NewzIntel.com

Category: Commerce

  • MIL-OSI: Texas Parents and Fossil Free Media’s Make Polluters Pay Campaign Hold Memorial Outside White House After Deadly Flooding

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, July 21, 2025 (GLOBE NEWSWIRE) — Today, Texas parents gathered outside the White House for a solemn memorial and press conference following the catastrophic flooding in Kerr County that claimed more than 120 lives, including 27 children attending summer camp.

    Organized by impacted families and the Make Polluters Pay, a campaign by Fossil Free Media, the memorial featured a powerful visual display of 27 children’s camp trunks on the Ellipse Lawn—each representing a young life lost. Parents placed yellow roses atop the trunks in silence before delivering impassioned remarks demanding federal accountability and urgent action to protect children from worsening climate-driven disasters.

    The ceremony concluded with a stirring performance by a local choir, who sang “Lean on Me” and “Rise Like the Water” as families stood arm in arm, calling for justice and change.

    Parents directly blamed the Trump administration’s cuts to disaster preparedness and early warning systems, including FEMA, NOAA, and the National Weather Service, which they say left communities vulnerable. Texas Senator Ted Cruz, who chairs the Senate Commerce Committee, recently inserted language into H.R. 1 that slashed millions from NOAA programs essential for flood forecasting and public alerts.

    “We know that this administration, by destroying renewable energy and using our tax dollars to prop up the fossil fuel industry, an industry that earned $102 billion dollars last year, is doing everything it can to supercharge this climate crisis,” said Texan and mom Samantha Gore. “To also be defunding our NWS and NOAA, the agencies we use to keep our children safe, at the same time is unthinkable. How dare they. Parents won’t sit back while our children die from floods that shouldn’t have been supercharged, from DOGE cuts that put their lives on the line, and from weather services not being funded. What are they thinking? We won’t back down. They are destroying everything we love.”

    In addition to demanding the restoration of life-saving public programs, demonstrators called on President Trump and Congress to hold fossil fuel companies financially accountable for the damage their pollution has caused.

    “Texans are grieving because public safety systems were dismantled to serve fossil fuel interests,” said Cassidy DiPaola, spokesperson for the Make Polluters Pay campaign. “Senator Cruz helped cut flood forecasting programs days before the storm. Now families are paying the price while polluters and their allies deflect blame. Texans deserve accountability, not excuses.”

    Speakers stressed that the Kerr County tragedy reflects a growing pattern of climate disasters that will only intensify without bold action and restoration of critical safeguards.

    “It feels like we’ve lost our way as a country in a very short time. In the six months since this administration has been in charge they have encouraged, enabled, allowed a temporary government agency, one with no oversight, to wantonly cut budgets and offer early retirements for roles that are crucial to the safety of our communities. There were other serious failures at lower levels of government, all of which directly contributed to the loss of dozens of children’s lives. These weren’t accidents or acts of God. These were intentional choices. Let that sink in,” said Texan and mom Helen Waters. “ This event affected me deeply as I grew up going to summer camp in the area and I have close friends who were caught in the flooding and nearly died. However it’s clear to me that this has, and will, happen in other places. We must fight for a social contract with reliable and accountable.”

    “As an Austin mom, I’ve been feeling the losses of the children from my community in a very visceral, immediate way,” said Texan and mom Eileen McGinnis. “As the founder of The Parents’ Climate Community, a climate nonprofit in Central Texas, I was moved to join because it’s also vital to connect these losses, this collective grief, to a larger story: kids around the world are bearing the brunt of climate change’s impacts, and we are failing to protect them.”

    To speak with parents or campaign representatives, please contact:
    Cassidy DiPaola | Fossil Free Media | cassidy@fossilfree.media | 401-441-7196

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dec3545d-41ef-480b-a8bf-bb3665e09832

    The MIL Network –

  • MIL-OSI USA: Reed, Whitehouse & Magaziner Announce $275K for RI Shipyard Modernization

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    NORTH KINGSTOWN, RI – U.S. Senators Jack Reed and Sheldon Whitehouse and Congressman Seth Magaziner today announced a new $274,596 federal grant for the J. Goodison Co. shipyard at the Quonset Business Park. The federal funding comes from the U.S. Department of Transportation’s Maritime Administration Small Shipyards Grant program.

    The federal funds will be used by J. Goodison to modernize equipment and purchase 21 new welder units and a 200-ton press brake to enhance fabrication and welding capabilities. Reliable welding equipment will ensure that projects can be completed in the most efficient manner and reduce the need for outsourcing. This project will help increase the company’s capabilities, improve efficiency and productivity, and create opportunities to provide competitive service.

    “This is good news for J. Goodison and Rhode Island’s maritime industry. Ensuring Rhode Island shipyard’s have the best machinery available to meet their needs increases productivity and efficiency and expands capacity at Quonset. Small shipyards like J. Goodison make big contributions to our economy by building and maintaining the vessels that drive our economy. We’ve got to keep them competitive. I will continue working to bring investment to Rhode Island’s ports, shipbuilders, and shipyards,” said Senator Reed, a member of the Transportation, Housing, and Urban Development and Related Agencies (THUD) Appropriations Subcommittee. Senator Reed led efforts to restore funding for the Small Shipyard program after it lapsed for several years.

    “I’m glad to join Senator Reed in helping ensure that Ocean State shipyards have everything they need to grow and create jobs,” said Senator Whitehouse. “Congratulations to J. Goodison on winning this competitive grant, which will support even more economic activity at Quonset.”

    “This federal funding will help J. Goodison modernize its operations, boost productivity, and create good-paying jobs right here in Rhode Island,” said Congressman Magaziner. “I will keep fighting to bring home funds that strengthen the state’s shipyards and grow the local maritime economy.”

    “We thank Senators Reed and Whitehouse and the entire Rhode Island Congressional delegation for their leadership in supporting this project,” said Jack Goodison, President and CEO of J. Goodison Co. “Our State and region succeed when we work together to modernize our shipyards with newer equipment that this grant will help fund.”

    Founded in 1999, J. Goodison is a veteran-owned small business specializing in full-service marine maintenance. In 2016, the company opened a waterfront shipyard facility in the Quonset Business Park in North Kingstown. Due to its location and capabilities, the shipyard has become an important asset for marine operators along the Eastern Seaboard. The commercial fishing industry, passenger ferry operators, marine towing operators, and the United States Coast Guard all rely on J. Goodison’s vessel repair services.

    MARAD’s Small Shipyard Grant Program is a competitive grant program designed to support small shipyard projects that make capital and related improvements or provide training for workers in shipbuilding, ship repair, and associated industries.

    In fiscal year 2024, the Small Shipyard Grant Program received 78 grant applications from shipbuilding or repair companies nationwide requesting just under $50 million. The program allocated $8.75 million in available federal funds.

    MIL OSI USA News –

  • MIL-OSI Russia: The International Philanthropist Award for outstanding achievements of people with disabilities in the field of culture and art accepts applications until 31.08.2025

    Translation. Region: Russian Federal

    Source: Solid Bank – Solid Bank –

    An important disclaimer is at the bottom of this article.

    The partner of the financial house “Solid” the Foundation for the support of the disabled “Philanthropist” announces the start of collecting applications for participation in the XIII International Award “Philanthropist” for outstanding achievements of the disabled in the field of culture and art. The prize fund of each Laureate will be 200,000 rubles. Applications for the competition are accepted until August 31, 2025.

    Organizers

    Government of the Russian Federation Chamber of Commerce and Industry of the Russian Federation Government of Moscow Russian Academy of Arts All-Russian Society of Disabled People Philanthropist Foundation

    Nominations

    Performing Arts Fine Arts Literary Arts

    Awarded once every two years

    The bonus fund is formed from extra-budgetary sources.

    Each nomination has several sub-nominations.

    Special prizes

    “For the preservation of folk art traditions” “For novelty and originality in creativity” “Overcoming. Beyond the Possible” “To Growing Hopes” “To a statesman and public figure for providing effective assistance to disabled people and their public organizations” “Defender of the Fatherland” (The prize is awarded solely on the recommendation of the jury members from the nominations presented above to a disabled person who is a participant in local military conflicts or combat operations. Has a monetary equivalent). “For providing effective assistance to disabled people and their public organizations” – awarded to a statesman and/or public figure (has no monetary value); “To a philanthropist and patron of the arts” – awarded to business representatives for providing charitable and sponsorship assistance to disabled people and their public organizations (has no monetary value).

    The XIII Ceremony of the “International Philanthropist Award for Outstanding Achievements of Disabled People in Culture and Art” will be held on December 2, 2025 in Moscow. Executive Directorate of the Award – Philanthropist Foundation for the Support of Disabled People 101000, Moscow, Moroseyka St., Building 3/13, Building 1.

    Detailed information is available on the Foundation’s websiteGDV.filanthrop.ruTel.: 7 917 557-69-90

    Share the news on social networks

    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 New Zealand: Consumer NZ – Price it right: Consumer NZ launches campaign to stop misleading supermarket pricing

    Source: Consumer NZ

    A new petition calls for a mandatory supermarket pricing accuracy code, automatic compensation and tougher penalties.

    Consumer NZ has launched a new campaign – Price it right – calling on the government to crack down on misleading supermarket pricing practices that are costing shoppers tens of millions of dollars a year across Aotearoa.

    The consumer watchdog is urging the introduction of a mandatory supermarket pricing accuracy code, with clear rules, meaningful penalties and automatic compensation for consumers when supermarkets get it wrong.

    “We’re asking the government to step in and deal with misleading supermarket pricing,” said Jon Duffy, Consumer NZ chief executive.  

    “Too often, shoppers are charged more at the check-out than what’s shown on the shelf, or they’re misled in some other way. While pricing errors may seem minor on an individual basis, they add up when multiplied across the population. This isn’t OK, particularly at a time when people are struggling to pay their bills.”

    Recent Consumer research found that 62% of New Zealanders noticed pricing errors at the supermarket over the past year.

    “This isn’t just the occasional mistake – it’s an ongoing systemic problem that’s adding to the pain people are feeling at the check-out with food prices that are already too high,” said Duffy.

    Thanks to hundreds of complaints shared by consumers, Consumer filed a formal complaint with the Commerce Commission in 2023. That led to criminal charges being laid against Woolworths NZ and two Pak’nSave stores for misleading pricing. But the problem persists.

    “It’s already illegal for businesses to mislead consumers about prices, but the current law is not forcing supermarkets to up their game. They have had plenty of chances to fix this. The time for talk is over. It’s time for stronger rules with real consequences,” said Duffy.  

    Consumer’s Price it right campaign is calling for:

    • a mandatory supermarket pricing accuracy code with clear pricing rules 
    • automatic compensation when shoppers are overcharged – such as receiving the item free if the scanned price is higher than the shelf price, there is a special that doesn’t offer a genuine saving or the unit pricing is incorrect  
    • clear disclosure of consumer rights in store and online 
    • tougher penalties and infringement notice powers, like those used in Australia, to deter misleading pricing and promotions. 

    “We’re not asking for much – just fair and accurate pricing that consumers can trust,” said Duffy. “It’s a simple step that would make a real difference.”

    What you can do
    Consumer is asking New Zealanders to sign its petition and demand that the government take urgent action. Minister for economic growth Nicola Willis says she’s considering introducing tougher penalties for supermarkets that breach the Fair Trading Act and other changes to ensure shoppers are not misled by pricing. Signing the petition will show your support for these moves.  

    Sign the petition: Tell the government to ‘price it right’
    “It’s time supermarkets were held to account. By signing and sharing the petition, you’re helping stop misleading supermarket pricing and pushing for real change.” (ref. https://consumernz.cmail20.com/t/i-l-fkkjkyk-ijjdkdttjk-j/ )

     

    Note:

    Visit consumer.org.nz to view the campaign

     

    About Consumer

    Consumer NZ is an independent, non-profit organisation dedicated to championing and empowering consumers in Aotearoa. Consumer NZ has a reputation for being fair, impartial and providing comprehensive consumer information and advice.

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICYMI—Hagerty Joins Kudlow on Fox Business to Discuss GENIUS Act Signing

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Last week, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee and former U.S. Ambassador to Japan, joined Kudlow on Fox Business live from the White House after President Donald Trump signed his GENIUS Act into law.
    *Click the photo above or here to watch*Partial Transcript
    Hagerty on the impact of the GENIUS Act: “What this [the GENIUS Act] does is it takes a payment system that was designed in the 1970s out of business. We go into the blockchain—much more efficient, much more effective. Trades that took five or 10 days to clear now can be done almost instantaneously. If you think about the working capital that comes out of the system, the counterparty risk that goes away, the currency risk if you’re doing a cross-border transaction—all of that is minimized because of the speed of these transactions.”
    Hagerty on increased demand for U.S. Treasuries: “In terms of the impact on the dollar and on Treasuries, I think that’s going to be very significant. The demand for U.S. treasuries is going to go up significantly. In fact, every projection shows that stablecoin issuers will become the largest holders of U.S. Treasuries, because every stablecoin in America has to be backed dollar-for-dollar by a U.S. Treasury or cash. That’s going to stimulate Treasury demand. That’s going to have a great impact on rates, bringing them down. It’ll help the Treasury secretary manage much better. And as we look at the environment we’re in right now, with rates too high and the cost of our debt too high, this is going to be a definite help.”
    Hagerty on global dollar dominance: “This [the GENIUS Act] will cement the U.S. dollar as the reserve currency of the world. People around the world would much rather own a decentralized, U.S. dollar-denominated currency that they know is backed up by U.S. Treasuries than a Chinese yuan or a euro, currencies that are centralized and controlled by their governments. This is going to be a far better product. And I think what this does is it takes us from being on our heels, which is where we were for the last four years, when the Biden administration waged war on the industry, and moves us into the 21st century.”

    MIL OSI USA News –

  • MIL-OSI USA: House Passes Rep. Young Kim’s Bipartisan Bill to Support Small Businesses 

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, the House of Representatives passed the Improving Access to Small Business Information Act (H.R. 3351), a bipartisan bill led by U.S. Representatives Young Kim (CA-40) and Josh Gottheimer (NJ-05), to streamline federal regulations and better support small businesses. 

    This bill specifies that certain actions of the Securities and Exchange Commission’s (SEC) Office Advocate for Small Business Capital Formation (Advocate) —such as conducting field surveys—are not a collection of information under the Paperwork Reduction Act (PRA). This allows the Advocate to prioritize facilitating access to capital without bureaucratic delays. 

    Watch Rep. Kim speak on the floor in support of the bill HERE. 

    “California is home to over 4.2 million small businesses. Burdensome regulations are getting in the way of the federal government collecting basic data on small business challenges, hurting our government’s ability to support entrepreneurs,” said Rep. Young Kim. “The Improving Access to Small Business Information Act cuts through unnecessary red tape so the Office of the Advocate can ask the right questions, collect timely feedback, and do its job — help small businesses access capital and grow.” 

    The Improving Access to Small Business Information Act passed the House with strong bipartisan support and now heads to the Senate for consideration.  

    Read more about the bill HERE.

    MIL OSI USA 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: Battleship North Carolina Hosts Announcement: North Carolina Named CNBC’s ‘Top State for Business’

    Source: US State of North Carolina

    Headline: Battleship North Carolina Hosts Announcement: North Carolina Named CNBC’s ‘Top State for Business’

    Battleship North Carolina Hosts Announcement: North Carolina Named CNBC’s ‘Top State for Business’
    jejohnson6

    WILMINGTON

    Governor Josh Stein’s announcement Thursday that the state was named CNBC’s “Top State for Business” — its third time earning the title in the last four years — was revealed from the deck of one of the state’s most iconic landmarks, the Battleship North Carolina.The Battleship North Carolina, a State Historic Site and part of the N.C. Department of Natural and Cultural Resources, symbolizes North Carolina’s continued forward momentum and attracts more than 200,000 visitors annually.

    “North Carolina’s recognition as the ‘Top State for Business’ echoes the legacy of excellence embodied by the Battleship North Carolina,” said Executive Director Jay Martin. “We’re proud that this historic site could serve as the backdrop for such a meaningful moment in our state’s story.”

    Gov. Stein celebrated the ranking as a testament to North Carolina’s skilled workforce, strong infrastructure, world-class education system, and high quality of life.

    “This confirms what we have known for a long time — that North Carolina is the best state in the country for business,” said Gov. Stein. “I am proud of the progress our state has made, and we are just getting started.”

    North Carolina earned top scores in Economy, Workforce, and Business Friendliness, scoring 1,614 out of a possible 2,500 points in CNBC’s nationwide analysis.

    Since taking office in January, Gov. Stein has announced nearly $17 billion in new capital investment and more than 20,000 new jobs. His administration has launched initiatives to expand workforce training, reduce degree barriers to state jobs, and invest in small business recovery, particularly in western North Carolina.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Jul 17, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Call for Foreign Nations to Pay Their Share in Pharmaceutical R&D

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Todd Young (R-IN) in sending a letter to U.S. Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick urging the Trump Administration to use ongoing trade negotiations to eliminate foreign price controls that leave American patients footing the cost for pharmaceutical research and development. 

    “We welcome President Trump’s efforts to ensure foreign nations pay their fair share toward the cost of pharmaceutical research and development. For too long, some developed nations have benefited from American-financed innovation by implementing policies that suppress prices and limit spending on new medicines in their own markets,” wrote the Senators. “These actions have contributed to American patients bearing a disproportionate share of global pharmaceutical innovation costs. U.S. trade negotiations offer a valuable mechanism to address these unfair practices, which not only burden Americans, but also function as non-tariff barriers to trade.”

    Sens. Tuberville and Young were joined by Sens. Jim Banks (R-IN), Ted Budd (R-NC), John Boozman. (R-AR), Bill Cassidy (R-LA), Steve Daines (R-MT), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Jon Husted (R-OH), Cindy Hyde-Smith (R-MS), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Ashley Moody (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), and Roger Wicker (R-MS) in sending the letter.

    Full text of the letter can be read below or here. 

    “Dear Secretary Lutnick and Ambassador Greer,

    We welcome President Trump’s efforts to ensure foreign nations pay their fair share toward the cost of pharmaceutical research and development. For too long, some developed nations have benefited from American-financed innovation by implementing policies that suppress prices and limit spending on new medicines in their own markets. These actions have contributed to American patients bearing a disproportionate share of global pharmaceutical innovation costs. U.S. trade negotiations offer a valuable mechanism to address these unfair practices, which not only burden Americans, but also function as non-tariff barriers to trade.

    Executive Order 14297, issued on May 12, directed the U.S. Department of Commerce (Commerce) and the U.S. Trade Representative (USTR) to pursue the removal of policies and practices abroad that have “the effect of forcing American patients to pay for a disproportionate amount of global pharmaceutical research and development, including by suppressing the price of pharmaceutical products below fair market value in foreign countries.”

    Consistent with this directive, it is important that Commerce and USTR engage with U.S. trading partners to negotiate binding commitments to remove these market-distorting price controls.

    Currently, dozens of countries—including those with longstanding pricing policies affecting U.S. pharmaceutical products—have expressed interest or are currently undergoing tariff negotiations. Now is the time for Commerce and USTR to clarify top priorities, capitalize on opportunities, and resolve unfair foreign government policies in support of American workers and patients. 

    Given the complexity of the issues and their importance to the American public, we urge the Administration to immediately designate a senior political official at USTR to lead the effort to secure and enforce pharmaceutical pricing commitments through trade negotiations and also to promptly nominate a qualified individual to fill the vacant position of Chief Innovation and Intellectual Property Negotiator. Congress created this important position in 2015 to “address acts, policies, and practices of foreign governments that have a significant adverse impact on the value of United States innovation.” Once filled, we recommend this role—supported by a team within USTR—be charged with leading this effort.

    Appointing an experienced Chief Innovation and Intellectual Property Negotiator would send a strong signal to our trading partners that the United States is committed to addressing imbalanced pharmaceutical pricing and ensuring that any commitments secured are effectively implemented and enforced over the long term. 

    We look forward to working with you as you confront these longstanding and unfair price controls that leave Americans disproportionately funding global health care innovation. Eliminating these egregious practices could increase investment in medical research and development by billions of dollars and lower overall health care costs for Americans. In addition, encouraging foreign governments to appropriately value medicines developed and produced in the United States would significantly bolster U.S. exports and jobs. We appreciate your continued attention to this issue and stand ready to support efforts that promote fair and sustainable trade outcomes.

    Sincerely,”

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

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Call for Foreign Nations to Pay Their Share in Pharmaceutical R&D

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Todd Young (R-IN) in sending a letter to U.S. Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick urging the Trump Administration to use ongoing trade negotiations to eliminate foreign price controls that leave American patients footing the cost for pharmaceutical research and development. 

    “We welcome President Trump’s efforts to ensure foreign nations pay their fair share toward the cost of pharmaceutical research and development. For too long, some developed nations have benefited from American-financed innovation by implementing policies that suppress prices and limit spending on new medicines in their own markets,” wrote the Senators. “These actions have contributed to American patients bearing a disproportionate share of global pharmaceutical innovation costs. U.S. trade negotiations offer a valuable mechanism to address these unfair practices, which not only burden Americans, but also function as non-tariff barriers to trade.”

