NewzIntel.com

Category: China

  • MIL-OSI China: China has over 1.12 billion internet users, boosting prowess in culture, AI

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

    China had more than 1.12 billion internet users as of June 2025, according to a report released by the China Internet Network Information Center (CNNIC) on Monday.

    The report also noted that internet penetration in China reached 79.7 percent by June 2025, an increase of 1.1 percentage points compared with December 2024.

    People visit the Light of Internet Expo in Wuzhen, east China’s Zhejiang Province, Nov. 19, 2024. The Light of Internet Expo kicked off on Tuesday during the 2024 World Internet Conference (WIC) Wuzhen Summit in the water-town of Wuzhen, showcasing the latest technological achievements, especially those made in the artificial intelligence (AI) area. (Xinhua/Cai Xiangxin)

    According to the report, China has made significant strides in internet development during the 14th Five-Year Plan period (2021-2025). In particular, efforts to make the internet more inclusive have allowed key groups, such as the elderly and rural residents, to share in the benefits of this progress.

    As of June 2025, China had 161 million internet users aged 60 and above, and 322 million living in rural areas. Internet penetration among these groups reached 52 percent and 69.2 percent, respectively.

    Meanwhile, the continued development of the internet in China has played a key role in promoting Chinese culture both domestically and internationally, the report said, citing the rising export of Chinese online literature and games, along with the growing synergy between popular web series and related tourist destinations.

    For instance, in 2024, the overseas market scale of Chinese online literature exceeded 5 billion yuan (about 700 million U.S. dollars). Reaching more than 200 countries and regions worldwide, Chinese online literature now has more than 350 million overseas readers.

    In particular, Japan saw its number of Chinese online literature readers grow by an astounding 180 percent, making it the fastest-growing emerging market in the sector.

    Zhang Yijun, first vice chairman of the China Audio-video and Digital Publishing Association, said that China’s online literature has emerged as a new mass cultural art form and promoted the development of a diversified value system within the industry, and that its integration with micro-short dramas opened up new paths for the industry’s transformation in 2024.

    Apart from online art and literature creations, the report also highlighted China’s remarkable progress in generative artificial intelligence (AI) development. It noted that in the first half of 2025, generative AI products saw development on all fronts, from technology to application.

    As of March 2025, a total of 346 generative AI services were registered at the Cyberspace Administration of China, the report said.

    In terms of application, domestic Chinese AI products have achieved significant breakthroughs, reaching parameter scales in the hundreds of billions and achieving multi-modal capabilities. They have been deeply integrated into scenarios such as office collaboration, education, industrial design and content creation, forming an intelligent application ecosystem covering multiple fields. 

    MIL OSI China News –

  • MIL-OSI China: Trump administration releases Martin Luther King Jr. assassination files

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

    U.S. President Donald Trump’s Director of National Intelligence Tulsi Gabbard announced on Monday that the administration has released over 230,000 pages of documents related to the assassination of civil rights leader Martin Luther King Jr. (MLK).

    The related files were released after nearly 60 years of questions surrounding the assassination of Martin Luther King Jr., Gabbard said in a post on social media platform X.

    “The documents include details about the FBI’s investigation into the assassination of MLK, discussion of potential leads, internal FBI memos detailing the progress of the case, information about James Earl Ray’s former cellmate who stated he discussed with Ray an alleged assassination plot, and more,” according to Gabbard.

    On Jan. 23, three days after taking office, Trump signed an executive order to declassify any remaining files from the assassinations of former President John F. Kennedy, his brother Robert F. Kennedy, and MLK.

    MLK stands as one of the most prominent figures in the American civil rights movement. He is widely celebrated for his commitment to nonviolent campaigns against racial segregation and inequality, as well as his famous “I Have a Dream” speech.

    MIL OSI China News –

  • MIL-OSI China: UK launches 50-Day military support campaign for Ukraine

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

    British Defence Secretary John Healey on Monday announced the launch of a 50-day military support campaign for Ukraine, aligning with a recent warning issued by U.S. President Donald Trump to Russia.

    Healey said on social media platform X that at the Ukraine Defence Contact Group (UDCG) meeting held on Monday, participating countries reached a new agreement to supply critical air defence ammunition to Ukraine, “as part of a 50-day drive to arm Ukraine and force Putin to the negotiating table.”

    Last week, Trump said that he had secured an agreement with NATO allies to facilitate large-scale arms deliveries to Ukraine. He also warned Russia that it would face a second round of tariffs if it fails to reach a peace deal within 50 days.

    At the UDCG meeting, Healey affirmed Britain’s support, saying that Britain “backs this policy” and will fully participate to ensure its success, according to French news outlet AFP.

    Healey also revealed that Britain and Germany have agreed to jointly provide air defence missiles to Ukraine. The partnership is part of a wider European initiative aimed at strengthening Ukraine’s defensive capabilities.

    According to a press release from the British Ministry of Defence on Monday, Britain has already delivered more than 150 million pounds (202.5 million U.S. dollars) worth of air defence missiles and artillery to Ukraine over the past two months. The country is also ramping up procurement efforts to provide hundreds more air defence missiles and thousands of artillery shells.

    In total, Britain is expected to spend at least 700 million pounds on air defence and artillery support for Ukraine this year, including the 150 million pounds worth of equipment already delivered, according to the release. (

    MIL OSI China News –

  • MIL-OSI China: Marcus Rashford passes Barcelona medical

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

    Marcus Rashford moved closer to completing his move to FC Barcelona from Manchester United on Monday when he underwent his medical with the Spanish club.

    Marcus Rashford (R) rides a challenge during Aston Villa’s UEFA Champions League round of 16 win over Club Brugge at the Jan Breydel Stadium in Bruges, on March 4, 2025. (Xinhua/Peng Ziyang)

    Both Spanish and British media reported that the 27-year-old was at Barcelona’s training facilities for medical tests, with the move expected to be finalized within hours and his official presentation scheduled for Wednesday.

    Rashford will join Barcelona on an initial season-long loan, with the club holding an option to make the transfer permanent for around 35 million euros (41 million U.S. dollars) at the end of the 2025-26 season.

    This marks Rashford’s second consecutive loan spell after spending the second half of last season at Aston Villa, where he scored four goals in 17 appearances across all competitions.

    MIL OSI China News –

  • MIL-OSI USA: International Trade Commission Delivers Win for Domestic LSPTV Industry

    Source: United States House of Representatives – Congressman Rick Allen (R-GA-12)

    On Friday, the International Trade Commission (ITC) made an affirmative final determination in the antidumping duty (AD) and countervailing duty (CVD) investigations on low-speed personal transportation vehicles (LSPTVs) from China. Upon the announcement, Congressman Rick W. Allen (GA-12) issued the following statement:

    “I applaud this ruling from the ITC to impose strict antidumping duties and enforce our trade remedy laws. China’s adversarial and unfair trade practices have harmed domestic manufacturers like Club Car and E-Z-GO for far too long. Alarmingly, it has taken China less than four years to completely upend the American LSPTV market.

    “However, with this ruling, domestic LSPTV producers can now rely on a level playing field—where they can out-innovate and out-compete anyone in the world. Over the last year, I have proudly led a bipartisan and bicameral effort to bring more attention to this issue, and I thank the ITC for delivering this win and standing with American manufacturers,” said Congressman Rick Allen.

    “This final determination from the U.S. International Trade Commission is a clear win for fair competition and the thousands of American jobs that power our industry,” said Craig Scanlon, President and CEO of Club Car. “It allows us to stay focused on what matters most — our customers — and continue delivering the high-quality, reliable vehicles and exceptional experience that have defined Club Car for decades. We are proud to engineer, build, and support our products right here in the U.S., and we appreciate the Commission and its staff for their thorough work in reaching this important decision. We are also especially grateful to Congressman Rick Allen for his leadership and advocacy throughout this process.”

    “We are thankful for Congressman Allen’s support of our industry, and his testimony before the International Trade Commission about the impacts of the unfair trade practices of Chinese importers on our employees and our community,” said Rob Scholl, President and CEO of Textron Specialized Vehicles. “This determination will help to protect the health of a uniquely American industry that employs thousands of hardworking residents of the 12th Congressional District, who build products that represent Augusta and Georgia around the world.”

    TIMELINE

    June 28, 2024: Congressman Allen sends letter to then-Ambassador Katherine Tai with the Office of the United States Trade Representative (USTR) – urging Ambassador Tai to include vehicles such as golf carts, Personal Transportation Vehicles (PTVs), and Low-Speed Vehicles (LSVs) in the definition of “electric vehicle” as it relates to forthcoming tariffs on Chinese subsidized imports.

    November 21, 2024: Congressman Allen sends a bipartisan, bicameral letter to then-Secretary Gina Raimondo – urging Secretary Raimondo to side with U.S. producers in the antidumping and countervailing duty cases filed by the U.S. LSPTV industry.

    January 27, 2025: The U.S. Department of Commerce announces its preliminary finding that Chinese producers have sold low-speed personal transportation vehicles (LSPTVs) into the United States at less than fair value, violating U.S. international trade laws. In response, Commerce calculated affirmative antidumping duties ranging from 127.35% to 478.09%.

    June 3, 2025: Congressman Allen sends a bipartisan, bicameral letter to Commerce Secretary Howard Lutnick notifying his office of efforts by Chinese LSPTV producers to avoid paying duties and to circumvent and evade U.S. trade measures, urging his department to take all steps necessary to ensure that Chinese producers do not continue to erode U.S. trade measures.

    June 6, 2025: Congressman Allen sends a bipartisan, bicameral letter to International Trade Commission (ITC) Chair Amy Karpel expressing support for the American low speed personal transportation vehicle (LSPTV) producers who have faced a surge of unfairly traded imports from China, and urging the ITC to carefully and fully consider the arguments raised by the U.S. industry throughout the ITC investigation.

    June 13, 2025: Congressman Allen testifies before the United States International Trade Commission (USITC) to urge the Commissioners to take immediate action and hold China accountable for unfair trade practices that are harming U.S. producers in the Low Speed Personal Transportation Vehicles (LSPTV) industry.

    BACKGROUND: Last month, the U.S. Department of Commerce concluded that low-speed personal transportation vehicles (LSPTVs) imported from China were being sold at unfairly low prices and subsidized, leading to the issuance of antidumping (AD) and countervailing duty (CVD) orders. Following the U.S. International Trade Commission’s recent ruling, these imports will face antidumping duties ranging from 119% to 478% and countervailing duties between 31% and 679%. The Commission also identified critical circumstances in its AD and CVD investigations, meaning importers will face retroactive duties based on Commerce’s preliminary rates, applicable to entries up to 90 days prior to those determinations.

     These AD/CVD orders will remain in place for at least five years, with the possibility of future increases in duty rates through annual administrative reviews. Moving forward, Congressman Allen plans to focus on ensuring compliance by monitoring for illegal practices such as tariff avoidance, absorption, indirect shipping, or circumvention by foreign producers and U.S. importers.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Cassidy Outlines How the One, Big, Beautiful Bill Supports the American Dream in Op-Ed

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) penned an op-ed in State Affairs outlining the ways President Trump’s One, Big, Beautiful Bill supports the American Dream for Louisianans by boosting take-home pay, expanding school choice, and creating high-paying jobs throughout the state.  
    “Republicans promised to create jobs, lower costs, and build a better future for Americans. We wasted no time doing it. I voted to pass President Trump’s One, Big, Beautiful Bill to give Louisianans a better chance at a good education, high-paying jobs, and a chance at the American Dream,” wrote Dr. Cassidy. 
    Read the full op-ed here or below.
    Here’s How the ‘One, Big, Beautiful Bill’ Supports the American Dream
    I voted to pass President Trump’s One, Big, Beautiful Bill to preserve the American Dream for Louisianans. Low taxes, more of your paycheck, a safe community, high-paying jobs and a good education. That’s the American Dream.
    How are we accomplishing this? First, by ensuring Louisianans keep more of their paychecks and have a better chance at financial stability. We cut taxes on tips, overtime and Social Security. We extend the Child Tax Credit, making it easier for moms and dads to start and sustain a family. 
    Our agenda supports our military and makes President Trump’s quick work to secure the southern border permanent.
    As for jobs, the bill boosts U.S. manufacturing, strengthening Louisiana businesses and creating permanent, better-paying jobs throughout our state. One way it accomplishes this is by cracking down on China and other countries abusing our trade loopholes and stealing our jobs. I introduced legislation last Congress to correct that. President Trump and I worked together to achieve that goal. 
    I promised to deliver higher paychecks and lower costs for people in my state, and that’s what we delivered. We cut taxes on tips for beauty industry small businesses.
    Along with better jobs, I fought for a historic school choice expansion in President Trump’s agenda—now law. I also secured a provision to eliminate inflationary loan programs that have resulted in higher tuition costs. Thanks to increased access to Pell Grants, more low-income Americans will now be able to attend college, and the 87 percent of Americans who choose not to attend college will no longer have to worry about shouldering the cost of others’ loans.
    Louisianans pursuing a career or technical-based education will also benefit from this legislation through Workforce Pell Grants. President Trump and I agree—it’s time to bring skilled jobs back to America from China and Mexico.
    We eliminate the $200 tax stamp for short-barreled firearms.
    We raise the annual cap on offshore energy revenue sharing with Gulf states from $500 million to $650 million through 2034.
    We hold more lease sales in the Gulf of America—something the Biden administration refused to do.
    We invest $389 million in America’s Strategic Petroleum Reserve to bolster U.S. energy security.
    We unleash American energy by allowing energy companies to deduct costs, including labor and safety, associated with oil and gas exploration.
    We expand access to direct primary care arrangements by allowing the use of Health Savings Account—or HSA—dollars to pay for such services.
    Republicans promised to create jobs, lower costs, and build a better future for Americans. We wasted no time doing it. I voted to pass President Trump’s One, Big, Beautiful Bill to give Louisianans a better chance at a good education, high-paying jobs, and a chance at the American Dream.

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: REP. HILL VOTES TO STRENGTHEN AMERICA’S NATIONAL SECURITY

    Source: United States House of Representatives – Congressman French Hill (AR-02)

    Rep. French Hill (AR-02) today voted in favor of H.R. 4016, the Department of Defense Appropriations Act, 2026, which passed the House by a vote of 221-209. The bill strengthens America’s national security, bolsters military readiness, and delivers for Arkansas’s servicemembers and their families.

    Rep. Hill said, “With aggression from foreign adversaries like China and Russia continuing, and a security environment that is increasingly dynamic and complex, it is critical for America’s military to have the capabilities necessary to confront emerging threats and challenges. This defense appropriations bill strengthens our military readiness and invests in the advanced technology and equipment our servicemembers need to protect the nation. I will always prioritize America’s security and stand firmly with the brave men and women who serve and defend our freedoms.

    “I am also proud that this bill delivers for our servicemembers here in central Arkansas, including funding for the C-130J Super Hercules, along with support for next-generation defense systems and precision strike capabilities. These investments are vital so that Camp Robinson and Little Rock Air Force Base can receive the tools and funding they need to be mission-ready.”

    Background:

    H.R. 4016, the Department of Defense Appropriations Act, 2026, provides $831.5 billion in discretionary funding for the Department of Defense and related agencies, matching FY25 enacted levels. It supports our servicemembers and their families by including a 3.8% pay raise. The bill invests in advanced aircraft and next-generation weapons systems, modernization of the nuclear triad, unmanned systems, missile defense, and innovation. It reinforces U.S.-Israel defense cooperation, enhances counterdrug efforts, and reaffirms a focus on military strength and mission readiness.

    During the House Appropriations process, Rep. Hill wrote in support of the following programs, which were included in H.R. 4016:

    • C-130J Super Hercules aircraft for the Air National Guard
    • Congressionally Directed Medical Research Programs (CDMRP) for Tuberous Sclerosis Complex Research Program
    • CDMRP for the Peer-Reviewed Neurotoxin Exposure Treatment Parkinson’s Research
    • CDMRP Amyotrophic Lateral Sclerosis (ALS) Research Program
    • CDMRP Peer-Reviewed Neurofibromatosis Research Program
    • CDMRP Prostate Cancer Research Program
    • CDMRP Peer-Reviewed Cancer Research Program
    • CDMRP Pancreatic Cancer Research Program
    • CDMRP Breast Cancer Research Program

    MIL OSI USA News –

  • MIL-OSI Security: Engineer Pleads Guilty to Stealing for Chinese Government’s Benefit Trade Secret Technology Designed for Missile Launch and Detection

    Source: United States Attorneys General 13

    A Santa Clara County man and former engineer at a Southern California company pleaded guilty today to stealing trade secret technologies developed for use by the U.S. government to detect nuclear missile launches, track ballistic and hypersonic missiles, and to allow U.S. fighter planes to detect and evade heat-seeking missiles.

