratories have played a critical role in translating federal research into commercial success. The DOE national labs outperform other agencies in innovation productivity, producing 3.5x more patents per dollar and 1.4x higher licensing rate per patent than the federal agency average. Every year the labs execute 1000s of partnership agreements, including 100s of agreements to commercialize technology. These efforts are part of a larger ecosystem that has enabled the United States to maintain global leadership in critical technologies such as artificial intelligence, biotechnology, advanced computing, and energy efficiency. This innovation culture, rooted in federally funded basic and applied science, has given the United States a durable advantage over strategic competitors, including China, whose state-led investments are rapidly closing the gap.

    Programs like ARPA-E, which the budget proposes to cut by 57%, have been instrumental in maintaining this leadership. The agency has funded over 1,000 high-risk projects, resulted in over 700 patents, and attracted over $12 billion in follow-on private investment. Reducing federal investments in ARPA-E and DOE lab commercialization programs could shift the global balance of innovation. Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence.

    The United States did not become a global leader in science and technology by retreating from bold investment. We became that leader by making deliberate, courageous decisions to fund basic and applied research, to believe in our academic institutions, and to empower our national laboratories as centers of excellence. At a time when other nations are dramatically increasing their R&D investments, it would be short-sighted and strategically dangerous for the United States to step back.

    As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions. At Sandia National Laboratories, researchers invented clean rooms, a technology essential to manufacturing microchips that power high performance computing and artificial intelligence, while also revolutionizing hospital operating room safety. Sandia isn’t just refining the economics of LED light bulbs, they’re re-engineering light itself to promote human health and increase agricultural yields. At Los Alamos, during the Human Genome Project, scientists developed GenBank, the genetic sequence database that has become indispensable to modern drug discovery and our understanding of disease. Los Alamos also remains one of the nation’s only sources of critical medical isotopes used in targeted cancer therapies – treatments that can destroy breast cancer cells while sparing healthy tissue. Slashing funding to these transformative institutions isn’t just short-sighted – it’s an assault on the standard of living, health, and opportunity for every American.

    America’s scientific capacity is one of its most valuable assets. We must treat it accordingly – with care, with vision, and with the full weight of federal support. I respectfully urge you to reconsider these reductions and restore full funding for DOE research and innovation programs – including ARPA-E, EERE, the Office of Science, the associated workforce, and their commercialization initiatives.

    Thank you for your consideration and commitment to the future of American science, security, and prosperity.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: DelBene, Clarke Introduce Bill to Boost Smart City Tech

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Congresswomen Suzan DelBene (WA-01) and Yvette Clarke (NY-09) introduced the Smart Cities and Communities Act, legislation that would expand smart city technologies and improve federal coordination of these programs.

    Smart technologies help improve community safety, mobility, and resilience against natural disasters, while also expanding communication and public services in large cities and small towns alike. These innovations help cities cut costs, alleviate traffic congestion, reduce air pollution, and lower energy use, all while generating economic growth and expanding opportunities for communities of all sizes.

    With an estimated $1.4 trillion expected to be invested globally in smart technology over the next five years, U.S. cities must catch up. Research shows that every dollar spent on government technology can save nearly $4. Despite these clear benefits, the U.S. is currently lagging in smart city development.

    This technology is already making an impact in cities across the nation, including Washington. In Redmond, it is being deployed to improve traffic flow and management. This system helps detect pedestrians in crosswalks, adjusts light timings for safer crossing, and modifies traffic signals based on real-time volumes to reduce congestion and make our intersections safer and less stressful for roadway users. In Bellevue, the city has a Smart Mobility Plan to help the city plan for shared-use mobility, autonomous vehicles, electric vehicles, and data management.

    The Smart Cities and Communities Act would:

    • Enhance federal coordination of smart city programs, including improved reporting and demonstration of the value and utility of smart city systems.
    • Provide assistance and resources to local governments interested in implementing smart city technologies, making them more accessible in suburban and rural areas.
    • Develop a skilled domestic workforce to support smart cities.
    • Improve the quality and performance of smart city technologies while assessing and enhancing cybersecurity and privacy protections. 
    • Foster international collaboration and trade in smart city technologies.

    “Investing in smart city technology will propel our nation into a bright future, powered by more livable communities,” said DelBene. “The Smart Cities and Communities Act allows local governments to equip themselves with the cutting-edge tools to increase connectivity and develop green infrastructure. This important development will strengthen the middle class by generating good jobs and cutting pollution, ensuring the United States maintains its position as a global leader in innovation.”

    “Ensuring our communities are equipped with the smart city technologies they need to be cleaner, safer, and more resilient to the changing climate must be among Congress’ highest priorities,” said Clarke. “In the face of the worsening climate crisis, we have a responsibility to provide every American with equitable access to the innovations that will protect them from whatever an uncertain future might bring. I am proud to stand alongside my colleague, Congresswoman Suzan DelBene, to introduce this forward-looking legislation that will position the United States as a leader in the global movement towards climate resilience and facilitate the critical upgrades our communities are depending on Congress to deliver.”

    “BSA commends Representatives DelBene and Clarke for reintroducing the Smart Cities and Communities Act, which recognizes the potential of artificial intelligence and emerging technologies to transform local communities. By encouraging adoption of and investments in AI-driven solutions, and supporting robust AI training and data utilization, this legislation will help communities realize smart city benefits that are efficient, cost-effective, and enhance public services,” said Craig Albright, SVP of US Government Relations, Business Software Alliance.