    Sens. Tuberville and Young were joined by Sens. Jim Banks (R-IN), Ted Budd (R-NC), John Boozman. (R-AR), Bill Cassidy (R-LA), Steve Daines (R-MT), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Jon Husted (R-OH), Cindy Hyde-Smith (R-MS), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Ashley Moody (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), and Roger Wicker (R-MS) in sending the letter.

    Full text of the letter can be read below or here. 

    “Dear Secretary Lutnick and Ambassador Greer,

    We welcome President Trump’s efforts to ensure foreign nations pay their fair share toward the cost of pharmaceutical research and development. For too long, some developed nations have benefited from American-financed innovation by implementing policies that suppress prices and limit spending on new medicines in their own markets. These actions have contributed to American patients bearing a disproportionate share of global pharmaceutical innovation costs. U.S. trade negotiations offer a valuable mechanism to address these unfair practices, which not only burden Americans, but also function as non-tariff barriers to trade.

    Executive Order 14297, issued on May 12, directed the U.S. Department of Commerce (Commerce) and the U.S. Trade Representative (USTR) to pursue the removal of policies and practices abroad that have “the effect of forcing American patients to pay for a disproportionate amount of global pharmaceutical research and development, including by suppressing the price of pharmaceutical products below fair market value in foreign countries.”

    Consistent with this directive, it is important that Commerce and USTR engage with U.S. trading partners to negotiate binding commitments to remove these market-distorting price controls.

    Currently, dozens of countries—including those with longstanding pricing policies affecting U.S. pharmaceutical products—have expressed interest or are currently undergoing tariff negotiations. Now is the time for Commerce and USTR to clarify top priorities, capitalize on opportunities, and resolve unfair foreign government policies in support of American workers and patients. 

    Given the complexity of the issues and their importance to the American public, we urge the Administration to immediately designate a senior political official at USTR to lead the effort to secure and enforce pharmaceutical pricing commitments through trade negotiations and also to promptly nominate a qualified individual to fill the vacant position of Chief Innovation and Intellectual Property Negotiator. Congress created this important position in 2015 to “address acts, policies, and practices of foreign governments that have a significant adverse impact on the value of United States innovation.” Once filled, we recommend this role—supported by a team within USTR—be charged with leading this effort.

    Appointing an experienced Chief Innovation and Intellectual Property Negotiator would send a strong signal to our trading partners that the United States is committed to addressing imbalanced pharmaceutical pricing and ensuring that any commitments secured are effectively implemented and enforced over the long term. 

    We look forward to working with you as you confront these longstanding and unfair price controls that leave Americans disproportionately funding global health care innovation. Eliminating these egregious practices could increase investment in medical research and development by billions of dollars and lower overall health care costs for Americans. In addition, encouraging foreign governments to appropriately value medicines developed and produced in the United States would significantly bolster U.S. exports and jobs. We appreciate your continued attention to this issue and stand ready to support efforts that promote fair and sustainable trade outcomes.

    Sincerely,”

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

    MIL OSI USA News –

  • MIL-OSI: IDEX Biometrics ASA – Fully Underwritten Private Placement successfully placed – 21 July 2025

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

    Oslo, Norway, 21 July 2025.

    Reference is made to the stock exchange announcement published earlier today on 21 July 2025 by IDEX Biometrics ASA (“IDEX” or the “Company”) regarding a contemplated underwritten private placement (the “Private Placement”) of new shares in the Company (the “Offer Shares”), where Arctic Securities AS has acted as manager and bookrunner (the “Manager”).

    The Private Placement has been successfully completed, raising gross proceeds to the Company of NOK 30,000,000, through the issuance of 9,090,909 Offer Shares at a subscription price per Offer Share of NOK 3.30 (the “Offer Price”).

    The net proceeds from the Private Placement will be used for the Company’s commercialization efforts in line with the new business strategy announced in March 2025 as well as for general corporate purposes.

    Altea AS, Pinchcliffe AS (closely associated company of the CEO and CFO, Anders Storbråten), Anders Storbråten, Charles Street International Ltd. (Robert Keith) and K-Konsult AS (closely associated company of the chairperson of the board of directors, Morten Opstad) (the “Underwriters”) had, subject to customary conditions, accepted to be allocated Offer Shares that were not applied for during the Application Period (as defined herein) for up to NOK 30,000,000 pursuant to an underwriting agreement entered into with the Company (the “UWA”). An underwriting fee equal to 5% of the underwriting commitment by each Underwriter will be payable by the Company to each of the Underwriters in the form of a total of 454,542 new shares in the Company (the “Underwriting Shares”), subject to the approval and issuance of the Underwriting Shares by the EGM (as defined herein).

    The Private Placement was divided into two tranches: Tranche 1 (“Tranche 1”) consisted of 4,731,594 Offer Shares, and the share capital increase related to Tranche 1 have been resolved by the board of directors (the “Board”) pursuant to an authorization granted by the Company’s general meeting held on 21 May 2025 (the “Authorization”). Tranche 2 (“Tranche 2”) will consist of the number of Offer Shares that, together with the Tranche 1 shares, is necessary in order to raise gross proceeds of NOK 30 million. The issuance of Offer Shares in Tranche 2 remains subject to approval by an extraordinary general meeting, scheduled to be held on or about 14 August 2025 (the “EGM”). Applicants will receive a pro rata portion of shares from Tranche 1 and Tranche 2 based on their overall allocation in the Private Placement, with the exception of the Underwriters, which have agreed that the new shares it is allocated in the Private Placement will all be allocated in Tranche 2.

    The completion of Tranche 1 is otherwise subject to (i) the Share Lending Agreement and the UWA remaining in full force and effect (“Tranche 1 Conditions”). The completion of Tranche 2 is subject to (i) completion of Tranche 1, (ii) approval by the EGM and (iii) the Share Lending Agreement and the UWA remaining in full force and effect (“Tranche 2 Conditions”). Both the Tranche 1 Conditions and the Tranche 2 Conditions include the share capital increase pertaining to the issuance of the allocated Offer Shares under such tranche being validly registered with the Norwegian Register of Business Enterprises and the allocated Offer Shares being validly issued and registered in the Norwegian Central Securities Depository Euronext Securities Oslo (“VPS”). Completion of Tranche 1 is not conditional upon completion of Tranche 2, and acquisition of shares in Tranche 1 will remain final and binding and cannot be revoked or terminated by the respective applicants if Tranche 2 is not completed. The Board reserves the right to cancel, and/or modify the terms of the Private Placement, at any time and for any reason prior to delivery of the Offer Shares in Tranche 1, without or on short notice. The applicant acknowledges that Tranche 1 and Tranche 2 of the Private Placement will be cancelled if the relevant conditions for such tranches (or issuance) are not fulfilled, and may be cancelled by the Board in its sole discretion for any other reason whatsoever prior to delivery of the Offer Shares in Tranche 1. Neither the Manager nor the Company will be liable for any losses if the Private Placement is cancelled or modified, irrespective of the reason for such cancellation or modification.

    Following completion of Tranche 1, the Company’s share capital will be NOK 52,095,850 divided into 52,095,850 shares, each with a par value of NOK 1.00. Following completion of Tranche 2 of the Private Placement and issuance of the Underwriting Shares, both subject to EGM approval, the Company’s share capital will be NOK 56,909,707 divided into 56,909,707 shares, each with a par value of NOK 1.00.

    The Private Placement (Tranche 1 and Tranche 2) will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement entered into between the Company, the Manager and an existing shareholder (the “Share Lending Agreement”). The Share Lending Agreement will be settled with the new shares in the Company issued by the Board pursuant to the Authorization (as described above) and issued by the EGM, as applicable.

    Settlement of Tranche 1 of the Private Placement is expected to take place on a delivery versus payment basis on or about 24 July 2025. Settlement of Tranche 2 of the Private Placement is expected to take place on a delivery versus payment basis on or about 18 August 2025.

    The Board has considered the contemplated Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs’ Circular no. 2/2014 and deems that the Private Placement is in compliance with these requirements. The Board holds the view that it will be in the common interest of the Company and its shareholders to raise equity through a private placement, in view of the current market conditions and the growth opportunities currently available to the Company. A private placement enables the Company to raise capital in an efficient manner, and the Private Placement is structured to ensure that a market-based subscription price is achieved.

    Taking into consideration that the Private Placement was conducted as a publicly announced bookbuilding process and a market-based subscription price was achieved, the Board has concluded that a subsequent offering towards existing shareholders is not necessary.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. This stock exchange release was published by Kjell-Arne Besseberg, Chief Operating Officer, on 21 July 2025 at 23:15 CEST.

    About IDEX Biometrics ASA

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    Important information:

    This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

    The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act.

    In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

    This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

    Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operate, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

    The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

    Neither the Manager nor any of their affiliates make any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Manager nor any of their affiliates accept any liability arising from the use of this announcement.

    The MIL Network –

  • MIL-OSI USA: Albertsons Companies Stores in Arkansas, Louisiana, Oklahoma and Texas Voluntarily Recalls Select Items Containing Tuna Salad from Reser’s Fine Foods Due to an Ingredient Recall Linked to Possible Listeria Monocytogenes Contamination

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    July 17, 2025
    FDA Publish Date:
    July 21, 2025
    Product Type:
    Food & BeveragesFoodborne Illness
    Reason for Announcement:

    Recall Reason Description
    Potential Foodborne Illness – Listeria monocytogenes

    Company Name:
    Albertsons
    Brand Name:

    Brand Name(s)
    Randalls, Albertsons

    Product Description:

    Product Description
    Tuna Salad products

    Company Announcement
    Albertsons, Randalls and Tom Thumb stores in Arkansas, Louisiana, Oklahoma and Texas are voluntarily recalling select items containing tuna salad supplied by Reser’s Fine Foods. This action follows a recall initiated by Reser’s Fine Food due to possible contamination with Listeria monocytogenes in breadcrumbs used as an ingredient in their tuna salad.
    Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.
    Consumers who have purchased these items are urged not to consume these products and to dispose of them or return the items to their local store for a full refund. The FDA recommends in these cases that anyone who purchased or received any recalled products to use extra vigilance in cleaning and sanitizing any surfaces and containers that may have come in contact with these products to reduce the risk of cross-contamination. Listeria monocytogenes can survive in refrigerated temperatures and can easily spread to other foods and surfaces.
    There have been no reports of injuries or adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.
    The items containing tuna salad were available for purchase at the following banner stores: Albertsons, Randalls and Tom Thumb in Arkansas, Louisiana, Oklahoma and Texas.
    Consumers with questions should contact Albertsons Companies’ Customer Service Center at 1-877-723-3929 Monday through Friday from 5 a.m. to 9 p.m. PST.
    Product Recall Details:

    Product Name 

    UPC 

    Size 

    Sell Thru Dates (if applicable, Or Lot Code/Est. Number)

    Store Banners 

    States 

    RM DUO TUNA SALAD W/CRACKER S

    27183000000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SALAD TUNA PREMIUM SS

    21425000000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SNACKER TRAY TUNA SALAD

    21151300000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SNDWCH TUNA SALAD CROISSANT SS COLD

    21788400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM TUNA SALAD OVER BED OF LETTUCE SS

    21786400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    SALAD TUNA PREMIUM

    21228800000

    Variable Weight

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY CROISSANT MINI SALAD 16 IN

    27841300000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY CROISSANT MINI SALAD 18 IN

    27841200000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY SALAD SANDWICH 12 IN

    27841500000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY SALAD SANDWICH 16 IN

    27841400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    Company Contact Information

    Consumers:
    Albertsons Companies’ Customer Service Center
    1-877-723-3929

    Product Photos

    Content current as of:
    07/21/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI: TLGY Acquisition Corp. Announces Rescheduling of Conference Call Relating to its Business Combination with StableCoinX Assets

    Source: GlobeNewswire (MIL-OSI)

    New York , July 21, 2025 (GLOBE NEWSWIRE) — TLGY Acquisition Corp. (OTC: TLGYF) (“TLGY”), a special purpose acquisition company, today announced that it has entered into a definitive agreement for a business combination with StablecoinX Assets Inc. (“SC Assets”), a newly-formed validator and infrastructure business supporting the Ethena ecosystem (the definitive agreement, the “Business Combination Agreement” and the transactions contemplated thereby, the “Transaction”). The combined company will be named StablecoinX Inc. (“StablecoinX” or the “Company”) and the parties will seek to have StablecoinX’s Class A common shares listed on Nasdaq under the ticker symbol “USDE.”

    TLGY will discuss the proposed Transaction with securities analysts in a call tomorrow, Tuesday, July 22, 2025, at 8:30 a.m. ET. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on TLGY’s website at www.tlgyacquisition.com under the “Events” section. This call has been rescheduled from the previously announced date and time.

    Important Information and Where to Find It

    In connection with the Transaction, StablecoinX intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which will include a preliminary proxy statement of TLGY and a preliminary prospectus of StablecoinX, and after the Registration Statement is declared effective, TLGY will mail the definitive proxy statement/prospectus relating to the Transaction to its shareholders as of the record date to be established for voting at the Extraordinary General Meeting. The Registration Statement, including the proxy statement/prospectus contained therein, will contain important information about the Transaction and the other matters to be voted upon at the Extraordinary General Meeting. This press release does not contain all the information that should be considered concerning the Transaction and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. TLGY and StablecoinX may also file other documents with the SEC regarding the Transaction. TLGY’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Transaction, as these materials will contain important information about TLGY, SC Assets, StablecoinX and the Transaction.

    TLGY’s shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed by TLGY and StablecoinX with the SEC, free of charge, through the website maintained by the SEC at www.sec.gov.

    Forward-Looking Statements

    This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements with respect to the proposed Transaction include expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding SC Assets, StablecoinX, TLGY and the proposed Transaction, statements regarding the anticipated benefits and timing of the completion of the proposed Transaction, the assets held by SC Assets and StablecoinX, the price and volatility of ENA, ENA’s growing prominence as an issuer of digital dollars on-chain, StablecoinX’s listing on any securities exchange, the macro, political and regulatory conditions surrounding ENA, the planned business strategy including StablecoinX’s ability to develop a corporate architecture capable of supporting its treasury initiatives and strategic stake in the Ethena Protocol, plans and use of proceeds, objectives of management for future operations of StablecoinX, the upside potential and opportunity for investors, StablecoinX’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the proposed Transaction, the satisfaction of closing conditions to the proposed Transaction and the level of redemptions of TLGY’s public shareholders, and StablecoinX’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. Forward-looking statements are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: the risk that the proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of TLGY’s securities; the risk that the proposed Transaction may not be completed by TLGY’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the proposed Transaction, including the approval of TLGY’s shareholders and the listing of StablecoinX’s securities on a national securities exchange at closing; failure to realize the anticipated benefits of the proposed Transaction; the level of redemptions by TLGY’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or impact the ability of, the shares of Class A common stock of StablecoinX to be listed in connection with the proposed Transaction; the insufficiency of the third-party fairness opinion for the board of directors of TLGY in determining whether or not to pursue the proposed Transaction; the failure of StablecoinX to obtain or maintain the listing of its securities on any securities exchange after closing of the proposed Transaction; risks associated with TLGY, SC Assets and StablecoinX’s ability to consummate the proposed Transaction timely or at all, including in connection with potential regulatory delays or impediments, changes in ENA prices or for other reasons; costs related to the proposed Transaction and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to StablecoinX’s anticipated operations and business, including the volatile nature of the price of ENA; the risk that StablecoinX’s stock price will be highly correlated to the price of ENA and the price of ENA may decrease between the signing of the definitive documents for the proposed Transaction and the closing of the proposed Transaction or at any time after the closing of the proposed Transaction; risks associated with TLGY, SC Assets and StablecoinX’s ability to consummate the proposed Transaction timely or at all, including in connection with potential regulatory delays or impediments, changes in ENA prices or for other reasons; risks related to increased competition in the industries in which StablecoinX will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding ENA; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the proposed Transaction, StablecoinX experiences difficulties managing its growth and expanding operations; the risks that launching and growing StablecoinX’s ENA treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing StablecoinX’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which StablecoinX’s Class A Common Stock will be listed or by the SEC, which may impact StablecoinX’s ability to list its securities and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against StablecoinX, SC Assets, TLGY or others following announcement of the proposed Transaction, and those risk factors discussed in documents that StablecoinX and/or TLGY has filed, or will file, with the SEC. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of The Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q that have been and/or will be filed by TLGY with the SEC from time to time, the Registration Statement that will be filed by StablecoinX and TLGY and the proxy statement/prospectus contained therein, and other documents that have been or will be filed by TLGY and StablecoinX from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither TLGY, SC Assets nor StablecoinX presently know or that TLGY, SC Assets and StablecoinX currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of TLGY, SC Assets, and StablecoinX assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither TLGY, SC Assets, nor StablecoinX gives any assurance that any of TLGY, SC Assets, or StablecoinX will achieve their respective expectations. The inclusion of any statement in this press release does not constitute an admission by TLGY, SC Assets or StablecoinX or any other person that the events or circumstances described in such statement are material.

    The terms of the proposed Transaction described in this press release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive Business Combination Agreement and assume no redemptions from the TLGY trust account. These terms are subject to change, including as a result of fluctuations in the price of ENA prior to closing of the proposed Transaction. There can be no assurance that the final terms at the closing of the Transaction will reflect the figures referenced herein.

    No Offer or Solicitation

    This press release does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any securities of TLGY, SC Assets, the combined company or any of their respective affiliates. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom, nor shall any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction be affected. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Transaction or the accuracy or adequacy of this communication.
    Participants in the Solicitation

    TLGY, SC Assets, StablecoinX and their respective directors and officers may be deemed participants in the solicitation of proxies of TLGY’s shareholders in connection with the Transaction. More detailed information regarding the directors and officers of TLGY, and a description of their interests in TLGY, is contained in TLGY’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 5, 2025, and is available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of TLGY’s shareholders in connection with the Transaction and other matters to be voted upon at the Extraordinary General Meeting will be set forth in the Registration Statement for the Transaction when available.
    Media Contacts

    StablecoinX
    press@stablecoinx.com

    TLGY Acquisition Corp.
    media@tlgycpc.com

    Ethena Foundation
    nate.johnson@augustco.com

    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-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: Par Pacific, Mitsubishi, and ENEOS to Establish Joint Venture for Renewable Fuels in Hawaii

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and TOKYO, July 21, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (including its subsidiaries and affiliates, “Par Pacific”), Mitsubishi Corporation (“Mitsubishi”), and ENEOS Corporation (“ENEOS”) today announced the signing of definitive agreements to establish Hawaii Renewables, LLC (“Hawaii Renewables”), a joint venture to produce renewable fuels at Par Pacific’s refinery in Kapolei Hawaii. Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100 million. Par Pacific will retain the remaining interest and lead the project’s execution and operations through its affiliate, Par Hawaii Refining, LLC. The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators.

    Hawaii Renewables will leverage Par Pacific’s existing refining and logistics infrastructure and Lutros, LLC’s new and advantaged pretreatment technology. Construction is currently underway, and the facility is expected to be completed and operational by the end of the year. Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and is expected to produce approximately 61 million gallons per year of renewable diesel (“RD”), sustainable aviation fuel (“SAF”), renewable naphtha and low carbon liquified petroleum gases.

    The facility is designed to produce up to 60% SAF as a first step toward decarbonizing Hawaii’s significant air travel market, with flexibility to process diverse feedstocks and shift yields to RD based on market conditions. These renewable fuels will contribute to reducing greenhouse gas emissions while providing reliable transportation and utility fuels to Hawaii consumers.

    This strategic partnership will combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.

    “We are thrilled to partner with Mitsubishi and ENEOS through the formation of this strategic joint venture,” said Will Monteleone, Par Pacific’s President & Chief Executive Officer. “Creating the Hawaii Renewables joint venture brings together the best of our three organizations and yields additional scale and expertise across feedstock origination, commercial optimization, and market access throughout the Pacific Basin.”

    “We are so honored to partner with Par Pacific in the renewable fuels business,” said Masaru Saito, Group CEO, Environmental Energy Group, Mitsubishi Corporation. “We view this partnership as an important step for our SAF initiative, supporting aviation sector decarbonization across Hawaii and beyond through our feedstock procurement and renewable fuels sales expertise.”

    “We anticipate this project will deliver a stable supply of energy and contribute to a carbon-neutral society,” said Marcus Echigoya, Senior Vice President, Managing Executive Officer, ENEOS Corporation. “ENEOS aims to contribute to this initiative by utilizing our deep experience in fuel refining and marketing, with an emphasis on enhancing Hawaii Renewable’s feedstock procurement capabilities.”

    The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals. Lazard served as financial advisor to Par Pacific on this transaction.

    About Par Pacific
    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. 