    Chenguang Gong, 59, of San Jose, pleaded guilty to one count of theft of trade secrets. He remains free on $1.75 million bond.

    According to his plea agreement, Gong – a dual citizen of the United States and China – transferred more than 3,600 files from a Los Angeles-area research and development company where he worked – identified in court documents as the victim company – to personal storage devices during his brief tenure with the company last year.

    The files Gong transferred include blueprints for sophisticated infrared sensors designed for use in space-based systems to detect nuclear missile launches and track ballistic and hypersonic missiles, as well as blueprints for sensors designed to enable U.S. military aircraft to detect incoming heat-seeking missiles and take countermeasures, including by jamming the missiles’ infrared tracking ability. Some of these files were later found on storage devices seized from Gong’s temporary residence in Thousand Oaks.

    In January 2023, the victim company hired Gong as an application-specific integrated circuit design manager responsible for the design, development and verification of its infrared sensors. Beginning on approximately March 30, 2023, and continuing until his termination on April 26, 2023, Gong transferred thousands of files from his work laptop to three personal storage devices, including more than 1,800 files after he had accepted a job at one of the victim company’s main competitors.

    Many of the files Gong transferred contained proprietary and trade secret information related to the development and design of a readout integrated circuit that allows space-based systems to detect missile launches and track ballistic and hypersonic missiles and a readout integrated circuit that allows aircraft to track incoming threats in low visibility environments.

    Gong also transferred files containing trade secrets relating to the development of “next generation” sensors capable of detecting low observable targets while demonstrating increased survivability in space, as well as the blueprints for the mechanical assemblies used to house and cryogenically cool the victim company’s sensors. This information was among the victim company’s most important trade secrets that are worth hundreds of millions of dollars. Many of the files had been marked “[VICTIM COMPANY] PROPRIETARY,” “FOR OFFICIAL USE ONLY,” “PROPRIETARY INFORMATION,” and “EXPORT CONTROLLED.”

    Law enforcement also discovered that, between approximately 2014 and 2022, while employed at several major technology companies in the United States, Gong submitted numerous applications to ‘Talent Programs’ administered by the People’s Republic of China (PRC). The PRC government has established these talent programs as a means to identify individuals who have expert skills, abilities, and knowledge of advanced sciences and technologies in order to access and utilize those skills and knowledge in transforming the PRC’s economy, including its military capabilities.

    In 2014, while employed at a U.S. information technology company headquartered in Dallas, Gong sent a business proposal to a contact at a high-tech research institute in China focused on both military and civilian products. In his proposal, translated from Chinese, Gong described a plan to produce high-performance analog-to-digital converters like those produced by his employer. In another Talent Program application from September 2020, Gong proposed to develop “low light/night vision” image sensors for use in military night vision goggles and civilian applications. Gong’s proposal included a video presentation that contained the model number of a sensor developed by an international defense, aerospace, and security company where Gong worked from 2015 to 2019.

    Gong travelled to China several times to seek Talent Program funding in order to develop sophisticated analog-to-digital converters. In his Talent Program applications, Gong underscored that the high-performance analog-to-digital converters he proposed to develop in China had military applications, explaining that they “directly determine the accuracy and range of radar systems” and that “[m]issile navigation systems also often use radar front-end systems.” In a 2019 email, translated from Chinese, Gong remarked that he “took a risk” by traveling to China to participate in the Talent Programs “because [he] worked for…an American military industry company” and thought he could “do something” to contribute to China’s “high-end military integrated circuits.”

    According to his plea agreement, the intended economic loss from Gong’s criminal conduct exceeds $3.5 million.

    U.S. District Judge John F. Walter scheduled sentencing for Sept. 29, at which time Gong faces a statutory maximum penalty of 10 years in prison.

    The FBI’s Los Angeles Field Office through the Counterintelligence Task Force in partnership with the State Department’s Diplomatic Security Service and Homeland Security Investigations is investigating this matter. The FBI’s San Francisco Field Office and the U.S. Attorney’s Office for the Northern District of California also provided substantial assistance.

    Assistant U.S. Attorneys David C. Lachman and Nisha Chandran for the Central District of California and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Engineer Pleads Guilty to Stealing for Chinese Government’s Benefit Trade Secret Technology Designed for Missile Launch and Detection

    Source: US State of North Dakota

    A Santa Clara County man and former engineer at a Southern California company pleaded guilty today to stealing trade secret technologies developed for use by the U.S. government to detect nuclear missile launches, track ballistic and hypersonic missiles, and to allow U.S. fighter planes to detect and evade heat-seeking missiles.

    Chenguang Gong, 59, of San Jose, pleaded guilty to one count of theft of trade secrets. He remains free on $1.75 million bond.

    According to his plea agreement, Gong – a dual citizen of the United States and China – transferred more than 3,600 files from a Los Angeles-area research and development company where he worked – identified in court documents as the victim company – to personal storage devices during his brief tenure with the company last year.

    The files Gong transferred include blueprints for sophisticated infrared sensors designed for use in space-based systems to detect nuclear missile launches and track ballistic and hypersonic missiles, as well as blueprints for sensors designed to enable U.S. military aircraft to detect incoming heat-seeking missiles and take countermeasures, including by jamming the missiles’ infrared tracking ability. Some of these files were later found on storage devices seized from Gong’s temporary residence in Thousand Oaks.

    In January 2023, the victim company hired Gong as an application-specific integrated circuit design manager responsible for the design, development and verification of its infrared sensors. Beginning on approximately March 30, 2023, and continuing until his termination on April 26, 2023, Gong transferred thousands of files from his work laptop to three personal storage devices, including more than 1,800 files after he had accepted a job at one of the victim company’s main competitors.

    Many of the files Gong transferred contained proprietary and trade secret information related to the development and design of a readout integrated circuit that allows space-based systems to detect missile launches and track ballistic and hypersonic missiles and a readout integrated circuit that allows aircraft to track incoming threats in low visibility environments.

    Gong also transferred files containing trade secrets relating to the development of “next generation” sensors capable of detecting low observable targets while demonstrating increased survivability in space, as well as the blueprints for the mechanical assemblies used to house and cryogenically cool the victim company’s sensors. This information was among the victim company’s most important trade secrets that are worth hundreds of millions of dollars. Many of the files had been marked “[VICTIM COMPANY] PROPRIETARY,” “FOR OFFICIAL USE ONLY,” “PROPRIETARY INFORMATION,” and “EXPORT CONTROLLED.”

    Law enforcement also discovered that, between approximately 2014 and 2022, while employed at several major technology companies in the United States, Gong submitted numerous applications to ‘Talent Programs’ administered by the People’s Republic of China (PRC). The PRC government has established these talent programs as a means to identify individuals who have expert skills, abilities, and knowledge of advanced sciences and technologies in order to access and utilize those skills and knowledge in transforming the PRC’s economy, including its military capabilities.

    In 2014, while employed at a U.S. information technology company headquartered in Dallas, Gong sent a business proposal to a contact at a high-tech research institute in China focused on both military and civilian products. In his proposal, translated from Chinese, Gong described a plan to produce high-performance analog-to-digital converters like those produced by his employer. In another Talent Program application from September 2020, Gong proposed to develop “low light/night vision” image sensors for use in military night vision goggles and civilian applications. Gong’s proposal included a video presentation that contained the model number of a sensor developed by an international defense, aerospace, and security company where Gong worked from 2015 to 2019.

    Gong travelled to China several times to seek Talent Program funding in order to develop sophisticated analog-to-digital converters. In his Talent Program applications, Gong underscored that the high-performance analog-to-digital converters he proposed to develop in China had military applications, explaining that they “directly determine the accuracy and range of radar systems” and that “[m]issile navigation systems also often use radar front-end systems.” In a 2019 email, translated from Chinese, Gong remarked that he “took a risk” by traveling to China to participate in the Talent Programs “because [he] worked for…an American military industry company” and thought he could “do something” to contribute to China’s “high-end military integrated circuits.”

    According to his plea agreement, the intended economic loss from Gong’s criminal conduct exceeds $3.5 million.

    U.S. District Judge John F. Walter scheduled sentencing for Sept. 29, at which time Gong faces a statutory maximum penalty of 10 years in prison.

    The FBI’s Los Angeles Field Office through the Counterintelligence Task Force in partnership with the State Department’s Diplomatic Security Service and Homeland Security Investigations is investigating this matter. The FBI’s San Francisco Field Office and the U.S. Attorney’s Office for the Northern District of California also provided substantial assistance.

    Assistant U.S. Attorneys David C. Lachman and Nisha Chandran for the Central District of California and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI: RBB Bancorp Reports Second Quarter 2025 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 21, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Highlights

    • Net income totaled $9.3 million, or $0.52 diluted earnings per share
    • Return on average assets of 0.93%, compared to 0.24% for the quarter ended March 31, 2025
    • Net interest margin expanded to 2.92%, up from 2.88% for the quarter ended March 31, 2025
    • Net loans held for investment growth of $91.6 million, or 12% annualized
    • Nonperforming assets decreased $3.6 million, or 5.5%, to $61.0 million at June 30, 2025, down from $64.6 million at March 31, 2025
    • Book value and tangible book value per share(1) increased to $29.25 and $25.11 at June 30, 2025, up from $28.77 and $24.63 at March 31, 2025

    The Company reported net income of $9.3 million, or $0.52 diluted earnings per share, for the quarter ended June 30, 2025, compared to net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025. Net income for the second quarter of 2025 included income from an Employee Retention Credit (“ERC”) of $5.2 million (pre-tax), which was included in other income, offset partially by professional and advisory costs associated with filing and determining eligibility for the ERC totaling $1.2 million (pre-tax).

    “Another quarter of strong loan growth and stable loan yields drove increasing net interest income and margin expansion in the second quarter,” said Johnny Lee, President and Chief Executive Officer of RBB Bancorp. “We also benefited from the receipt of a $5.2 million ERC in the second quarter. We continue to work through our nonperforming assets and remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
         

    Net Interest Income and Net Interest Margin

    Net interest income was $27.3 million for the second quarter of 2025, compared to $26.2 million for the first quarter of 2025. The $1.2 million increase was due to a $1.9 million increase in interest income, offset by a $698,000 increase in interest expense. The increase in interest income was mostly due to a $2.1 million increase in interest and fees on loans. The increase in interest expense was due to a $433,000 increase in interest on borrowings and a $265,000 increase in interest on deposits.

    The net interest margin (“NIM”) was 2.92% for the second quarter of 2025, an increase of 4 basis points from 2.88% for the first quarter of 2025. The NIM expansion was due to a 3 basis point increase in the yield on average interest-earning assets, combined with a 1 basis point decrease in the overall cost of funds. The yield on average interest-earning assets increased to 5.79% for the second quarter of 2025 from 5.76% for the first quarter of 2025 due mainly to a 2 basis point increase in the yield on average loans to 6.03%. Average loans represented 85% of average interest-earning assets in the second quarter of 2025, as compared to 84% in the first quarter of 2025.

    The average cost of funds decreased to 3.14% for the second quarter of 2025 from 3.15% for the first quarter of 2025, driven by an 11 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 75 basis point increase in the average cost of total borrowings. The average cost of interest-bearing deposits decreased to 3.66% for the second quarter of 2025 from 3.77% for the first quarter of 2025. The overall funding mix for the second quarter of 2025 remained relatively unchanged from the first quarter of 2025 with total deposits representing 90% of interest bearing liabilities and average noninterest-bearing deposits representing 17% of average total deposits. The average cost of borrowings increased as $150 million in long term FHLB advances matured during the first quarter of 2025, the majority of which were replaced and repriced at current market rates. The all-in average spot rate for total deposits was 2.95% at June 30, 2025.

    Provision for Credit Losses

    The provision for credit losses was $2.4 million for the second quarter of 2025 compared to $6.7 million for the first quarter of 2025. The second quarter of 2025 provision for credit losses reflected an increase in general reserves of $1.5 million due mainly to net loan growth, and an increase in a specific reserve of $924,000 related to one lending relationship. The second quarter provision also took into consideration factors such as changes in the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in loans 30-89 days past due, nonperforming loans, special mention and substandard loans during the period. Net charge-offs of $3.3 million in the second quarter related to loans which had these specific reserves at March 31, 2025. Net charge-offs on an annualized basis represented 0.42% of average loans for the second quarter of 2025 compared to 0.35% for the first quarter of 2025.

    Noninterest Income

    Noninterest income for the second quarter of 2025 was $8.5 million, an increase of $6.2 million from $2.3 million for the first quarter of 2025. The second quarter of 2025 included other income of $5.2 million for the receipt of ERC funds from the IRS. The ERC was a grant program established under the Coronavirus Aid, Relief, and Economic Security Act in response to the COVID-19 pandemic and these funds relate to qualifying amended payroll tax returns the Company filed for the first and second quarters of 2021.

    Upon receipt of the ERC funds, certain professional and tax advisory costs associated with the assessment and compilation of the ERC refunds became due and payable. These amounts totaled $1.2 million and are included in legal and professional expense in our consolidated statements of income for the second quarter of 2025. There were no such ERC amounts received or associated costs recognized during the first quarter of 2025 or the quarter ended June 30, 2024.

    The second quarter of 2025 also included a higher gain on sale of loans of $277,000 and recoveries associated with a fully-charged off loan acquired in a bank acquisition of $350,000, the latter included in “other income.”

    Noninterest Expense

    Noninterest expense for the second quarter of 2025 was $20.5 million, an increase of $2.0 million from $18.5 million for the first quarter of 2025. This increase was mostly due to higher legal and professional expense of $1.4 million, of which $1.2 million was attributed to the aforementioned ERC advisory costs, and a $437,000 increase in salaries and employee benefits expenses. The increase in compensation includes higher incentives related to sustained production levels, the impact of annual pay increases, and approximately $330,000 in costs related to executive management transitions, offset by lower payroll taxes. The efficiency ratio was 57.2% for the second quarter of 2025, down from 65.1% for the first quarter of 2025 due mostly to higher noninterest income related to the ERC, partially offset by higher noninterest expense related to the ERC advisory costs.

    Income Taxes

    The effective tax rate was 27.8% for the second quarter of 2025 and 28.2% for the first quarter of 2025. 

    Balance Sheet

    At June 30, 2025, total assets were $4.1 billion, an $80.6 million increase compared to March 31, 2025, and a $221.9 million increase compared to June 30, 2024.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.2 billion as of June 30, 2025, an increase of $91.6 million, or 12% annualized, compared to March 31, 2025 and an increase of $187.0 million, or 6.1%, compared to June 30, 2024. The second quarter of 2025 net loan growth included $182.8 million in new production with an average yield of 6.76%. The increase from March 31, 2025 was primarily due to a $57.3 million increase in single-family residential (“SFR”) mortgage loans, a $28.0 million increase in commercial real estate (“CRE”) loans, a $5.3 million increase in Small Business Administration (“SBA”) loans and a $2.7 million increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 101.5% at June 30, 2025, compared to 100.0% at March 31, 2025 and 100.9% at June 30, 2024. 

    As of June 30, 2025, available for sale securities (“AFS”) totaled $413.1 million, an increase of $35.0 million from March 31, 2025, primarily related to purchases of $68.0 million, offset by maturities and amortization of $33.0 million during the second quarter of 2025. As of June 30, 2025, net unrealized losses totaled $23.1 million, a $1.9 million decrease, when compared to net unrealized losses of $25.0 million as of March 31, 2025.

    Deposits

    Total deposits were $3.2 billion as of June 30, 2025, an increase of $45.6 million, or 5.8% annualized, compared to March 31, 2025 and an increase of $164.6 million, or 5.4%, compared to June 30, 2024. The increase during the second quarter of 2025 was due to a $29.9 million increase in interest-bearing deposits coupled with a $15.7 million increase in noninterest-bearing deposits. The increase in interest-bearing deposits included increases in time deposits of $59.5 million, offset by decreases in interest-bearing non-maturity deposits of $29.5 million. Wholesale deposits totaled $183.8 million at June 30, 2025, an increase of $25.3 million compared to $158.5 million at March 31, 2025. Noninterest-bearing deposits totaled $543.9 million and represented 17.1% of total deposits at June 30, 2025 compared to $528.2 million and 16.8% at March 31, 2025.