    The full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats

    Source: Securities and Exchange Commission

    On behalf of the Securities and Exchange Commission, I am soliciting candidates for all five Board positions, including the Chairperson, of the Public Company Accounting Oversight Board (the “PCAOB” or “Board”). The PCAOB was established by the Sarbanes-Oxley Act of 2002 (the “Act”) and oversees the audits of the financial statements of public companies, brokers, and dealers through registration, standard setting, inspection, and disciplinary programs. Under the Act, the Securities and Exchange Commission selects members and the Chairperson of the Board.

    The Act requires that PCAOB Board members be “appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.”

    Each Board seat is associated with a set five-year term; any nominee selected by the Commission to fill a seat will serve for the remainder of the term associated with that seat. If eligible, the Commission may reappoint such person to a second, full term. Any Board member, including the Chairperson, may be appointed to any seat. The Chairperson’s seat may be filled by either a CPA or a non-CPA, though any member who is a CPA is eligible to serve as Chairperson only if that individual has not been a practicing CPA for five years preceding possible appointment as Chairperson.

    The five seats have terms that expire on the following dates:

    1. October 24, 2026.
    2. October 24, 2027.
    3. October 24, 2028.
    4. October 24, 2029.
    5. October 24, 2030.[1]

    I strongly encourage applications from candidates interested in furthering the public interest through the efficient stewardship of PCAOB resources.  PCAOB Board members play an important role in serving the public interest by helping to protect the integrity of public markets in a manner that minimizes unnecessary costs for the public companies, brokers, and dealers who ultimately fund the PCAOB’s budget. In that regard, I note that over the last several years, the PCAOB’s annual budget has increased at a rate significantly faster than that of the Commission. This increase took place over a period in which the Board’s mission did not change materially. Under the Act, the Board’s budget is subject to Commission approval. The Commission’s review of the PCAOB’s annual budget is an important element of the Commission’s oversight of the Board, and I expect that an evaluation of Board member compensation will be among the items the Commission considers in connection with its review of the Board’s 2026 budget.

    The PCAOB Board member selection process is administered by the SEC’s Office of the Chief Accountant. Individuals who meet the statutory criteria and are interested in being considered for a position as Board member of the PCAOB should submit (1) a cover letter, discussing the statutory qualifications summarized above and described more completely in the Act; and (2) a current résumé or curriculum vitae to Boardrecommendations@sec.gov, on or by August 25, 2025.

    [1] The candidate selected for this seat will be appointed to serve two consecutive terms, with the first expiring on October 24, 2025 and the second expiring on October 24, 2030.

    MIL OSI USA News –

  • MIL-OSI Australia: Transcript – ABC 7.30 with Sarah Ferguson

    Source: Murray Darling Basin Authority

    SARAH FERGUSON: I just want to change the tone very slightly here because we are used to politicians appearing to be thick-skinned. The execution of power demands it, and I should say this is not a reflection on Barnaby Joyce. I just wanted to change the tone. Because tonight we’ll see a slightly different side of Education Minister Jason Clare, who today introduced the Government’s childcare legislation and who is tasked with fixing the crisis in childcare that’s left some of our youngest children vulnerable. He joined me earlier. 

    Jason Clare, welcome.

    JASON CLARE: Thank you.

    FERGUSON: So, new legislation today, it gives you the power to cut off subsidies to childcare centres using the big stick. What is the threshold for taking that decision?

    CLARE: Well, it depends on the seriousness of what’s happening in a centre. If we’re concerned that there’s an imminent threat to the safety of children in a centre, that centre can be shut down today —

    FERGUSON. So, that already exists?

    CLARE: That already exists. And state regulators can and do, do that. But if we’ve got centres that are not meeting that standard, that quality and safety standard, there’ll be the capacity, because of this legislation, for the Secretary of my department to issue a show cause notice to a centre to explain why they are not meeting that standard, otherwise the funding will be cut off within 28 days. But there’s also the flexibility in the legislation to set conditions. So, the Secretary could also say, you must do a number of things in order to maintain your funding. That flexibility is important here to make sure that we target the right centres. And I’ve got to tell you, there’s a bit of work going on right now before the legislation’s passed between my department and state regulators to make sure that we’ve got a list of the centres that we can and will target with this legislation.

    FERGUSON. So, that’s the question. How do you know which of Australia’s 15,000 centres to target? So tell me about that work?

    CLARE: Well, they know. State regulators know this because they rate centres —

    FERGUSON: Yes, but do they? Because the numbers on the frequency of testing, some of them haven’t been. I think the average is every four years. Some centres haven’t been tested for 10 years. So, what information are they relying on?

    CLARE: Well, they know through the centres that they’ve rated that there’s about 4 per cent of centres that aren’t meeting that minimum safety standard and that can be everything from an exit sign through to lack of supervision. They also know the centres where they’ve set conditions for them themselves, and they’ve told them, you’ve got a couple of months to meet the grade, meet the standard and then they come back a couple of months later and they haven’t. They’re the sort of centres that the states are telling us they want to use this legislation to pull the funding from.