    About Mitsubishi Corporation
    Mitsubishi Corporation is a global integrated business enterprise that develops and operates business together with its offices and subsidiaries worldwide. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.

    About ENEOS Corporation
    ENEOS Group is Japan’s leading energy company with manufacturing and sales facilities throughout the world. ENEOS has developed businesses in the refining and marketing of petroleum products, petrochemical products, and lubricants. While fulfilling our responsibility of providing a stable supply of energy and materials both now and in the future, we will realize a carbon neutral society through energy transition. This is also a great challenge for mankind, and we, the ENEOS Group, will maximize our corporate value by steadily taking on the challenge.

    Forward-Looking Statements
    This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about Par Pacific’s plans to invest in renewable fuels production. There can be no assurances that Par Pacific will be successful in its renewable fuels production efforts, which are subject to various risks and uncertainties. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Par Pacific Contacts
    Investors:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    +1 (832) 916-3355
    apatel@parpacific.com

    Media Inquiries:
    Marc Inouye
    Director, Government & Public Affairs
    +1 (808) 203-2344
    minouye@parpacific.com

    Mitsubishi Corporation Contacts
    Media Inquiries:
    Telephone: +81-3-3210-2171

    ENEOS Contacts
    Media Inquiries:
    pr@eneos.com

    The MIL Network –

  • MIL-OSI New Zealand: Pharmac continues to engage with consumers

    Source: New Zealand Government

    Associate Education Minister David Seymour welcomes the establishment of Pharmac’s new consumer working group to help Pharmac help reset how it works with health consumers.

    “For many New Zealanders, funding for pharmaceuticals is life or death, or the difference between a life of pain and suffering or living freely,” Mr Seymour says.  

    “My expectation is that Pharmac should have good processes to ensure that people with an illness, their carers and family, can provide input to decision-making processes. This is part of the ACT-National Coalition Agreement. 

    “Pharmac hosted a Consumer Engagement Workshop in March. Patients and advocates voiced their hopes at resetting the patient – Pharmac relationship. Pharmac published a report on the findings from the workshop. 

    “The report recommended that the Board invite workshop participants, in association with the wider consumer-patient representative community, to select a working group. The group would work with Pharmac’s Board and management to reset the relationship between Pharmac and the consumer/representative community. 

    “The patient advocacy community selected Dr Malcolm Mulholland to lead the consumer working group. He has worked with consumers to select the other members of the working group. These members represent patients with a wide range of health conditions. They are named at the end of this release.”

    “We’ve waited a long time for this opportunity. The work that Pharmac does is vitally important for the health of patients and their families, and this is why getting Pharmac to work as well as it can, will be the focus of the working group,” Dr Mulholland says.

    “The consumer working group met for the first time yesterday to confirm the approach for the reset programme and agree the first set of actions. I look forward to hearing about their progress,” Mr Seymour says. 

    “I’m pleased to see the Board take the opportunity to continue to prioritise expanding opportunities and access for patients and their families by expanding access to more medicines for more groups. 

    “The working group reflects our commitment to a more adaptable and patient-centred approach. It follows my letters of expectations, the consumer engagement workshop, last year’s Medicines Summit, and the acceptance of Patient Voice Aotearoa’s White Paper as actions to achieve this. 

    “The Government is doing its part. Last year we allocated Pharmac its largest ever budget of $6.294 billion over four years, and a $604 million uplift to give Pharmac the financial support it needs to carry out its functions – negotiating the best deals for medicine for New Zealanders.” 

    The consumer working group members are:

    1. Dr Malcolm Mulholland MNZM – Patient Voice Aotearoa
    2. Libby Burgess MNZM – Breast Cancer Aotearoa Coalition
    3. Tim Edmonds – Leukaemia and Blood Cancer NZ
    4. Chris Higgins – Rare Disorders NZ
    5. Francesca Holloway – Arthritis NZ
    6. Trent Lash – Heartbeats Charitable Trust
    7. Gerard Rushton – The Meningitis Foundation
    8. Rachel Smalley MNZM – The Medicine Gap
    9. Tracy Tierney – Epilepsy NZ
    10. Deon York – Haemophilia NZ

    MIL OSI New Zealand News –

  • MIL-OSI USA: Press Release: Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI: Skillful Application of Fundamental Principles Yields Standout Results: TrustCo Announces Net Income Up 19.8%; Net Interest Income up 10.5%

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Bank-wide financial results:
      • Key metrics for the second quarter 2025:
        • Net income of $15.0 million, or $0.79 diluted earnings per share, increased 19.8% compared to $12.6 million, or $0.66 diluted earnings per share for the second quarter 2024
        • Net interest income of $41.7 million, up 10.5% from $37.8 million for the second quarter 2024
        • Net interest margin of 2.71%, up 18 basis points from 2.53% in second quarter of 2024
        • Average loans were up $115.6 million for the second quarter 2025 compared to the second quarter 2024
        • Average deposits were up $173.4 million for the second quarter 2025 compared to the second quarter 2024
    • Capital position and key ratios:
      • Consolidated equity to assets increased to 10.91% as of June 30, 2025 from 10.73% as of June 30, 2024
      • Book value per share as of June 30, 2025 was $36.75, up from $34.46 as of June 30, 2024
      • 169 thousand shares of TrustCo common stock were purchased under the stock repurchase program during the second quarter 2025
    • Trustco Financial Services and Wealth Management income:
      • Fees increased to $1.8 million, or by 13.0%, compared to second quarter 2024
      • Assets under management increased to $1.19 billion, or by 8.2%, compared to second quarter 2024

    GLENVILLE, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the second quarter of 2025 underscored by rising net interest income, continued margin expansion, and accelerated loan growth across key portfolios. Net interest income increased 10.5% year over year to $41.7 million, driven by the ongoing repricing of the loan portfolio at higher yields and disciplined management of deposit costs, which remained well-controlled despite sustained competitive pressures. Net interest margin expanded to 2.71% from 2.53% in the prior year period, reflecting improved asset yields and prudent deposit pricing strategies. This resulted in second quarter 2025 net income of $15.0 million or $0.79 diluted earnings per share, compared to net income of $12.6 million or $0.66 diluted earnings per share for the second quarter 2024. Loan growth gained momentum during the quarter, with total average loans increasing $115.6 million or 2.3% for the second quarter 2025 over the same period in 2024. This growth signals increasing borrower confidence and supports the Bank’s strategic focus on high quality relationship lending.        

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Part of our long-term strategy is having the right mix of products available so that we can sell the right thing, to the right customer, at the right time. It is our ability to do this with agility and skill that has produced the standout results announced today. We saw double digit growth in our return metrics year over year, as return on average assets improved 17%, and return on average equity grew 12.5%. Our margin improved 7% year over year, in tandem with a 12% year over year improvement in adjusted efficiency ratio. Our ability to sell home equity products at a time of high market demand for the flexibility they offer has been key to this success. Home equity credit lines are up 18% year over year. Likewise, we strategically grew commercial loans 11% year over year – which we have done without exposure to risky multi-family loans or other industry-specific concentrations. We lowered non-performing loans to total loans by 7% year over year, and booked a second consecutive quarter of net recoveries. These exceptional results in the first half of 2025 provide a foundation for positive momentum moving into 2026.”

    Details

    As the year continues to progress, we are seeing increased opportunities to deploy our resources effectively. Some efforts include loan originations, targeted investments in technology and digital banking infrastructure, and strategic growth in key markets. Average loans were up $115.6 million, or 2.3%, in the second quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $27.9 million, or 0.6%, and $64.7 million, or 17.8%, respectively, in the second quarter 2025 over the same period in 2024. Average commercial loans also increased $25.8 million, or 9.2%, in the second quarter 2025 over the same period in 2024. We believe that this upward trend reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending. The sustained growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $173.4 million, or 3.3%, for the second quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a stable deposit base that supports ongoing loan growth and expansion.

    During the second quarter of 2025, we remained committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. TrustCo purchased 169 thousand, or 0.9%, of total shares outstanding of TrustCo common stock under the previously announced stock repurchase program during the second quarter of 2025. Our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of June 30, 2025, our equity to asset ratio was 10.91%, compared to 10.73% as of June 30, 2024. Book value per share as of June 30, 2025 was $36.75, up 6.6% compared to $34.46 a year earlier.

    Net interest income was $41.7 million for the second quarter 2025, an increase of $4.0 million, or 10.5%, compared to the second quarter of 2024, driven by loan growth at higher interest rates, increase in interest on federal funds sold and other short-term investments, and less interest expense on deposit products, partially offset by lower investment interest income. The net interest margin for the second quarter 2025 was 2.71%, up 18 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.19% in the second quarter of 2025, up 13 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.91% in the second quarter 2025, down from 1.97% in the second quarter 2024. The Bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve signals a potential easing cycle in the months ahead. Our balance sheet is built for resilience and flexibility, with a favorable asset mix and a stable deposit base that we believe positions us to thrive across interest rate environments. In addition to new loan originations, we are seeing ongoing opportunities to reprice portions of our existing loan book as higher-rate loans replace paydowns and early payoffs, helping us maintain attractive yields. With loan demand accelerating and funding costs stabilizing, we believe there is meaningful upside to net interest income in the coming quarters. Our proactive asset-liability management strategy gives us confidence in sustaining margin strength and driving consistent profitable growth.

    Non-interest income, net of net gains on equity securities, increased to $4.9 million as compared to $4.3 million for the second quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 13.0% to $1.8 million, driven by strong client demand and higher assets under management. These revenues represent 37.5% of non-interest income for the second quarter of 2025. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $236 thousand over the second quarter of 2024.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses on loans of $650 thousand in the second quarter of 2025. The ratio of allowance for credit losses on loans to total loans was 0.99% as of both June 30, 2025 and 2024. The allowance for credit losses on loans was $51.3 million as of June 30, 2025, compared to $49.8 million as of June 30, 2024. Nonperforming loans (NPLs) were $17.9 million as of June 30, 2025, compared to $19.2 million as of June 30, 2024. NPLs were 0.35% and 0.38% of total loans as of June 30, 2025 and 2024, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 286.2% as of June 30, 2025, compared to 259.4% as of June 30, 2024. Nonperforming assets (NPAs) were $19.0 million as of June 30, 2025, compared to $21.5 million as of June 30, 2024.  

    A conference call to discuss second quarter 2025 results will be held at 9:00 a.m. Eastern Time on July 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 258501. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 410483.   The call will also be audio webcast at  https://events.q4inc.com/attendee/979003710, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of June 30, 2025.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the impact of our loan portfolio’s growth, loan demand and funding cost on net interest income, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    TRUSTCO BANK CORP NY
    GLENVILLE, NY
     
    FINANCIAL HIGHLIGHTS
     
    (dollars in thousands, except per share data)
    (Unaudited)
      Three months ended
      6/30/2025
    		   3/31/2025
    		   6/30/2024
    Summary of operations          
    Net interest income $ 41,746     $ 40,373     $ 37,788  
    Provision for credit losses   650       300       500  
    Net gains on equity securities   –       –       1,360  
    Noninterest income, excluding net gains on equity securities   4,852       4,974       4,291  
    Noninterest expense   26,223       26,329       26,459  
    Net income   15,039       14,275       12,551  
               
    Per share          
    Net income per share:          
    – Basic $ 0.79     $ 0.75     $ 0.66  
    – Diluted   0.79       0.75       0.66  
    Cash dividends   0.36       0.36       0.36  
    Book value at period end   36.75       36.16       34.46  
    Market price at period end   33.42       30.48       28.77  
               
    At period end          
    Full time equivalent employees   733       740       753  
    Full service banking offices   136       136       138  
               
    Performance ratios          
    Return on average assets   0.96 %     0.93 %     0.82 %
    Return on average equity   8.73       8.49       7.76  
    Efficiency ratio (GAAP)   56.27       58.06       60.91  
    Adjusted Efficiency ratio (1)   55.15       58.00       62.84  
    Net interest spread   2.28       2.21       2.09  
    Net interest margin   2.71       2.64       2.53  
    Dividend payout ratio   45.27       47.97       54.57  
               
    Capital ratios at period end          
    Consolidated equity to assets   10.91 %     10.85 %     10.73 %
    Consolidated tangible equity to tangible assets (1)   10.91 %     10.84 %     10.72 %
               
    Asset quality analysis at period end          
    Nonperforming loans to total loans   0.35 %     0.37 %     0.38 %
    Nonperforming assets to total assets   0.30       0.33       0.35  
    Allowance for credit losses on loans to total loans   0.99       0.99       0.99  
    Coverage ratio (2)   2.9x       2.7x       2.6x  
               
               
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
    (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.          
    FINANCIAL HIGHLIGHTS, Continued      
     
    (dollars in thousands, except per share data)      
    (Unaudited)      
      Six Months Ended
      06/30/25
    		   06/30/24
    Summary of operations      
    Net interest income $ 82,119       74,366  
    Provision for credit losses   950       1,100  
    Net gains on equity securities   –       1,360  
    Noninterest income, excluding net gains on equity securities   9,826       9,134  
    Noninterest expense   52,552       51,362  
    Net income   29,314       24,677  
           
    Per share      
    Net income per share:      
    – Basic $ 1.54       1.30  
    – Diluted   1.54       1.30  
    Cash dividends   0.72       0.72  
    Book value at period end   36.75       34.46  
    Market price at period end   33.42       28.77  
           
    Performance ratios      
    Return on average assets   0.94 %     0.81  
    Return on average equity   8.61       7.65  
    Efficiency ratio (GAAP)   57.16       60.53  
    Adjusted Efficiency ratio (1)   56.56       61.40  
    Net interest spread   2.24       2.05  
    Net interest margin   2.68       2.48  
    Dividend payout ratio   46.58       55.51  
           
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.      
    CONSOLIDATED STATEMENTS OF INCOME
                       
    (dollars in thousands, except per share data)                  
    (Unaudited)                  
      Three months ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024     6/30/2024  
    Interest and dividend income:                  
    Interest and fees on loans $ 54,557     $ 53,450     $ 53,024     $ 52,112     $ 50,660  
    Interest and dividends on securities available for sale:                  
    U. S. government sponsored enterprises   614       596       680       718       909  
    State and political subdivisions   –       –       –       –       1  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   1,613       1,483       1,418       1,397       1,451  
    Corporate bonds   210       260       358       361       362  
    Small Business Administration – guaranteed                  
    participation securities   75       81       84       90       94  
    Other securities   8       7       6       2       2  
    Total interest and dividends on securities available for sale   2,520       2,427       2,546       2,568       2,819  
                       
    Interest on held to maturity securities:                  
    obligations – residential   54       57       59       62       65  
    Total interest on held to maturity securities   54       57       59       62       65  
                       
    Federal Home Loan Bank stock   129       151       152       153       147  
                       
    Interest on federal funds sold and other short-term investments   7,212       6,732       6,128       6,174       6,894  
    Total interest income   64,472       62,817       61,909       61,069       60,585  
                       
    Interest expense:                  
    Interest on deposits:                  
    Interest-bearing checking   536       558       397       311       288  
    Savings   733       734       719       770       675  
    Money market deposit accounts   2,086       1,989       2,024       2,154       2,228  
    Time deposits   19,195       18,983       19,680       18,969       19,400  
    Interest on short-term borrowings   176       180       187       194       206  
    Total interest expense   22,726       22,444       23,007       22,398       22,797  
                       
    Net interest income   41,746       40,373       38,902       38,671       37,788  
                       
    Less: Provision for credit losses   650       300       400       500       500  
    Net interest income after provision for credit losses   41,096       40,073       38,502       38,171       37,288  
                       
    Noninterest income:                  
    Trustco Financial Services income   1,818       2,120       1,778       2,044       1,609  
    Fees for services to customers   2,266       2,645       2,226       2,482       2,399  
    Net gains on equity securities   –       –       –       23       1,360  
    Other   768       209       405       382       283  
    Total noninterest income   4,852       4,974       4,409       4,931       5,651  
                       
    Noninterest expenses:                  
    Salaries and employee benefits   11,876       11,894       12,068       12,134       12,520  
    Net occupancy expense   4,518       4,554       4,563       4,271       4,375  
    Equipment expense   1,918       1,944       2,404       1,757       1,990  
    Professional services   1,886       1,726       1,782       1,863       1,570  
    Outsourced services   2,460       2,700       3,051       2,551       2,755  
    Advertising expense   304       361       590       339       466  
    FDIC and other insurance   1,136       1,188       1,113       1,112       797  
    Other real estate expense, net   522       28       476       204       16  
    Other   1,603       1,934       2,118       1,969       1,970  
    Total noninterest expenses   26,223       26,329       28,165       26,200       26,459  
                       
    Income before taxes   19,725       18,718       14,746       16,902       16,480  
    Income taxes   4,686       4,443       3,465       4,027       3,929  
                       
    Net income $ 15,039     $ 14,275     $ 11,281     $ 12,875     $ 12,551  
                       
    Net income per common share:                  
    – Basic $ 0.79     $ 0.75     $ 0.59     $ 0.68     $ 0.66  
                       
    – Diluted   0.79       0.75       0.59       0.68       0.66  
                       
    Average basic shares (in thousands)   18,965       19,020       19,015       19,010       19,022  
    Average diluted shares (in thousands)   18,994       19,044       19,045       19,036       19,033  
    CONSOLIDATED STATEMENTS OF INCOME, Continued
     
    (dollars in thousands, except per share data)
    (Unaudited)
      Six Months Ended
      06/30/25   06/30/24
    Interest and dividend income:      
    Interest and fees on loans $ 108,007       100,464  
    Interest and dividends on securities available for sale:      
    U. S. government sponsored enterprises   1,210       1,815  
    State and political subdivisions   –       1  
    Mortgage-backed securities and collateralized mortgage      
    obligations – residential   3,096       2,945  
    Corporate bonds   470       838  
    Small Business Administration – guaranteed      
    participation securities   156       194  
    Other securities   15       5  
    Total interest and dividends on securities available for sale   4,947       5,798  
           
    Interest on held to maturity securities:      
    Mortgage-backed securities-residential   111       133  
    Total interest on held to maturity securities   111       133  
           
    Federal Home Loan Bank stock   280       299  
           
    Interest on federal funds sold and other short-term investments   13,944       13,644  
    Total interest income   127,289       120,338  
           
    Interest expense:      
    Interest on deposits:      
    Interest-bearing checking   1,094       528  
    Savings   1,467       1,387  
    Money market deposit accounts   4,075       4,570  
    Time deposits   38,178       39,077  
    Interest on short-term borrowings   356       410  
    Total interest expense   45,170       45,972  
           
    Net interest income   82,119       74,366  
           
    Less: Provision for credit losses   950       1,100  
    Net interest income after provision for credit losses   81,169       73,266  
           
    Noninterest income:      
    Trustco Financial Services income   3,938       3,425  
    Fees for services to customers   4,911       5,144  
    Net gains on equity securities   –       1,360  
    Other   977       565  
    Total noninterest income   9,826       10,494  
           
    Noninterest expenses:      
    Salaries and employee benefits   23,770       23,947  
    Net occupancy expense   9,072       8,986  
    Equipment expense   3,862       3,728  
    Professional services   3,612       3,030  
    Outsourced services   5,160       5,256  
    Advertising expense   665       874  
    FDIC and other insurance   2,324       1,891  
    Other real estate expense, net   550       90  
    Other   3,537       3,560  
    Total noninterest expenses   52,552       51,362  
           
    Income before taxes   38,443       32,398  
    Income taxes   9,129       7,721  
           
    Net income $ 29,314       24,677  
           
    Net income per common share:      
    – Basic $ 1.54       1.30  
           
    – Diluted   1.54       1.30  
           
    Average basic shares (in thousands)   18,992       19,023  
    Average diluted shares (in thousands)   19,019       19,033  
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
      6/30/2025
    		   3/31/2025
    		   12/31/2024
    		   9/30/2024
    		   6/30/2024
    ASSETS:                  
                       
    Cash and due from banks $ 45,218     $ 48,782     $ 47,364     $ 49,659     $ 42,193  
    Federal funds sold and other short term investments   668,373       707,355       594,448       473,306       493,920  
    Total cash and cash equivalents   713,591       756,137       641,812       522,965       536,113  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises   71,241       65,942       85,617       90,588       106,796  
    States and political subdivisions   18       18       18       26       26  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   221,721       219,333       213,128       222,841       218,311  
    Small Business Administration – guaranteed                  
    participation securities   12,945       13,683       14,141       15,171       15,592  
    Corporate bonds   29,943       24,779       44,581       54,327       53,764  
    Other securities   698       698       700       701       688  
    Total securities available for sale   336,566       324,453       358,185       383,654       395,177  
                       
    Held to maturity securities:                  
    Mortgage-backed securities and collateralized mortgage                  
    obligations-residential   4,836       5,090       5,365       5,636       5,921  
    Total held to maturity securities   4,836       5,090       5,365       5,636       5,921  
                       
    Federal Reserve Bank and Federal Home Loan Bank stock   6,601       6,507       6,507       6,507       6,507  
                       