    Credit Quality

    Nonperforming assets totaled $61.0 million, or 1.49% of total assets, at June 30, 2025, down from $64.6 million, or 1.61% of total assets, at March 31, 2025. The $3.6 million decrease in nonperforming assets was due to $3.3 million in net charge-offs and $1.7 million in payoffs and paydowns, partially offset by $1.4 million in additions from loans migrating to nonaccrual status in the second quarter of 2025. Nonperforming assets included one $4.2 million other real estate owned (included in “accrued interest and other assets”) at June 30, 2025 and March 31, 2025.

    Special mention loans totaled $91.3 million, or 2.82% of total loans, at June 30, 2025, up from $64.3 million, or 2.05% of total loans, at March 31, 2025. The $27.0 million increase was primarily due to the addition of loans totaling $30.1 million and $1.6 million in balance increases, partially offset by the downgrade of two CRE loans totaling $4.0 million to substandard-rated loans and payoffs and paydowns totaling $660,000. As of June 30, 2025, all special mention loans were paying current.

    Substandard loans totaled $91.0 million at June 30, 2025, up from $76.4 million at March 31, 2025. The $14.6 million increase was primarily due to the downgrades totaling $20.6 million, partially offset by net charge-offs totaling $3.3 million and payoffs and paydowns totaling $2.7 million. Of the total substandard loans at June 30, 2025, there were $34.2 million on accrual status.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $18.0 million, or 0.56% of total loans, at June 30, 2025, up from $5.9 million, or 0.19% of total loans, at March 31, 2025. The $12.1 million increase was mostly due to $15.5 million in new delinquent loans, offset by $2.2 million in loans returning to current status, $798,000 in loans migrating to nonaccrual status, and $427,000 in paydowns and payoffs. The additions include an $8.5 million CRE loan that has since been brought current.

    As of June 30, 2025, the allowance for credit losses totaled $51.6 million and was comprised of an allowance for loan losses of $51.0 million and a reserve for unfunded commitments of $629,000 (included in “accrued interest and other liabilities”). This compares to the allowance for credit losses of $52.6 million, comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 at March 31, 2025. The $918,000 decrease in the allowance for credit losses for the second quarter of 2025 was due to net charge-offs of $3.3 million, offset by a $2.4 million provision for credit losses. The allowance for loan losses as a percentage of loans HFI decreased to 1.58% at June 30, 2025, compared to 1.65% at March 31, 2025, due mainly to net charge-offs of amounts included in specific reserves at March 31, 2025. The allowance for loan losses as a percentage of nonperforming loans HFI was 90% at June 30, 2025, an increase from 86% at March 31, 2025. 

      For the Three Months Ended June 30, 2025     For the Six Months Ended June 30, 2025  
    (dollars in thousands) Allowance
    for
    loan losses    		     Reserve for
    unfunded
    loan commitments    		     Allowance
    for
    credit losses    		     Allowance
    for loan
    losses    		     Reserve for
    unfunded
    loan
    commitments    		     Allowance
    for credit
    losses    		  
    Beginning balance $ 51,932     $ 629     $ 52,561     $ 47,729     $ 729     $ 48,458  
    Provision for (reversal of) credit losses   2,387       —       2,387       9,233       (100 )     9,133  
    Less loans charged-off   (3,339 )     —       (3,339 )     (6,065 )     —       (6,065 )
    Recoveries on loans charged-off   34       —       34       117       —       117  
    Ending balance $ 51,014     $ 629     $ 51,643     $ 51,014     $ 629     $ 51,643  
     

    Shareholders’ Equity

    At June 30, 2025, total shareholders’ equity was $517.7 million, a $7.3 million increase compared to March 31, 2025, and a $6.4 million increase compared to June 30, 2024. The increase in shareholders’ equity for the second quarter of 2025 was due to net income of $9.3 million, lower net unrealized losses on AFS securities of $1.3 million and equity compensation activity of $1.1 million, offset by common stock cash dividends paid totaling $2.9 million and common stock repurchases totaling $1.5 million. The increase in shareholders’ equity for the last twelve months was due to net income of $23.0 million, lower net unrealized losses on AFS securities of $4.9 million, and equity compensation activity of $2.5 million, offset by common stock repurchases totaling $12.5 million and common stock cash dividends paid totaling $11.5 million. Book value per share and tangible book value per share(1) increased to $29.25 and $25.11 at June 30, 2025, up from $28.77 and $24.63 at March 31, 2025 and up from $28.12 and $24.06 at June 30, 2024.

    Dividend Announcement

    The Board of Directors has declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on August 12, 2025 to shareholders of record on July 31, 2025.

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
         

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of June 30, 2025, the Company had total assets of $4.1 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, July 22, 2025, to discuss the Company’s second quarter 2025 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 710803, conference ID RBBQ225. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52690, approximately one hour after the conclusion of the call and will remain available through August 05, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
     
      June 30,     March 31,     December 31,     September 30,     June 30,  
      2025     2025     2024     2024     2024  
    Assets                                      
    Cash and due from banks $ 27,338     $ 25,315     $ 27,747     $ 26,388     $ 23,313  
    Interest-earning deposits with financial institutions   164,514       213,508       229,998       323,002       229,456  
    Cash and cash equivalents   191,852       238,823       257,745       349,390       252,769  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   413,142       378,188       420,190       305,666       325,582  
    Investment securities held to maturity   4,186       5,188       5,191       5,195       5,200  
    Loans held for sale   –       655       11,250       812       3,146  
    Loans held for investment   3,234,695       3,143,063       3,053,230       3,091,896       3,047,712  
    Allowance for loan losses   (51,014 )     (51,932 )     (47,729 )     (43,685 )     (41,741 )
    Net loans held for investment   3,183,681       3,091,131       3,005,501       3,048,211       3,005,971  
    Premises and equipment, net   23,945       24,308       24,601       24,839       25,049  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   61,111       60,699       60,296       59,889       59,486  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,482       6,766       6,985       7,256       7,545  
    Core deposit intangibles   1,667       1,839       2,011       2,194       2,394  
    Right-of-use assets   25,554       26,779       28,048       29,283       30,530  
    Accrued interest and other assets   91,322       87,926       83,561       70,644       63,416  
    Total assets $ 4,090,040     $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 543,885     $ 528,205     $ 563,012     $ 543,623     $ 542,971  
    Savings, NOW and money market accounts   691,679       721,216       663,034       666,089       647,770  
    Time deposits, $250,000 and under   1,010,674       1,000,106       1,007,452       1,052,462       1,014,189  
    Time deposits, greater than $250,000   941,993       893,101       850,291       830,010       818,675  
    Total deposits   3,188,231       3,142,628       3,083,789       3,092,184       3,023,605  
    FHLB advances   180,000       160,000       200,000       200,000       150,000  
    Long-term debt, net of issuance costs   119,720       119,624       119,529       119,433       119,338  
    Subordinated debentures   15,265       15,211       15,156       15,102       15,047  
    Lease liabilities – operating leases   27,294       28,483       29,705       30,880       32,087  
    Accrued interest and other liabilities   41,877       33,148       36,421       23,150       16,818  
    Total liabilities   3,572,387       3,499,094       3,484,600       3,480,749       3,356,895  
    Shareholders’ equity:                                      
    Common stock   259,863       260,284       259,957       259,280       266,160  
    Additional paid-in capital   3,579       3,360       3,645       3,520       3,456  
    Retained earnings   270,152       263,885       264,460       262,946       262,518  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (16,013 )     (17,295 )     (20,257 )     (16,090 )     (20,915 )
    Total shareholders’ equity   517,653       510,306       507,877       509,728       511,291  
    Total liabilities and shareholders’ equity $ 4,090,040     $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data)
     
      For the Three Months Ended     For the Six Months Ended  
      June 30,
    2025    		     March 31,
    2025    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
    Interest and dividend income:                                      
    Interest and fees on loans $ 47,687     $ 45,621     $ 45,320     $ 93,308     $ 90,867  
    Interest on interest-earning deposits   1,750       2,014       3,353       3,764       8,393  
    Interest on investment securities   4,213       4,136       3,631       8,349       7,242  
    Dividend income on FHLB stock   324       330       327       654       658  
    Interest on federal funds sold and other   231       235       255       466       521  
    Total interest and dividend income   54,205       52,336       52,886       106,541       107,681  
    Interest expense:                                      
    Interest on savings deposits, NOW and money market accounts   4,567       4,468       4,953       9,035       9,431  
    Interest on time deposits   19,250       19,084       21,850       38,334       45,172  
    Interest on long-term debt and subordinated debentures   1,634       1,632       1,679       3,266       3,358  
    Interest on FHLB advances   1,420       989       439       2,409       878  
    Total interest expense   26,871       26,173       28,921       53,044       58,839  
    Net interest income before provision for credit losses   27,334       26,163       23,965       53,497       48,842  
    Provision for credit losses   2,387       6,746       557       9,133       557  
    Net interest income after provision for credit losses   24,947       19,417       23,408       44,364       48,285  
    Noninterest income:                                      
    Service charges and fees   1,060       1,017       1,064       2,077       2,056  
    Gain on sale of loans   358       81       451       439       763  
    Loan servicing fees, net of amortization   541       588       579       1,129       1,168  
    Increase in cash surrender value of life insurance   411       403       385       814       767  
    Gain on OREO   —       —       292       —       1,016  
    Other income   6,108       206       717       6,314       1,090  
    Total noninterest income   8,478       2,295       3,488       10,773       6,860  
    Noninterest expense:                                      
    Salaries and employee benefits   11,080       10,643       9,533       21,723       19,460  
    Occupancy and equipment expenses   2,377       2,407       2,439       4,784       4,882  
    Data processing   1,713       1,602       1,466       3,315       2,886  
    Legal and professional   2,904       1,515       1,260       4,419       2,140  
    Office expenses   405       408       352       813       708  
    Marketing and business promotion   212       197       189       409       361  
    Insurance and regulatory assessments   709       730       981       1,439       1,963  
    Core deposit premium   172       172       201       344       402  
    Other expenses   921       848       703       1,769       1,291  
    Total noninterest expense   20,493       18,522       17,124       39,015       34,093  
    Income before income taxes   12,932       3,190       9,772       16,122       21,052  
    Income tax expense   3,599       900       2,527       4,499       5,771  
    Net income $ 9,333     $ 2,290     $ 7,245     $ 11,623     $ 15,281  
                                           
    Net income per share                                      
    Basic $ 0.53     $ 0.13     $ 0.39     $ 0.66     $ 0.83  
    Diluted $ 0.52     $ 0.13     $ 0.39     $ 0.65     $ 0.82  
    Cash dividends declared per common share $ 0.16     $ 0.16     $ 0.16     $ 0.32     $ 0.32  
    Weighted-average common shares outstanding                                      
    Basic   17,746,607       17,727,712       18,375,970       17,737,212       18,488,623  
    Diluted   17,797,735       17,770,588       18,406,897       17,784,237       18,529,299  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
      For the Three Months Ended  
      June 30, 2025     March 31, 2025     June 30, 2024  
      Average     Interest     Yield /     Average     Interest     Yield /     Average     Interest     Yield /  
    (tax-equivalent basis, dollars in thousands) Balance     & Fees     Rate     Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                                                      
    Cash and cash equivalents(1) $ 163,838     $ 1,980       4.85 %   $ 194,236     $ 2,249       4.70 %   $ 255,973     $ 3,608       5.67 %
    FHLB Stock   15,000       324       8.66 %     15,000       330       8.92 %     15,000       327       8.77 %
    Securities                                                                      
    Available for sale(2)   399,414       4,189       4.21 %     390,178       4,113       4.28 %     318,240       3,608       4.56 %
    Held to maturity(2)   5,028       48       3.83 %     5,189       49       3.83 %     5,203       46       3.56 %
    Total loans(3)   3,171,570       47,687       6.03 %     3,079,224       45,621       6.01 %     3,017,050       45,320       6.04 %
    Total interest-earning assets   3,754,850     $ 54,228       5.79 %     3,683,827     $ 52,362       5.76 %     3,611,466     $ 52,909       5.89 %
    Total noninterest-earning assets   254,029                       260,508                       240,016                  
    Total average assets $ 4,008,879                     $ 3,944,335                     $ 3,851,482                  
                                                                           
    Interest-bearing liabilities                                                                      
    NOW $ 66,755       368       2.21 %   $ 61,222     $ 321       2.13 %   $ 56,081     $ 276       1.98 %
    Money market   482,669       3,774       3.14 %     463,443       3,625       3.17 %     431,559       3,877       3.61 %
    Saving deposits   141,411       425       1.21 %     155,116       522       1.36 %     164,913       800       1.95 %
    Time deposits, $250,000 and under   996,249       9,768       3.93 %     989,622       10,046       4.12 %     1,049,666       12,360       4.74 %
    Time deposits, greater than $250,000   922,540       9,482       4.12 %     864,804       9,038       4.24 %     772,255       9,490       4.94 %
    Total interest-bearing deposits   2,609,624       23,817       3.66 %     2,534,207       23,552       3.77 %     2,474,474       26,803       4.36 %
    FHLB advances   159,286       1,420       3.58 %     176,833       989       2.27 %     150,000       439       1.18 %
    Long-term debt   119,657       1,296       4.34 %     119,562       1,295       4.39 %     119,275       1,296       4.37 %
    Subordinated debentures   15,230       338       8.90 %     15,175       337       9.01 %     15,011       383       10.26 %
    Total interest-bearing liabilities   2,903,797       26,871       3.71 %     2,845,777       26,173       3.73 %     2,758,760       28,921       4.22 %
    Noninterest-bearing liabilities                                                                      
    Noninterest-bearing deposits   526,113                       520,145                       529,450                  
    Other noninterest-bearing liabilities   65,278                       66,151                       51,087                  
    Total noninterest-bearing liabilities   591,391                       586,296                       580,537                  
    Shareholders’ equity   513,691                       512,262                       512,185                  
    Total liabilities and shareholders’ equity $ 4,008,879                     $ 3,944,335                     $ 3,851,482                  
    Net interest income / interest rate spreads         $ 27,357       2.08 %           $ 26,189       2.03 %           $ 23,988       1.67 %
    Net interest margin                   2.92 %                     2.88 %                     2.67 %
                                                                           
    Total cost of deposits $ 3,135,737     $ 23,817       3.05 %   $ 3,054,352     $ 23,552       3.13 %   $ 3,003,924     $ 26,803       3.59 %
    Total cost of funds $ 3,429,910     $ 26,871       3.14 %   $ 3,365,922     $ 26,173       3.15 %   $ 3,288,210     $ 28,921       3.54 %

    ___________

    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
      Six Months Ended June 30,  
      2025     2024  
      Average     Interest     Yield /     Average     Interest     Yield /  
    (tax-equivalent basis, dollars in thousands) Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                              
    Cash and cash equivalents(1) $ 178,953     $ 4,230       4.77 %   $ 310,476     $ 8,914       5.77 %
    FHLB Stock   15,000       654       8.79 %     15,000       658       8.82 %
    Securities                                              
    Available for sale(2)   394,822       8,302       4.24 %     319,127       7,197       4.54 %
    Held to maturity(2)   5,108       97       3.83 %     5,205       94       3.63 %
    Total loans(3)   3,125,652       93,308       6.02 %     3,017,737       90,867       6.06 %
    Total interest-earning assets   3,719,535     $ 106,591       5.78 %     3,667,545     $ 107,730       5.91 %
    Total noninterest-earning assets   257,250                       243,178                  
    Total average assets $ 3,976,785                     $ 3,910,723                  
                                                   