    FERGUSON: I suppose the question is, is this plan built on shaky foundations? Given that the way the system works, the way the accreditation is done, the way the testing is done, there are such huge gaps in it. Yes, there may be centres that have been identified by the states and territories. What about all those centres, some of them, that haven’t been visited for 10 years? What about those centres that have waivers? Where do they fit in?

    CLARE: Well, this is where states need to step up. You know, the Commonwealth needs to step up. All centres need to step up here if we’re going to make sure that this legislation does what we want it to do. But, you know, Sarah, I’m also not here to say that this is a silver bullet, that this is going to guarantee that every child’s safe just because of this legislation. I spent a good part of the day dealing with some mothers of children who were sexually assaulted and abused in centres that were already at that standard. That doesn’t mean that we shouldn’t be using the power that the Commonwealth has, with all the funding we provide to centres, to say to centres, if you’re not at that standard, we’re going to remove the funding. At its core, this is not about cutting off funding to centres and shutting centres down. If it works the way it should work, it’ll send a message to the people who run these centres that you’ve got to get to that standard or the money’s going to be turned off.

    FERGUSON. So, what do you do? You say you want the states to do more, but what do you do about the fact that there clearly aren’t enough regulators available in the states and territories to look at all of those 15,000 centres? There are too many with very long gaps, never, never tested, or the little gaps that I was talking about. So, you know, there aren’t enough regulators in the states to visit those centres. So, what do you do about that?

    CLARE: There’s two things. The regulators already tell us they know where to target this legislation at the centres that they repeatedly go to, and they’re not meeting standards. But there’s also more work that the states need to do to build that workforce. And we’ve seen Queensland, South Australia and Victoria announce an extra investment in their regulators. That’s a good thing. There’s work that’s got to be done right across the country. And it’s not just this legislation; it’s not just the work of regulators. It’s the things we talked about a couple of weeks ago. It’s about a register so that we know where workers are from centre to centre and from state to state. It’s about CCTV and how that works. If we’re going to roll that out, we’ve got to make sure we do it in the right way, so that the sort of predators we’re all worried about in our centres can’t use that sort of information for all the wrong reasons. And it’s about the sort of training that we provide to the most important people who work in those centres. One of the things I’m very conscious of in this job is that with everything that’s happened in the last couple of weeks, the people who work in our centres, the good, honest, hard-working people who love our kids, look after our kids, including mine in centres, feel tarnished, feel tarred by this. People have been spat on in the streets for wearing their uniform. They’re the best asset we’ve got here to keep our kids safe, 99.9 per cent of them are those people.

    FERGUSON: You’re clearly worried about those people, aren’t you?

    CLARE: I am, I am. They do some of the most important work in the world. When my wife fell pregnant for the second time, we showed an ultrasound to my little boy, Jack, and told him he was going to be a big brother. And we thought, you know, he’d be really excited. First thing he said was, I can’t wait to tell Kelly. Kelly is the woman that looked after him at childcare, and it told me that this is not an ordinary job. These are very special people, and they’re as hurt and as angry as everybody else out there. And I’ve got to use this role and this responsibility and this opportunity to tell Australia how important they are as well. But we’ve got to equip them with the skills that they need and to identify a predator lying in clear sight who might be grooming a child or grooming them. And that’s what mandatory child safety training is all about.

    FERGUSON: Just come back to the way the system works, because you’re bringing your personal experience to that. It’s important. It’s something that’s clearly moved you because you’ve been very lucky to have excellent childcare staff. But do you think that they are also being let down by the standard system? It’s been in place for a long time. Is it still adequate for what we need to address what is a crisis in the childcare system?

    CLARE: No. No.

    FERGUSON: So do you need to – Well, I’m asking about the system of standards itself. For example, as you know, the way things stand at the moment, a childcare centre cannot be failed for its performance. Do you need to have at least a standard of failure?

    CLARE: Well, it sort of is, but there’s euphemisms about how you describe it.

    FERGUSON: Isn’t it time we got rid of all of the euphemisms in this area?

    CLARE: The point is, and it’s- I think it’s pretty bloody obvious that the system has failed parents here and that we’ve all got a responsibility to step up. That’s the Commonwealth Government, that’s State Governments, that’s the people who run these centres as well. Part of this legislation is the power to cut off funding. Part of it is also the power to advise parents or to publish information to tell the mums and dads whose children are at these centres that unless the standards improve at that centre, we’re going to cut off their funding. Not just them, but also to pass that same information on to the board members who run these companies and the stock exchange. You know, the big-

    FERGUSON: Do you think those big companies, in particular the private equity involved in childcare and some of the big companies with multiple centres, do you think these people have been indifferent to the suffering of children in those centres?

    CLARE: Money talks, and unfortunately, some organisations have put profit ahead of the safety of our children. Now I’m happy for –

    FERGUSON: (Interjecting) Will any of those companies, those groups, still be operating in Australia?

    CLARE: If they don’t meet the standards that we set as a nation, that parents expect and that our kids deserve, no. If they meet those standards, then that’s good. What this legislation’s about is sending a very clear message. You know what the standards are. If you don’t meet them, then there’s no place for you in the childcare system in Australia —

    FERGUSON: (Interjecting) I want to be very clear about the standards because I’m raising questions about the nature of the standards themselves. This whole system that you are creating depends on the standards themselves being strong and effective. Do those standards themselves, the way we rate childcare centres, do they need to be overhauled?