    Loans:                  
    Commercial   314,273       302,753       286,857       280,261       282,441  
    Residential mortgage loans   4,394,317       4,380,561       4,388,302       4,382,674       4,370,640  
    Home equity line of credit   435,433       419,806       409,261       393,418       370,063  
    Installment loans   12,678       13,017       13,638       14,503       15,168  
    Loans, net of deferred net costs   5,156,701       5,116,137       5,098,058       5,070,856       5,038,312  
                       
    Less: Allowance for credit losses on loans   51,265       50,606       50,248       49,950       49,772  
    Net loans   5,105,436       5,065,531       5,047,810       5,020,906       4,988,540  
                       
    Bank premises and equipment, net   38,129       37,178       33,782       33,324       33,466  
    Operating lease right-of-use assets   36,322       34,968       36,627       37,958       38,376  
    Other assets   106,894       108,681       108,656       98,730       102,544  
                       
    Total assets $ 6,348,375     $ 6,338,545     $ 6,238,744 $ 6,109,680     $ 6,106,644  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand $ 784,351     $ 793,306     $ 762,101     $ 753,878     $ 745,227  
    Interest-bearing checking   1,045,043       1,067,948       1,027,540       988,527       1,029,606  
    Savings accounts   1,082,489       1,094,968       1,086,534       1,092,038       1,144,427  
    Money market deposit accounts   467,087       478,872       465,049       477,113       517,445  
    Time deposits   2,111,344       2,061,576       2,049,759       1,952,635       1,840,262  
    Total deposits   5,490,314       5,496,670       5,390,983       5,264,191       5,276,967  
                       
    Short-term borrowings   82,370       82,275       84,781       91,450       89,720  
    Operating lease liabilities   39,350       38,324       40,159       41,469       42,026  
    Accrued expenses and other liabilities   43,536       33,468       46,478       43,549       42,763  
                       
    Total liabilities   5,655,570       5,650,737       5,562,401       5,440,659       5,451,476  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock   20,097       20,097       20,097       20,058       20,058  
    Surplus   259,490       259,182       258,874       257,644       257,490  
    Undivided profits   462,158       453,931       446,503       442,079       436,048  
    Accumulated other comprehensive income (loss), net of tax   1,663       (132 )     (3,861 )     (6,600 )     (14,268 )
    Treasury stock at cost   (50,603 )     (45,270 )     (45,270 )     (44,160 )     (44,160 )
                       
    Total shareholders’ equity   692,805       687,808       676,343       669,021       655,168  
                       
    Total liabilities and shareholders’ equity $ 6,348,375     $ 6,338,545     $ 6,238,744 $ 6,109,680     $ 6,106,644  
                       
    Outstanding shares (in thousands)   18,851       19,020       19,020       19,010       19,010  
    NONPERFORMING ASSETS
               
    (dollars in thousands)
    (Unaudited)
      6/30/2025
    		   3/31/2025
    		   12/31/2024
    		   9/30/2024
    		   6/30/2024
    Nonperforming Assets                                      
                                           
    New York and other states*                                      
    Loans in nonaccrual status:                                      
    Commercial $ 684     $ 688     $ 343     $ 466     $ 741  
    Real estate mortgage – 1 to 4 family   14,048       14,795       14,671       15,320       14,992  
    Installment   34       139       108       163       131  
    Total nonperforming loans   14,766       15,622       15,122       15,949       15,864  
    Other real estate owned   1,136       2,107       2,175       2,503       2,334  
    Total nonperforming assets $ 15,902     $ 17,729     $ 17,297     $ 18,452     $ 18,198  
               
    Florida          
    Loans in nonaccrual status:          
    Commercial $ –     $ –     $ –     $ 314     $ 314  
    Real estate mortgage – 1 to 4 family   3,132       3,135       3,656       3,176       2,985  
    Installment   12       3       22       5       22  
    Total nonperforming loans   3,144       3,138       3,678       3,495       3,321  
    Other real estate owned   –       –       –       –       –  
    Total nonperforming assets $ 3,144     $ 3,138     $ 3,678     $ 3,495     $ 3,321  
               
    Total          
    Loans in nonaccrual status:          
    Commercial $ 684     $ 688     $ 343     $ 780     $ 1,055  
    Real estate mortgage – 1 to 4 family   17,180       17,930       18,327       18,496       17,977  
    Installment   46       142       130       168       153  
    Total nonperforming loans   17,910       18,760       18,800       19,444       19,185  
    Other real estate owned   1,136       2,107       2,175       2,503       2,334  
    Total nonperforming assets $ 19,046     $ 20,867     $ 20,975     $ 21,947     $ 21,519  
               
               
    Quarterly Net (Recoveries) Chargeoffs          
               
    New York and other states*          
    Commercial $ –     $ (3 )   $ 62     $ 65     $ –  
    Real estate mortgage – 1 to 4 family   (121 )     41       (316 )     104       (74 )
    Installment   18       4       41       11       (2 )
    Total net chargeoffs (recoveries) $ (103 )   $ 42     $ (213 )   $ 180     $ (76 )
               
    Florida          
    Commercial $ –     $ (315 )   $ 314     $ –     $ –  
    Real estate mortgage – 1 to 4 family   –       –       –       –       17  
    Installment   94       15       1       42       7  
    Total net (recoveries) chargeoffs $ 94     $ (300 )   $ 315     $ 42     $ 24  
               
    Total          
    Commercial $ –     $ (318 )   $ 376     $ 65     $ –  
    Real estate mortgage – 1 to 4 family   (121 )     41       (316 )     104       (57 )
    Installment   112       19       42       53       5  
    Total net (recoveries) chargeoffs $ (9 )   $ (258 )   $ 102     $ 222     $ (52 )
               
               
    Asset Quality Ratios          
               
    Total nonperforming loans (1) $ 17,910     $ 18,760     $ 18,800     $ 19,444     $ 19,185  
    Total nonperforming assets (1)   19,046       20,867       20,975       21,947       21,519  
    Total net (recoveries) chargeoffs (2)   (9 )     (258 )     102       222       (52 )
               
    Allowance for credit losses on loans (1)   51,265       50,606       50,248       49,950       49,772  
               
    Nonperforming loans to total loans   0.35 %     0.37 %     0.37 %     0.38 %     0.38 %
    Nonperforming assets to total assets   0.30 %     0.33 %     0.34 %     0.36 %     0.35 %
    Allowance for credit losses on loans to total loans   0.99 %     0.99 %     0.99 %     0.99 %     0.99 %
    Coverage ratio (1)   286.2 %     269.8 %     267.3 %     256.9 %     259.4 %
    Annualized net (recoveries) chargeoffs to average loans (2)   0.00 %     -0.02 %     0.01 %     0.02 %     0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2) N/A N/A 123.2x 56.3x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                              
    (Unaudited) Three months ended   Three months ended
      June 30, 2025   June 30, 2024
      Average   Interest     Average     Average   Interest     Average  
      Balance         Rate     Balance         Rate  
    Assets                              
                                   
    Securities available for sale:                              
    U. S. government sponsored enterprises $ 73,468     $ 614       3.34 %   $ 113,844     $ 909       3.20 %  
    Mortgage backed securities and collateralized mortgage                              
    obligations – residential   244,628       1,613       2.62       250,517       1,451       2.30  
    State and political subdivisions   18       0       6.77       26       1       6.75  
    Corporate bonds   25,707       210       3.26       55,065       362       2.63  
    Small Business Administration – guaranteed                              
    participation securities   14,083       75       2.14       17,436       94       2.15  
    Other   697       8       4.59       694       2       1.15  
                                   
    Total securities available for sale   358,601       2,520       2.81       437,582       2,819       2.58  
                                   
    Federal funds sold and other short-term Investments   648,457       7,212       4.46       506,493       6,894       5.48  
                                   
    Held to maturity securities:                              
    Mortgage backed securities and collateralized mortgage                              
    obligations – residential   4,970       54       4.37       6,054       65       4.28  
                                   
    Total held to maturity securities   4,970       54       4.37       6,054       65       4.28  
                                   
    Federal Home Loan Bank stock   6,591       129       7.83       6,340       147       9.27  
                                   
    Commercial loans   306,373       4,261       5.56       280,559       3,765       5.37  
    Residential mortgage loans   4,387,181       43,236       3.94       4,359,232       40,819       3.75  
    Home equity lines of credit   428,933       6,830       6.39       364,210       5,814       6.42  
    Installment loans   12,523       230       7.35       15,395       262       6.86  
                                   
    Loans, net of unearned income   5,135,010       54,557       4.25       5,019,396       50,660       4.04  
                                   
    Total interest earning assets   6,153,629     $ 64,472       4.19       5,975,865     $ 60,585       4.06  
                                   
    Allowance for credit losses on loans   (50,777 )                 (49,454 )            
    Cash & non-interest earning assets   204,006                   181,688              
                                   
                                   
    Total assets $ 6,306,858                 $ 6,108,099              
                                   
                                   
    Liabilities and shareholders’ equity                              
                                   
    Deposits:                              
    Interest bearing checking accounts $ 1,039,242     $ 536       0.21 %   $ 1,009,048     $ 288       0.11 %  
    Money market accounts   470,824       2,086       1.78       524,068       2,228       1.71  
    Savings   1,087,467       733       0.27       1,145,922       675       0.24  
    Time deposits   2,085,329       19,195       3.69       1,873,139       19,400       4.17  
                                   
    Total interest bearing deposits   4,682,862       22,550       1.93       4,552,177       22,591       2.00  
    Short-term borrowings   81,055       176       0.87       93,703       206       0.89  
                                   
    Total interest bearing liabilities   4,763,917     $ 22,726       1.91       4,645,880     $ 22,797       1.97  
                                   
    Demand deposits   777,956                   735,262              
    Other liabilities   73,903                   76,258              
    Shareholders’ equity   691,082                   650,699              
                                   
    Total liabilities and shareholders’ equity $ 6,306,858                 $ 6,108,099              
                                   
    Net interest income     $ 41,746                 $ 37,788          
                                   
    Net interest spread           2.28 %             2.09 %  
                                   
                                   
    Net interest margin (net interest income to                              
    total interest earning assets)           2.71 %             2.53 %  
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                                     
    (dollars in thousands)                                
    (Unaudited) Six Months Ended     Six Months Ended  
      June 30, 2025     June 30, 2024  
      Average   Interest       Average     Average   Interest     Average  
      Balance           Rate     Balance         Rate  
    Assets                                
                                     
    Securities available for sale:                                
    U. S. government sponsored enterprises $ 74,071       1,210       3.27 %   $ 119,908       1,815       3.03 %
    Mortgage backed securities and collateralized mortgage                                
    obligations – residential   242,083       3,096       2.56       254,665       2,945       2.31  
    State and political subdivisions   18       –       6.77       26       1       6.82  
    Corporate bonds   32,823       470       2.86       64,345       838       2.60  
    Small Business Administration – guaranteed                                
    participation securities   14,540       156       2.15       17,830       194       2.18  
    Mortgage backed securities and collateralized mortgage                                
    obligations – commercial   –                     –       –       –  
    Other   698       15       4.30       695       5       1.44  
                                     
    Total securities available for sale   364,233       4,947       2.72       457,469       5,798       2.53  
                                     
    Federal funds sold and other short-term Investments   631,148       13,944       4.46       502,072       13,644       5.47  
                                     
    Held to maturity securities:                                
    Mortgage backed securities and collateralized mortgage                                
    obligations – residential   5,101       111       4.35       6,192       133       4.29  
                                     
    Total held to maturity securities   5,101       111       4.35       6,192       133       4.29  
                                     
    Federal Home Loan Bank stock   6,549       280       8.55       6,271       299       9.54  
                                     
    Commercial loans   302,173       8,426       5.58       278,871       7,425       5.33  
    Residential mortgage loans   4,386,418       85,851       3.92       4,359,351       81,236       3.73  
    Home equity lines of credit   421,498       13,265       6.35       358,607       11,277       6.32  
    Installment loans   12,744       465       7.36       15,761       526       6.72  
                                     
    Loans, net of unearned income   5,122,833       108,007       4.22       5,012,590       100,464       4.01  
                                     
    Total interest earning assets   6,129,864       127,289       4.16       5,984,594       120,338       4.03  
                                     
    Allowance for credit losses on loans   (50,627 )                   (49,139 )            
    Cash & non-interest earning assets   202,590                     188,364              
                                     
                                     
    Total assets $ 6,281,827                   $ 6,123,819              
                                     
                                     
    Liabilities and shareholders’ equity                                
                                     
    Deposits:                                
    Interest bearing checking accounts $ 1,038,733       1,094       0.21 %   $ 999,589       528       0.11 %
    Money market accounts   469,952       4,075       1.75       534,378       4,570       1.72  
    Savings   1,088,408       1,467       0.27       1,152,241       1,387       0.24  
    Time deposits   2,069,998       38,178       3.72       1,881,535       39,077       4.18  
                                     
    Total interest bearing deposits   4,667,091       44,814       1.94       4,567,743       45,562       2.01  
    Short-term borrowings   82,125       356       0.87       93,510       410       0.88  
                                     
    Total interest bearing liabilities   4,749,216       45,170       1.92       4,661,253       45,972       1.98  
                                     
    Demand deposits   769,923                     730,781              
    Other liabilities   76,308                     83,105              
    Shareholders’ equity   686,380                     648,680              
                                     
    Total liabilities and shareholders’ equity $ 6,281,827                   $ 6,123,819              
                                     
    Net interest income       82,119                   74,366          
                                     
    Net interest spread             2.24 %             2.05 %
                                     
                                     
    Net interest margin (net interest income to                                
    total interest earning assets)             2.68 %             2.48 %

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  

    NON-GAAP FINANCIAL MEASURES RECONCILIATION              
                   
    (dollars in thousands)              
    (Unaudited)              
        6/30/2025   3/31/2025   6/30/2024      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 692,805     $ 687,808     $ 655,168        
    Less: Intangible assets     553       553       553        
    Tangible equity (Non-GAAP)   $ 692,252     $ 687,255     $ 654,615        
                   
    Shares outstanding     18,851       19,020       19,010        
    Tangible book value per share     36.72       36.13       34.44        
    Book value per share     36.75       36.16       34.46        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,348,375     $ 6,338,545     $ 6,106,644        
    Less: Intangible assets     553       553       553        
    Tangible assets (Non-GAAP)   $ 6,347,822     $ 6,337,992     $ 6,106,091        
                   
    Consolidated Equity to Assets (GAAP)     10.91 %     10.85 %     10.73 %      
    Consolidated Tangible Equity to Tangible Assets (Non-GAAP)     10.91 %     10.84 %     10.72 %      
                   
        Three months ended   Six Months Ended
    Efficiency and Adjusted Efficiency Ratios   6/30/2025 3/31/2025 6/30/2024   6/30/2025     6/30/2024  
    Net interest income (GAAP) A $ 41,746     $ 40,373     $ 37,788     $ 82,119     $ 74,366  
    Non-interest income (GAAP) B   4,852       4,974       5,651       9,826       10,494  
    Less: Net gains on equity securities     –       –       1,360       –       1,360  
    Revenue used for efficiency ratio (Non-GAAP) C $ 46,598     $ 45,347     $ 42,079     $ 91,945     $ 83,500  
                   
    Total noninterest expense (GAAP) D $ 26,223     $ 26,329     $ 26,459     $ 52,552     $ 51,362  
    Less: Other real estate expense, net E   522       28       16       550       90  
    Expense used for efficiency ratio (Non-GAAP) F $ 25,701     $ 26,301     $ 26,443     $ 52,002     $ 51,272  
                   
    Efficiency Ratio (GAAP) D/(A+B)   56.27 %     58.06 %     60.91 %     57.16 %     60.53 %
    Adjusted Efficiency Ratio (Non-GAAP) F/C   55.15 %     58.00 %     62.84 %     56.56 %     61.40 %

    Subsidiary: Trustco Bank

    Contact: Robert Leonard
      Executive Vice President
      (518) 381-3693

    The MIL Network –

  • MIL-OSI: ServisFirst Bancshares, Inc. Announces Results For Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., July 21, 2025 (GLOBE NEWSWIRE) — ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2025.

    Second Quarter 2025 Highlights:

    • Diluted earnings per share of $1.12 for the quarter. Adjusted diluted earnings per share of $1.21, up 27% from the second quarter of 2024.
    • Net interest margin improved to 3.10% in the second quarter from 2.92% in the first quarter. Adjusted net interest margin was 3.06% in the second quarter.
    • Loans grew by $346 million, or 11% annualized, during the quarter.
    • Book value per share of $31.52, up 14% from the second quarter of 2024 and 16% annualized, from the first quarter of 2025.
    • Liquidity remains strong with $1.7 billion in cash and cash equivalent assets, 10% of our total assets, and no FHLB advances or brokered deposits.
    • Consolidated common equity tier 1 capital to risk-weighted assets increased from 10.93% to 11.38% year-over-year.
    • Return on average common stockholder’s equity of 14.56%. Adjusted return on average common stockholders’ equity increased from 14.08% to 15.63% year-over-year.

    Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the loan growth in the quarter, combined with the improved environment for banks like ServisFirst.”

    David Sparacio, CFO, said, “The net interest margin continues to improve and we see continued asset repricing, which we believe will lead to higher net interest margins over the next 24 months”

    * This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders’ equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”

    FINANCIAL SUMMARY (UNAUDITED)                                    
    (in Thousands except share and per share amounts)   Period Ending June 30, 2025   Period Ending March 31, 2025   % Change From Period Ending March 31, 2025 to Period Ending June 30, 2025   Period Ending June 30, 2024   % Change From Period Ending June 30, 2024 to Period Ending June 30, 2025
    QUARTERLY OPERATING RESULTS                                    
    Net Income   $ 61,424     $ 63,224     (2.8 )%   $ 52,136     17.8 %
    Net Income Available to Common Stockholders   $ 61,393     $ 63,224     (2.9 )%   $ 52,105     17.8 %
    Diluted Earnings Per Share   $ 1.12     $ 1.16     (3.4 )%   $ 0.95     17.9 %
    Return on Average Assets     1.40 %     1.45 %           1.34 %      
    Return on Average Common Stockholders’ Equity     14.56 %     15.63 %           14.08 %      
    Average Diluted Shares Outstanding     54,664,480       54,656,630             54,608,679        
                                         
    Adjusted Net Income, net of tax*   $ 66,133     $ 63,224     4.6 %   $ 52,136     26.8 %
    Adjusted Net Income Available to Common Stockholders, net of tax*   $ 66,102     $ 63,224     4.6 %   $ 52,105     26.9 %
    Adjusted Diluted Earnings Per Share, net of tax*   $ 1.21     $ 1.16     4.4 %   $ 0.95     27.5 %
    Adjusted Return on Average Assets, net of tax*     1.50 %     1.45 %           1.34 %      
    Adjusted Return on Average Common Stockholders’ Equity, net of tax*     15.68 %     15.63 %           14.08 %      
                                         
                                         
                                         
    YEAR-TO-DATE OPERATING RESULTS                                    
    Net Income   $ 124,648                   $ 102,162     22.0 %
    Net Income Available to Common Stockholders   $ 124,617                   $ 102,131     22.0 %
    Diluted Earnings Per Share   $ 2.28                   $ 1.87     21.9 %
    Return on Average Assets     1.42 %                   1.30 %      
    Return on Average Common Stockholders’ Equity     15.08 %                   13.96 %      
    Average Diluted Shares Outstanding     54,660,577                     54,602,032        
                                         
    Adjusted Net Income, net of tax*   $ 129,357                   $ 103,509     25.0 %
    Adjusted Net Income Available to Common Stockholders, net of tax*   $ 129,326                   $ 103,478     25.0 %
    Adjusted Diluted Earnings Per Share, net of tax*   $ 2.36                   $ 1.89        
    Adjusted Return on Average Assets, net of tax*     1.48 %                   1.31 %      
    Adjusted Return on Average Common Stockholders’ Equity, net of tax*     15.65 %                   14.15 %      
                                         
    BALANCE SHEET                                    
    Total Assets   $ 17,378,628     $ 18,636,766     (6.8 )%   $ 16,049,812     8.3 %
    Loans     13,232,560       12,886,831     2.7 %     12,332,780     7.3 %
    Non-interest-bearing Demand Deposits     2,632,058       2,647,577     (0.6 )%     2,475,415     6.3 %
    Total Deposits     13,862,319       14,429,061     (3.9 )%     13,259,392     4.5 %
    Stockholders’ Equity     1,721,783       1,668,900     3.2 %     1,510,576     14.0 %


    DETAILED FINANCIALS

    ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $61.4 million for the quarter ended June 30, 2025, compared to net income and net income available to common stockholders of $63.2 million for the first quarter of 2025 and net income and net income available to common stockholders of $52.1 million for the second quarter of 2024. Basic and diluted earnings per common share were both $1.12 in the second quarter of 2025, compared to $1.16 for both in the first quarter of 2025 and $0.96 and $0.95, respectively, in the second quarter of 2024.