    Interest-bearing liabilities                                              
    NOW $ 64,004       689       2.17 %   $ 57,513     $ 574       2.01 %
    Money market   473,109       7,399       3.15 %     421,655       7,403       3.53 %
    Saving deposits   148,225       947       1.29 %     161,070       1,454       1.82 %
    Time deposits, $250,000 and under   992,954       19,815       4.02 %     1,112,735       26,165       4.73 %
    Time deposits, greater than $250,000   893,832       18,519       4.18 %     778,713       19,007       4.91 %
    Total interest-bearing deposits   2,572,124       47,369       3.71 %     2,531,686       54,603       4.34 %
    FHLB advances   168,011       2,409       2.89 %     150,000       878       1.18 %
    Long-term debt   119,610       2,591       4.37 %     119,228       2,591       4.37 %
    Subordinated debentures   15,203       675       8.95 %     14,984       767       10.29 %
    Total interest-bearing liabilities   2,874,948       53,044       3.72 %     2,815,898       58,839       4.20 %
    Noninterest-bearing liabilities                                              
    Noninterest-bearing deposits   523,145                       528,898                  
    Other noninterest-bearing liabilities   65,711                       53,441                  
    Total noninterest-bearing liabilities   588,856                       582,339                  
    Shareholders’ equity   512,981                       512,486                  
    Total liabilities and shareholders’ equity $ 3,976,785                     $ 3,910,723                  
    Net interest income / interest rate spreads         $ 53,547       2.06 %           $ 48,891       1.71 %
    Net interest margin                   2.90 %                     2.68 %
                                                   
    Total cost of deposits $ 3,095,269     $ 47,369       3.09 %   $ 3,060,584     $ 54,603       3.59 %
    Total cost of funds $ 3,398,093     $ 53,044       3.15 %   $ 3,344,796     $ 58,839       3.54 %

    ___________

    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
      At or for the Three Months Ended     At or for the Six Months Ended June 30,  
      June 30,     March 31,     June 30,                  
      2025     2025     2024     2025     2024  
    Per share data (common stock)                                      
    Book value $ 29.25     $ 28.77     $ 28.12     $ 29.25     $ 28.12  
    Tangible book value(1) $ 25.11     $ 24.63     $ 24.06     $ 25.11     $ 24.06  
    Performance ratios                                      
    Return on average assets, annualized   0.93 %     0.24 %     0.76 %     0.59 %     0.79 %
    Return on average shareholders’ equity, annualized   7.29 %     1.81 %     5.69 %     4.57 %     6.00 %
    Return on average tangible common equity, annualized(1)   8.50 %     2.12 %     6.65 %     5.33 %     7.01 %
    Noninterest income to average assets, annualized   0.85 %     0.24 %     0.36 %     0.55 %     0.35 %
    Noninterest expense to average assets, annualized   2.05 %     1.90 %     1.79 %     1.98 %     1.75 %
    Yield on average earning assets   5.79 %     5.76 %     5.89 %     5.78 %     5.91 %
    Yield on average loans   6.03 %     6.01 %     6.04 %     6.02 %     6.06 %
    Cost of average total deposits(2)   3.05 %     3.13 %     3.59 %     3.09 %     3.59 %
    Cost of average interest-bearing deposits   3.66 %     3.77 %     4.36 %     3.71 %     4.34 %
    Cost of average interest-bearing liabilities   3.71 %     3.73 %     4.22 %     3.72 %     4.20 %
    Net interest spread   2.08 %     2.03 %     1.67 %     2.06 %     1.71 %
    Net interest margin   2.92 %     2.88 %     2.67 %     2.90 %     2.68 %
    Efficiency ratio(3)   57.22 %     65.09 %     62.38 %     60.70 %     61.21 %
    Common stock dividend payout ratio   30.19 %     123.08 %     41.03 %     48.48 %     38.55 %

    ___________

    (1 ) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2 ) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3 ) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
     
      At or for the quarter ended  
      June 30,     March 31,     June 30,  
      2025     2025     2024  
    Credit Quality Data:                      
    Special mention loans $ 91,317     $ 64,279     $ 19,520  
    Special mention loans to total loans HFI   2.82 %     2.05 %     0.64 %
    Substandard loans $ 91,019     $ 76,372     $ 63,076  
    Substandard loans to total loans HFI   2.81 %     2.43 %     2.07 %
    Loans 30-89 days past due, excluding nonperforming loans $ 18,003     $ 5,927     $ 11,270  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.56 %     0.19 %     0.37 %
    Nonperforming loans $ 56,817     $ 60,380     $ 54,589  
    OREO $ 4,170     $ 4,170     $ —  
    Nonperforming assets $ 60,987     $ 64,550     $ 54,589  
    Nonperforming loans to total loans HFI   1.76 %     1.92 %     1.79 %
    Nonperforming assets to total assets   1.49 %     1.61 %     1.41 %
                           
    Allowance for loan losses $ 51,014     $ 51,932     $ 41,741  
    Allowance for loan losses to total loans HFI   1.58 %     1.65 %     1.37 %
    Allowance for loan losses to nonperforming loans HFI   89.79 %     86.01 %     76.46 %
    Net charge-offs $ 3,305     $ 2,643     $ 551  
    Net charge-offs to average loans   0.42 %     0.35 %     0.07 %
                           
    Capitalratios(1)                      
    Tangible common equity to tangible assets(2)   11.07 %     11.10 %     11.53 %
    Tier 1 leverage ratio   12.04 %     12.07 %     12.48 %
    Tier 1 common capital to risk-weighted assets   17.61 %     17.87 %     18.89 %
    Tier 1 capital to risk-weighted assets   18.17 %     18.45 %     19.50 %
    Total capital to risk-weighted assets   24.00 %     24.42 %     25.67 %

    ___________

    (1 ) June 30, 2025 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
    Loan Portfolio Detail As of June 30, 2025   As of March 31, 2025     As of June 30, 2024  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                          
    Commercial and industrial $ 138,263       4.3 %   $ 135,538       4.3 %   $ 126,649       4.2 %
    SBA   55,984       1.7 %     50,651       1.6 %     50,323       1.7 %
    Construction and land development   157,970       4.9 %     158,883       5.1 %     202,459       6.6 %
    Commercial real estate(1)   1,273,442       39.4 %     1,245,402       39.6 %     1,190,207       39.1 %
    Single-family residential mortgages   1,603,114       49.6 %     1,545,822       49.2 %     1,467,802       48.2 %
    Other loans   5,922       0.1 %     6,767       0.2 %     10,272       0.2 %
    Total loans $ 3,234,695       100.0 %   $ 3,143,063       100.0 %   $ 3,047,712       100.0 %
    Allowance for loan losses   (51,014 )         (51,932 )             (41,741 )        
    Total loans, net $ 3,183,681         $ 3,091,131             $ 3,005,971          

    ___________

    (1 ) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    Deposits As of June 30, 2025   As of March 31, 2025     As of June 30, 2024  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                          
    Noninterest-bearing demand $ 543,885       17.1 %   $ 528,205       16.8 %   $ 542,971       18.0 %
    Savings, NOW and money market accounts   691,679       21.7 %     721,216       22.9 %     647,770       21.4 %
    Time deposits, $250,000 and under   848,379       26.6 %     863,962       27.5 %     921,712       30.5 %
    Time deposits, greater than $250,000   920,481       28.8 %     870,708       27.8 %     790,478       26.1 %
    Wholesale deposits(1)   183,807       5.8 %     158,537       5.0 %     120,674       4.0 %
    Total deposits $ 3,188,231       100.0 %   $ 3,142,628       100.0 %   $ 3,023,605       100.0 %

    ___________

    (1 ) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of as of the dates indicated.

                         
    (dollars in thousands, except share and per share data) June 30, 2025     March 31, 2025     June 30, 2024  
    Tangible common equity:                      
    Total shareholders’ equity $ 517,653     $ 510,306     $ 511,291  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (1,667 )     (1,839 )     (2,394 )
    Tangible common equity $ 444,488     $ 436,969     $ 437,399  
    Tangible assets:                      
    Total assets-GAAP $ 4,090,040     $ 4,009,400     $ 3,868,186  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (1,667 )     (1,839 )     (2,394 )
    Tangible assets $ 4,016,875     $ 3,936,063     $ 3,794,294  
    Common shares outstanding   17,699,091       17,738,628       18,182,154  
    Common equity to assets ratio   12.66 %     12.73 %     13.22 %
    Tangible common equity to tangible assets ratio   11.07 %     11.10 %     11.53 %
    Book value per share $ 29.25     $ 28.77     $ 28.12  
    Tangible book value per share $ 25.11     $ 24.63     $ 24.06  

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

      Three Months Ended     Six Months Ended June 30,  
    (dollars in thousands) June 30, 2025     March 31, 2025     June 30, 2024     2025     2024  
    Net income available to common shareholders $ 9,333     $ 2,290     $ 7,245     $ 11,623     $ 15,281  
    Average shareholders’ equity   513,691       512,262       512,185       512,981       512,486  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (1,780 )     (1,951 )     (2,525 )     (1,865 )     (2,625 )
    Adjusted average tangible common equity $ 440,413     $ 438,813     $ 438,162     $ 439,618     $ 438,363  
    Return on average common equity, annualized   7.29 %     1.81 %     5.69 %     4.57 %     6.00 %
    Return on average tangible common equity, annualized   8.50 %     2.12 %     6.65 %     5.33 %     7.01 %

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports Second Quarter 2025 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 21, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Highlights

    • Net income totaled $9.3 million, or $0.52 diluted earnings per share
    • Return on average assets of 0.93%, compared to 0.24% for the quarter ended March 31, 2025
    • Net interest margin expanded to 2.92%, up from 2.88% for the quarter ended March 31, 2025
    • Net loans held for investment growth of $91.6 million, or 12% annualized
    • Nonperforming assets decreased $3.6 million, or 5.5%, to $61.0 million at June 30, 2025, down from $64.6 million at March 31, 2025
    • Book value and tangible book value per share(1) increased to $29.25 and $25.11 at June 30, 2025, up from $28.77 and $24.63 at March 31, 2025

    The Company reported net income of $9.3 million, or $0.52 diluted earnings per share, for the quarter ended June 30, 2025, compared to net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025. Net income for the second quarter of 2025 included income from an Employee Retention Credit (“ERC”) of $5.2 million (pre-tax), which was included in other income, offset partially by professional and advisory costs associated with filing and determining eligibility for the ERC totaling $1.2 million (pre-tax).

    “Another quarter of strong loan growth and stable loan yields drove increasing net interest income and margin expansion in the second quarter,” said Johnny Lee, President and Chief Executive Officer of RBB Bancorp. “We also benefited from the receipt of a $5.2 million ERC in the second quarter. We continue to work through our nonperforming assets and remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
         

    Net Interest Income and Net Interest Margin

    Net interest income was $27.3 million for the second quarter of 2025, compared to $26.2 million for the first quarter of 2025. The $1.2 million increase was due to a $1.9 million increase in interest income, offset by a $698,000 increase in interest expense. The increase in interest income was mostly due to a $2.1 million increase in interest and fees on loans. The increase in interest expense was due to a $433,000 increase in interest on borrowings and a $265,000 increase in interest on deposits.

    The net interest margin (“NIM”) was 2.92% for the second quarter of 2025, an increase of 4 basis points from 2.88% for the first quarter of 2025. The NIM expansion was due to a 3 basis point increase in the yield on average interest-earning assets, combined with a 1 basis point decrease in the overall cost of funds. The yield on average interest-earning assets increased to 5.79% for the second quarter of 2025 from 5.76% for the first quarter of 2025 due mainly to a 2 basis point increase in the yield on average loans to 6.03%. Average loans represented 85% of average interest-earning assets in the second quarter of 2025, as compared to 84% in the first quarter of 2025.

    The average cost of funds decreased to 3.14% for the second quarter of 2025 from 3.15% for the first quarter of 2025, driven by an 11 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 75 basis point increase in the average cost of total borrowings. The average cost of interest-bearing deposits decreased to 3.66% for the second quarter of 2025 from 3.77% for the first quarter of 2025. The overall funding mix for the second quarter of 2025 remained relatively unchanged from the first quarter of 2025 with total deposits representing 90% of interest bearing liabilities and average noninterest-bearing deposits representing 17% of average total deposits. The average cost of borrowings increased as $150 million in long term FHLB advances matured during the first quarter of 2025, the majority of which were replaced and repriced at current market rates. The all-in average spot rate for total deposits was 2.95% at June 30, 2025.

    Provision for Credit Losses

    The provision for credit losses was $2.4 million for the second quarter of 2025 compared to $6.7 million for the first quarter of 2025. The second quarter of 2025 provision for credit losses reflected an increase in general reserves of $1.5 million due mainly to net loan growth, and an increase in a specific reserve of $924,000 related to one lending relationship. The second quarter provision also took into consideration factors such as changes in the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in loans 30-89 days past due, nonperforming loans, special mention and substandard loans during the period. Net charge-offs of $3.3 million in the second quarter related to loans which had these specific reserves at March 31, 2025. Net charge-offs on an annualized basis represented 0.42% of average loans for the second quarter of 2025 compared to 0.35% for the first quarter of 2025.

    Noninterest Income

    Noninterest income for the second quarter of 2025 was $8.5 million, an increase of $6.2 million from $2.3 million for the first quarter of 2025. The second quarter of 2025 included other income of $5.2 million for the receipt of ERC funds from the IRS. The ERC was a grant program established under the Coronavirus Aid, Relief, and Economic Security Act in response to the COVID-19 pandemic and these funds relate to qualifying amended payroll tax returns the Company filed for the first and second quarters of 2021.

    Upon receipt of the ERC funds, certain professional and tax advisory costs associated with the assessment and compilation of the ERC refunds became due and payable. These amounts totaled $1.2 million and are included in legal and professional expense in our consolidated statements of income for the second quarter of 2025. There were no such ERC amounts received or associated costs recognized during the first quarter of 2025 or the quarter ended June 30, 2024.

    The second quarter of 2025 also included a higher gain on sale of loans of $277,000 and recoveries associated with a fully-charged off loan acquired in a bank acquisition of $350,000, the latter included in “other income.”

    Noninterest Expense

    Noninterest expense for the second quarter of 2025 was $20.5 million, an increase of $2.0 million from $18.5 million for the first quarter of 2025. This increase was mostly due to higher legal and professional expense of $1.4 million, of which $1.2 million was attributed to the aforementioned ERC advisory costs, and a $437,000 increase in salaries and employee benefits expenses. The increase in compensation includes higher incentives related to sustained production levels, the impact of annual pay increases, and approximately $330,000 in costs related to executive management transitions, offset by lower payroll taxes. The efficiency ratio was 57.2% for the second quarter of 2025, down from 65.1% for the first quarter of 2025 due mostly to higher noninterest income related to the ERC, partially offset by higher noninterest expense related to the ERC advisory costs.

    Income Taxes

    The effective tax rate was 27.8% for the second quarter of 2025 and 28.2% for the first quarter of 2025. 

    Balance Sheet

    At June 30, 2025, total assets were $4.1 billion, an $80.6 million increase compared to March 31, 2025, and a $221.9 million increase compared to June 30, 2024.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.2 billion as of June 30, 2025, an increase of $91.6 million, or 12% annualized, compared to March 31, 2025 and an increase of $187.0 million, or 6.1%, compared to June 30, 2024. The second quarter of 2025 net loan growth included $182.8 million in new production with an average yield of 6.76%. The increase from March 31, 2025 was primarily due to a $57.3 million increase in single-family residential (“SFR”) mortgage loans, a $28.0 million increase in commercial real estate (“CRE”) loans, a $5.3 million increase in Small Business Administration (“SBA”) loans and a $2.7 million increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 101.5% at June 30, 2025, compared to 100.0% at March 31, 2025 and 100.9% at June 30, 2024. 

    As of June 30, 2025, available for sale securities (“AFS”) totaled $413.1 million, an increase of $35.0 million from March 31, 2025, primarily related to purchases of $68.0 million, offset by maturities and amortization of $33.0 million during the second quarter of 2025. As of June 30, 2025, net unrealized losses totaled $23.1 million, a $1.9 million decrease, when compared to net unrealized losses of $25.0 million as of March 31, 2025.

    Deposits

    Total deposits were $3.2 billion as of June 30, 2025, an increase of $45.6 million, or 5.8% annualized, compared to March 31, 2025 and an increase of $164.6 million, or 5.4%, compared to June 30, 2024. The increase during the second quarter of 2025 was due to a $29.9 million increase in interest-bearing deposits coupled with a $15.7 million increase in noninterest-bearing deposits. The increase in interest-bearing deposits included increases in time deposits of $59.5 million, offset by decreases in interest-bearing non-maturity deposits of $29.5 million. Wholesale deposits totaled $183.8 million at June 30, 2025, an increase of $25.3 million compared to $158.5 million at March 31, 2025. Noninterest-bearing deposits totaled $543.9 million and represented 17.1% of total deposits at June 30, 2025 compared to $528.2 million and 16.8% at March 31, 2025.