    CLARE: I think the standards are sound. I think the rating system is sound. I think there’s more work that needs to be done by the states to make sure that we’re rating centres properly. Now that doesn’t mean –

    FERGUSON: (Interjecting) Frequently enough? 

    CLARE: — And more frequently, and it happens differently in different states. So, there’s- please don’t interpret this as me blaming the states. We’ve all got a responsibility here, whether it’s Labor Governments, Liberal Governments, State or Federal. Good work’s been done. But not enough, not fast enough. There’s more work that needs to be done if we’re serious about making sure that we keep the kids that are walking through and sometimes being carried through the doors of our childcare centres safe.

    FERGUSON: Jason Clare, thank you very much for answering the questions and also sharing that story about yourself. I appreciate it.

    CLARE: Thank you.

    FERGUSON: Thank you. 

    MIL OSI News –

  • MIL-OSI USA: July 23rd, 2025 N.M. Delegation Announces President’s Approval of Major Disaster Declaration for Lincoln County, Maintains Push for Major Disaster Declaration for Chaves, Otero, & Valencia Counties

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) released the following joint statement, welcoming President Donald Trump’s granting of a Major Disaster Declaration for Lincoln County, while renewing their call for President Trump to grant a Major Disaster Declaration for Chaves, Otero, and Valencia Counties and authorize Public Assistance Categories C-G in the wake of severe flooding that took the lives of three people and damaged homes, businesses, and critical infrastructure.

    “The loss of life and devastation in Ruidoso as a result of this catastrophic flooding is horrific and heartbreaking. After seeing the destruction firsthand and hearing from families who have lost everything, our thoughts remain with those mourning loved ones and the hundreds of New Mexicans forced to flee their homes or watch their businesses be destroyed. We are deeply grateful to the first responders, local leaders, medical providers, and rescue teams working tirelessly to help their communities recover.

    “This Major Disaster Declaration for Lincoln County will unlock funding needed for disaster response, and we will continue to push President Trump to grant the State’s Major Disaster Declaration request for Chaves, Otero, and Valencia Counties and authorize additional Public Assistance to make sure that all New Mexicans impacted by this disaster are provided with the federal support necessary to rebuild.”

    On July 10, the N.M. Delegation welcomed an emergency declaration for Chaves, Lincoln, Otero, and Valencia Counties. The emergency declaration opened up access to specific FEMA funds for immediate disaster response, including support for search and rescue and incident management efforts. An emergency declaration does not preclude a subsequent Major Disaster Declaration. Therefore, the N.M. Delegation pushed President Trump to approve a Major Disaster Declaration request from Governor Michelle Lujan Grisham.

    Through a Major Disaster Declaration request, the State of New Mexico has requested Public Assistance, Category A through G, including Direct Federal Assistance for Lincoln County, Chaves County, Otero County, and Valencia County, as well as Individual Assistance, including Housing Assistance, Small Business Administration Disaster Assistance, Disaster Case Management, Transitional Sheltering Assistance, Serious Needs Assistance, Crisis Counseling, Disaster Legal Services, Disaster Unemployment, and Displacement Assistance for Lincoln County and Valencia County. The State also requested Hazard Mitigation statewide, as facilitated by New Mexico’s Natural Disaster Hazard Mitigation Plan.

    The N.M. Delegation will continue to push President Trump to authorize Public Assistance Categories C-G and approve a Major Disaster Declaration request for Chaves, Otero, and Valencia Counties from Governor Michelle Lujan Grisham.

    Additionally, on July 15, the N.M. Delegation called on the Office of Management and Budget (OMB) Director Russ Vought and Federal Emergency Management Agency (FEMA) Acting Director David Richardson to disburse critical and overdue funds that would provide immediate assistance in response to the catastrophic flash flooding in and around Ruidoso.

    In a letter to OMB Director Vought and FEMA Acting Director Richardson, the Delegation urged OMB to release reimbursement funds from a project undertaken in the wake of last year’s South Fork and Salt Fires — currently stalled in “Large Project Review” — so they can be redirected to Lincoln County after recent severe flooding. The project in question was completed last year, has been fully reviewed by FEMA, and has an estimated cost of $7.7 million. These funds could be deployed immediately to assist Lincoln County and impacted residents as they continue to assess and respond to the recent severe flooding. But with no timeline provided to Lincoln County or the New Mexico Department of Homeland Security and Emergency Management (DHSEM) for completing the “Large Project Review” by the Administration, the Delegations is demanding answers. Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Colleagues Introduce Bipartisan Legislation to Increase Market Competition for Prescription Drugs, Lower Prices for Consumers

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa) joined three Senate colleagues to reintroduce the Short on Competition Act to increase competition in the pharmaceutical industry and lower prices for consumers. The legislation is led by Sens. Amy Klobuchar (D-Minn.) and Mike Lee (R-Utah) and sponsored by Sen. Dick Durbin (D-Ill.). Grassley is the current chairman of the Senate Judiciary Committee and the former chairman and a senior member of the Senate Finance Committee.

    The bipartisan legislation would allow the Secretary of Health and Human Services to grant expedited reviews and inspections, as well as temporary importation, when there is a prescription drug shortage or if there is likely to be a shortage. The secretary can also take these actions when there are fewer than five competitors in a market for prescription drugs that have been approved for at least 10 years.