    Annualized return on average assets was 1.40% and annualized return on average common stockholders’ equity was 14.56% for the second quarter of 2025, compared to 1.34% and 14.08%, respectively, for the second quarter of 2024.

    Net interest income was $131.7 million for the second quarter of 2025, compared to $123.6 million for the first quarter of 2025 and $105.9 million for the second quarter of 2024. The net interest margin in the second quarter of 2025 was 3.10% compared to 2.92% in the first quarter of 2025 and 2.79% in the second quarter of 2024. Loan yields were 6.37% during the second quarter of 2025 compared to 6.28% during the first quarter of 2025 and 6.48% during the second quarter of 2024. Investment yields were 3.37% during the second quarter of 2025 compared to 3.31% during the first quarter of 2025 and 3.33% during the second quarter of 2024. Average interest-bearing deposit rates were 3.33% during the second quarter of 2025, compared to 3.40% during the first quarter of 2025 and 4.09% during the second quarter of 2024. During the quarter, we reversed a $2.3 million accrual related to a legal matter, which had been recorded in interest expense. Average federal funds purchased rates were 4.49% during the second quarter of 2025, compared to 4.50% during the first quarter of 2025 and 5.50% during the second quarter of 2024.

    Average loans for the second quarter of 2025 were $13.01 billion, an increase of $302.0 million, or 9.5% annualized, from average loans of $12.71 billion for the first quarter of 2025, and an increase of $947.1 million, or 7.9%, from average loans of $12.06 billion for the second quarter of 2024. Ending total loans for the second quarter of 2025 were $13.23 billion, an increase of $345.7 million, or 10.8% annualized, from $12.89 billion for the first quarter of 2025, and an increase of $899.8 million, or 7.3%, from $12.33 billion for the second quarter of 2024.

    Average total deposits for the second quarter of 2025 were $13.90 billion, an increase of $5.8 million, or 0.2% annualized, from average total deposits of $13.89 billion for the first quarter of 2025, and an increase of $1.03 billion, or 8.0%, from average total deposits of $12.86 billion for the second quarter of 2024. Ending total deposits for the second quarter of 2025 were $13.86 billion, a decrease of $566.7 million, or 15.8% annualized, from $14.43 billion for the first quarter of 2025, and an increase of $602.9 million, or 4.5%, from $13.26 billion for the second quarter of 2024.

    Non-performing assets to total assets were 0.42% for the second quarter of 2025, compared to 0.40% for the first quarter of 2025 and 0.23% for the second quarter of 2024. The majority of the year-over-year increase in non-performing assets was attributable to two relationships, both of which are secured by real estate. Annualized net charge-offs to average loans were 0.20% for the second quarter of 2025, compared to 0.19% for the first quarter of 2025 and 0.10% for the second quarter of 2024. During the second quarter of 2025, we charged off $4.9 million on a loan that had not been previously impaired. The allowance for credit losses as a percentage of total loans at June 30, 2025, March 31, 2025, and June 30, 2024, was 1.28%, 1.28%, and 1.28%, respectively. We recorded a $11.4 million provision for loan losses in the second quarter of 2025 compared to $6.5 million in the first quarter of 2025, and $5.4 million in the second quarter of 2024. Higher loan growth and increased net charge-offs during the second quarter of 2025 contributed to the increase in provision for loan losses.

    Non-interest income decreased $8.5 million, or 95.3%, to $421,000 for the second quarter of 2025 from $8.9 million in the second quarter of 2024, and decreased $7.9 million, or 94.9%, on a linked quarter basis. Service charges on deposit accounts increased $378,000, or 16.5%, to $2.7 million for the second quarter of 2025 from $2.3 million in the second quarter of 2024, and increased $113,000, or 4.4%, on a linked quarter basis. Mortgage banking revenue decreased $56,000, or 4.1%, to $1.3 million for the second quarter of 2025 from $1.4 million in the second quarter of 2024, and increased $710,000, or 115.8%, on a linked quarter basis. Net credit card income decreased $214,000, or 9.2%, to $2.1 million for the second quarter of 2025 from $2.3 million in the second quarter of 2024, and increased $151,000, or 7.7%, on a linked quarter basis. In the second quarter of 2025, we recognized an $8.6 million loss on the sale of available-for-sale debt securities as part of a portfolio restructuring. Bank-owned life insurance (“BOLI”) income increased $68,000, or 3.3%, to $2.1 million for the second quarter of 2025 from $2.1 million in the second quarter of 2024, and decreased $11,000, or 0.5%, on a linked quarter basis. Other operating income decreased $83,000, or 10.0%, to $745,000 for the second quarter of 2025 from $828,000 in the second quarter of 2024, and decreased $256,000, or 25.6%, on a linked quarter basis.

    Non-interest expense increased $1.4 million, or 3.2%, to $44.2 million for the second quarter of 2025 from $42.8 million in the second quarter of 2024, and decreased $1.9 million, or 4.1%, on a linked quarter basis. Salary and benefit expense decreased $1.6 million, or 6.8%, to $22.6 million for the second quarter of 2025 from $24.2 million in the second quarter of 2024, and decreased $303,000, or 1.3%, on a linked quarter basis. The number of full-time equivalent (“FTE”) employees increased by 34, or 5.44%, to 659 at June 30, 2025 compared to 625 at June 30, 2024, and increased by 23, or 3.61%, from the end of the first quarter of 2025. Equipment and occupancy expense decreased $44,000, or 1.2%, to $3.5 million for the second quarter of 2025 from $3.6 million in the second quarter of 2024, and decreased $199,000, or 5.3%, on a linked quarter basis. Third party processing and other services expense increased $540,000, or 7.2%, to $8.0 million for the second quarter of 2025 from $7.5 million in the second quarter of 2024, and increased $267,000, or 3.5%, on a linked quarter basis. Professional services expense increased $163,000, or 9.4%, to $1.9 million for the second quarter of 2025 from $1.7 million in the second quarter of 2024, and decreased $29,000, or 1.5%, on a linked quarter basis. FDIC and other regulatory assessments increased $551,000, or 25.0%, to $2.8 million for the second quarter of 2025 from $2.2 million in the second quarter of 2024, and decreased $101,000, or 3.5%, on a linked quarter basis. Other operating expenses increased $1.8 million, or 49.5%, to $5.4 million for the second quarter of 2025 from $3.6 million in the second quarter of 2024, and decreased $1.5 million, or 22.0%, on a linked quarter basis. The efficiency ratio was 33.46% during the second quarter of 2025 compared to 37.31% during the second quarter of 2024 and 34.97% during the first quarter of 2025. The adjusted efficiency ratio was 31.94% in the second quarter of 2025.

    Income tax expense increased $725,000, or 5.0%, to $15.2 million in the second quarter of 2025, compared to $14.5 million in the second quarter of 2024. Our effective tax rate was 19.82% for the second quarter of 2025 compared to 21.71% for the second quarter of 2024. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the second quarters of 2025 and 2024 of $2.1 million and $396,000, respectively.

    About ServisFirst Bancshares, Inc.

    ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. We also operate a loan production office in Florida. Through the ServisFirst Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

    ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

    Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs and trade wars on general economic conditions, the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2025, and our other SEC filings. If one or more of the assumptions forming the basis of our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

    More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

    Contact: ServisFirst Bank
    Davis Mange (205) 949-3420
    dmange@servisfirstbank.com

    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)                                  
    (In thousands except share and per share data)                                        
        2nd Quarter 2025   1st Quarter 2025   4th Quarter 2024   3rd Quarter 2024   2nd Quarter 2024
    CONSOLIDATED STATEMENT OF INCOME                                        
    Interest income   $ 246,635     $ 241,096     $ 243,892     $ 247,979     $ 227,540  
    Interest expense     114,948       117,543       120,724       132,858       121,665  
    Net interest income     131,687       123,553       123,168       115,121       105,875  
    Provision for credit losses     11,296       6,630       5,704       5,659       5,353  
    Net interest income after provision for credit losses     120,391       116,923       117,464       109,462       100,522  
    Non-interest income     421       8,277       8,803       8,549       8,891  
    Non-interest expense     44,204       46,107       46,896       45,632       42,818  
    Income before income tax     76,608       79,093       79,371       72,379       66,595  
    Provision for income tax     15,184       15,869       14,198       12,472       14,459  
    Net income     61,424       63,224       65,173       59,907       52,136  
    Preferred stock dividends     31       –       31       –       31  
    Net income available to common stockholders   $ 61,393     $ 63,224     $ 65,142     $ 59,907     $ 52,105  
    Earnings per share – basic   $ 1.12     $ 1.16     $ 1.19     $ 1.10     $ 0.96  
    Earnings per share – diluted   $ 1.12     $ 1.16     $ 1.19     $ 1.10     $ 0.95  
    Average diluted shares outstanding     54,664,480       54,656,630       54,649,808       54,642,582       54,608,679  
                                             
    CONSOLIDATED BALANCE SHEET DATA                                        
    Total assets   $ 17,378,628     $ 18,636,766     $ 17,351,643     $ 16,449,178     $ 16,049,812  
    Loans     13,232,560       12,886,831       12,605,836       12,338,226       12,332,780  
    Debt securities     1,914,503       1,905,550       1,876,253       1,867,587       1,941,641  
    Non-interest-bearing demand deposits     2,632,058       2,647,577       2,619,687       2,576,329       2,475,415  
    Total deposits     13,862,319       14,429,061       13,543,459       13,146,529       13,259,392  
    Borrowings     64,747       64,745       64,743       64,741       64,739  
    Stockholders’ equity     1,721,783       1,668,900       1,616,772       1,570,269       1,510,576  
                                             
    Shares outstanding     54,618,545       54,601,217       54,569,427       54,551,543       54,521,479  
    Book value per share   $ 31.52     $ 30.57     $ 29.63     $ 28.79     $ 27.71  
    Tangible book value per share (1)   $ 31.27     $ 30.32     $ 29.38     $ 28.54     $ 27.46  
                                             
    SELECTED FINANCIAL RATIOS (Annualized)                                        
    Net interest margin     3.10 %     2.92 %     2.96 %     2.84 %     2.79 %
    Return on average assets     1.40 %     1.45 %     1.52 %     1.43 %     1.34 %
    Return on average common stockholders’ equity     14.56 %     15.63 %     16.29 %     15.55 %     14.08 %
    Efficiency ratio     33.46 %     34.97 %     35.54 %     36.90 %     37.31 %
    Non-interest expense to average earning assets     1.04 %     1.09 %     1.13 %     1.13 %     1.13 %
                                             
    CAPITAL RATIOS (2)                                        
    Common equity tier 1 capital to risk-weighted assets     11.38 %     11.48 %     11.42 %     11.25 %     10.93 %
    Tier 1 capital to risk-weighted assets     11.38 %     11.48 %     11.42 %     11.25 %     10.93 %
    Total capital to risk-weighted assets     12.81 %     12.93 %     12.90 %     12.77 %     12.43 %
    Tier 1 capital to average assets     9.78 %     9.48 %     9.59 %     9.54 %     9.81 %
    Tangible common equity to total tangible assets (1)     9.84 %     8.89 %     9.25 %     9.47 %     9.33 %
                                             
    (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
    (2) Regulatory capital ratios for most recent period are preliminary.


    GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. We recorded a one-time expense of $7.2 million in the fourth quarter of 2023 associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. We recognized an $8.6 million loss on sale of available-for-sale debt securities in non-interest income during the second quarter of 2025 as a result of restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. These adjustments to our results are unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, non-interest income and interest expense run rates, respectively. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

    We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

        At June 30,
    2025    		   At March 31,
    2025    		   At December 31,
    2024    		   At September 30,
    2024    		   At June 30,
    2024
    Book value per share – GAAP   $ 31.52     $ 30.56     $ 29.63     $ 28.79     $ 27.71  
    Total common stockholders’ equity – GAAP     1,721,783       1,668,900       1,616,772       1,570,269       1,570,994  
    Adjustment for Goodwill     (13,615 )     (13,615 )     (13,615 )     (13,615 )     (13,615 )
    Tangible common stockholders’ equity – non-GAAP   $ 1,708,168     $ 1,655,285     $ 1,603,157     $ 1,556,654     $ 1,557,379  
    Tangible book value per share – non-GAAP   $ 31.27     $ 30.31     $ 29.38     $ 28.54     $ 27.46  
                                             
    Stockholders’ equity to total assets – GAAP     9.91 %     8.95 %     9.32 %     9.55 %     9.55 %
    Total assets – GAAP   $ 17,378,628     $ 18,636,766     $ 17,351,643     $ 16,449,178     $ 16,448,582  
    Adjustment for Goodwill     (13,615 )     (13,615 )     (13,615 )     (13,615 )     (13,615 )
    Total tangible assets – non-GAAP   $ 17,365,013     $ 18,623,151     $ 17,338,028     $ 16,435,563     $ 16,434,967  
    Tangible common equity to total tangible assets – non-GAAP     9.84 %     8.89 %     9.25 %     9.47 %     9.48 %
        Three Months Ended June 30, 2025   Three Months Ended March 31, 2025   Three Months Ended June 30, 2024   Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
    Net income – GAAP   $ 61,424     $ 63,224     $ 52,136     $ 124,648     $ 102,162  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       1,799  
    Legal matter accrual reversal     (2,276 )     –       –       (2,276 )     –  
    Loss on marketable securities     8,563       –       –       8,563       –  
    Tax on adjustments     (1,578 )     –       –       (1,578 )     (452 )
    Adjusted net income – non-GAAP   $ 66,133     $ 63,224     $ 52,136     $ 129,357     $ 103,509  
                                       
    Net income available to common stockholders – GAAP   $ 61,393     $ 63,224     $ 52,105     $ 124,617     $ 102,131  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       1,799  
    Legal matter accrual reversal     (2,276 )     –       –       (2,276 )     –  
    Loss on marketable securities     8,563       –       –       8,563       –  
    Tax on adjustments     (1,578 )     –       –       (1,578 )     (452 )
    Adjusted net income available to common stockholders – non-GAAP   $ 66,102     $ 63,224     $ 52,105     $ 129,326     $ 103,478  
                                       
    Diluted earnings per share – GAAP   $ 1.12     $ 1.16     $ 0.95     $ 2.28     $ 1.87  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       0.03  
    Legal matter accrual reversal     (0.04 )     –       –       (0.05 )     –  
    Loss on marketable securities     0.16       –       –       0.16       –  
    Tax on adjustments     (0.03 )     –       –       (0.03 )     (0.01 )
    Adjusted diluted earnings per share – non-GAAP   $ 1.21     $ 1.16     $ 0.95     $ 2.36     $ 1.89  
                                       
    Net interest income, on a fully taxable-equivalent basis   $ 131,777                     $ 255,394        
    Adjustments:                                  
    Legal matter accrual reversal     (2,276 )                     (2,276 )      
    Tax on adjustments     571                       571        
    Adjusted net interest income, on a fully taxable-equivalent basis   $ 130,072                     $ 253,689        
                                       
    Net interest margin-GAAP     3.10 %                     3.01 %      
    Average earning assets     17,076,353                       17,132,710        
    Adjusted net interest margin-non-GAAP     3.06 %                     2.99 %      
                                       
    Return on average assets – GAAP     1.40 %     1.45 %     1.34 %     1.42 %     1.30 %
    Net income available to common stockholders – GAAP   $ 61,393     $ 63,224     $ 52,105     $ 124,617     $ 102,131  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       1,799  
    Legal matter accrual reversal     (2,276 )     –       –       (2,276 )     –  
    Loss on marketable securities     8,563       –       –       8,563       –  
    Tax on adjustments     (1,578 )     –       –       (1,578 )     (452 )
    Adjusted net income available to common stockholders – non-GAAP   $ 66,102     $ 63,224     $ 52,105     $ 129,326     $ 103,478  
    Average assets – GAAP   $ 17,626,503     $ 17,710,148     $ 15,697,538     $ 17,668,094     $ 15,827,894  
    Adjusted return on average assets – non-GAAP     1.50 %     1.45 %     1.34 %     1.48 %     1.31 %
                                       
    Return on average common stockholders’ equity – GAAP     14.56 %     15.63 %     14.08 %     15.08 %     13.96 %
    Net income available to common stockholders – GAAP   $ 61,393     $ 63,224     $ 52,105     $ 124,617     $ 102,131  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       1,799  
    Legal matter accrual reversal     (2,276 )     –       –       (2,276 )     –  
    Loss on marketable securities     8,563       –       –       8,563       –  
    Tax on adjustments     (1,578 )     –       –       (1,578 )     (452 )
    Adjusted net income available to common stockholders – non-GAAP   $ 66,102     $ 63,224     $ 52,105     $ 129,326     $ 103,478  
    Average common stockholders’ equity – GAAP   $ 1,690,855     $ 1,640,949     $ 1,488,429     $ 1,666,039     $ 1,471,048  
    Adjusted return on average common stockholders’ equity non-GAAP     15.68 %     15.63 %     14.08 %     15.65 %     14.15 %
                                       
    Efficiency ratio     33.46 %     34.97 %     37.31 %     34.22 %     39.42 %
    Net interest income – GAAP   $ 131,687     $ 123,553     $ 105,875     $ 255,240     $ 208,370  
    Adjustments:                                  
    Legal matter accrual reversal     (2,276 )     –       –       (2,276 )     –  
    Adjusted net interest income – non-GAAP   $ 129,411     $ 123,553     $ 105,875     $ 252,964     $ 208,370  
    Total non-interest income – GAAP     421       8,277       8,891       8,698       17,704  
    Adjustments:                                  
    Loss on marketable securities     8,563       –       –       8,563       –  
    Adjusted non-interest income – non-GAAP   $ 8,984     $ 8,277     $ 8,891     $ 17,261     $ 17,704  
    Adjusted net interest income and non-interest income – non-GAAP     138,395       131,830       114,766       270,225       226,074  
    Non-interest expense – GAAP   $ 44,204     $ 46,107     $ 42,818     $ 90,311     $ 89,121  
    Adjustments:                                  
    FDIC special assessment     –       –       –       –       1,799  
    Adjusted non-interest expense – non-GAAP   $ 44,204     $ 46,107     $ 42,818     $ 90,311     $ 87,322  
    Adjusted efficiency ratio – non-GAAP     31.94 %     34.97 %     37.31 %     33.42 %     38.63 %
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)                  
    (Dollars in thousands)                  
        June 30, 2025   June 30, 2024   % Change
    ASSETS                  
    Cash and due from banks   $ 140,659     $ 135,711     4 %
    Interest-bearing balances due from depository institutions     1,236,485       1,129,922     9 %
    Federal funds sold and securities purchased with agreement to resell     333,760       11,132     2,898 %
    Cash and cash equivalents     1,710,904       1,276,765     34 %
    Available for sale debt securities, at fair value     1,227,851       1,174,386     5 %
    Held to maturity debt securities (fair value of $639,455 and $785,270, respectively)     686,652       767,255     (11 )%
    Restricted equity securities     12,156       11,300     8 %
    Mortgage loans held for sale     22,131       11,174     98 %
    Loans     13,232,560       12,332,780     7 %
    Less allowance for credit losses     (169,959 )     (158,092 )   8 %
    Loans, net     13,062,601       12,174,688     7 %
    Premises and equipment, net     59,993       59,200     1 %
    Goodwill     13,615       13,615     – %
    Other assets     582,725       561,429     4 %
    Total assets   $ 17,378,628     $ 16,049,812     8 %
    LIABILITIES AND STOCKHOLDERS’ EQUITY                  
    Liabilities:                  
    Deposits:                  
    Non-interest-bearing demand   $ 2,632,058     $ 2,475,415     6 %
    Interest-bearing     11,230,261       10,783,977     4 %
    Total deposits     13,862,319       13,259,392     5 %
    Federal funds purchased     1,599,135       1,097,154     46 %
    Other borrowings     64,747       64,739     – %
    Other liabilities     130,644       117,951     11 %
    Total liabilities     15,656,845       14,539,236     8 %
    Stockholders’ equity:                  
    Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2025 and June 30, 2024     –       –     – %
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,618,545 shares issued and outstanding at June 30, 2025, and 54,521,479 shares issued and outstanding at June 30, 2024     54       54     – %
    Additional paid-in capital     236,716       234,495     1 %
    Retained earnings     1,500,767       1,322,048     14 %
    Accumulated other comprehensive loss     (16,254 )     (46,521 )   (65 )%
    Total stockholders’ equity attributable to ServisFirst Bancshares, Inc.     1,721,283       1,510,076     14 %
    Noncontrolling interest     500       500     – %
    Total stockholders’ equity     1,721,783       1,510,576     14 %
    Total liabilities and stockholders’ equity   $ 17,378,628     $ 16,049,812     8 %
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)                      
    (In thousands except per share data)                            
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Interest income:                            
    Interest and fees on loans   $ 206,521     $ 194,300     $ 403,457     $ 381,278  
    Taxable securities     16,562       16,158       32,585       32,137  
    Nontaxable securities     5       9       11       18  
    Federal funds sold and securities purchased with agreement to resell     1,592       538       1,612       1,079  
    Other interest and dividends     21,955       16,535       50,066       39,738  
    Total interest income     246,635       227,540       487,731       454,250  
    Interest expense:                            
    Deposits     93,488       104,671       188,233       208,737  
    Borrowed funds     21,460       16,994       44,258       37,143  
    Total interest expense     114,948       121,665       232,491       245,880  
    Net interest income     131,687       105,875       255,240       208,370  
    Provision for credit losses     11,296       5,353       17,926       9,721  
    Net interest income after provision for credit losses     120,391       100,522       237,314       198,649  
    Non-interest income:                            
    Service charges on deposit accounts     2,671       2,293       5,229       4,443  
    Mortgage banking     1,323       1,379       1,936       2,057  
    Credit card income     2,119       2,333       4,087       4,488  
    Securities losses     (8,563 )     –       (8,563 )     –  
    Bank-owned life insurance income     2,126       2,058       4,263       5,289  
    Other operating income     745       828       1,746       1,427  
    Total non-interest income     421       8,891       8,698       17,704  
    Non-interest expense:                            
    Salaries and employee benefits     22,576       24,213       45,455       47,199  
    Equipment and occupancy expense     3,523       3,567       7,245       7,124  
    Third party processing and other services     8,005       7,465       15,743       14,631  
    Professional services     1,904       1,741       3,837       3,205  
    FDIC and other regulatory assessments     2,753       2,202       5,607       6,107  
    Other real estate owned expense     27       7       60       37  
    Other operating expense     5,416       3,623       12,364       10,818  
    Total non-interest expense     44,204       42,818       90,311       89,121  
    Income before income tax     76,608       66,595       155,701       127,232  
    Provision for income tax     15,184       14,459       31,053       25,070  
    Net income     61,424       52,136       124,648       102,162  
    Dividends on preferred stock     31       31       31       31  
    Net income available to common stockholders   $ 61,393     $ 52,105     $ 124,617     $ 102,131  
    Basic earnings per common share   $ 1.12     $ 0.96     $ 2.28     $ 1.87  
    Diluted earnings per common share   $ 1.12     $ 0.95     $ 2.28     $ 1.87  
    LOANS BY TYPE (UNAUDITED)                                        
    (In thousands)                                        
                                             