    Credit Quality

    Nonperforming assets totaled $61.0 million, or 1.49% of total assets, at June 30, 2025, down from $64.6 million, or 1.61% of total assets, at March 31, 2025. The $3.6 million decrease in nonperforming assets was due to $3.3 million in net charge-offs and $1.7 million in payoffs and paydowns, partially offset by $1.4 million in additions from loans migrating to nonaccrual status in the second quarter of 2025. Nonperforming assets included one $4.2 million other real estate owned (included in “accrued interest and other assets”) at June 30, 2025 and March 31, 2025.

    Special mention loans totaled $91.3 million, or 2.82% of total loans, at June 30, 2025, up from $64.3 million, or 2.05% of total loans, at March 31, 2025. The $27.0 million increase was primarily due to the addition of loans totaling $30.1 million and $1.6 million in balance increases, partially offset by the downgrade of two CRE loans totaling $4.0 million to substandard-rated loans and payoffs and paydowns totaling $660,000. As of June 30, 2025, all special mention loans were paying current.

    Substandard loans totaled $91.0 million at June 30, 2025, up from $76.4 million at March 31, 2025. The $14.6 million increase was primarily due to the downgrades totaling $20.6 million, partially offset by net charge-offs totaling $3.3 million and payoffs and paydowns totaling $2.7 million. Of the total substandard loans at June 30, 2025, there were $34.2 million on accrual status.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $18.0 million, or 0.56% of total loans, at June 30, 2025, up from $5.9 million, or 0.19% of total loans, at March 31, 2025. The $12.1 million increase was mostly due to $15.5 million in new delinquent loans, offset by $2.2 million in loans returning to current status, $798,000 in loans migrating to nonaccrual status, and $427,000 in paydowns and payoffs. The additions include an $8.5 million CRE loan that has since been brought current.

    As of June 30, 2025, the allowance for credit losses totaled $51.6 million and was comprised of an allowance for loan losses of $51.0 million and a reserve for unfunded commitments of $629,000 (included in “accrued interest and other liabilities”). This compares to the allowance for credit losses of $52.6 million, comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 at March 31, 2025. The $918,000 decrease in the allowance for credit losses for the second quarter of 2025 was due to net charge-offs of $3.3 million, offset by a $2.4 million provision for credit losses. The allowance for loan losses as a percentage of loans HFI decreased to 1.58% at June 30, 2025, compared to 1.65% at March 31, 2025, due mainly to net charge-offs of amounts included in specific reserves at March 31, 2025. The allowance for loan losses as a percentage of nonperforming loans HFI was 90% at June 30, 2025, an increase from 86% at March 31, 2025. 

      For the Three Months Ended June 30, 2025     For the Six Months Ended June 30, 2025  
    (dollars in thousands) Allowance
    for
    loan losses    		     Reserve for
    unfunded
    loan commitments    		     Allowance
    for
    credit losses    		     Allowance
    for loan
    losses    		     Reserve for
    unfunded
    loan
    commitments    		     Allowance
    for credit
    losses    		  
    Beginning balance $ 51,932     $ 629     $ 52,561     $ 47,729     $ 729     $ 48,458  
    Provision for (reversal of) credit losses   2,387       —       2,387       9,233       (100 )     9,133  
    Less loans charged-off   (3,339 )     —       (3,339 )     (6,065 )     —       (6,065 )
    Recoveries on loans charged-off   34       —       34       117       —       117  
    Ending balance $ 51,014     $ 629     $ 51,643     $ 51,014     $ 629     $ 51,643  
     

    Shareholders’ Equity

    At June 30, 2025, total shareholders’ equity was $517.7 million, a $7.3 million increase compared to March 31, 2025, and a $6.4 million increase compared to June 30, 2024. The increase in shareholders’ equity for the second quarter of 2025 was due to net income of $9.3 million, lower net unrealized losses on AFS securities of $1.3 million and equity compensation activity of $1.1 million, offset by common stock cash dividends paid totaling $2.9 million and common stock repurchases totaling $1.5 million. The increase in shareholders’ equity for the last twelve months was due to net income of $23.0 million, lower net unrealized losses on AFS securities of $4.9 million, and equity compensation activity of $2.5 million, offset by common stock repurchases totaling $12.5 million and common stock cash dividends paid totaling $11.5 million. Book value per share and tangible book value per share(1) increased to $29.25 and $25.11 at June 30, 2025, up from $28.77 and $24.63 at March 31, 2025 and up from $28.12 and $24.06 at June 30, 2024.

    Dividend Announcement

    The Board of Directors has declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on August 12, 2025 to shareholders of record on July 31, 2025.

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
         

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of June 30, 2025, the Company had total assets of $4.1 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, July 22, 2025, to discuss the Company’s second quarter 2025 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 710803, conference ID RBBQ225. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52690, approximately one hour after the conclusion of the call and will remain available through August 05, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
     
      June 30,     March 31,     December 31,     September 30,     June 30,  
      2025     2025     2024     2024     2024  
    Assets                                      
    Cash and due from banks $ 27,338     $ 25,315     $ 27,747     $ 26,388     $ 23,313  
    Interest-earning deposits with financial institutions   164,514       213,508       229,998       323,002       229,456  
    Cash and cash equivalents   191,852       238,823       257,745       349,390       252,769  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   413,142       378,188       420,190       305,666       325,582  
    Investment securities held to maturity   4,186       5,188       5,191       5,195       5,200  
    Loans held for sale   –       655       11,250       812       3,146  
    Loans held for investment   3,234,695       3,143,063       3,053,230       3,091,896       3,047,712  
    Allowance for loan losses   (51,014 )     (51,932 )     (47,729 )     (43,685 )     (41,741 )
    Net loans held for investment   3,183,681       3,091,131       3,005,501       3,048,211       3,005,971  
    Premises and equipment, net   23,945       24,308       24,601       24,839       25,049  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   61,111       60,699       60,296       59,889       59,486  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,482       6,766       6,985       7,256       7,545  
    Core deposit intangibles   1,667       1,839       2,011       2,194       2,394  
    Right-of-use assets   25,554       26,779       28,048       29,283       30,530  
    Accrued interest and other assets   91,322       87,926       83,561       70,644       63,416  
    Total assets $ 4,090,040     $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 543,885     $ 528,205     $ 563,012     $ 543,623     $ 542,971  
    Savings, NOW and money market accounts   691,679       721,216       663,034       666,089       647,770  
    Time deposits, $250,000 and under   1,010,674       1,000,106       1,007,452       1,052,462       1,014,189  
    Time deposits, greater than $250,000   941,993       893,101       850,291       830,010       818,675  
    Total deposits   3,188,231       3,142,628       3,083,789       3,092,184       3,023,605  
    FHLB advances   180,000       160,000       200,000       200,000       150,000  
    Long-term debt, net of issuance costs   119,720       119,624       119,529       119,433       119,338  
    Subordinated debentures   15,265       15,211       15,156       15,102       15,047  
    Lease liabilities – operating leases   27,294       28,483       29,705       30,880       32,087  
    Accrued interest and other liabilities   41,877       33,148       36,421       23,150       16,818  
    Total liabilities   3,572,387       3,499,094       3,484,600       3,480,749       3,356,895  
    Shareholders’ equity:                                      
    Common stock   259,863       260,284       259,957       259,280       266,160  
    Additional paid-in capital   3,579       3,360       3,645       3,520       3,456  
    Retained earnings   270,152       263,885       264,460       262,946       262,518  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (16,013 )     (17,295 )     (20,257 )     (16,090 )     (20,915 )
    Total shareholders’ equity   517,653       510,306       507,877       509,728       511,291  
    Total liabilities and shareholders’ equity $ 4,090,040     $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data)
     
      For the Three Months Ended     For the Six Months Ended  
      June 30,
    2025    		     March 31,
    2025    		     June 30,
    2024    		     June 30,
    2025    		     June 30,
    2024    		  
    Interest and dividend income:                                      
    Interest and fees on loans $ 47,687     $ 45,621     $ 45,320     $ 93,308     $ 90,867  
    Interest on interest-earning deposits   1,750       2,014       3,353       3,764       8,393  
    Interest on investment securities   4,213       4,136       3,631       8,349       7,242  
    Dividend income on FHLB stock   324       330       327       654       658  
    Interest on federal funds sold and other   231       235       255       466       521  
    Total interest and dividend income   54,205       52,336       52,886       106,541       107,681  
    Interest expense:                                      
    Interest on savings deposits, NOW and money market accounts   4,567       4,468       4,953       9,035       9,431  
    Interest on time deposits   19,250       19,084       21,850       38,334       45,172  
    Interest on long-term debt and subordinated debentures   1,634       1,632       1,679       3,266       3,358  
    Interest on FHLB advances   1,420       989       439       2,409       878  
    Total interest expense   26,871       26,173       28,921       53,044       58,839  
    Net interest income before provision for credit losses   27,334       26,163       23,965       53,497       48,842  
    Provision for credit losses   2,387       6,746       557       9,133       557  
    Net interest income after provision for credit losses   24,947       19,417       23,408       44,364       48,285  
    Noninterest income:                                      
    Service charges and fees   1,060       1,017       1,064       2,077       2,056  
    Gain on sale of loans   358       81       451       439       763  
    Loan servicing fees, net of amortization   541       588       579       1,129       1,168  
    Increase in cash surrender value of life insurance   411       403       385       814       767  
    Gain on OREO   —       —       292       —       1,016  
    Other income   6,108       206       717       6,314       1,090  
    Total noninterest income   8,478       2,295       3,488       10,773       6,860  
    Noninterest expense:                                      
    Salaries and employee benefits   11,080       10,643       9,533       21,723       19,460  
    Occupancy and equipment expenses   2,377       2,407       2,439       4,784       4,882  
    Data processing   1,713       1,602       1,466       3,315       2,886  
    Legal and professional   2,904       1,515       1,260       4,419       2,140  
    Office expenses   405       408       352       813       708  
    Marketing and business promotion   212       197       189       409       361  
    Insurance and regulatory assessments   709       730       981       1,439       1,963  
    Core deposit premium   172       172       201       344       402  
    Other expenses   921       848       703       1,769       1,291  
    Total noninterest expense   20,493       18,522       17,124       39,015       34,093  
    Income before income taxes   12,932       3,190       9,772       16,122       21,052  
    Income tax expense   3,599       900       2,527       4,499       5,771  
    Net income $ 9,333     $ 2,290     $ 7,245     $ 11,623     $ 15,281  
                                           
    Net income per share                                      
    Basic $ 0.53     $ 0.13     $ 0.39     $ 0.66     $ 0.83  
    Diluted $ 0.52     $ 0.13     $ 0.39     $ 0.65     $ 0.82  
    Cash dividends declared per common share $ 0.16     $ 0.16     $ 0.16     $ 0.32     $ 0.32  
    Weighted-average common shares outstanding                                      
    Basic   17,746,607       17,727,712       18,375,970       17,737,212       18,488,623  
    Diluted   17,797,735       17,770,588       18,406,897       17,784,237       18,529,299  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
      For the Three Months Ended  
      June 30, 2025     March 31, 2025     June 30, 2024  
      Average     Interest     Yield /     Average     Interest     Yield /     Average     Interest     Yield /  
    (tax-equivalent basis, dollars in thousands) Balance     & Fees     Rate     Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                                                      
    Cash and cash equivalents(1) $ 163,838     $ 1,980       4.85 %   $ 194,236     $ 2,249       4.70 %   $ 255,973     $ 3,608       5.67 %
    FHLB Stock   15,000       324       8.66 %     15,000       330       8.92 %     15,000       327       8.77 %
    Securities                                                                      
    Available for sale(2)   399,414       4,189       4.21 %     390,178       4,113       4.28 %     318,240       3,608       4.56 %
    Held to maturity(2)   5,028       48       3.83 %     5,189       49       3.83 %     5,203       46       3.56 %
    Total loans(3)   3,171,570       47,687       6.03 %     3,079,224       45,621       6.01 %     3,017,050       45,320       6.04 %
    Total interest-earning assets   3,754,850     $ 54,228       5.79 %     3,683,827     $ 52,362       5.76 %     3,611,466     $ 52,909       5.89 %
    Total noninterest-earning assets   254,029                       260,508                       240,016                  
    Total average assets $ 4,008,879                     $ 3,944,335                     $ 3,851,482                  
                                                                           
    Interest-bearing liabilities                                                                      
    NOW $ 66,755       368       2.21 %   $ 61,222     $ 321       2.13 %   $ 56,081     $ 276       1.98 %
    Money market   482,669       3,774       3.14 %     463,443       3,625       3.17 %     431,559       3,877       3.61 %
    Saving deposits   141,411       425       1.21 %     155,116       522       1.36 %     164,913       800       1.95 %
    Time deposits, $250,000 and under   996,249       9,768       3.93 %     989,622       10,046       4.12 %     1,049,666       12,360       4.74 %
    Time deposits, greater than $250,000   922,540       9,482       4.12 %     864,804       9,038       4.24 %     772,255       9,490       4.94 %
    Total interest-bearing deposits   2,609,624       23,817       3.66 %     2,534,207       23,552       3.77 %     2,474,474       26,803       4.36 %
    FHLB advances   159,286       1,420       3.58 %     176,833       989       2.27 %     150,000       439       1.18 %
    Long-term debt   119,657       1,296       4.34 %     119,562       1,295       4.39 %     119,275       1,296       4.37 %
    Subordinated debentures   15,230       338       8.90 %     15,175       337       9.01 %     15,011       383       10.26 %
    Total interest-bearing liabilities   2,903,797       26,871       3.71 %     2,845,777       26,173       3.73 %     2,758,760       28,921       4.22 %
    Noninterest-bearing liabilities                                                                      
    Noninterest-bearing deposits   526,113                       520,145                       529,450                  
    Other noninterest-bearing liabilities   65,278                       66,151                       51,087                  
    Total noninterest-bearing liabilities   591,391                       586,296                       580,537                  
    Shareholders’ equity   513,691                       512,262                       512,185                  
    Total liabilities and shareholders’ equity $ 4,008,879                     $ 3,944,335                     $ 3,851,482                  
    Net interest income / interest rate spreads         $ 27,357       2.08 %           $ 26,189       2.03 %           $ 23,988       1.67 %
    Net interest margin                   2.92 %                     2.88 %                     2.67 %
                                                                           
    Total cost of deposits $ 3,135,737     $ 23,817       3.05 %   $ 3,054,352     $ 23,552       3.13 %   $ 3,003,924     $ 26,803       3.59 %
    Total cost of funds $ 3,429,910     $ 26,871       3.14 %   $ 3,365,922     $ 26,173       3.15 %   $ 3,288,210     $ 28,921       3.54 %

    ___________

    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
      Six Months Ended June 30,  
      2025     2024  
      Average     Interest     Yield /     Average     Interest     Yield /  
    (tax-equivalent basis, dollars in thousands) Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                              
    Cash and cash equivalents(1) $ 178,953     $ 4,230       4.77 %   $ 310,476     $ 8,914       5.77 %
    FHLB Stock   15,000       654       8.79 %     15,000       658       8.82 %
    Securities                                              
    Available for sale(2)   394,822       8,302       4.24 %     319,127       7,197       4.54 %
    Held to maturity(2)   5,108       97       3.83 %     5,205       94       3.63 %
    Total loans(3)   3,125,652       93,308       6.02 %     3,017,737       90,867       6.06 %
    Total interest-earning assets   3,719,535     $ 106,591       5.78 %     3,667,545     $ 107,730       5.91 %
    Total noninterest-earning assets   257,250                       243,178                  
    Total average assets $ 3,976,785                     $ 3,910,723                  
                                                   