    “Iowans are fed up with the high price of prescription drugs, and a driver of those costs is lack of competition. Time and again, we see that limited options in the marketplace lead to higher prices for patients. Our bill will bring more options to the market, giving consumers relief through alternatives to a single high-priced drug,” Grassley said.

    “If drug companies know new competitors can quickly enter the market, maybe they’ll think twice before raising prices in the first place. More competition in the marketplace will lead to more affordable prescription drugs for American consumers,” Klobuchar said. “This bipartisan legislation will help lower drug prices by prioritizing approvals and safely allowing temporary drug importation of products to address markets that lack competition.”

    “Big Pharma monopolies are keeping lifesaving drugs out of reach for too many Americans,” Lee said. “Cutting red tape for manufacturers will allow new competitors into the health care market – bringing drug prices down and quality up. The Short on Competition Act will give Americans more options for the medicine they need, protecting them from drug shortages and lowering their costs.”

    “American families should be able to afford life-saving medication. However, many medications, despite having been on the market for decades, are unaffordable. It is time that Big Pharma is held accountable for its abusive price gouging tactics,” Durbin said. “I am joining my colleagues in reintroducing the bipartisan Short on Competition Act to combat Big Pharma’s price gouging and lower prescription drug costs for Americans. Drug costs are a problem; this bill is a solution.”

    Background:

    Grassley has long championed efforts to reduce the cost of prescription drugs. Three pieces of legislation authored and coauthored by Grassley have been signed into law to combat anticompetitive practices and stop drug makers from reaping profits at the expense of taxpayers and consumers. Grassley has also led in-depth congressional investigations to expose those responsible for prescription drug price gouging.

    Other actions include:

    • May 2025: Grassley chaired a Senate Judiciary Committee hearing focused on the impacts of Pharmacy Benefit Managers’ (PBMs) increasing role in the drug supply chain and the needs of rural pharmacies.
    • April 2025: The Senate Judiciary Committee — which Grassley currently chairs — passed six Grassley-led bills to boost competition in the pharmaceutical industry and improve patients’ access to more affordable prescription drugs.
    • January 2025: Grassley welcomed the Federal Trade Commission’s (FTC) second interim staff report on PBMs and urged congressional and executive branch action.
    • July 2024: Grassley welcomed the FTC’s interim staff report on PBMs and urged congressional and executive branch action.
    • January 2024: Grassley sent a letter urging the FTC to complete its investigation into the health care industry’s most powerful prescription drug middlemen.
    • November 2023: The Finance Committee adopted a Grassley-led provision to strengthen oversight of Centers for Medicare & Medicaid Services (CMS) and hold PBMs accountable.
    • July 2023: The Finance Committee adopted several Grassley-led PBM accountability provisions. 
    • March 2023: The Senate Commerce Committee passed a Grassley-backed bill to hold PBMs accountable for unfair practices driving up costs for consumers.
    • February 2023: The Senate Judiciary Committee passed five Grassley-led bills to boost pharmaceutical industry competition and improve patients’ access to affordable prescription drugs.
    • October 2022: Grassley led a bipartisan letter urging the FTC to complete its investigation into PBMs to shine light on drug pricing practices.
    • January 2021: Grassley and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) released a two-year bipartisan investigation into insulin price gouging.
    • August 2018: Grassley requested the FTC assess pharmaceutical supply chain intermediaries.

    Learn more about Grassley’s persistent efforts to lower prescription drug costs HERE.

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    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Fetterman Introduce Bipartisan Bill to Crack Down on Art Market Money Laundering, Terrorist Financing

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. John Fetterman (D-Pa.) today introduced the Art Market Integrity Act. The bipartisan legislation would require art dealers and auction houses to comply with existing anti-money laundering and counter-terrorism financing regulations.

    “For decades, criminal enterprises have used America’s multibillion-dollar art industry as a personal piggy bank for money laundering schemes, terrorist financing and other nefarious activities. By requiring our nation’s art market to comply with existing anti-money laundering and counter-terrorism financing laws, this bipartisan legislation would keep art, and millions of dollars, out of the wrong hands,” Grassley said.

    “Art should be for art-lovers, not terrorists and criminals,” Fetterman said. “For too long, loopholes have allowed Russian criminal kingpins to evade sanctions and terrorists like Hezbollah to funnel money through art deals. I’m grateful to Senators Grassley, Whitehouse, and McCormick for working across the aisle to require art dealers and auction houses to perform basic due diligence. This needs to stop now.”

    The Art Market Integrity Act would:

    • Require art dealers and auction houses to maintain records and report on high-value art market transactions, exempting artists and businesses with under $50,000 in annual art transactions;
    • Align the United States with international standards adopted by the United Kingdom, European Union, Switzerland and China; and
    • Protect the United States’ national security, economic integrity and multibillion-dollar art market from criminals, terrorists, cartels and other bad actors.

    Grassley and Fetterman are joined by Sens. Dave McCormick (R-Pa.), Sheldon Whitehouse (D-R.I.), Bill Cassidy (R-La.) and Andy Kim (D-N.J.).

    Download the full bill text HERE.

    Background:

    The United States’ art industry is valued at around $25 billion and is the largest of its kind globally. Despite this, our art market is not currently bound by the anti-money laundering and counter-terrorism financing standards set by the Bank Secrecy Act.