        2nd quarter 2025   1st quarter 2025   4th quarter 2024   3rd quarter 2024   2nd quarter 2024
    Commercial, financial and agricultural   $ 2,952,028     $ 2,924,533     $ 2,869,894     $ 2,793,989     $ 2,935,577  
    Real estate – construction     1,735,405       1,599,410       1,489,306       1,439,648       1,510,677  
    Real estate – mortgage:                                        
    Owner-occupied commercial     2,557,711       2,543,819       2,547,143       2,441,687       2,399,644  
    1-4 family mortgage     1,561,461       1,494,189       1,444,623       1,409,981       1,350,428  
    Non-owner occupied commercial     4,338,697       4,259,566       4,181,243       4,190,935       4,072,007  
    Subtotal: Real estate – mortgage     8,457,869       8,297,574       8,173,009       8,042,603       7,822,079  
    Consumer     87,258       65,314       73,627       61,986       64,447  
    Total loans   $ 13,232,560     $ 12,886,831     $ 12,605,836     $ 12,338,226     $ 12,332,780  
    SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)                                
    (Dollars in thousands)                                  
        2nd quarter 2025   1st quarter 2025   4th quarter 2024   3rd quarter 2024   2nd quarter 2024
    Allowance for credit losses:                                        
    Beginning balance   $ 165,034     $ 164,458     $ 160,755     $ 158,092     $ 155,892  
    Loans charged off:                                        
    Commercial, financial and agricultural     6,849       2,415       3,899       3,020       3,355  
    Real estate – construction     –       46       –       –       –  
    Real estate – mortgage     581       3,571       560       252       119  
    Consumer     72       60       211       155       108  
    Total charge offs     7,502       6,092       4,670       3,427       3,582  
    Recoveries:                                        
    Commercial, financial and agricultural     959       171       1,801       616       406  
    Real estate – construction     –       –       –       –       8  
    Real estate – mortgage     1       –       23       2       –  
    Consumer     58       27       151       37       15  
    Total recoveries     1,018       198       1,975       655       429  
    Net charge-offs     6,484       5,894       2,695       2,772       3,153  
    Provision for loan losses     11,409       6,470       6,398       5,435       5,353  
    Ending balance   $ 169,959     $ 165,034     $ 164,458     $ 160,755     $ 158,092  
                                             
    Allowance for credit losses to total loans     1.28 %     1.28 %     1.30 %     1.30 %     1.28 %
                                             
    Allowance for credit losses to total average loans     1.31 %     1.30 %     1.32 %     1.30 %     1.31 %
    Net charge-offs to total average loans     0.20 %     0.19 %     0.09 %     0.09 %     0.10 %
                                             
    Provision for credit losses to total average loans     0.35 %     0.21 %     0.21 %     0.17 %     0.18 %
    Nonperforming assets:                                        
    Nonaccrual loans   $ 68,619     $ 73,793     $ 39,501     $ 37,075     $ 33,454  
    Loans 90+ days past due and accruing     3,549       111       2,965       2,093       1,482  
    Other real estate owned and repossessed assets     311       756       2,531       2,723       1,458  
    Total   $ 72,479     $ 74,660     $ 44,997     $ 41,891     $ 36,394  
                                             
    Nonperforming loans to total loans     0.55 %     0.57 %     0.34 %     0.32 %     0.28 %
    Nonperforming assets to total assets     0.42 %     0.40 %     0.26 %     0.25 %     0.23 %
    Nonperforming assets to earning assets     0.43 %     0.41 %     0.26 %     0.26 %     0.23 %
    Allowance for credit losses to nonaccrual loans     247.69 %     223.64 %     416.34 %     433.59 %     472.57 %
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)                        
    (In thousands except per share data)                        
        2nd Quarter 2025   1st Quarter 2025   4th Quarter 2024   3rd Quarter 2024   2nd Quarter 2024
    Interest income:                                      
    Interest and fees on loans   $ 206,521     $ 196,936     $ 200,875     $ 205,952     $ 194,300  
    Taxable securities     16,562       16,023       16,905       17,493       16,158  
    Nontaxable securities     5       6       6       7       9  
    Federal funds sold with agreement to     1,592       20       18       31       538  
    Other interest and dividends     21,955       28,111       26,088       24,496       16,535  
    Total interest income     246,635       241,096       243,892       247,979       227,540  
    Interest expense:                                      
    Deposits     93,488       94,745       98,702       113,211       104,671  
    Borrowed funds     21,460       22,798       22,022       19,647       16,994  
    Total interest expense     114,948       117,543       120,724       132,858       121,665  
    Net interest income     131,687       123,553       123,168       115,121       105,875  
    Provision for credit losses     11,296       6,630       5,704       5,659       5,353  
    Net interest income after provision for credit losses     120,391       116,923       117,464       109,462       100,522  
    Non-interest income:                                      
    Service charges on deposit accounts     2,671       2,558       2,650       2,341       2,293  
    Mortgage banking     1,323       613       1,513       1,352       1,379  
    Credit card income     2,119       1,968       1,867       1,925       2,333  
    Securities losses     (8,563 )     –       –       –       –  
    Bank-owned life insurance income     2,126       2,137       2,131       2,113       2,058  
    Other operating income     745       1,001       642       818       828  
    Total non-interest income     421       8,277       8,803       8,549       8,891  
    Non-interest expense:                                      
    Salaries and employee benefits     22,576       22,879       24,062       25,057       24,213  
    Equipment and occupancy expense     3,523       3,722       3,600       3,795       3,567  
    Third party processing and other services     8,005       7,738       8,515       8,035       7,465  
    Professional services     1,904       1,933       1,981       1,715       1,741  
    FDIC and other regulatory assessments     2,753       2,854       2,225       2,355       2,202  
    Other real estate owned expense     27       33       58       103       7  
    Other operating expense     5,416       6,948       6,455       4,572       3,623  
    Total non-interest expense     44,204       46,107       46,896       45,632       42,818  
    Income before income tax     76,608       79,093       79,371       72,379       66,595  
    Provision for income tax     15,184       15,869       14,198       12,472       14,459  
    Net income     61,424       63,224       65,173       59,907       52,136  
    Dividends on preferred stock     31       –       31       –       31  
        Net income available to common
        stockholders    		   $ 61,393     $ 63,224     $ 65,142     $ 59,907     $ 52,105  
    Basic earnings per common share   $ 1.12     $ 1.16     $ 1.19     $ 1.10     $ 0.96  
    Diluted earnings per common share   $ 1.12     $ 1.16     $ 1.19     $ 1.10     $ 0.95  
    AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
    ON A FULLY TAXABLE-EQUIVALENT BASIS
    (Dollars in thousands)
                                                                 
        2nd Quarter 2025   1st Quarter 2025   4th Quarter 2024   3rd Quarter 2024   2nd Quarter 2024
        Average Balance   Yield / Rate   Average Balance   Yield / Rate   Average Balance   Yield / Rate   Average Balance   Yield / Rate   Average Balance   Yield / Rate
    Assets:                                                            
    Interest-earning assets:                                                            
    Loans, net of unearned income (1)                                                            
    Taxable   $ 12,979,759     6.37 %   $ 12,683,077     6.29 %   $ 12,414,065     6.43 %   $ 12,351,073     6.63 %   $ 12,045,743     6.48 %
    Tax-exempt (2)     30,346     5.51       25,044     4.94       13,198     1.57       15,584     1.86       17,230     2.08  
    Total loans, net of unearned income     13,010,105     6.37       12,708,121     6.28       12,427,263     6.43       12,366,657     6.62       12,062,973     6.48  
    Mortgage loans held for sale     11,739     5.23       6,731     4.76       9,642     5.36       10,674     3.80       6,761     6.13  
    Debt securities:                                                            
    Taxable     1,965,089     3.37       1,934,739     3.31       1,932,547     3.49       1,955,632     3.57       1,936,818     3.33  
    Tax-exempt (2)     492     4.88       589     5.43       606     5.28       815     4.42       1,209     3.64  
    Total securities (3)     1,965,581     3.37       1,935,328     3.31       1,933,153     3.49       1,956,447     3.57       1,938,027     3.33  
    Federal funds sold and securities purchased with agreement to resell     124,303     5.14       1,670     4.86       1,596     4.49       2,106     5.86       38,475     5.62  
    Restricted equity securities     12,146     6.64       11,461     7.43       11,290     6.80       11,290     7.36       11,290     7.16  
    Interest-bearing balances with banks     1,952,479     4.47       2,526,382     4.48       2,143,474     4.81       1,775,192     5.46       1,183,482     5.57  
    Total interest-earning assets   $ 17,076,353     5.80 %   $ 17,189,693     5.69 %   $ 16,526,418     5.87 %   $ 16,122,366     6.12 %   $ 15,241,008     6.01 %
    Non-interest-earning assets:                                                            
    Cash and due from banks     109,506             108,540             103,494             103,539             96,646        
    Net premises and equipment     59,944             59,633             60,708             60,607             59,653        
    Allowance for credit losses, accrued interest and other assets     380,700             352,282             346,763             340,621             300,521        
    Total assets   $ 17,626,503           $ 17,710,148           $ 17,037,383           $ 16,627,133           $ 15,697,828        
                                                                 
    Interest-bearing liabilities:                                                            
    Interest-bearing deposits:                                                            
    Checking (4)   $ 2,222,000     1.78 %   $ 2,461,900     2.38 %   $ 2,353,439     2.61 %   $ 2,318,384     2.97 %   $ 2,227,527     2.85 %
    Savings     101,506     1.63       101,996     1.61       102,858     1.52       102,627     1.76       105,955     1.71  
    Money market     7,616,747     3.67       7,363,163     3.61       7,067,265     3.86       7,321,503     4.45       6,810,799     4.46  
    Time deposits     1,321,404     4.09       1,361,558     4.24       1,286,754     4.45       1,197,650     4.52       1,157,528     4.47  
    Total interest-bearing deposits     11,261,657     3.33       11,288,617     3.40       10,810,316     3.63       10,940,164     4.12       10,301,809     4.09  
    Federal funds purchased     1,855,860     4.49       1,994,766     4.50       1,767,749     4.80       1,391,118     5.42       1,193,190     5.50  
    Other borrowings     64,750     4.26       64,750     4.30       64,738     4.22       64,738     4.22       64,738     4.27  
    Total interest-bearing liabilities   $ 13,182,267     3.50 %   $ 13,348,133     3.57 %   $ 12,642,803     3.80 %   $ 12,396,020     4.26 %   $ 11,559,737     4.23 %
    Non-interest-bearing liabilities:                                                            
    Non-interest-bearing checking     2,633,552             2,600,775             2,672,875             2,575,575             2,560,245        
    Other liabilities     119,829             120,291             130,457             122,455             89,418        
    Stockholders’ equity     1,716,232             1,670,402             1,624,084             1,574,902             1,536,013        
    Accumulated other comprehensive loss     (25,377 )           (29,453 )           (32,836 )           (41,819 )           (47,584 )      
    Total liabilities and stockholders’ equity   $ 17,626,503           $ 17,710,148           $ 17,037,383           $ 16,627,133           $ 15,697,828        
    Net interest spread         2.30 %         2.12 %         2.07 %         1.86 %         1.78 %
    Net interest margin         3.10 %         2.92 %         2.96 %         2.84 %         2.79 %
                                                                 
    (1) Average loans include nonaccrual loans in all periods. Loan fees of $4,430, $3,764, $4,460, $3,949, and $3,317 are included in interest income in the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively.
    (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.
    (3) Unrealized losses on debt securities of $(36,381), $(41,970), $(46,652), $(58,802), and $(66,663) for the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively, are excluded from the yield calculation.
    (4) Includes impact of reversal of a $2.3 million accrual related to a legal matter. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”

    The MIL Network –

  • MIL-OSI USA: In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    07.21.25

    In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

    Cantwell to Trump: “We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system…”

    WASHINGTON, D.C. – Senator Maria Cantwell (D-Wash), ranking member of the Senate Committee on Commerce, Science, and Transportation – the committee that oversees the National Oceanic and Atmospheric Administration (NOAA) and the National Weather Service (NWS) – today sent a letter to President Donald Trump outlining her five-point plan to bolster the United States’ weather readiness.

    “Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires,” Sen. Cantwell wrote. “The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.”

    Sen. Cantwell’s five recommendations for President Trump are:

    1. Modernize Weather Data Collection: The United States needs to collect and compile more data by land, air, space, and sea by modernizing our weather data infrastructure and other tools, including better radars, hurricane hunters, weather satellites, and ocean buoys.
    • Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. Higher resolution data from new technology called phased array radar can “see” into the storm in ways not visible on current radar. It can zoom in on the most dangerous features of extreme weather and scan the atmosphere in under a minute, six times faster than current radar, to detect rapid changes like tornado formation or microbursts. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.
    • Hurricane Hunters: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft.
    • Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites like the Geostationary Extended Observations (GeoXO) satellite system. Updated satellites will be able to track lightning strikes that start wildfires and smoke which impacts air quality and human health.
    • Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation sponsored by Senators Roger Wicker and Cantwell, will help maintain and resource IOOS infrastructure and networks.
    1. World Leading Analytics: We need to catch up with and surpass European weather forecasting capabilities, which will require more supercomputing and improvements in data analytics including assimilation.
    • We want the best forecasts in the world, but the U.S. models are often outperformed by the European model.
    • NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model.
    • Better forecasts are in reach, we just need to invest in the people and the computing power to be competitive.
    1. Cutting Edge Research: As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research.
    • For decades, NOAA’s Office of Oceanic and Atmospheric Research (OAR) has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events.
    • While NOAA’s OAR only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios.
    • The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.
    1. Modernizing Alert Systems: We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters.
    • Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts.
    • Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas.
    • However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings and giving people additional ways to access critical and timely information.
    • Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.
    1. Advance Bipartisan Legislation: The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships.
    • A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601), would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management.
    • The legislation would take the critical first steps in addressing NOAA’s aging radar network by directing the agency to design and deploy the next generation of weather radar technology. It also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month, which will be marked up by the full Committee this Wednesday.

    This morning, Sen. Cantwell joined CNN’s Pamela Brown to discuss her plan to improve the nation’s weather readiness. The interview is HERE.

    On Sunday, July 13, Sen. Cantwell joined CBS’s Face the Nation with Margaret Brennan to discuss the importance of funding and staffing for NOAA and the NWS.

    “The more you can move people and resources out of the way of a storm, the more you can predict what might happen, the better prepared we’re going to be. And that’s going to help us save lives, and certainly save dollars,” Sen. Cantwell told Brennan. Video of her segment is HERE and HERE; a transcript is HERE.

    NOAA’s cutting-edge science informs NWS weather forecasts, which help local communities prepare for and respond to events like the recent deadly floods in Central Texas. President Trump’s proposed budget would slash NOAA’s funding by $2.2 billion – a 27% cut – and his DOGE team has caused over 2,000 job losses at the agency since January.

    Earlier this month, Sen. Cantwell questioned Dr. Neil Jacobs, President Donald Trump’s nominee to head NOAA, about his plans to preserve the agency’s mission as the administration continues to hack away at NOAA’s budget, workforce, and programs.

    Last month, Sen. Cantwell joined renowned meteorologists from across the country for a virtual presser to sound the alarm on the NWS cuts, and called on the Trump Administration to restore the agency to full capacity.

    The full text of the letter to President Trump is below:

    July 21, 2025

    The Honorable Donald J. Trump

    The White House

    1600 Pennsylvania Avenue, N.W.

    Washington, DC 20500

    Dear Mr. President,

    Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires. The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.

    There is strong support for making the generational investments necessary to become a weather ready nation that will empower Americans to get out of harm’s way. It will take better weather data collection, world leading analytics, cutting edge research, modernizing alert systems, and a partnership between your Administration and Congress to pass enabling legislation. To that end, I offer the following five recommendations that if pursued on a bipartisan basis would make America the world leader in weather forecasting:

    1) Modernizing Weather Data Collection

    We need to compile more data by land, air, space, and sea by modernizing our weather data collection tools, including better radar, hurricane hunters, weather satellites, and ocean buoys

    Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. It does this with higher resolution data from phased array radar (PAR) to “see” into the storm in ways not visible on current radar. PAR can detect rapid changes in storms like tornado formation or microbursts, improve tracking of hazards like hail, and zoom in on the most dangerous features of extreme weather. These systems can also scan the atmosphere in under a minute, six times faster than current radar, detecting rapid changes in the storm for increased warning lead times and fewer false alarms.

    This new technology should replace the current analog Doppler radar systems from the 1980s, which are increasingly costly to maintain and risks failure every day. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.

    Hurricane Hunter Aircraft: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. However, NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. New C-130 Hurricane Hunter aircraft are more capable than the half-century old WP-3D aircraft, with the ability to deploy more drones and uncrewed systems, conduct higher resolution scans from more advanced radar, and provide highly accurate wind, temperature, pressure, and humidity measurements from additional sensors.

    NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft. While two C-130 aircraft are funded, completing the fleet modernization in fiscal year 2026 will ensure forecasters can utilize this irreplaceable data source to better predict the path and intensity of hurricanes headed toward the United States, which is crucial for first responders to inform evacuations and pre-position emergency resources.

    Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites, the Geostationary Extended Observations (GeoXO) satellite system. Once launched, GeoXO can track lightning strikes that start wildfires, wildfire smoke, red tides that poison fisheries, and generally provide better extreme weather early warning capabilities. For example, if GeoXO had been deployed during the 2023 Canadian wildfire smoke event that blanketed much of the eastern United States, its instruments could have provided hourly, high-resolution maps of smoke pollution, enabling more accurate health advisories and allowing schools, airlines, and outdoor workers to make safer decisions. This year, smoke from massive Canadian wildfires is again posing health risks to Americans across the country. This is new technology that does not exist in today’s satellite system.

    To get these next generation satellites built, NOAA must proceed with the recommendations laid out under your first Administration and build the planned network of six satellites, five instruments, and supporting ground systems. The data from the Lightning Mapper (LMX), Sounder (GXS), Atmospheric Composition (ACX), Imager (GXI), and Ocean Color (OCX) instruments are key and necessary inputs for any world leading forecasting model.

    Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. The IOOS network provides real-time surface and subsurface ocean temperature measurements that feed into NOAA’s hurricane forecast model to detect rapid intensification of hurricanes and other extreme storms. For example, the above average warm water in the Gulf contributed to the recent flash flooding in Central Texas, while changes to tropical weather patterns and ocean temperatures have contributed to flooding across the country, from the Southwest through the Mid-Atlantic and into the Northeast. Just halfway through the summer, according to the National Weather Service, the country has already experienced twice as many floods in July as usual.