    Interest-bearing liabilities                                              
    NOW $ 64,004       689       2.17 %   $ 57,513     $ 574       2.01 %
    Money market   473,109       7,399       3.15 %     421,655       7,403       3.53 %
    Saving deposits   148,225       947       1.29 %     161,070       1,454       1.82 %
    Time deposits, $250,000 and under   992,954       19,815       4.02 %     1,112,735       26,165       4.73 %
    Time deposits, greater than $250,000   893,832       18,519       4.18 %     778,713       19,007       4.91 %
    Total interest-bearing deposits   2,572,124       47,369       3.71 %     2,531,686       54,603       4.34 %
    FHLB advances   168,011       2,409       2.89 %     150,000       878       1.18 %
    Long-term debt   119,610       2,591       4.37 %     119,228       2,591       4.37 %
    Subordinated debentures   15,203       675       8.95 %     14,984       767       10.29 %
    Total interest-bearing liabilities   2,874,948       53,044       3.72 %     2,815,898       58,839       4.20 %
    Noninterest-bearing liabilities                                              
    Noninterest-bearing deposits   523,145                       528,898                  
    Other noninterest-bearing liabilities   65,711                       53,441                  
    Total noninterest-bearing liabilities   588,856                       582,339                  
    Shareholders’ equity   512,981                       512,486                  
    Total liabilities and shareholders’ equity $ 3,976,785                     $ 3,910,723                  
    Net interest income / interest rate spreads         $ 53,547       2.06 %           $ 48,891       1.71 %
    Net interest margin                   2.90 %                     2.68 %
                                                   
    Total cost of deposits $ 3,095,269     $ 47,369       3.09 %   $ 3,060,584     $ 54,603       3.59 %
    Total cost of funds $ 3,398,093     $ 53,044       3.15 %   $ 3,344,796     $ 58,839       3.54 %

    ___________

    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
      At or for the Three Months Ended     At or for the Six Months Ended June 30,  
      June 30,     March 31,     June 30,                  
      2025     2025     2024     2025     2024  
    Per share data (common stock)                                      
    Book value $ 29.25     $ 28.77     $ 28.12     $ 29.25     $ 28.12  
    Tangible book value(1) $ 25.11     $ 24.63     $ 24.06     $ 25.11     $ 24.06  
    Performance ratios                                      
    Return on average assets, annualized   0.93 %     0.24 %     0.76 %     0.59 %     0.79 %
    Return on average shareholders’ equity, annualized   7.29 %     1.81 %     5.69 %     4.57 %     6.00 %
    Return on average tangible common equity, annualized(1)   8.50 %     2.12 %     6.65 %     5.33 %     7.01 %
    Noninterest income to average assets, annualized   0.85 %     0.24 %     0.36 %     0.55 %     0.35 %
    Noninterest expense to average assets, annualized   2.05 %     1.90 %     1.79 %     1.98 %     1.75 %
    Yield on average earning assets   5.79 %     5.76 %     5.89 %     5.78 %     5.91 %
    Yield on average loans   6.03 %     6.01 %     6.04 %     6.02 %     6.06 %
    Cost of average total deposits(2)   3.05 %     3.13 %     3.59 %     3.09 %     3.59 %
    Cost of average interest-bearing deposits   3.66 %     3.77 %     4.36 %     3.71 %     4.34 %
    Cost of average interest-bearing liabilities   3.71 %     3.73 %     4.22 %     3.72 %     4.20 %
    Net interest spread   2.08 %     2.03 %     1.67 %     2.06 %     1.71 %
    Net interest margin   2.92 %     2.88 %     2.67 %     2.90 %     2.68 %
    Efficiency ratio(3)   57.22 %     65.09 %     62.38 %     60.70 %     61.21 %
    Common stock dividend payout ratio   30.19 %     123.08 %     41.03 %     48.48 %     38.55 %

    ___________

    (1 ) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2 ) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3 ) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
     
      At or for the quarter ended  
      June 30,     March 31,     June 30,  
      2025     2025     2024  
    Credit Quality Data:                      
    Special mention loans $ 91,317     $ 64,279     $ 19,520  
    Special mention loans to total loans HFI   2.82 %     2.05 %     0.64 %
    Substandard loans $ 91,019     $ 76,372     $ 63,076  
    Substandard loans to total loans HFI   2.81 %     2.43 %     2.07 %
    Loans 30-89 days past due, excluding nonperforming loans $ 18,003     $ 5,927     $ 11,270  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.56 %     0.19 %     0.37 %
    Nonperforming loans $ 56,817     $ 60,380     $ 54,589  
    OREO $ 4,170     $ 4,170     $ —  
    Nonperforming assets $ 60,987     $ 64,550     $ 54,589  
    Nonperforming loans to total loans HFI   1.76 %     1.92 %     1.79 %
    Nonperforming assets to total assets   1.49 %     1.61 %     1.41 %
                           
    Allowance for loan losses $ 51,014     $ 51,932     $ 41,741  
    Allowance for loan losses to total loans HFI   1.58 %     1.65 %     1.37 %
    Allowance for loan losses to nonperforming loans HFI   89.79 %     86.01 %     76.46 %
    Net charge-offs $ 3,305     $ 2,643     $ 551  
    Net charge-offs to average loans   0.42 %     0.35 %     0.07 %
                           
    Capitalratios(1)                      
    Tangible common equity to tangible assets(2)   11.07 %     11.10 %     11.53 %
    Tier 1 leverage ratio   12.04 %     12.07 %     12.48 %
    Tier 1 common capital to risk-weighted assets   17.61 %     17.87 %     18.89 %
    Tier 1 capital to risk-weighted assets   18.17 %     18.45 %     19.50 %
    Total capital to risk-weighted assets   24.00 %     24.42 %     25.67 %

    ___________

    (1 ) June 30, 2025 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
    Loan Portfolio Detail As of June 30, 2025   As of March 31, 2025     As of June 30, 2024  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                          
    Commercial and industrial $ 138,263       4.3 %   $ 135,538       4.3 %   $ 126,649       4.2 %
    SBA   55,984       1.7 %     50,651       1.6 %     50,323       1.7 %
    Construction and land development   157,970       4.9 %     158,883       5.1 %     202,459       6.6 %
    Commercial real estate(1)   1,273,442       39.4 %     1,245,402       39.6 %     1,190,207       39.1 %
    Single-family residential mortgages   1,603,114       49.6 %     1,545,822       49.2 %     1,467,802       48.2 %
    Other loans   5,922       0.1 %     6,767       0.2 %     10,272       0.2 %
    Total loans $ 3,234,695       100.0 %   $ 3,143,063       100.0 %   $ 3,047,712       100.0 %
    Allowance for loan losses   (51,014 )         (51,932 )             (41,741 )        
    Total loans, net $ 3,183,681         $ 3,091,131             $ 3,005,971          

    ___________

    (1 ) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    Deposits As of June 30, 2025   As of March 31, 2025     As of June 30, 2024  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                          
    Noninterest-bearing demand $ 543,885       17.1 %   $ 528,205       16.8 %   $ 542,971       18.0 %
    Savings, NOW and money market accounts   691,679       21.7 %     721,216       22.9 %     647,770       21.4 %
    Time deposits, $250,000 and under   848,379       26.6 %     863,962       27.5 %     921,712       30.5 %
    Time deposits, greater than $250,000   920,481       28.8 %     870,708       27.8 %     790,478       26.1 %
    Wholesale deposits(1)   183,807       5.8 %     158,537       5.0 %     120,674       4.0 %
    Total deposits $ 3,188,231       100.0 %   $ 3,142,628       100.0 %   $ 3,023,605       100.0 %

    ___________

    (1 ) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of as of the dates indicated.

                         
    (dollars in thousands, except share and per share data) June 30, 2025     March 31, 2025     June 30, 2024  
    Tangible common equity:                      
    Total shareholders’ equity $ 517,653     $ 510,306     $ 511,291  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (1,667 )     (1,839 )     (2,394 )
    Tangible common equity $ 444,488     $ 436,969     $ 437,399  
    Tangible assets:                      
    Total assets-GAAP $ 4,090,040     $ 4,009,400     $ 3,868,186  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (1,667 )     (1,839 )     (2,394 )
    Tangible assets $ 4,016,875     $ 3,936,063     $ 3,794,294  
    Common shares outstanding   17,699,091       17,738,628       18,182,154  
    Common equity to assets ratio   12.66 %     12.73 %     13.22 %
    Tangible common equity to tangible assets ratio   11.07 %     11.10 %     11.53 %
    Book value per share $ 29.25     $ 28.77     $ 28.12  
    Tangible book value per share $ 25.11     $ 24.63     $ 24.06  

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

      Three Months Ended     Six Months Ended June 30,  
    (dollars in thousands) June 30, 2025     March 31, 2025     June 30, 2024     2025     2024  
    Net income available to common shareholders $ 9,333     $ 2,290     $ 7,245     $ 11,623     $ 15,281  
    Average shareholders’ equity   513,691       512,262       512,185       512,981       512,486  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (1,780 )     (1,951 )     (2,525 )     (1,865 )     (2,625 )
    Adjusted average tangible common equity $ 440,413     $ 438,813     $ 438,162     $ 439,618     $ 438,363  
    Return on average common equity, annualized   7.29 %     1.81 %     5.69 %     4.57 %     6.00 %
    Return on average tangible common equity, annualized   8.50 %     2.12 %     6.65 %     5.33 %     7.01 %

    The MIL Network –

  • MIL-Evening Report: Pumped up with poison: new research shows many anabolic steroids contain toxic metals

    Source: The Conversation (Au and NZ) – By Timothy Piatkowski, Lecturer in Psychology, Griffith University

    MilosStankovic/Getty Images

    Eighteen-year-old Mark scrolls Instagram late at night, watching videos of fitness influencers showing off muscle gains and lifting the equivalent of a baby elephant off the gym floor.

    Spurred on by hashtags and usernames indicating these feats involve steroids, soon Mark is online, ordering his first “steroid cycle”. No script, no warnings, just vials in the mail and the promise of “gains”.

    A few weeks later, he’s posting progress shots and getting tagged as #MegaMark. He’s pleased. But what if I told you Mark was unknowingly injecting toxic chemicals?

    In our new research we tested products sold in Australia’s underground steroid market and found many were mislabelled or missing the expected steroid entirely.

    Even more concerning, several contained heavy metals such as lead, arsenic and cadmium. These substances are known to cause cancer, heart disease and organ failure.

    What are anabolic steroids, and who is using them?

    Anabolic steroids are synthetic drugs designed to mimic the effects of testosterone. Medical professionals sometimes prescribe them for specific health conditions (for example, hypogonadism, where the body isn’t making enough sex hormones). But they are more commonly taken by people looking to increase muscle size, improve athletic performance, or elevate feelings of wellbeing.

    In Australia, it’s illegal to possess steroids without a prescription. This offence can attract large fines and prison terms (up to 25 years in Queensland).

    Despite this, they’re widely available online and from your local “gym bro”. So it’s not surprising we’re seeing escalating use, particularly among young men and women.

    People usually take steroids as pills and capsules or injectable oil- or water-based products. But while many people assume these products are safe if used correctly, they’re made outside regulated settings, with no official quality checks.



    Read more:
    Get big or die trying: social media is driving men’s use of steroids. Here’s how to mitigate the risks

    Our research

    For this new study, we analysed 28 steroid products acquired from people all over Australia which they’d purchased either online or from peers in the gym. These included 16 injectable oils, ten varieties of oral tablets, and two “raw” powders.

    An independent forensic lab tested the samples for active ingredients, contaminants and heavy metals. We then compared the results against what people thought they were taking.

    More than half of the samples were mislabelled or contained the wrong drug. For example, one product labelled as testosterone enanthate (200mg/mL) contained 159mg/mL of trenbolone (a potent type of steroid) and no detectable testosterone. Oxandrolone (also known as “Anavar”, another type of steroid) tablets were sold claiming a strength of 10mg but actually contained 6.8mg, showing a disparity in purity.

    Just four products matched their expected compound and purity within a 5% margin.

    But the biggest concern was that all steroids we analysed were contaminated with some level of heavy metals, including lead, arsenic and cadmium.

    While all of the concentrations we detected were within daily exposure limits regarded as safe by health authorities, more frequent and heavier use of these drugs would quickly see people who use steroids exceed safe thresholds. And we know this happens.

    If consumed above safe limits, research suggests lead can damage the brain and heart. Arsenic is a proven carcinogen, having been linked to the development of skin, liver and lung cancers.

    People who use steroids often dose for weeks or months, and sometimes stack multiple drugs, so these metals would build up. This means long‑term steroid use could be quietly fuelling cognitive decline, organ failure, and even cancer.

    What needs to happen next?

    Heavy metals such as lead, arsenic and cadmium often contaminate anabolic steroid products because raw powders sourced from some manufacturers, particularly those in China, may be produced with poor quality control and impure starting materials. These metals can enter the supply chain during synthesis, handling, or from contaminated equipment and solvents, leading to their presence in the final products.

    Steroid use isn’t going away, so we need to address the potential health harms from these contaminants.

    While pill testing is now common at festivals for drugs such as ecstasy, testing anabolic steroids requires more complex chemical analysis that cannot be conducted on-site. Current steroid testing relies on advanced laboratory techniques, which limits availability mostly to specialised research programs such as those in Australia and Switzerland.

    We need to invest properly in a national steroid surveillance and testing network, which will give us data‑driven insights to inform targeted interventions.

    This should involve nationwide steroid testing programs integrated with needle‑and‑syringe programs and community health services which steroid-using communities are aware of and engage with.

    We also need to see peer‑led support through trusted programs to educate people who use steroids around the risks. The programs should be based in real evidence, and developed by people with lived experience of steroid use, in partnership with researchers and clinicians.

    Timothy Piatkowski receives funding from Queensland Mental Health Commission. He is affiliated with Queensland Injectors Voice for Advocacy and Action as the Vice President. He is affiliated with The Loop Australia as the research lead (Queensland).

    – ref. Pumped up with poison: new research shows many anabolic steroids contain toxic metals – https://theconversation.com/pumped-up-with-poison-new-research-shows-many-anabolic-steroids-contain-toxic-metals-261470

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Pumped up with poison: new research shows many anabolic steroids contain toxic metals

    Source: The Conversation (Au and NZ) – By Timothy Piatkowski, Lecturer in Psychology, Griffith University

    MilosStankovic/Getty Images

    Eighteen-year-old Mark scrolls Instagram late at night, watching videos of fitness influencers showing off muscle gains and lifting the equivalent of a baby elephant off the gym floor.

    Spurred on by hashtags and usernames indicating these feats involve steroids, soon Mark is online, ordering his first “steroid cycle”. No script, no warnings, just vials in the mail and the promise of “gains”.

    A few weeks later, he’s posting progress shots and getting tagged as #MegaMark. He’s pleased. But what if I told you Mark was unknowingly injecting toxic chemicals?

    In our new research we tested products sold in Australia’s underground steroid market and found many were mislabelled or missing the expected steroid entirely.

    Even more concerning, several contained heavy metals such as lead, arsenic and cadmium. These substances are known to cause cancer, heart disease and organ failure.

    What are anabolic steroids, and who is using them?

    Anabolic steroids are synthetic drugs designed to mimic the effects of testosterone. Medical professionals sometimes prescribe them for specific health conditions (for example, hypogonadism, where the body isn’t making enough sex hormones). But they are more commonly taken by people looking to increase muscle size, improve athletic performance, or elevate feelings of wellbeing.

    In Australia, it’s illegal to possess steroids without a prescription. This offence can attract large fines and prison terms (up to 25 years in Queensland).

    Despite this, they’re widely available online and from your local “gym bro”. So it’s not surprising we’re seeing escalating use, particularly among young men and women.

    People usually take steroids as pills and capsules or injectable oil- or water-based products. But while many people assume these products are safe if used correctly, they’re made outside regulated settings, with no official quality checks.



    Read more:
    Get big or die trying: social media is driving men’s use of steroids. Here’s how to mitigate the risks

    Our research

    For this new study, we analysed 28 steroid products acquired from people all over Australia which they’d purchased either online or from peers in the gym. These included 16 injectable oils, ten varieties of oral tablets, and two “raw” powders.

    An independent forensic lab tested the samples for active ingredients, contaminants and heavy metals. We then compared the results against what people thought they were taking.

    More than half of the samples were mislabelled or contained the wrong drug. For example, one product labelled as testosterone enanthate (200mg/mL) contained 159mg/mL of trenbolone (a potent type of steroid) and no detectable testosterone. Oxandrolone (also known as “Anavar”, another type of steroid) tablets were sold claiming a strength of 10mg but actually contained 6.8mg, showing a disparity in purity.

    Just four products matched their expected compound and purity within a 5% margin.

    But the biggest concern was that all steroids we analysed were contaminated with some level of heavy metals, including lead, arsenic and cadmium.

    While all of the concentrations we detected were within daily exposure limits regarded as safe by health authorities, more frequent and heavier use of these drugs would quickly see people who use steroids exceed safe thresholds. And we know this happens.

    If consumed above safe limits, research suggests lead can damage the brain and heart. Arsenic is a proven carcinogen, having been linked to the development of skin, liver and lung cancers.