    In 2024, the Treasury Department identified America’s art market as being particularly susceptible to money laundering and sanctions evasion. High-profile cases have further highlighted the urgent need for art market reform, including the indictment of Hezbollah financier, Nazem Ahmad, who used art to evade terrorism-related sanctions to the tune of $160 million.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Lee, Durbin, Grassley Introduce Bipartisan Legislation to Increase Competition and Lower Prescription Drug Prices for Consumers

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar

    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Mike Lee (R-UT) reintroduced legislation to increase competition in the pharmaceutical industry and lower prices for consumers. They were joined by the Ranking Member and Chair of the Senate Judiciary Committee, Senators Dick Durbin (D-IL) and Chuck Grassley (R-IA).

    The bipartisan Short on Competition Act would allow the Secretary of Health and Human Services (HHS) to grant expedited reviews and inspections, and temporary importation when there is, or is likely to be, a prescription drug shortage or when there are fewer than five competitors in a market for prescription drugs that have been approved for at least 10 years.

    “If drug companies know new competitors can quickly enter the market, maybe they’ll think twice before raising prices in the first place. More competition in the marketplace will lead to more affordable prescription drugs for American consumers,” said Klobuchar. “This bipartisan legislation will help lower drug prices by prioritizing approvals and safely allowing temporary drug importation of products to address markets that lack competition.”

    “Big Pharma monopolies are keeping lifesaving drugs out of reach for too many Americans,” said Lee. “Cutting red tape for manufacturers will allow new competitors into the health care market – bringing drug prices down and quality up. The Short on Competition Act will give Americans more options for the medicine they need, protecting them from drug shortages and lowering their costs.”

    “American families should be able to afford life-saving medication. However, many medications, despite having been on the market for decades, are unaffordable. It is time that Big Pharma is held accountable for its abusive price gouging tactics,” said Durbin. “I am joining my colleagues in reintroducing the bipartisan Short on Competition Act to combat Big Pharma’s price gouging and lower prescription drug costs for Americans. Drug costs are a problem; this bill is a solution.”

    “Iowans are fed up with the high price of prescription drugs, and a driver of those costs is lack of competition. Time and again, we see that limited options in the marketplace lead to higher prices for patients. Our bill will bring more options to the market, giving consumers relief through alternatives to a single high-priced drug,” said Grassley.

    Klobuchar has long championed efforts to make prescription drugs more affordable.

    Provisions from Klobuchar’s bill to empower Medicare to negotiate prescription drug prices and unleash the power of Medicare’s 53 million seniors to help lower drug prices for all Americans was signed into law in August 2022 as part of a larger health care savings package. In March, Klobuchar and Senator Catherine Cortez Masto (D-NV) introduced the Lower Drug Costs for Families Act, legislation to lower prices by extending the drug inflation rebates enacted as part of the 2022 drug pricing law, and further protecting consumers from price-gouging by pharmaceutical companies.

    In April, two of Klobuchar and Senator Chuck Grassley’s (R-IA) bipartisan bills to promote competition and reduce drug prices – the Preserving Access to Affordable Generics and Biosimilars Act and the Stop STALLING Act – passed the Senate Judiciary Committee. Together these bills would save taxpayers $1.9 billion over 10 years.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Grassley Ask For Unanimous Consent To Pass Their Bill To Crack Down On Pharmaceutical Advertisements

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    July 23, 2025

    The Senators’ bill would force Big Pharma to disclose prices when advertising prescription drugs, the UC request was blocked by a Senate Republican

    WASHINGTON – Today on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Chuck Grassley (R-IA) asked for unanimous consent (UC) to pass their bipartisan Drug-price Transparency for Consumers (DTC) Act, a bipartisan bill that would require price disclosures on advertisements for prescription drugs in order to empower patients and reduce Americans’ colossal spending on medications. The United States is one of only two industrialized countries in the world that allow drug advertising. Despite prior support for the measure from the Trump Administration, the request was blocked by a Senate Republican.

     

    “You know the ads with the catchy jingle and flashy images of patients rock climbing, golfing, dancing, [or] parading? Big Pharma spends more than $6 billion a year to flood the airwaves with ads for the latest wonder-drug. Why? Why would they spend this much money to advertise [these drugs]? They [Big Pharma] spend such astronomical sums to promote their drugs because it increases their profit margins. Big Pharma thinks that if they hit you hard enough and often enough ad on TV, not only will you be able to pronounce but [you’ll also be able to] spell Xarelto. You’ll also [be able to] tell your doctor ‘that is my favorite blood thinner, I’ve seen that ad over and over again.’ Don’t take my word for it. The American Medical Association said ‘direct-to-consumer advertising inflates demand for new and expensive drugs, even when these drugs may not be appropriate,’” Durbin said.

     

    “When President Biden announced the 15 drugs that Medicare will negotiate for discounts, most Americans knew the names, maybe even knew the jingle: Ozempic, Trelegy, Ibrance, and Otezla. Sound familiar? Pharma spent hundreds of millions of dollars each year for you to ‘ask your doctor’ about these drugs. The result? Medicare spent $22 billion last year alone on these four heavily advertised medications,” said Durbin.