    To preserve and expand the critical real-time data these buoys provide, we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation Senator Roger Wicker and I introduced, will help maintain and resource IOOS infrastructure and networks.

    2) World Leading Analytics

    Catching up with and surpassing European weather forecasting capabilities will require more supercomputing and improvements in data analytics

    NOAA has long aimed to close the performance gap between its Global Forecast System (GFS) and the European Centre for Medium-Range Weather Forecasts, which often outperforms U.S. forecasts. For example, in October 2012, the European model correctly predicted Hurricane Sandy would turn toward the U.S. East Coast seven to eight days in advance, while the U.S. model initially forecast it would head out to sea, missing the U.S. entirely. Of course, Sandy did hit the U.S., with devastating effects for the entire Mid-Atlantic region, killing 254 people and causing nearly $70 billion in damages. Conversely, in 2015, the European model predicted Hurricane Joaquin would stay offshore, which it did, while the U.S. model forecast a direct hit on the East Coast, prompting costly emergency preparations that were ultimately unnecessary. And in February 2021, when a historic Arctic outbreak plunged Texas and much of the South into record cold with heavy snow and ice, and the European model provided more accurate early guidance on the extent and longevity of the cold air mass. According to NOAA and the Texas Department of State Health Services, at its peak, the power outages that resulted left nearly 10 million people in the cold and dark, unable to cook food, and resulted in more than 200 deaths.

    In order to catch up to Europe’s highly advanced weather modeling, NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model. We need to take steps to expand the GFS ensemble system with higher resolution and better physics, refine the Unified Forecast System, and streamline the path from research to operations with projects like the Earth Prediction Innovation Center (EPIC) to improve collaboration with external scientists and the private sector. All of this will require Congress to provide NOAA with more supercomputing resources if we are to lead the world in weather forecasting.

    3) Cutting Edge Research

    As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research

    For decades, NOAA’s Office of Oceanic and Atmospheric Research has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events. While NOAA research only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios. The research arm also operates testbeds where new technologies and models are rigorously evaluated before they are transitioned to NOAA operations or private sector applications.

    The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.

    4) Modernizing Alert Systems

    We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters

    Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts. Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas. Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.

    However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings, giving people additional ways to access critical and timely information.

    5) Advancing Bipartisan Legislation

    The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships

    A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601) would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management. The legislation also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month.

    Now is the time to take the tough lessons learned in the wake of the recent natural disasters and human tragedies in places like Texas, North Carolina, and New Mexico and create the world’s best weather prediction system. We must meet the moment or the situation is only going to get worse. The United States used to experience an average of nine extreme weather events every year that cost over $1 billion each, but in the last five years the number of disasters has spiked to an average of 23 per year, and last year it was 27 events. A recent comprehensive government study predicted that extreme weather will cost Americans $1.5 trillion over the next decade, not including loss of life or health-related costs. That’s why the costs of making the once-in-a-lifetime smart investments described above are minuscule compared to savings that better weather forecasting will provide every American.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Norcross Hosts More Than 100 Federal, State, and Local Services at 8th Annual Constituent Services Fair

    Source: United States House of Representatives – Congressman Donald Norcross (1st District of New Jersey)

    CHERRY HILL, NJ — Today, Congressman Donald Norcross (NJ-01) hosted representatives from more than 100 federal, state, and local agencies and nonprofits at Camden County College for his 8th Annual Constituent Services Fair. Hundreds of constituents who need assistance on issues ranging from federal programs like Medicare to local rent relief attended. 

    “My annual Constituent Services Fair acts as a one stop shop for South Jerseyans who are in need of assistance. The Constituent Services Fair serves as a reminder that my office is available all year round for help with a wide array of issues ranging from passport renewals to VA benefits,” said Congressman Donald Norcross. “With our breakout sessions on Medicare, Social Security, and homebuying, we connect people directly with resources to help them access basic needs like healthcare, housing assistance, and so much more. If you or someone you know is in need of help, don’t hesitate to contact our office at (856) 427-7000. I’m honored to serve you.” 

    During the fair, Congressman Norcross and his staff hosted breakout sessions on Medicare, Social Security, and Homebuyer Assistance, and answered questions from constituents about these programs. Representatives from Medicare and Medicaid Services, Philadelphia Passport Agency, U.S. Small Business Administration, Camden County Office of Economic Opportunity, New Jersey Board of Public Utilities, Camden and Gloucester County Health Departments, and South Jersey Legal Services were also in attendance.  

    Congressman Donald Norcross and his staff are available to help constituents with issues related to veterans benefits, housing assistance, Medicare and healthcare services, immigration, the Small Business Administration, Social Security, IRS, and senior services. If you have a question or are in need of help with a problem related to these agencies, please contact our office at (856) 427-7000 or visit our website at norcross.house.gov.  

    ### 

    MIL OSI USA News –

  • MIL-OSI Economics: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance

    Source: Verizon

    Headline: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance

    Download News Release PDF

    Download 2Q Financials PDF

    Download Infographic PDF

    Download Non-GAAP Reconciliations PDF

     

    Key 2Q 2025 Highlights

    • Grew industry-leading wireless service revenue1 to $20.9 billion
    • Expanded high-quality customer base, adding more than 300,000 net additions across mobility and broadband
    • Increased Consumer postpaid phone gross additions, both sequentially and year-over-year
    • Continued to take broadband market share with both fixed wireless access and best in class Fios offerings
    • Deepened customer relationships with segmentation and innovative products and services like Best Value Guarantee, myPlan, myHome, My Biz Plan and the customer service transformation
    • J.D. Power, for the 35th time, recognized Verizon for best wireless network quality2, and RootMetrics’ 1H 2025 Awards named Verizon the nation’s best, fastest, and most reliable 5G network3

    NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ), serving the most mobility and broadband customers in the U.S.4, reported strong financial performance and customer growth for second-quarter 2025. The company’s diversified wireless and broadband portfolio, tailored to all market segments, and its diverse revenue streams continue to drive financial success. Verizon also made key moves to attract and retain customers in the second quarter with its 3-year price lock and free phone guarantee, and the industry-leading launch of AI-powered innovations for personalized customer service and an enhanced customer experience. Verizon will continue to focus on its three priorities of growing wireless service revenue, expanding adjusted EBITDA5 and generating strong free cash flow5 as it heads into the second half of the year with momentum.

    “Verizon’s strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company,” said Verizon Chairman and CEO Hans Vestberg. “Our unmatched and award-winning network combined with our financial strength enables us to continually innovate and enhance our products and services, empowering how people live, work and play. With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA5, adjusted EPS5 and free cash flow5 as we move into the second half of the year and advance toward closing the Frontier acquisition.”

    2Q 2025 Highlights

    Consolidated: Strong financial performance with significant increases in net income, adjusted EBITDA5, earnings per share (EPS) and cash flow

    • EPS of $1.18 in second-quarter 2025 compared to EPS of $1.09 in second-quarter 2024; adjusted EPS5, excluding special items, of $1.22 compared to $1.15 in second-quarter 2024.
    • Total operating revenue of $34.5 billion in second-quarter 2025, up 5.2 percent year-over-year.
    • Cash flow from operations totaled $16.8 billion in first-half of 2025, up from $16.6 billion in first-half of 2024. 
    • Free cash flow5 was $8.8 billion in first-half of 2025, up from $8.5 billion in first-half of 2024. 
    • Consolidated net income for second-quarter 2025 was $5.1 billion compared to $4.7 billion in second-quarter 2024. Consolidated adjusted EBITDA5 was $12.8 billion in second-quarter 2025 compared to $12.3 billion in second-quarter 2024.
    • Wireless service revenue1 in second-quarter 2025 was an industry-leading $20.9 billion, up 2.2 percent year-over-year.
    • Wireless equipment revenue of $6.3 billion in second-quarter 2025, up 25.2 percent year-over-year.
    • Verizon’s total unsecured debt as of the end of second-quarter 2025 was $119.4 billion, compared to $117.3 billion at the end of first-quarter 2025 and $125.3 billion at the end of second-quarter 2024. The company’s net unsecured debt5 at the end of second-quarter 2025 was $116.0 billion. At the end of second-quarter 2025, Verizon’s ratio of unsecured debt to consolidated net income (LTM) was 6.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio5 was 2.3 times.

    Broadband: Verizon continued to take broadband market share by offering customers unparalleled choice and flexibility

    • Delivered 293,000 broadband net additions in second-quarter 2025.
    • Total fixed wireless access net additions of 278,000 in second-quarter 2025, growing the base to over 5.1 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
    • Total broadband connections grew to more than 12.9 million as of the end of second-quarter 2025, representing a 12.2 percent increase year-over-year.
    • Verizon is expanding its Fios footprint and remains on track to achieve 650,000 new passings in 2025. 

    Verizon Consumer: Customer engagement with offerings fueled a 6.9 percent year-over-year increase in Consumer revenue, which reached $26.6 billion in second-quarter 2025

    • Consumer wireless service revenue in second-quarter 2025 was $17.4 billion, up 2.3 percent year-over-year.
    • Consumer wireless retail postpaid churn was 1.12 percent in second-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.
    • Consumer wireless postpaid average revenue per account (ARPA) of $147.50 in second-quarter 2025, an increase of 2.3 percent year-over-year.
    • In second-quarter 2025, Consumer reported 51,000 wireless retail postpaid phone net losses compared to 109,000 postpaid phone net losses in second-quarter 2024.
    • In second-quarter 2025, Consumer reported 50,000 wireless retail core prepaid6 net additions compared to 12,000 net losses in second-quarter 2024.
    • In second-quarter 2025, Consumer operating income was $7.6 billion, an increase of 0.5 percent year-over-year, and segment operating income margin was 28.7 percent, compared to 30.5 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $11.2 billion, an increase of 2.1 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin5 in second-quarter 2025 was 42.1 percent compared to 44.1 percent in second-quarter 2024.

    Verizon Business: Strong execution increased operating income 27.6 percent year-over-year

    • Total Verizon Business revenue was $7.3 billion in second-quarter 2025, a decrease of 0.3 percent year-over-year.
    • Business wireless service revenue in second-quarter 2025 was $3.6 billion, an increase of 1.6 percent year-over-year.
    • Business reported 65,000 wireless retail postpaid net additions in second-quarter 2025. This result included 42,000 postpaid phone net additions.
    • Business wireless retail postpaid churn was 1.61 percent in second-quarter 2025, and wireless retail postpaid phone churn was 1.26 percent.
    • In second-quarter 2025, Verizon Business operating income was $638 million, an increase of 27.6 percent year-over-year, resulting in segment operating income margin of 8.8 percent, an increase from 6.8 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $1.7 billion, an increase of 5.8 percent year-over-year. Segment EBITDA margin5 in second-quarter 2025 was 22.9 percent, an increase from 21.6 percent in second-quarter 2024.

    Outlook and guidance

    The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

    Strong operational execution in the first half of 2025 coupled with favorable tax reform gives Verizon the confidence to provide the following updated guidance for the full year: 

    • Adjusted EBITDA5 growth of 2.5 percent to 3.5 percent.
    • Adjusted EPS5 growth of 1.0 percent to 3.0 percent.
    • Cash flow from operations of $37.0 billion to $39.0 billion.
    • Free cash flow5 of $19.5 billion to $20.5 billion.

    In addition, for 2025, Verizon continues to expect the following: 

    • Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.
    • Capital expenditures of $17.5 billion to $18.5 billion.

    Our 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.

    1 Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

    2 Verizon is #1 for Network Quality in 4 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers’ satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.

    3 Based on RootMetrics® US National RootScore® Report 1H2025. RootMetrics conducts rigorous, independent, and scientific testing to provide a comprehensive view of network performance. For more information on the RootMetrics methodology and results, visit rootmetrics.com.

    4 Measurement is focused on retail connections and excludes reseller activity. Industry leading claims are based on publicly reported customer information or consensus expectations if results are not yet reported.

    5 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    6 Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions.

    Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    MIL OSI Economics –

  • MIL-OSI Economics: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance

    Source: Verizon

    Headline: Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance

    Download News Release PDF

    Download 2Q Financials PDF

    Download Infographic PDF

    Download Non-GAAP Reconciliations PDF

     

    Key 2Q 2025 Highlights

    • Grew industry-leading wireless service revenue1 to $20.9 billion
    • Expanded high-quality customer base, adding more than 300,000 net additions across mobility and broadband
    • Increased Consumer postpaid phone gross additions, both sequentially and year-over-year
    • Continued to take broadband market share with both fixed wireless access and best in class Fios offerings
    • Deepened customer relationships with segmentation and innovative products and services like Best Value Guarantee, myPlan, myHome, My Biz Plan and the customer service transformation
    • J.D. Power, for the 35th time, recognized Verizon for best wireless network quality2, and RootMetrics’ 1H 2025 Awards named Verizon the nation’s best, fastest, and most reliable 5G network3

    NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ), serving the most mobility and broadband customers in the U.S.4, reported strong financial performance and customer growth for second-quarter 2025. The company’s diversified wireless and broadband portfolio, tailored to all market segments, and its diverse revenue streams continue to drive financial success. Verizon also made key moves to attract and retain customers in the second quarter with its 3-year price lock and free phone guarantee, and the industry-leading launch of AI-powered innovations for personalized customer service and an enhanced customer experience. Verizon will continue to focus on its three priorities of growing wireless service revenue, expanding adjusted EBITDA5 and generating strong free cash flow5 as it heads into the second half of the year with momentum.

    “Verizon’s strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company,” said Verizon Chairman and CEO Hans Vestberg. “Our unmatched and award-winning network combined with our financial strength enables us to continually innovate and enhance our products and services, empowering how people live, work and play. With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA5, adjusted EPS5 and free cash flow5 as we move into the second half of the year and advance toward closing the Frontier acquisition.”

    2Q 2025 Highlights

    Consolidated: Strong financial performance with significant increases in net income, adjusted EBITDA5, earnings per share (EPS) and cash flow

    • EPS of $1.18 in second-quarter 2025 compared to EPS of $1.09 in second-quarter 2024; adjusted EPS5, excluding special items, of $1.22 compared to $1.15 in second-quarter 2024.
    • Total operating revenue of $34.5 billion in second-quarter 2025, up 5.2 percent year-over-year.
    • Cash flow from operations totaled $16.8 billion in first-half of 2025, up from $16.6 billion in first-half of 2024. 
    • Free cash flow5 was $8.8 billion in first-half of 2025, up from $8.5 billion in first-half of 2024. 
    • Consolidated net income for second-quarter 2025 was $5.1 billion compared to $4.7 billion in second-quarter 2024. Consolidated adjusted EBITDA5 was $12.8 billion in second-quarter 2025 compared to $12.3 billion in second-quarter 2024.
    • Wireless service revenue1 in second-quarter 2025 was an industry-leading $20.9 billion, up 2.2 percent year-over-year.
    • Wireless equipment revenue of $6.3 billion in second-quarter 2025, up 25.2 percent year-over-year.
    • Verizon’s total unsecured debt as of the end of second-quarter 2025 was $119.4 billion, compared to $117.3 billion at the end of first-quarter 2025 and $125.3 billion at the end of second-quarter 2024. The company’s net unsecured debt5 at the end of second-quarter 2025 was $116.0 billion. At the end of second-quarter 2025, Verizon’s ratio of unsecured debt to consolidated net income (LTM) was 6.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio5 was 2.3 times.

    Broadband: Verizon continued to take broadband market share by offering customers unparalleled choice and flexibility

    • Delivered 293,000 broadband net additions in second-quarter 2025.
    • Total fixed wireless access net additions of 278,000 in second-quarter 2025, growing the base to over 5.1 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
    • Total broadband connections grew to more than 12.9 million as of the end of second-quarter 2025, representing a 12.2 percent increase year-over-year.
    • Verizon is expanding its Fios footprint and remains on track to achieve 650,000 new passings in 2025. 

    Verizon Consumer: Customer engagement with offerings fueled a 6.9 percent year-over-year increase in Consumer revenue, which reached $26.6 billion in second-quarter 2025

    • Consumer wireless service revenue in second-quarter 2025 was $17.4 billion, up 2.3 percent year-over-year.
    • Consumer wireless retail postpaid churn was 1.12 percent in second-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.
    • Consumer wireless postpaid average revenue per account (ARPA) of $147.50 in second-quarter 2025, an increase of 2.3 percent year-over-year.
    • In second-quarter 2025, Consumer reported 51,000 wireless retail postpaid phone net losses compared to 109,000 postpaid phone net losses in second-quarter 2024.
    • In second-quarter 2025, Consumer reported 50,000 wireless retail core prepaid6 net additions compared to 12,000 net losses in second-quarter 2024.
    • In second-quarter 2025, Consumer operating income was $7.6 billion, an increase of 0.5 percent year-over-year, and segment operating income margin was 28.7 percent, compared to 30.5 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $11.2 billion, an increase of 2.1 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin5 in second-quarter 2025 was 42.1 percent compared to 44.1 percent in second-quarter 2024.

    Verizon Business: Strong execution increased operating income 27.6 percent year-over-year

    • Total Verizon Business revenue was $7.3 billion in second-quarter 2025, a decrease of 0.3 percent year-over-year.
    • Business wireless service revenue in second-quarter 2025 was $3.6 billion, an increase of 1.6 percent year-over-year.
    • Business reported 65,000 wireless retail postpaid net additions in second-quarter 2025. This result included 42,000 postpaid phone net additions.
    • Business wireless retail postpaid churn was 1.61 percent in second-quarter 2025, and wireless retail postpaid phone churn was 1.26 percent.
    • In second-quarter 2025, Verizon Business operating income was $638 million, an increase of 27.6 percent year-over-year, resulting in segment operating income margin of 8.8 percent, an increase from 6.8 percent in second-quarter 2024. Segment EBITDA5 in second-quarter 2025 was $1.7 billion, an increase of 5.8 percent year-over-year. Segment EBITDA margin5 in second-quarter 2025 was 22.9 percent, an increase from 21.6 percent in second-quarter 2024.

    Outlook and guidance

    The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

    Strong operational execution in the first half of 2025 coupled with favorable tax reform gives Verizon the confidence to provide the following updated guidance for the full year: 

    • Adjusted EBITDA5 growth of 2.5 percent to 3.5 percent.
    • Adjusted EPS5 growth of 1.0 percent to 3.0 percent.
    • Cash flow from operations of $37.0 billion to $39.0 billion.
    • Free cash flow5 of $19.5 billion to $20.5 billion.

    In addition, for 2025, Verizon continues to expect the following: 

    • Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.
    • Capital expenditures of $17.5 billion to $18.5 billion.

    Our 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.

    1 Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

    2 Verizon is #1 for Network Quality in 4 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers’ satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.

    3 Based on RootMetrics® US National RootScore® Report 1H2025. RootMetrics conducts rigorous, independent, and scientific testing to provide a comprehensive view of network performance. For more information on the RootMetrics methodology and results, visit rootmetrics.com.

    4 Measurement is focused on retail connections and excludes reseller activity. Industry leading claims are based on publicly reported customer information or consensus expectations if results are not yet reported.

    5 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    6 Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions.

    Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    MIL OSI Economics –

  • MIL-OSI USA: Amtrak Tickets Now Available to the New York State Fair

    Source: US State of New York

    overnor Kathy Hochul, in conjunction with Amtrak and the New York State Department of Transportation, today announced that tickets are now on sale for direct train service to and from the Great New York State Fair. Daily train service allows State Fair visitors a safe, convenient and environmentally friendly travel option to experience one of New York’s premier summer events. Featuring musical performances from top artists, agricultural exhibits, fun for the whole family and delicious food, the Great New York State Fair is upstate New York’s largest annual event. Throughout the Fair’s 13-day duration, five trains will make daily stops starting Wednesday, August 20 and continuing through Monday, September 1. Tickets are available now at Amtrak.com, via the Amtrak mobile app, at the station ticket counters, or by calling 1-800-USA-RAIL.

    “Taking the train to the Great New York State Fair is a convenient, affordable way to enjoy the best that New York State has to offer,” Governor Hochul said. “From delicious food and live music to rides, games and the best agricultural exhibits anywhere in the state, this year’s Fair truly has something for everybody. The Great New York State Fair is one of my favorite annual events, and I can’t wait to join the hundreds of thousands of visitors at this annual summertime spectacular.”

    By taking the train, visitors will save on traffic, parking fees, and gas by arriving steps from the fairgrounds via select Empire Service and Maple Leaf trains, which will make daily stops at the State Fair (in between stops at Rochester and Syracuse stations). Train service to the Fair includes:

    • Maple Leaf Train 63 – Departs Moynihan Train Hall at 7:16 a.m. and arrives at the Fair at 1:11 p.m.
    • Maple Leaf Train 64 – Departs Toronto at 8:20 a.m. and arrives at the Fair at 2:51 p.m.
    • Empire Service Train 281 – Departs Moynihan Train Hall at 10:21 a.m. and arrives at the Fair at 4:21 p.m.
    • Empire Service Train 283 – Departs Moynihan Train Hall at 1:20 p.m. and arrives at the Fair at 7:13 p.m.
    • Empire Service Train 284 – Departs Niagara Falls at 6:27 a.m. and arrives at the Fair at 9:31 a.m.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “The Great New York State Fair is not to be missed! It is a joyful annual tradition and traveling to the Fair by train is a game-changer for folks who want a fun and convenient travel option. Our great partnership with Amtrak allows fairgoers the chance to experience New York’s incredible traditions, innovations, and agriculture with ease and convenience – literally dropping fairgoers off at the fairgrounds. See you at The Great New York State Fair!”