    People who use steroids often dose for weeks or months, and sometimes stack multiple drugs, so these metals would build up. This means long‑term steroid use could be quietly fuelling cognitive decline, organ failure, and even cancer.

    What needs to happen next?

    Heavy metals such as lead, arsenic and cadmium often contaminate anabolic steroid products because raw powders sourced from some manufacturers, particularly those in China, may be produced with poor quality control and impure starting materials. These metals can enter the supply chain during synthesis, handling, or from contaminated equipment and solvents, leading to their presence in the final products.

    Steroid use isn’t going away, so we need to address the potential health harms from these contaminants.

    While pill testing is now common at festivals for drugs such as ecstasy, testing anabolic steroids requires more complex chemical analysis that cannot be conducted on-site. Current steroid testing relies on advanced laboratory techniques, which limits availability mostly to specialised research programs such as those in Australia and Switzerland.

    We need to invest properly in a national steroid surveillance and testing network, which will give us data‑driven insights to inform targeted interventions.

    This should involve nationwide steroid testing programs integrated with needle‑and‑syringe programs and community health services which steroid-using communities are aware of and engage with.

    We also need to see peer‑led support through trusted programs to educate people who use steroids around the risks. The programs should be based in real evidence, and developed by people with lived experience of steroid use, in partnership with researchers and clinicians.

    Timothy Piatkowski receives funding from Queensland Mental Health Commission. He is affiliated with Queensland Injectors Voice for Advocacy and Action as the Vice President. He is affiliated with The Loop Australia as the research lead (Queensland).

    – ref. Pumped up with poison: new research shows many anabolic steroids contain toxic metals – https://theconversation.com/pumped-up-with-poison-new-research-shows-many-anabolic-steroids-contain-toxic-metals-261470

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Africa’s minerals are being bartered for security: why it’s a bad idea

    Source: The Conversation (Au and NZ) – By Hanri Mostert, SARChI Chair for Mineral Law in Africa, University of Cape Town

    A US-brokered peace deal between the Democratic Republic of Congo (DRC) and Rwanda binds the two African nations to a worrying arrangement: one where a country signs away its mineral resources to a superpower in return for opaque assurances of security.

    The peace deal, signed in June 2025, aims to end three decades of conflict between the DRC and Rwanda.

    A key part of the agreement binds both nations to developing a regional economic integration framework. This arrangement would expand cooperation between the two states, the US government and American investors on “transparent, formalized end-to-end mineral chains”.

    Despite its immense mineral wealth, the DRC is among the five poorest countries in the world. It has been seeking US investment in its mineral sector.

    The US has in turn touted a potential multi-billion-dollar investment programme to anchor its mineral supply chains in the traumatised and poor territory.

    The peace that the June 2025 deal promises, therefore, hinges on chaining mineral supply to the US in exchange for Washington’s powerful – but vaguely formulated – military oversight.

    The peace agreement further establishes a joint oversight committee – with representatives from the African Union, Qatar and the US – to receive complaints and resolve disputes between the DRC and Rwanda.

    But beyond the joint oversight committee, the peace deal creates no specific security obligations for the US.

    The relationship between the DRC and Rwanda has been marred by war and tension since the bloody First (1996-1997) and Second (1998-2003) Congo wars. At the heart of much of this conflict is the DRC’s mineral wealth. It has fuelled competition, exploitation and armed violence.

    This latest peace deal introduces a resources-for-security arrangement. Such deals aren’t new in Africa. They first emerged in the early 2000s as resources-for-infrastructure transactions. Here, a foreign state would agree to build economic and social infrastructure (roads, ports, airports, hospitals) in an African state. In exchange, it would get a major stake in a government-owned mining company. Or gain preferential access to the host country’s minerals.

    We have studied mineral law and governance in Africa for more than 20 years. The question that emerges now is whether a US-brokered resources-for-security agreement will help the DRC benefit from its resources.

    Based on our research on mining, development and sustainability, we believe this is unlikely.

    This is because resources-for-security is the latest version of a resource-bartering approach that China and Russia pioneered in countries such as Angola, the Central African Republic and the DRC.

    Resource bartering in Africa has eroded the sovereignty and bargaining power of mineral-rich nations such as the DRC and Angola.

    Further, resources-for-security deals are less transparent and more complicated than prior resource bartering agreements.

    DRC’s security gaps

    The DRC is endowed with major deposits of critical minerals like cobalt, copper, lithium, manganese and tantalum. These are the building blocks for 21st century technologies: artificial intelligence, electric vehicles, wind energy and military security hardware. Rwanda has less mineral wealth than its neighbour, but is the world’s third-largest producer of tantalum, used in electronics, aerospace and medical devices.

    For almost 30 years, minerals have fuelled conflict and severe violence, especially in eastern DRC. Tungsten, tantalum and gold (referred to as 3TG) finance and drive conflict as government forces and an estimated 130 armed groups vie for control over lucrative mining sites. Several reports and studies have implicated the DRC’s neighbours – Rwanda and Uganda – in supporting the illegal extraction of 3TG in this region.

    The DRC government has failed to extend security over its vast (2.3 million square kilometres) and diverse territory (109 million people, representing 250 ethnic groups). Limited resources, logistical challenges and corruption have weakened its armed forces.

    This context makes the United States’ military backing enormously attractive. But our research shows there are traps.

    What states risk losing

    Resources-for-infrastructure and resources-for-security deals generally offer African nations short-term stability, financing or global goodwill. However, the costs are often long-term because of an erosion of sovereign control.

    Here’s how this happens:

    Examples of loss or near-loss of sovereignty from these sorts of deals abound in Africa.

    For instance, Angola’s US$2 billion oil-backed loan from China Eximbank in 2004. This was repayable in monthly deliveries of oil, with revenues directed to Chinese-controlled accounts. The loan’s design deprived Angolan authorities of decision-making power over that income stream even before the oil was extracted.

    These deals also fragment accountability. They often span multiple ministries (such as defence, mining and trade), avoiding robust oversight or accountability. Fragmentation makes resource sectors vulnerable to elite capture. Powerful insiders can manipulate agreements for private gain.

    In the DRC, this has created a violent kleptocracy, where resource wealth is systematically diverted away from popular benefit.

    Finally, there is the risk of re-entrenching extractive trauma. Communities displaced for mining and environmental degradation in many countries across Africa illustrate the long-standing harm to livelihoods, health and social cohesion.

    These are not new problems. But where extraction is tied to security or infrastructure, such damage risks becoming permanent features, not temporary costs.

    What needs to change

    Critical minerals are “critical” because they’re hard to mine or substitute. Additionally, their supply chains are strategically vulnerable and politically exposed. Whoever controls these minerals controls the future. Africa must make sure it doesn’t trade that future away.

    In a world being reshaped by global interests in critical minerals, African states must not underestimate the strategic value of their mineral resources. They hold considerable leverage.

    But leverage only works if it is wielded strategically. This means:

    • investing in institutional strength and legal capacity to negotiate better deals

    • demanding local value creation and addition

    • requiring transparency and parliamentary oversight for minerals-related agreements

    • refusing deals that bypass human rights, environmental or sovereignty standards.

    Africa has the resources. It must hold on to the power they wield.

    Hanri Mostert receives funding from the National Research Foundation (NRF) of South Africa. She is a member of the Expropriation Expert Group and a steering committee member of the International Bar Association’s (IBA) Academic Advisory Group (AAG) in the Sector for Energy, Environmental, Resources and Infrastructure Law (SEERIL).

    Tracy-Lynn Field receives funding from the Claude Leon Foundation. She is a non-executive director of the Wildlife and Environment Society of South Africa.

    – ref. Africa’s minerals are being bartered for security: why it’s a bad idea – https://theconversation.com/africas-minerals-are-being-bartered-for-security-why-its-a-bad-idea-260594

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Arbitrators issue award in EU-China intellectual property dispute

    Source: WTO

    Headline: Arbitrators issue award in EU-China intellectual property dispute

    This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
    Summary of key findings 

    Download:

    In pdf format:

    What is the MPIA?
    The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: Arbitrators issue award in EU-China intellectual property dispute

    Source: WTO

    Headline: Arbitrators issue award in EU-China intellectual property dispute

    This is the second appeal arbitration conducted under the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to which both China and the European Union are participants.
    Summary of key findings 

    Download:

    In pdf format:

    What is the MPIA?
    The MPIA was agreed upon among its original 18 participating members in April 2020 to provide the possibility of resorting to arbitration under Article 25 of the DSU in case of an appeal in disputes between any two or more participating members. Currently the following WTO members are parties to the MPIA: Australia; Benin; Brazil; Canada; Chile; China; Colombia; Costa Rica; Ecuador; the European Union; Guatemala; Hong Kong, China; Iceland; Japan; Macao, China; Malaysia; Mexico; Montenegro; New Zealand; Nicaragua; Norway; Pakistan; Paraguay; Peru; the Philippines; Singapore; Switzerland; Ukraine; the United Kingdom; and Uruguay.

    Share

    MIL OSI Economics –

  • MIL-OSI Russia: The main factor in the growth of exports from Georgia in the first half of 2025 was the re-export of passenger cars

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    Tbilisi, July 21 (Xinhua) — Georgia’s exports amounted to $3.2 billion in the first half of 2025, up 13 percent year-on-year, the National Statistics Office of Georgia reported on Monday.

    According to published data, the main factor behind the growth was the active re-export of passenger cars, the volume of which increased by 30 percent year-on-year and reached $1.2 billion.

    In terms of total exports, Kyrgyzstan remains Georgia’s largest sales market for the second year in a row. Exports to this country totaled $681 million, up 50 percent from the first half of last year. Kazakhstan ranked second with $414 million, and Azerbaijan third with $342 million.

    As for the export of goods of Georgian origin, it increased by 6.4 percent year-on-year, amounting to $1.473 billion. The largest markets for Georgian goods in the first half of 2025 were Russia /310.6 million dollars/, China /162.3 million dollars/ and Turkey /150.4 million dollars/. The main export goods were ferroalloys, mineral and fresh waters, carbonated drinks containing sugar, wine, nitrogen fertilizers, packaged medicines, as well as unprocessed and semi-processed gold. –0–

    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: Georgia records record international tourism revenues for first half of 2025

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    Tbilisi, July 21 (Xinhua) — Georgia’s revenue from international tourism in the first half of 2025 reached $1.971 billion, the Georgian National Tourism Administration reported on Monday.

    According to official data, revenues from the tourism sector grew by 3.8 percent compared to the same period in 2024 and by 35.4 percent compared to the first half of pre-pandemic 2019. Thus, the tourism sector set a new record for revenues in the first six months.

    Head of the National Tourism Administration of Georgia Maia Omiadze noted that the achieved results are a consequence of a targeted strategy for the development of tourism and the aviation sector.

    “We have achieved unprecedented revenues – almost two billion dollars in six months. This confirms that our strategy is working. Where tourist flow increases, so do revenues. We have focused our efforts on key markets where the greatest growth is currently observed,” said M. Omiadze. -0-

    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: Iran announces new round of talks with EU3 in Istanbul on July 25

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    TEHRAN, July 21 (Xinhua) — Iranian Foreign Ministry spokesman Esmail Baghaei said on Monday that a new round of talks between Tehran and the E3 group, comprising France, Britain and Germany, is planned to be held in Istanbul, Turkey on July 25.

    The official said the talks would focus on lifting sanctions on Iran and issues related to the Iranian nuclear programme, with Tehran set out its demands “in all seriousness”. The meeting would be at deputy foreign minister level and would be attended by the EU deputy high representative for foreign affairs and security policy.

    E. Baghaei criticized the three European countries that signed the 2015 nuclear deal for their “inappropriate” stance and silence in the face of Israel’s recent military “aggression” against Iran. The Iranian diplomat said these countries should be held accountable for their stance.

    He also mentioned the E3’s threats to trigger the sanctions snapback mechanism, stressing that resorting to it is “senseless, illegal and immoral.”

    The sanctions snapback mechanism is part of the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA). It allows other parties to reimpose all international sanctions if Iran fails to comply with the agreement.

    Iran and the EU3 have held six rounds of talks since September last year, when delegations began dialogue on a range of issues including Tehran’s nuclear program and sanctions relief on the sidelines of the annual UN General Assembly session in New York. The latest round took place in Istanbul in mid-May.

    In July 2015, Iran signed the JCPOA with six countries – Britain, China, France, Germany, Russia and the United States. Under the deal, Tehran agreed to curb its nuclear program in exchange for sanctions relief. –0–

    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: China urges EU to stop harming legitimate interests of Chinese companies

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 21 (Xinhua) — China on Monday called on the European Union to stop harming the legitimate rights and interests of Chinese enterprises without any factual basis, and warned that it will take all necessary measures to protect such rights and interests.

    The corresponding statement was made by the official representative of the Ministry of Foreign Affairs of the People’s Republic of China, Guo Jiakun, at a daily briefing when he was asked to comment on the new sanctions of the European Union against Russia, affecting a number of Chinese companies and banks.

    “I would like to emphasize that China has consistently opposed unilateral restrictive measures that are not based on international law and are not sanctioned by the UN Security Council,” Guo Jiakun said.

    Touching on the Ukrainian crisis, the diplomat noted that China has made tireless efforts to promote peace talks, has never supplied lethal weapons to conflicting parties, and exercises strict control over its export of dual-use goods.

    Normal business contacts and cooperation between Chinese and Russian enterprises should not be subject to any interference or influence, Guo Jiakun stressed. –0–

    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: The Belarusian Parliament has declared its focus on building a strategic partnership with Iran

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    MINSK, July 21 /Xinhua/ — Belarus aims to build a strategic partnership with Iran, Deputy Chairman of the House of Representatives (lower house of parliament) of Belarus Vadim Ipatov said on Monday during a meeting in Minsk with the Iranian parliamentary delegation led by the head of the working group of the Islamic Consultative Assembly of Iran on cooperation with the National Assembly of Belarus Aliasghar Bagherzadeh. The relevant information was published by BELTA.

    V. Ipatov noted that Belarus views Iran as an important partner in the region, an authoritative participant in international relations, and strives to establish a strategic partnership. “We have a common understanding of the processes taking place in the world and a desire to form a fair multipolar world order,” the deputy chairman of the lower house of the Belarusian parliament emphasized.

    He recalled that the two countries signed a Roadmap for comprehensive cooperation for 2023-2026 and proposed concentrating bilateral efforts on its implementation.

    In turn, A. Bagherzade stated that Iran is interested in developing relations with Belarus in all areas. “Since a free trade agreement was signed between Iran and the Eurasian Economic Union, and Iran is an observer in this union, very good additional opportunities for interaction with the union member countries, in particular with Belarus, are emerging,” he noted. –0–

    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: HTX Releases 8th Edition of Crypto Gem Hunt Report Highlighting Emerging Trends in L1, Meme, and More

    Source: GlobeNewswire (MIL-OSI)

    7 Breakout Projects Signal the Next Wave of Long-Term Crypto Value

    PANAMA CITY, July 21, 2025 (GLOBE NEWSWIRE) — HTX, a leading global cryptocurrency exchange, today released the eighth edition of its Crypto Gem Hunt report, a curated research publication that tracks emerging narratives and promising sectors in the digital asset space. This edition identifies notable trends across categories such as meme coins, GameFi, DeFi, and Layer 1 infrastructure. Rather than short-term speculation, the report emphasizes projects with solid fundamentals, active ecosystems, and long-term growth potential.

    The full report is now available at: https://square.htx.com.de/htx-crypto-gem-hunt-8-7-breakout-projects-signal-the-next-wave-of-long-term-crypto-value/

    HTX New Listing Winners

    The Selected Seven Assets: From Meme Coins and GameFi to DeFi and L1 Narratives

    HTX’s Crypto Gem Hunt #8 features seven cherry-picked assets from several trending sectors with prosperous narratives. These sectors cover meme coins, GameFi, DeFi and RWA innovations, and public blockchain infrastructure.

    L1 Public Chain: Time-Honored Infrastructure, New Catalysts

    • TRON ($TRX) | Rated S: TRON’s native token $TRX was recently adopted by Nasdaq-listed firm SRM as part of its strategic reserve, making TRON one of the first blockchain networks bridging into U.S. capital markets. This also makes TRON as a battle-tested Layer 1 network with a fresh off-chain narrative. While its price move of +16.7% is modest, its global exposure and off-chain integration signal a longer-term value growth.