     

    Last week, Durbin released a report about a new telehealth-advertising scheme launched by Pfizer and Eli Lilly. The report revealed relationships between drug companies seeking to sell their medications, and the telehealth companies hand-picked by these pharmaceutical giants, appear intended to steer patients toward particular medications. As the pharmaceutical industry floods the airwaves with commercials to increase demand for high-cost medications, these new telehealth platforms appear intended to churn out prescriptions to patients with just a few clicks online.

     

    Durbin continued, “With online promotions and new websites, Pharma is urging patients to ‘click here’ to speak with a doctor. But those telehealth doctors are handpicked, they’ve been recruited, and paid for by the drug companies. Pharma is funneling patients to their chosen health care providers, to influence prescriptions for costly drugs. This raises concerns about conflicts of interest and inappropriate prescribing of drugs. All of this is a result of Pharma’s rampant advertising spree.”

     

    Since 2017, Durbin has worked with Grassley to introduce bipartisan legislation to crack down on DTC advertisements. One-third of all commercials displayed on TV are of drugs from prescription drug companies. In 2023, Illinois company AbbVie spent $315 million on TV ads for Rinvoq, an eczema and arthritis drug. Nowhere in the commercial do they disclose it’s more than $6,100 per month.

     

    Durbin continued, “It’s time to end Big Pharma’s secrecy. If they are going to advertise a drug, they also need to [mention] to the American public how much it costs. It’s basic. No gimmicks, no tricks. Just the truth by advertising [what]… the drug companies publish as the official price.”

     

    Durbin continued, “Our common sense plan to require price disclosures in direct-to-consumer drug ads has already passed the Senate once before, in 2018… we knew that 88 percent of Americans support what we’re doing: disclosure of price. In fact, because of our work on this measure, Donald Trump made a statement: ‘Big announcement today: Drug companies have to come clean about their prices in TV ads. Historic transparency for American patients is here. If drug companies are ashamed of those prices—lower them!’”

    “Big Pharma hates being honest with patients about the price of their drugs. They fear it’s going to cut into their profits. Patients, American citizens, and others deserve lower drug prices. The Trump Administration has called on Congress to rein in these deceptive drug advertisements. But Big Pharma is looking for one Senator to come down and object to the passage of this common sense bill. I hope we can pass it right now to deliver real relief at the pharmacy counter,” Durbin concluded.

     

    The Government Accountability Office (GAO) has found that prescription drugs advertised directly to consumers accounted for 58 percent of Medicare’s spending on drugs between 2016 and 2018, while a 2023 study in the Journal of the American Medical Association found that two-thirds of advertised drugs offered “low therapeutic value.” By requiring direct-to-consumer (DTC) advertisements forprescription drugs to include a disclosure of the list price, patients can make informed choices when inundated with drug commercials and pharmaceutical companies may reconsider their pricing and advertising tactics. In recent years, the pharmaceutical industry has sued to keep the prices of their drugs out of their TV advertisements.

     

    Video of Durbin’s remarks on the floor is available here.

     

    Audio of Durbin’s remarks on the floor is available here.

     

    Footage of Durbin’s remarks on the floor is available here for TV Stations.

     

    -30-

    MIL OSI USA News –

  • MIL-OSI Banking: ACP Statement on FERC Approval of MISO and SPP ERAS Proposals

    Source: American Clean Power Association (ACP)

    Headline: ACP Statement on FERC Approval of MISO and SPP ERAS Proposals

    WASHINGTON, D.C. July 23, 2025— The American Clean Power Association (ACP) released the following statement from ACP Vice President of Markets & Transmission Carrie Zalewski after the Federal Energy Regulatory Commission’s (FERC) approval of the Midcontinent Independent System Operator (MISO) and Southwest Power Pool’s proposed Expedited Resource Addition Study (ERAS) proposals:
    “FERC’s approval of MISO and SPP’s ERAS proposals is a dangerous misstep, ignoring widely acknowledged market realities while signing off on the potential for major disruption for projects that have gone through the proper processes to be connected to the grid. The fastest growing sources of energy—solar, wind, and energy storage technologies—are the ones ready to deploy to help keep costs lower and power reliable for the more than 60 million American consumers served across both territories.
    “Maintaining reliable and affordable power requires a diversified grid and predictable measures to bring new resources online. We are committed to advancing this shared goal and responsibility in a way that instills confidence and benefits consumers and will work with stakeholders in SPP and MISO to ensure these approved requests do not set a precedent that will cause lasting damage.”
    The Facts
    States with higher deployment of clean energy see increases in reliability, as well as lower electricity prices on average.   

    During the Polar Vortex of 2025, where temperatures plummeted across the country, Texas and California only experienced a 20% increase in prices while states in MISO experienced an eye-popping 135+% increase in prices (Jan. 19-23, 2025).
    In SPP, during an intense heatwave in Summer 2024, wind rose to 30% of total demand during the heatwave, helping reduce operating costs by at least $27M (July 13-17, 2024).

    ###

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

    Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins.

    • Thousands of jobs created for Brits through new Indian investment and export wins worth almost £6 billion
    • New figures show that £4.8bn trade deal will unlock economic growth for each region and nation of the UK – delivering on the government’s Plan for Change
    • UK and India also agree to ramp up joint efforts against organised crime and illegal migration with new framework to tackle trafficking, document fraud and remove barriers to return

    Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins, which will create over 2,200 British jobs across the country as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. These deals will drive jobs in high-growth sectors like aerospace, technology and advanced manufacturing – supporting engineers, technicians and supply chain workers, in every corner of the UK.