    New York State Agriculture Commissioner Richard A. Ball said, “Our Great New York State Fair is a celebration of our state’s rich agricultural heritage, providing fairgoers an opportunity to directly connect with New York agriculture. Thanks to our partnership with Amtrak and NYSDOT, more fairgoers from across New York and beyond will be able to experience this incredible event. We’re proud to make it easier for everyone to explore New York agriculture, enjoy the fun, and create lasting memories during this 13-day showcase.”

    New York State Fair Director Julie LaFave said, “Making the Great New York State Fair as welcoming and accessible to everyone is a top priority, and partnering with Amtrak and NYSDOT allows us to provide a comfortable, convenient travel option for fairgoers. We’re excited to invite families, friends, and visitors from across New York and beyond to experience all the fun, food, and festivities that make The Fair a beloved summer tradition. We encourage everyone to consider taking the train for an easy and enjoyable journey to and from this year’s event.”

    Amtrak Vice President, Network Development Nicole Bucich said, “Whether you’re coming from New York City, Niagara Falls, or anywhere in between, traveling on Amtrak will make the experience and journey to the Great State Fair just as enjoyable as the games, food, and fun at the Fair. We appreciate Governor Hochul and NYSDOT’s ongoing partnership in ensuring that New Yorkers can get to the Fair comfortably and conveniently on Amtrak.”

    Direct train service to the Great New York State Fair has been offered by Amtrak since 2002. Customers can save when booking online at least five days in advance of travel with Amtrak’s See NY and Save discount, in addition to everyday discounts for kids, seniors, military members and more. Passengers can enjoy free Wi-Fi with excellent service, spacious Business Class seats, a café car and ample leg room.

    The Great New York State Fair opens Wednesday, August 20 and continues through Labor Day, September 1. Admission is $8 plus fees for adults. Tickets are free for adults ages 65 and over and children ages 12 and under. Tickets include access to all grounds entertainment, agricultural competitions and exhibits, and admission to concerts in Chevy Court and Suburban Park.

    Founded in 1841, the Great New York State Fair showcases the best of New York agriculture, provides top-quality entertainment, and is a key piece of the State’s CNY Rising strategy of growing the Central New York economy through tourism. It is the oldest fair in the United States and is consistently recognized as being among the top five state fairs in the nation.

    The New York State Fairgrounds is a 375-acre exhibit and entertainment complex that operates all year. Audiences are encouraged to learn more about the Great New York State Fair online, browse photos on Flickr, and follow the fun on Facebook, Twitter, and Instagram.

    MIL OSI USA News –

  • MIL-OSI USA: Dingell, Latta, DeGette, Crenshaw Introduce Bipartisan Bill to Reauthorize Improved Access to Over-the-Counter Medicines

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (D-MI), Congressman Bob Latta (R-OH), Congresswoman Diana DeGette (D-CO), and Congressman Dan Crenshaw (R-TX), introduced the Over-the-Counter Monograph Drug User Fee Amendments (OMFUA), a bipartisan bill to reauthorize the Over-the-Counter Monograph User Fee Act that has improved access to over-the-counter medicines.  

    “Nearly nine out of ten Americans regularly use over the counter medications to quickly, easily, and effectively manage a range of conditions. The Over-the-Counter Monograph Safety, Innovation, and Reform Act has been highly successful in improving OTC drug availability and safety. I’m leading this reauthorization with my bipartisan colleagues to ensure consumers continue to have safe access to the OTC products they depend on, and the U.S. remains a global leader in health and innovation,” Dingell said. 

    “The over-the-counter monograph drug user fee program (OMUFA) allows consumers to manage their own care safely and affordably. Five years ago, as an original sponsor of this legislation, my colleagues and I modernized how the FDA regulates most over-the-counter medicines by enacting OMUFA. These reforms transformed a 40-year-old system, making it more efficient, transparent, and open to innovation. I’m proud to lead the reauthorization of this critical program,” Latta said. 

    “Millions of Americans rely on over-the-counter medications every day, and FDA’s over-the-counter medicines program ensures those products are safe, effective, and accessible,” DeGette said. “I was proud to play a role in creating OMUFA and to see it through its first five years. Now, as we approach reauthorization, it’s time to build on that success and continue giving FDA the tools it needs to deliver trusted medicines to Americans’ shelves.”

    “This bipartisan bill empowers the FDA to review over-the-counter medicines quickly and efficiently — without compromising safety. It ensures Americans can trust that the products on their shelves are backed by the latest science, and spares the taxpayer a new obligation,” Crenshaw said.   

    The OMUFA bill is endorsed by the Consumer Healthcare Products Association: 

    “CHPA applauds Representatives Latta, DeGette, Crenshaw and Dingell for their leadership in introducing this important reauthorization and for their continued support of self-care,” said CHPA President & CEO Scott Melville. “As the industry works to deliver safe, effective, and innovative OTC products to consumers, we look forward to working with Congress on refinements to the bill to ensure the final legislation maximizes the potential of monograph reform and can continue to provide savings and innovation to consumers. That includes inserting provisions into OMUFA to clarify how FDA evaluates the Generally Recognized as Safe and Effective (GRASE) standard, creating a clearer path for early agreement on data needs, and improving the efficiency of making product improvements while maintaining strong safety standards.”

    MIL OSI USA News –

  • MIL-OSI USA: More Than $52 Million for UMaine System Advanced by Senator Collins in Funding Bills

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Senate Appropriations Committee, announced that she advanced $52,350,000 in Congressionally Directed Spending for the University of Maine (UMaine) System in the Fiscal Year (FY) 2026 Commerce, Justice, and Science (CJS) and Agriculture, Rural Development, and Food and Drug Administration Appropriations bills. The legislation, which was officially approved by the Senate Appropriations Committee this month, now awaits consideration by the full Senate and House.

    This funding advanced through the Committee’s markup of the FY 2026 CJS and Agriculture Appropriations bills—an important step that now allows the bills to be considered by the full Senate.

    “The brilliant faculty and students at Maine’s public universities and at the flagship university are conducting cutting-edge research and making promising discoveries in a wide variety of fields,” said Senator Collins. “This funding to support these exciting projects across the UMaine System would promote workforce development, support marine research, and help to prepare the next generation of leaders. As the Chair of the Appropriations Committee, I will continue to advocate for this funding as the appropriations process moves forward.”

    “These investments—made possible through Senator Collins’ advocacy—would expand research opportunities, improve infrastructure, and support collaborative solutions that strengthen Maine’s economy and communities,” said Joan Ferrini-Mundy, Vice Chancellor for Research and Innovation for the UMaine System.

    “Located at the heart of our campus, the Reynolds Center is a hub of learning and connection. This investment would expand its role as a space for students to grow academically and socially — strengthening our commitment to the Downeast community,” said Megan Walsh, Dean and Campus Director, UMaine Machias.

    “The spruce budworm is one of the most significant threats to Maine’s forest economy, and proactive research is essential to protecting this vital resource,” said Dr. Adam Daigneault, Associate Professor of Forest Policy and Economics at the University of Maine. “With this support, UMaine can expand its leadership in forest health research, helping landowners, communities, and the forest products industry prepare for and respond to future outbreaks. We are incredibly thankful for Senator Collins’ investment in the resilience of Maine’s forests.” 

    Funding advanced by Senator Collins for the UMaine System in the FY 2026 CJS and Agriculture Appropriations bills is as follows:

    Gulf of Maine Ocean Observation System
    Recipient: University of Maine System
    Project Location: Coastal counties from Washington County to York County, ME
    Amount Requested: $5,000,000
    Project Purpose: To expand the ocean observation system in the Gulf of Maine, which is used by the maritime and fishing industries.

    University of Maine Health Science Complex
    Recipient: University of Maine System
    Project Location: Orono, ME
    Amount Requested: $45,000,000
    Project Purpose: To support the construction of a health and life sciences complex.

    University of Maine Forest Health Lab
    Recipient: University of Maine System
    Project Location: Orono, ME
    Amount Requested: $600,000
    Project Purpose: To support the construction of the University’s Forest Health Lab, which conducts spruce budworm research.

    University of Maine at Machias Early College Student Support Center
    Recipient: University of Maine System
    Project Location: Machias, ME
    Amount Requested: $750,000
    Project Purpose: To renovate a facility on campus to support early college students.

    American Lobster Settlement Index Expansion
    Recipient: University of Maine System
    Project Location: Walpole, ME
    Amount Requested: $1,000,000
    Project Purpose: To expand the Maine Collector Survey for lobster in the Gulf of Maine.

    In 2021, Congress reinstituted Congressionally Directed Spending. Following this decision, Senator Collins has secured more than $1 billion for hundreds of Maine projects for FY 2022, FY 2023, and FY 2024. As the Chair of the Appropriations Committee, Senator Collins is committed to championing targeted investments that will benefit Maine communities.

    MIL OSI USA News –

  • MIL-OSI USA: More Than $52 Million for UMaine System Advanced by Senator Collins in Funding Bills

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Senate Appropriations Committee, announced that she advanced $52,350,000 in Congressionally Directed Spending for the University of Maine (UMaine) System in the Fiscal Year (FY) 2026 Commerce, Justice, and Science (CJS) and Agriculture, Rural Development, and Food and Drug Administration Appropriations bills. The legislation, which was officially approved by the Senate Appropriations Committee this month, now awaits consideration by the full Senate and House.

    This funding advanced through the Committee’s markup of the FY 2026 CJS and Agriculture Appropriations bills—an important step that now allows the bills to be considered by the full Senate.

    “The brilliant faculty and students at Maine’s public universities and at the flagship university are conducting cutting-edge research and making promising discoveries in a wide variety of fields,” said Senator Collins. “This funding to support these exciting projects across the UMaine System would promote workforce development, support marine research, and help to prepare the next generation of leaders. As the Chair of the Appropriations Committee, I will continue to advocate for this funding as the appropriations process moves forward.”

    “These investments—made possible through Senator Collins’ advocacy—would expand research opportunities, improve infrastructure, and support collaborative solutions that strengthen Maine’s economy and communities,” said Joan Ferrini-Mundy, Vice Chancellor for Research and Innovation for the UMaine System.

    “Located at the heart of our campus, the Reynolds Center is a hub of learning and connection. This investment would expand its role as a space for students to grow academically and socially — strengthening our commitment to the Downeast community,” said Megan Walsh, Dean and Campus Director, UMaine Machias.

    “The spruce budworm is one of the most significant threats to Maine’s forest economy, and proactive research is essential to protecting this vital resource,” said Dr. Adam Daigneault, Associate Professor of Forest Policy and Economics at the University of Maine. “With this support, UMaine can expand its leadership in forest health research, helping landowners, communities, and the forest products industry prepare for and respond to future outbreaks. We are incredibly thankful for Senator Collins’ investment in the resilience of Maine’s forests.” 

    Funding advanced by Senator Collins for the UMaine System in the FY 2026 CJS and Agriculture Appropriations bills is as follows:

    Gulf of Maine Ocean Observation System
    Recipient: University of Maine System
    Project Location: Coastal counties from Washington County to York County, ME
    Amount Requested: $5,000,000
    Project Purpose: To expand the ocean observation system in the Gulf of Maine, which is used by the maritime and fishing industries.

    University of Maine Health Science Complex
    Recipient: University of Maine System
    Project Location: Orono, ME
    Amount Requested: $45,000,000
    Project Purpose: To support the construction of a health and life sciences complex.

    University of Maine Forest Health Lab
    Recipient: University of Maine System
    Project Location: Orono, ME
    Amount Requested: $600,000
    Project Purpose: To support the construction of the University’s Forest Health Lab, which conducts spruce budworm research.

    University of Maine at Machias Early College Student Support Center
    Recipient: University of Maine System
    Project Location: Machias, ME
    Amount Requested: $750,000
    Project Purpose: To renovate a facility on campus to support early college students.

    American Lobster Settlement Index Expansion
    Recipient: University of Maine System
    Project Location: Walpole, ME
    Amount Requested: $1,000,000
    Project Purpose: To expand the Maine Collector Survey for lobster in the Gulf of Maine.

    In 2021, Congress reinstituted Congressionally Directed Spending. Following this decision, Senator Collins has secured more than $1 billion for hundreds of Maine projects for FY 2022, FY 2023, and FY 2024. As the Chair of the Appropriations Committee, Senator Collins is committed to championing targeted investments that will benefit Maine communities.

    MIL OSI USA News –

  • MIL-OSI Submissions: As Canada’s economy faces serious challenges, the Indigenous economy offers solutions

    Source: The Conversation – Canada – By Mylon Ollila, PhD Candidate in Indigenous Economic Policy, Université du Québec en Abitibi-Témiscamingue (UQAT)

    Canada faces economic headwinds due to geopolitical change, including a trade war with its closest economic partner, the United States.

    Canada’s policymakers are searching for new, sustainable sources of economic strength. One such source is already here and is being overlooked: the emerging Indigenous economy. It has the potential to boost Canada’s economy by more than $60 billion a year.

    But Indigenous Peoples are still largely seen as an economic liability to manage instead of an opportunity for growth. It is time for a mindset shift. For it to happen, the federal government should remove unfair economic barriers and invest in closing the employment and income gap.

    Canada’s future depends on Indigenous Peoples

    Economic growth is projected to decline over the coming years for developed nations, with Canada expected to have the lowest GDP of the 38 OECD countries by 2060. As growth stalls, living standards will decline and governments will face increased fiscal pressure.

    Compounding this challenge is Canada’s aging labour force. The number of people aged 65 and over is growing six times faster than the number of children aged 14 and under — those who will be entering the job market in the coming years. This demographic shift places additional pressure on pensions, the health-care system and the economy.



    Read more:
    Enabling better aging: The 4 things seniors need, and the 4 things that need to change

    But these gloomy projections often overlook one of Canada’s comparative advantages: a young Indigenous population, growing at a rate outpacing the non-Indigenous population. While Indigenous Peoples comprise five per cent of Canada’s population, they only contribute 2.4 per cent of the total GDP.

    A BNN Bloomberg feature about the Indigenous economy in Canada.

    If Indigenous Peoples could participate in the economy at the same rate as non-Indigenous Canadians, their GDP contribution could increase from about $55 billion to well over $100 billion annually.

    Despite this potential, Canada has largely failed to invest in Indigenous Peoples and reform the colonial structures that create inequality.

    While some progress has been made, such as the First Nations Fiscal Management Act that offers communities tools to strengthen their economies, progress is still too slow.

    Economic barriers hold back First Nations

    There are two parts to every economy: economic advantages and the institutions that make those advantages actionable. Some institutions lower the costs of doing business and encourage investment, while others do the opposite. Investment naturally flows to places that have both economic advantages and low costs of doing business.

    In Canada, strong property rights lower the costs of doing business and support the finance of business ventures. An efficient tax system creates predictability and allows governments to provide services. Business-grade infrastructure reduces logistical costs. All these institutions work together to support Canada’s economic development.

    In contrast, First Nations communities are constrained by Canadian institutions. The Indian Act limits First Nations’ authority over their own affairs, segregating them from mainstream finance mechanisms. Unclear legal jurisdiction between federal, provincial and Indigenous governments and weak property rights discourage business investments.

    Limited authority and fiscal powers mean First Nations governments cannot provide services at national standards and must depend on other governments.

    Compounding these issues is the fragmented, insufficient and culturally inappropriate nature of federal support systems. First Nations people have economic advantages and an entrepreneurial spirit, but they are burdened with unfair economic barriers, such as inadequate infrastructure, limited access to capital and administrative hurdles.

    Investing in Indigenous economies is vital

    In 1997, the Royal Bank of Canada predicted that not investing in Indigenous Peoples would widen the socioeconomic gap. As predicted, this is what happened.

    Canada has consistently chosen to manage poverty instead of investing in growth. While financial support for Indigenous Peoples more than doubled over the last decade, it only resulted in modest improvement in living standards.

    The RoadMap Project, a national initiative led by the First Nations Financial Management Board and other Indigenous organizations, proposes a pathway to economic reconciliation. Investing in the Indigenous economy means supporting Indigenous training, providing access to capital for Indigenous organizations and reforming the institutions that continue to impose systemic barriers.

    Education is one of the most effective ways to reduce poverty, improve health outcomes and drive economic development. The federal government should therefore support training programs designed to meet Indigenous needs.

    Online learning could help remote communities achieve educational goals, but its success depends on major investments in high-speed internet access, which remains lacking in many areas.

    Indigenous organizations are best positioned to understand and respond to local training needs. That is why Indigenous control over revenue transfers and program design must be central to any future investments in education. To support this, the federal government should partner with Indigenous education institutions to develop common goals and values.

    Financing and supporting Indigenous growth

    Indigenous Peoples develop new businesses at nine times the Canadian average, but only receive 0.2 per cent of available credit. Most Indigenous enterprises are small and cannot grow without viable financing options.

    Yet, individual Indigenous entrepreneurs and First Nations governments face challenges securing loans and financial support.

    Internationally, development banks have been used to fill credit gaps when the private sector is unable to meet the needs of emerging economies.

    In Canada, the First Nations Financial Management Board and other Indigenous organizations are calling for a similar solution: the creation of an Indigenous Development Finance Organization. By lending to Indigenous governments and businesses, this finance organization could bridge the gap between the financial markets and the Indigenous economy.

    While investments in capacity and development finance are urgent needs, only the dismantling of economic barriers and increased access to effective institutions can assure Indigenous development.

    Legislation such as the First Nations Fiscal Management Act and the Framework Agreement on First Nation Land Management can support Indigenous economies through taxation, budgeting, land codes and financial laws. They offer a pathway between the Indian Act framework and self-government, without waiting on lengthy negotiations.

    Growing stronger together

    Canada’s economic future will remain uncertain if short-term solutions keep being prioritized while ignoring the growth potential of the Indigenous economy. Improvements to the status quo are no longer sufficient.

    The federal government must support Indigenous-led initiatives like the RoadMap Project to foster shared growth and prosperity for Indigenous Peoples and all Canadians alike. Investments are needed to narrow the employment and income gap through new supports for capacity, access to capital and institutional reform.

    Mylon Ollila is a Senior Strategist for the First Nations Financial Management Board.

    Hugo Asselin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. As Canada’s economy faces serious challenges, the Indigenous economy offers solutions – https://theconversation.com/as-canadas-economy-faces-serious-challenges-the-indigenous-economy-offers-solutions-261252

    MIL OSI –

  • MIL-OSI: Presentation Raises Alarm on Starlink Timeline: “Everything Could Change After August 13”

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX, July 21, 2025 (GLOBE NEWSWIRE) — What if the next major transformation in American communications doesn’t come from Washington or Silicon Valley—but from Earth’s lower orbit?

    That’s the theory bestselling author and entrepreneur James Altucher puts forward in a newly released presentation that connects recent public statements, long-term satellite deployment, and a closed-door meeting involving Elon Musk .

    Momentum Is Building—Fast

    Altucher describes what he believes is an inflection point—not just for Starlink, but for digital sovereignty worldwide. At the center of it all is a moment few are talking about: August 13, 2025.

    According to Altucher, several high-profile media appearances, overlooked interviews, and timing cues are converging toward this date. He claims they suggest Musk may be preparing for a pivotal announcement related to Starlink’s future.

    “This is the moment Elon’s been quietly preparing for—building toward it piece by piece over nearly two decades,” he writes.

    While the outcome of that discussion remains unknown, Altucher believes it ties directly into a broader shift that has already begun—but hasn’t yet made headlines.

    The Power of Unseen Infrastructure

    Altucher suggests that Starlink is more than a tech product. It’s an invisible layer of infrastructure—positioned to become the foundation of a new kind of global network. One that bypasses national grids, local service providers, and even traditional governments.

    What makes this grid different, Altucher argues, is that it exists beyond borders. And that level of control—he warns—could become one of the most powerful tools in modern history.

    Why Timing Matters Now More Than Ever

    Altucher warns that after August 13, the opportunity to understand what’s unfolding may close just as quickly as it opened: “After this date, the window could slam shut—and you may never have this same chance again”.

    About James Altucher

    James Altucher is a bestselling author, entrepreneur, and former hedge fund manager. He has launched more than 20 companies across technology, media, and finance. His books—including Choose Yourself, The Power of No, and Skip the Line—have sold over one million copies globally. Altucher is a contributor to The Wall Street Journal, Forbes, and TechCrunch, and frequently appears on CNBC, Fox Business, and other major outlets. His podcast and daily insights have helped millions navigate the shifting world of business, tech, and personal freedom.

    The MIL Network –