    Meme Coins: Narrative Continues with Strong Community Backing

    • BONK ($BONK): As one of Solana’s OG meme coins, $BONK is back in the spotlight, thanks to the Solana ecosystem revival. According to LetsBONK.fun, BONK has surpassed Pump.fun in on-chain activity, gaining a 193.2% surge over the period.
    • MemeCore ($M): The top gainer, with a jaw-dropping +378.3% performance. Recently listed on both HTX and BN futures markets, its liquidity and social buzz continue to scale.
    • Banana For Scale ($BANANAS31): A dark horse from the BNB Chain, up 347% since launch. Fueled by the light-hearted vibe and community energy, its memetic power still shows further viral marketing potential.
    • Build On BNB ($BOBBSC): Another rising star of meme coin on BNB Smart Chain, $BOBBSC has surged over 200%, leveraging the BNB ecosystem’s benefits. It now plays at a low market cap, ideal for early value investment.

    GameFi: Legacy Tokens, New Momentum

    • FUNToken ($FUN): A veteran in the GameFi space, now seeing renewed interest. With a robust tokenomics model and real in-game utility, $FUN has rebounded nearly by 94%, positioning itself as a strong recovery asset in the GameFi comeback story.

    DeFi + RWA: Real-World Asset Tokenization Heats Up

    • Maple Finance ($SYRUP): The rising star of DeFi’s institutional pivot, specializing in on-chain credit and RWA lending. While Maple is tokenizing high-quality real-world assets with strong compliance narratives, $SYRUP has gained a 71.1% increase since its launch on HTX, driven by demand for yield-generating, regulation-friendly assets.

    Beyond the Charts: Why These Projects Matter

    These seven assets in HTX’s Crypto Gem Hunt #8 share a key trait: they are actively delivering on their narratives, not just promising them. From TRON’s growing real-world footprint to BONK’s strong rise on Solana, from the explosive virality of MemeCore and Build On BNB to the yield-driven momentum of Maple behind RWA’s building, these aren’t flash-in-the-pan plays. They’re structurally supported stories with runway left to go.

    HTX’s research team carefully tracks narrative fulfillment, not just speculation. This forward-focused methodology aims to help users identify long-term value, especially as retail sentiment continues to chase short-term price spikes. As the market heats up and narratives rotate at breakneck speed, the report stands as a reminder that the next bull cycle won’t be won by hype alone and the true gems may already be on-chain yet underexposed.

    About HTX

    Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

    As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

    To learn more about HTX, please visit https://www.htx.com/ or HTX Square, and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

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

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/deca9b48-dad7-4a6d-8fe4-3af239cdbffc

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8b5e38fd-5db0-44c2-9ccf-4718fe9e6bdc

    The MIL Network –

  • MIL-OSI: HTX Releases 8th Edition of Crypto Gem Hunt Report Highlighting Emerging Trends in L1, Meme, and More

    Source: GlobeNewswire (MIL-OSI)

    7 Breakout Projects Signal the Next Wave of Long-Term Crypto Value

    PANAMA CITY, July 21, 2025 (GLOBE NEWSWIRE) — HTX, a leading global cryptocurrency exchange, today released the eighth edition of its Crypto Gem Hunt report, a curated research publication that tracks emerging narratives and promising sectors in the digital asset space. This edition identifies notable trends across categories such as meme coins, GameFi, DeFi, and Layer 1 infrastructure. Rather than short-term speculation, the report emphasizes projects with solid fundamentals, active ecosystems, and long-term growth potential.

    The full report is now available at: https://square.htx.com.de/htx-crypto-gem-hunt-8-7-breakout-projects-signal-the-next-wave-of-long-term-crypto-value/

    HTX New Listing Winners

    The Selected Seven Assets: From Meme Coins and GameFi to DeFi and L1 Narratives

    HTX’s Crypto Gem Hunt #8 features seven cherry-picked assets from several trending sectors with prosperous narratives. These sectors cover meme coins, GameFi, DeFi and RWA innovations, and public blockchain infrastructure.

    L1 Public Chain: Time-Honored Infrastructure, New Catalysts

    • TRON ($TRX) | Rated S: TRON’s native token $TRX was recently adopted by Nasdaq-listed firm SRM as part of its strategic reserve, making TRON one of the first blockchain networks bridging into U.S. capital markets. This also makes TRON as a battle-tested Layer 1 network with a fresh off-chain narrative. While its price move of +16.7% is modest, its global exposure and off-chain integration signal a longer-term value growth.

    Meme Coins: Narrative Continues with Strong Community Backing

    • BONK ($BONK): As one of Solana’s OG meme coins, $BONK is back in the spotlight, thanks to the Solana ecosystem revival. According to LetsBONK.fun, BONK has surpassed Pump.fun in on-chain activity, gaining a 193.2% surge over the period.
    • MemeCore ($M): The top gainer, with a jaw-dropping +378.3% performance. Recently listed on both HTX and BN futures markets, its liquidity and social buzz continue to scale.
    • Banana For Scale ($BANANAS31): A dark horse from the BNB Chain, up 347% since launch. Fueled by the light-hearted vibe and community energy, its memetic power still shows further viral marketing potential.
    • Build On BNB ($BOBBSC): Another rising star of meme coin on BNB Smart Chain, $BOBBSC has surged over 200%, leveraging the BNB ecosystem’s benefits. It now plays at a low market cap, ideal for early value investment.

    GameFi: Legacy Tokens, New Momentum

    • FUNToken ($FUN): A veteran in the GameFi space, now seeing renewed interest. With a robust tokenomics model and real in-game utility, $FUN has rebounded nearly by 94%, positioning itself as a strong recovery asset in the GameFi comeback story.

    DeFi + RWA: Real-World Asset Tokenization Heats Up

    • Maple Finance ($SYRUP): The rising star of DeFi’s institutional pivot, specializing in on-chain credit and RWA lending. While Maple is tokenizing high-quality real-world assets with strong compliance narratives, $SYRUP has gained a 71.1% increase since its launch on HTX, driven by demand for yield-generating, regulation-friendly assets.

    Beyond the Charts: Why These Projects Matter

    These seven assets in HTX’s Crypto Gem Hunt #8 share a key trait: they are actively delivering on their narratives, not just promising them. From TRON’s growing real-world footprint to BONK’s strong rise on Solana, from the explosive virality of MemeCore and Build On BNB to the yield-driven momentum of Maple behind RWA’s building, these aren’t flash-in-the-pan plays. They’re structurally supported stories with runway left to go.

    HTX’s research team carefully tracks narrative fulfillment, not just speculation. This forward-focused methodology aims to help users identify long-term value, especially as retail sentiment continues to chase short-term price spikes. As the market heats up and narratives rotate at breakneck speed, the report stands as a reminder that the next bull cycle won’t be won by hype alone and the true gems may already be on-chain yet underexposed.

    About HTX

    Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

    As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

    To learn more about HTX, please visit https://www.htx.com/ or HTX Square, and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

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

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/deca9b48-dad7-4a6d-8fe4-3af239cdbffc

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8b5e38fd-5db0-44c2-9ccf-4718fe9e6bdc

    The MIL Network –

  • MIL-OSI USA: Huffman Statement on Interior Memo Targeting Clean Energy on Federal Lands

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    July 17, 2025

    Washington, D.C. – Today, House Natural Resources Committee Ranking Member Jared Huffman (D-Calif.) issued a statement after the Department of the Interior released a memo ordering that all wind and solar energy projects on federal lands must now receive personal approval from Interior Secretary Doug Burgum:
     
    “This memo confirms what we’ve known all along: the Trump administration is deliberately sabotaging clean energy on our public lands. Trump and his fossil fuel allies are so desperate to prop up polluting industries that they’re forcing every single decision and permit for every solar and wind project through the Interior Secretary’s desk.
     
    “Let me be clear, this will drive up energy costs for American families and result in fewer jobs in communities that need them the most, in red and blue districts alike. Blocking wind and solar while China dominates the global clean energy market is nothing short of a surrender.
     
    “Republicans talk a big game about cutting red tape, but when clean energy threatens fossil fuel profits, they pile on bureaucracy. We are watching them slow-walk permits, rewrite definitions, and dismantle tax credits for renewables under the cover of executive orders and a budget bill so horrendous, it reads like it was written by Big Oil — all while the climate crisis fuels deadly heat waves, wildfires, and floods across the country.
     
    “House Republicans and this administration can try to stall our clean energy future, but they won’t stop Democrats from fighting for cleaner air, lower bills, and an economy that works for everyone.”

    ###

    Next Article Previous Article

    MIL OSI USA News –

  • MIL-OSI Russia: Indian Vice President Resigns Due to Health Issues

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    NEW DELHI, July 21 (Xinhua) — Indian Vice President Jagdeep Dhankhar on Monday resigned, citing health reasons.

    In his resignation letter to President Draupadi Murmu, J Dhankhar said: “In view of the need to give top priority to my health and to follow medical advice, I hereby tender my resignation as Vice-President of India with immediate effect.”

    J. Dhankhar became the country’s vice president in 2022. –0–

    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: Death toll in Gaza exceeds 59,000: health ministry

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    GAZA, July 21 (Xinhua) — The number of Palestinians killed in Israeli attacks on the Gaza Strip since the conflict began on October 7, 2023 has exceeded 59,000, the health authority based in the Palestinian enclave said on Monday.

    The ministry’s press release stated that a total of 59,029 Palestinians have been killed and another 142,135 injured in Israel’s ongoing military operations.

    Since March 18, 8,196 deaths and 30,094 wounded have been recorded, reflecting an escalation in fighting in previous weeks, the report said.

    According to the latest figures, 134 bodies have been delivered to hospitals in the Gaza Strip in the past 24 hours. In addition, 1,155 people have been injured to varying degrees of severity as a result of ongoing airstrikes and shelling over the past 24 hours. The ministry warned that the figures could rise as many victims are still under rubble.

    The UN and a number of regional organizations have repeatedly called for an immediate ceasefire and the establishment of internationally monitored humanitarian corridors, but efforts to find a sustainable humanitarian solution have so far failed to produce results. –0–

    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: China releases first national standard for school meal services

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 21 (Xinhua) — China has issued its first national standard for school meal services, which will take effect on Dec. 1 this year, the State Administration for Market Regulation announced Monday.

    The School Food Service Business Management Guidelines regulate the activities of businesses providing food preparation and delivery services to primary and secondary schools and kindergartens.

    There are currently more than 460,000 primary and secondary schools and kindergartens in China, attended by more than 237 million students.

    According to the guidelines, businesses are required to appoint full-time employees responsible for ensuring and checking food safety.

    Businesses are required to purchase key ingredients, including rice, flour and vegetable oil, from designated suppliers and maintain testing records for each batch of raw materials.

    The food preparation process should be integrated into a kitchen monitoring system with online access, and key food processing operations should be openly demonstrated to schools, parents and students. –0–

    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: The Chinese Foreign Ministry spoke about the Chinese side’s expectations from the 25th meeting of the leaders of China and the EU

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 21 (Xinhua) — China and the European Union will hold the 25th China-EU leaders’ meeting in Beijing, Chinese Foreign Ministry spokesman Guo Jiakun said at a daily briefing on Monday, during which he also outlined China’s expectations for the upcoming summit and current China-EU relations.

    Guo Jiakun pointed out that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union, as well as the 80th anniversary of the founding of the United Nations.

    As the diplomat noted, the world is currently undergoing changes at an accelerated pace that have not been seen in a century, the international situation is chaotically transforming, manifestations of unilateralism and bullying are dealing serious blows to international rules and international order, as a result of which humanity once again finds itself at a decisive crossroads.

    The official stressed that it is at this moment that China and the EU, as two major forces promoting multipolarity, two major markets supporting globalization, and two major civilizations advocating diversity, are holding the 25th leaders’ meeting, which will be of great significance and will attract wide attention from the international community.

    “Over the past half century, China-EU relations have gone through many tests and are now steadily moving towards maturity and stability, becoming one of the most influential bilateral relations in the world,” Guo Jiakun said.

    China-EU cooperation, he continued, has yielded fruitful results, provided strong support for the development of both sides, brought tangible benefits to the nearly 2 billion people of China and the EU countries, made an important contribution to world peace and development, and set a model for mutually beneficial cooperation in the era of economic globalization.

    Guo Jiakun noted that over the past 50 years, annual trade turnover between China and the EU has grown from $2.4 billion to $785.8 billion, while mutual investment has increased from near zero to nearly $260 billion. The Chinese diplomat added that bilateral humanitarian exchanges have become increasingly close, and the two sides have established effective cooperation on climate change and other issues.

    “At the same time, China-EU relations are also facing challenges,” Guo Jiakun noted. According to him, some EU officials persistently characterize bilateral relations in terms of “partner-competitor-rival”, inflate private trade and economic issues, and make groundless accusations against China over the Ukraine issue, which creates unnecessary obstacles for China-EU relations.

    The Chinese side believes that over its 50-year history, relations between China and the EU have accumulated sufficient experience and positive energy to withstand any “winds and storms”, difficulties and challenges, the official representative emphasized.

    With the 25th China-EU leaders’ meeting coming up, China-EU relations are at an important stage where they inherit the traditions of the past and open a new path to the future, he said.

    “The Chinese side expects the EU to meet China halfway, view its relations with China from a comprehensive, dialectical and long-term perspective, summarize the experience and lessons of the past 50 years of bilateral relations, follow the trend of the times, live up to the aspirations of the people of both sides and the international community, build consensus, overcome differences and jointly plan cooperation for the next 50 years, so as to jointly create an even better future for the China-EU comprehensive strategic partnership,” Guo Jiakun concluded. -0-

    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: Shanghai’s Foreign Tourist Inflow Up More Than 50 Percent in First Half

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    SHANGHAI, July 21 (Xinhua) — Some 3.12 million foreign tourists visited the east Chinese city of Shanghai in the first half of 2025, up 53.3 percent year on year, the city’s Bureau of Culture and Tourism said Monday.

    Rapid growth was driven by key Asian tourism markets, led by the Republic of Korea with 424,000 trips (up 130.7 percent), Thailand with 254,000 trips (up 140 percent), and Japan with 291,000 trips (up 58.5 percent).

    The flow of tourists from distant countries such as the USA, Russia and Australia also showed significant growth.

    Among the key factors that make Shanghai attractive to foreign tourists are the simplified visa regime and improved service quality, clean streets, efficient transportation and creative souvenirs. In addition, tourists are attracted by the new Legoland amusement park, the city’s cosmopolitan atmosphere, diverse attractions and modern infrastructure.

    To strengthen its position as the “first stop” for inbound tourism in China, Shanghai has launched a tourism promotion initiative aimed at enhancing interactive engagement with travelers from around the world. The initiative is themed “This is Shanghai” and includes promotional films featuring “city ambassadors,” a “cultural passport” guidebook, and specially designed tourist routes.

    Efforts are underway to integrate the “first-time experience” with immersive storytelling, which will help position Shanghai as a world-class tourism destination with global appeal, city officials said. –0–

    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: Shanghai’s Foreign Tourist Inflow Up More Than 50 Percent in First Half

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    SHANGHAI, July 21 (Xinhua) — Some 3.12 million foreign tourists visited the east Chinese city of Shanghai in the first half of 2025, up 53.3 percent year on year, the city’s Bureau of Culture and Tourism said Monday.

    Rapid growth was driven by key Asian tourism markets, led by the Republic of Korea with 424,000 trips (up 130.7 percent), Thailand with 254,000 trips (up 140 percent), and Japan with 291,000 trips (up 58.5 percent).

    The flow of tourists from distant countries such as the USA, Russia and Australia also showed significant growth.

    Among the key factors that make Shanghai attractive to foreign tourists are the simplified visa regime and improved service quality, clean streets, efficient transportation and creative souvenirs. In addition, tourists are attracted by the new Legoland amusement park, the city’s cosmopolitan atmosphere, diverse attractions and modern infrastructure.

    To strengthen its position as the “first stop” for inbound tourism in China, Shanghai has launched a tourism promotion initiative aimed at enhancing interactive engagement with travelers from around the world. The initiative is themed “This is Shanghai” and includes promotional films featuring “city ambassadors,” a “cultural passport” guidebook, and specially designed tourist routes.

    Efforts are underway to integrate the “first-time experience” with immersive storytelling, which will help position Shanghai as a world-class tourism destination with global appeal, city officials said. –0–

    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 –