    It comes as the Prime Minister is set to meet the Prime Minister of India, Narendra Modi, today for the signing of the landmark UK-India trade deal. From Coventry to Carlisle, new analysis shows communities across every region of the UK will benefit from its £4.8 billion increase to UK GDP each year.

    Thanks to the deal, British workers will enjoy a collective uplift in wages of £2.2 billion each year and could also see cheaper prices and more choice on clothes, shoes, and food products.

    The UK already imports £11 billion in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

    Prime Minister Keir Starmer said:

    Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.

    We’re putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we’re determined to go further and faster to grow the economy and raise living standards across the UK.

    India’s average tariff on UK products will drop from 15% to 3% which means British companies selling products to India from soft drinks and cosmetics to cars and medical devices will find it easier to sell to the Indian market.

    Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150% to 75% and then dropped even further to 40% over the next ten years – giving the UK an advantage over international competitors in reaching the Indian market.

    Business and Trade Secretary Jonathan Reynolds said:

    The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits.

    The almost £6 billion in new investment and export wins announced today will deliver thousands of jobs and shows the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business.

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

    The two Prime Ministers have also signed a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. This comes exactly one year since the countries signed the landmark UK-India Technology Security Initiative, which sees joint work on telecoms security and unlocking investment across emerging technologies – telecoms, critical minerals, AI, quantum, health/bio tech, advanced materials and semiconductors.

    The UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration. This includes committing to finalising a groundbreaking new criminal records sharing agreement, facilitating the exchange of criminal records to support criminal proceedings, maintain accurate watchlists and enable the enforcement of travel bans. These measures represent a significant step forward in joint efforts to combat organised immigration crime.

    Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. The UK’s large and varied manufacturing sectors will benefit from tariffs cut on aerospace (as high as 11% reduced to 0%), automotives (up to 110% down to 10% under a quota) and electrical machinery (from up to 22% down to either 0% of a 50% reduction).

    A reduction in tariffs, combined with a reduction in regulatory barriers to trade between the UK and India are estimated to:

    • Increase UK exports to India by nearly 60% in the long run – this is equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040.

    • Increase bilateral trade by nearly 39% in the long run, equivalent to £25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement

    The clean energy industry will have brand new, unprecedented access to India’s vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand.  

    For financial and professional business services, locked in access will offer certainty to expand in India’s growing market and measures such as binding India’s foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers. 

    Meanwhile, 26 British companies have secured new business in India. Airbus & Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 billion worth of contracts recently agreed. These orders will help sustain hundreds of jobs across their respective sites in Filton, Broughton and Derby. 

    18 firms have confirmed new investment including Zerowatt Energy, AI powered energy intelligence platform is setting up its Global HQ in Leicester. The firm will invest £10m and create 50 new jobs across Leicester, Manchester, Edinburgh and London over the next three years. 

    Other UK and Indian businesses who have confirmed almost £6 billion in new investments and export deals today creating over 2,200 jobs across the UK includes:  

    • Carbon Clean, a UK-based leader in carbon capture, with projected UK export contributions of £83 million over the next five years, has invested £7.6 million in a Global Innovation Centre in Mumbai. This ODI and export wins will unlock 250 jobs across London, Glasgow and Huddersfield as well as 100 jobs in Mumbai. 
    • AI and data services company, DCube AI, is investing £5 million in the UK, unlocking 50 jobs across Manchester and London in the next three years to strength its technology offering to UK customers.
    • Occuity, an innovative UK AI healthcare company has partnered with Remidio Innovative Solutions Pvt. Ltd., a leading Indian manufacturer and distributor of ophthalmic medical devices to bring Occuity’ s cutting-edge ophthalmic screening technologies to India, improving access to innovative and non-invasive eye screening and leading to an export value of £74.3 million over 5 years. 
    • Johnson Matthey, a UK-based leader in chemicals and sustainable technologies, has secured recent contracts of over £20 million for process licensing, engineering, and catalysts supply in India. The company will also invest £4 million in a new plant at Taloja (Maharashtra) and in doubling its capacity at an existing site in Panki, Uttar Pradesh, with contracts are helping to create up to 20,000 jobs in India during the construction phase of these projects.
    • Marcus Evans Group, a global business intelligence and summits business company established its new Global Technology office in Mumbai to serve its 59 offices worldwide and has confirmed a combined Export (£42mn) and ODI (£27mn) win of £69 million over the next five years from India. 
    • LTIMindtree , a global technology consulting and digital solutions company plans to further expand its London operations by adding over 300 highly skilled jobs, investing £1m. This includes a state-of-the-art AI innovation studio and showcase lab. 
    • Aurionpro, a global enterprise technology leader in Banking, Payments, Insurance, Data Centers, and Public Sector technology is investing over £20M to launch its UK HQ, creating 150+ high-value jobs in multiple locations across UK over 3 years. It will also open AI-powered R&D labs in collaboration with top UK universities to develop next-gen transport technology and lead the global Safe Superintelligence (SSI) movement, ensuring AI is built safely and ethically.

    Tufan Erginbiligic, Rolls-Royce CEO, said:

    India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government. We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace. These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

    Nik Jhangiani, Interim Chief Executive, Diageo, said:

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

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

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

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

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

    Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry.  India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.  

    The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –