Category: Economy

  • MIL-OSI: NFT Limited Announces Filing of the 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 11, 2025 (GLOBE NEWSWIRE) — NFT Limited (“MI” or the “Company”) (NYSE: MI) today announced that on April 30, 2025, the Company filed its annual report on Form 20-F for the year ended December 31, 2024 (the “Form 20-F”) with the U.S. Securities and Exchange Commission (the “SEC”).

    In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company’s website at www.nftoeo.com. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company’s complete audited financial statements filed with the SEC. To request a hard copy of the Company’s audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows: IR@nft-limited.com  

    About NFT Limited

    NFT Limited (formerly known as Takung Art Co Ltd.) operates an online electronic platform (www.nftoeo.com) for offering and trading of digital artwork. Through its platform, the Company allows artists/art dealers/owners to access a much bigger art trading market where they can engage with a wide range of investors. It generates revenue in the form of services in connection with the offering and trading of artwork on its platform, primarily consisting of listing fees, trading commissions, and management fees. Please visit: www.nftoeo.com.

    Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. NFT warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Forward looking statements may be identified by words such as “may”, “can”, “should”, “will”, “estimate”, “plan”, “project”, “forecast”, “intend”, “expect”, “predict”, “believe”, “seek”, “target”, “Outlook” or similar words.

    These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by NFT in its filings with the Securities and Exchange Commission (“SEC”).

    Contact
    Investor Relations
    IR@nft-limited.com

    SOURCE NFT Limited

    The MIL Network

  • MIL-OSI: NFT Limited Announces Filing of the 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 11, 2025 (GLOBE NEWSWIRE) — NFT Limited (“MI” or the “Company”) (NYSE: MI) today announced that on April 30, 2025, the Company filed its annual report on Form 20-F for the year ended December 31, 2024 (the “Form 20-F”) with the U.S. Securities and Exchange Commission (the “SEC”).

    In compliance with the New York Stock Exchange rules, the Form 20-F is available on the Company’s website at www.nftoeo.com. In addition, all shareholders of the Company may request, free of charge, a hard copy of the Company’s complete audited financial statements filed with the SEC. To request a hard copy of the Company’s audited financial statements, or for any other inquiry in respect of this press release, please contact the Investor Relations Department of the Company, whose contact information is as follows: IR@nft-limited.com  

    About NFT Limited

    NFT Limited (formerly known as Takung Art Co Ltd.) operates an online electronic platform (www.nftoeo.com) for offering and trading of digital artwork. Through its platform, the Company allows artists/art dealers/owners to access a much bigger art trading market where they can engage with a wide range of investors. It generates revenue in the form of services in connection with the offering and trading of artwork on its platform, primarily consisting of listing fees, trading commissions, and management fees. Please visit: www.nftoeo.com.

    Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. NFT warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Forward looking statements may be identified by words such as “may”, “can”, “should”, “will”, “estimate”, “plan”, “project”, “forecast”, “intend”, “expect”, “predict”, “believe”, “seek”, “target”, “Outlook” or similar words.

    These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by NFT in its filings with the Securities and Exchange Commission (“SEC”).

    Contact
    Investor Relations
    IR@nft-limited.com

    SOURCE NFT Limited

    The MIL Network

  • MIL-OSI: Solitron Devices, Inc. Announces Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., July 11, 2025 (GLOBE NEWSWIRE) — Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is pleased to announce fiscal 2026 first quarter results. 

    FISCAL 2026 FIRST QUARTER HIGHLIGHTS –

    • Net sales decreased 32% to approximately $2.70 million in the fiscal 2026 first quarter versus $3.97 million in the fiscal 2025 first quarter.
    • Net bookings increased 37% to $2.80 million in the fiscal 2026 first quarter versus $2.04 million in the prior year first quarter.
    • Backlog increased 94% to $18.26 million at the end of the fiscal 2026 first quarter as compared to $9.41 million at the end of the fiscal 2025 first quarter.
    • Net income (loss) was ($0.34) million, or ($0.16) per share, for the fiscal 2026 first quarter versus net income of $0.59 million, or $.28 per share, for the fiscal 2025 first quarter.

    Revenue continued to be down in the first quarter, similar to the fourth quarter of fiscal year 2025, due to the lag time between receipt of orders and production/fulfillment of those orders. As previously noted in our last press release, we expected lower revenues in this quarter and anticipate sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter.

    On a positive note, the Company’s backlog remains at record levels. Backlog increased from $18.11 million at the beginning of the fiscal year to $18.26 million at the end of fiscal 2026 first quarter.

    During the quarter we invested $1.65 million for 6.4% of the units in CBE LLC (“CBE”). CBE purchased a 25% interest in CrossingBridge Advisors (“CrossingBridge”), a subsidiary of ENDI Corp., for $25.9 million. CBE will be entitled to a royalty equal to approximately 14.9% of the revenue of CrossingBridge, which equated to an initial “cap” rate based on CrossingBridge’s revenue run rate as of December 31, 2024, of approximately 11.7%. Solitron’s royalty share will be just under 6.4% of CBE’s. CrossingBridge reported that its assets under management were $4.0 billion as of June 30, 2025, versus $3.4 billion as of December 31, 2024.

    By law, certain U.S. Department of Defense officials and other executive branch agency officials are required to submit reports to Congress describing defense and intelligence-related priorities that were not included in the President’s annual budget request. These reports, known as unfunded priorities lists (UPLs), identify certain programs, activities, or mission requirements for which appropriations were not requested, along with the funding amounts that may be necessary to resource them. In the recent unfunded priorities list it has been reported that the U.S. Air Force requested an increase in AMRAAM production from 1,200 annually to 2,400 annually by 2028. AMRAAM is the largest defense program that Solitron supplies to. While the request is positive news, any increase requires Congressional approval, and there are no assurances that approval will happen. We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

    We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

     
    SOLITRON DEVICES, INC.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    FOR THE THREE MONTHS ENDED MAY 31, 2025, AND MAY 31, 2024
    (in thousands except for share and per share amounts)
     
        For The Three Months Ended   For The Three Months Ended
        May 31, 2025   May 31, 2024
        unaudited   unaudited
    Net sales   $ 2,700     $ 3,967  
    Cost of sales     2,310       2,292  
             
    Gross profit     390       1,675  
             
    Selling, general and administrative expenses     768       883  
             
    Operating income     (378 )     792  
             
    Other income (loss)        
    Interest income           5  
    Interest expense     (74 )     (50 )
    Dividend income     41       16  
    Realized gain (loss) on investments     81       11  
    Unrealized gain (loss) on investments     (127 )     27  
    Total other income (loss)     (79 )     9  
             
    Net income (loss) before income tax     (457 )     801  
    Income tax (expense) benefit     121       (212 )
             
    Net income (loss)   $ (336 )   $ 589  
             
    Net income (loss) per common share – basic and diluted   $ (0.16 )   $ 0.28  
             
    Weighted average shares outstanding – basic and diluted     2,082,553       2,083,436  
     
    SOLITRON DEVICES, INC. 
    CONSOLIDATED CONDENSED BALANCE SHEETS 
    AS OF MAY 31, 2025, AND FEBRUARY 28, 2025
    (in thousands, except for share and per share amounts)
     
        May 31,
    2025
        February 28,
    2025
     
                     
    ASSETS                
    CURRENT ASSETS                
    Cash and cash equivalents   $ 2,570     $ 4,099  
    Marketable securities     659       919  
    Accounts receivable     1,750       2,129  
    Inventories, net     3,591       3,440  
    Prepaid expenses and other current assets     212       132  
    TOTAL CURRENT ASSETS     8,782       10,719  
                     
    Property, plant and equipment, net     8,532       8,635  
    Intangible assets     2,852       2,905  
    Deferred tax asset     1,743       1,622  
    Long-term investment     1,650        
    Other assets     428       555  
    TOTAL ASSETS   $ 23,987     $ 24,436  
                     
    LIABILITIES AND STOCKHOLDERSEQUITY                
    CURRENT LIABILITIES                
    Accounts payable   $ 732     $ 439  
    Customer deposits     119       118  
    Accrued contingent consideration, current     598       570  
    Mortgage loan, current portion     155       152  
    Accrued expenses and other current liabilities     857       846  
    TOTAL CURRENT LIABILITIES     2,461       2,125  
                     
    Accrued contingent consideration, non-current     254       663  
    Mortgage loan, net of current portion     3,725       3,765  
    TOTAL LIABILITIES     6,440       6,553  
                     
    STOCKHOLDERS’ EQUITY                
    Preferred stock, $.01 par value, authorized 500,000 shares, none issued            
    Common stock, $.01 par value, authorized 10,000,000 shares, 2,082,553 shares outstanding, net of 487,827 treasury shares at May 31, 2025 and 2,082,553 shares outstanding, net of 487,827 treasury shares at February 28, 2025, respectively     21       21  
    Additional paid-in capital     1,834       1,834  
    Retained earnings     17,104       17,440  
    Less treasury stock     (1,412 )     (1,412 )
    TOTAL STOCKHOLDERS’ EQUITY     17,547       17,883  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 23,987     $ 24,436  

    The unaudited financial information disclosed in this press release for the three months ended May 31, 2025, is based on management’s review of operations for that period and the information available to the Company as of the date of this press release. The Company’s results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent auditors have audited the Company’s results for the fiscal year ending February 28, 2025. The financial results presented herein should not be considered a substitute for the information filed or to be filed with the SEC in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the respective periods once such reports become available.

    About Solitron Devices, Inc. 
    Solitron Devices, Inc., a Delaware corporation, designs, develops, manufactures, and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor (“MOS”) power transistors, power and control hybrids, junction and power MOS field effect transistors (“Power MOSFETS”), and other related products. Most of the Company’s products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy (“JAN”) transistors, diodes, and Standard Military Drawings voltage regulators, are sold as standard or catalog items.

    Effective September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based in Apopka, Florida. MEI specializes in solving design layout and manufacturing challenges while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980 the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing.

    Forward-Looking Statements 
    This press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company’s expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the possibility of reduced government spending on programs in which we participate, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management’s estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated. Descriptions of other risk factors and uncertainties are contained in the Company’s Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K for the fiscal year ended February 28, 2025.

    Tim Eriksen 
    Chief Executive Officer 
    (561) 848-4311 
    Corporate@solitrondevices.com

    The MIL Network

  • MIL-OSI: ETC Announces Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., July 11, 2025 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended May 30, 2025 (the “2026 first fiscal quarter”).

    Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the 39% increase in ETC operating income vs. prior year driven by an increase in sales of Aircrew Training Systems (“ATS”) and a decrease in operating expenses as compared to the prior year, as well as our 34% gross profit margin excluding the impact of lower margin sales related to construction of an aeromedical center during the 2026 first fiscal quarter. We exit the quarter with a sales backlog of $73 million and a large pipeline of opportunities.”

    Fiscal 2026 First Quarter Results of Operations

    Net Income

    Net income was $1.3 million, or $0.07 diluted earnings per share, in the 2026 first fiscal quarter, compared to net income of $1.4 million during the 2025 first fiscal quarter, or $0.08 diluted earnings per share. The $0.1 million decrease is primarily attributable to a $0.4 million, or 385.3% increase in interest expense, net and a $0.4 million, or 1850.0% increase in income tax provision in the 2026 first fiscal quarter as compared to 2025 first fiscal quarter partially offset by the net effect of a $0.9 million increase in ATS net sales, excluding the Aeromedical center building revenue, and a $0.7 million decrease in Commercial/Industrial Systems (“CIS”) net sales, and a $0.5 million decrease in operating expenses.

    Net Sales

    Net sales in the 2026 first fiscal quarter were $17.6 million, an increase of $4.1 million, or 30.5%, compared to 2025 first fiscal quarter net sales of $13.5 million. The increase in net sales was mainly a result of a $4.8 million, or 74.9% increase in ATS sales, $3.9 million of which relates to aeromedical center building revenue, slightly offset by a $0.8 million, or 14.2% decrease in Sterilizer Systems sales in the 2026 first fiscal quarter as compared to 2025 first fiscal quarter.

    Gross Profit

    Gross profit for the 2026 first fiscal quarter was $4.7 million (26.5% of net sales) compared to $4.5 million in 2025 first fiscal quarter (33.6% of net sales). The decrease in gross profit margin as a percentage of sales was a direct result of the increase in aeromedical center building revenue within the ATS business unit, which is lower margin than ETC’s core businesses as the work is being performed by a sub-contracted construction firm. Excluding the impact of the aeromedical center building revenue, gross profit margin was 34.3% for first fiscal quarter 2026 as compared to 33.9% for first fiscal quarter 2025.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2026 first fiscal quarter were $2.5 million, a decrease of $0.5 million, or 16.0%, compared to $3.0 million for the 2025 first fiscal quarter. The decrease in operating expenses was due primarily to lower research and development expense at ETC-PZL in 2026 first fiscal quarter as compared to 2025 first fiscal quarter. In 2025 first fiscal quarter, ETC-PZL had limited sales which resulted in employees working on non-chargeable research and development projects.

    Operating Income

    Operating income for the 2026 fiscal first quarter was $2.2 million, an increase of $0.6 million, or 39.4%, compared to $1.6 million for the 2025 first fiscal quarter. The increase in operating income is attributable to the net effect of a $0.9 million increase in ATS net sales, excluding the Aeromedical center building revenue, and a $0.7 million decrease in Commercial/Industrial Systems (“CIS”) net sales, and a $0.5 million decrease in operating expenses.

    Interest Expense, Net

    Interest expense, net, for the 2026 first fiscal quarter was $0.6 million compared to $0.1 million in the 2025 first fiscal quarter, an increase of $0.4 million, or 385.3%, reflecting increased borrowing attributable to the leaseback of the demonstration equipment in 2025 fourth fiscal quarter.

    Income Tax Provision

    Income tax provision for the 2026 first fiscal quarter was $0.4 million compared to $0.0 million in the 2025 first fiscal quarter, an increase of $0.4 million, or 1850.0%. The increase is a non-cash tax expense attributable to the utilization of our Net Operating Loss (NOL) carryforward for which a deferred tax asset was established in the fourth quarter of fiscal 2025.

    Cash Flows from Operating, Investing, and Financing Activities

    During the 2026 first fiscal quarter, cash flows used in operating activities were $2.7 million, a decrease of $5.6 million compared to cash flows provided by operating activities of $2.9 million during 2025 first fiscal quarter. Cash flows during the 2026 first fiscal quarter primarily decreased as a result of an increase in accounts receivable, net, slightly offset by an increase in accounts payable, trade for 2026 first fiscal quarter as compared to 2025 first fiscal quarter.

    Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company’s investing activities used $0.1 million during the 2026 and 2025 first fiscal quarter.

    The Company’s financing activities provided $1.0 million of cash during the 2026 first fiscal quarter from borrowings under the Company’s credit facility as compared to repayments under the Company’s credit facility of $3.1 during the 2025 first fiscal quarter.

    About ETC

    ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizers (“Sterilizer Systems” or “Sterilizers”); and (vi) Environmental Testing and Simulation Systems (“ETSS”).

    We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

    ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

    The majority of our net sales are generated from long-term contracts with foreign and U.S. governments and agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS as well as long-term contracts with domestic and international customers for the sale of Sterilizer systems. The Company also enters into long-term contracts with domestic customers for the sale of ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

    ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/. The information contained on our website is not incorporated by reference in this news release.

    Forward-looking Statements

    This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward looking statements.

    Contact: Tim Kennedy, CFO
    Phone: (215) 355-9100 x1531
    E-mail: tkennedy@etcusa.com
       

    – Financial Table Follows –

    Table A                
    ENVIRONMENTAL TECTONICS CORPORATION  
    SUMMARY TABLE OF RESULTS  
    (in thousands, except per share information)  
    (unaudited)  
                     
      Thirteen weeks ended   Variance  
    (in thousands, except per share information) May 30, 2025   May 24, 2024   ($)   (%)  
    Net sales $ 17,601     $ 13,492     $ 4,109     30.5    
    Cost of goods sold   12,939       8,965       3,974     44.3    
    Gross Profit   4,662       4,527       135     3.0    
    Gross profit margin %   26.5 %     33.6 %     -7.1 %   -21.1 %  
                     
    Operating expenses   2,498       2,975       (477 )   -16.0    
    Operating income   2,164       1,552       612     39.4    
    Operating margin %   12.3 %     11.5 %     0.8 %   6.9 %  
                     
    Interest expense, net   563       116       447     385.3    
    Other (income) expense, net   (78 )     55       (133 )   -241.8    
    Income before income taxes   1,679       1,381       298     21.6    
    Pre-tax margin %   9.5 %     10.2 %     -0.7 %   -6.9 %  
                     
    Income tax provision   390       20       370     1850.0    
    Net income   1,289       1,361       (72 )   -5.3    
    Preferred Stock dividends   (121 )     (121 )         0.0    
    Income attributable to common and                
    participating shareholders $ 1,168     $ 1,240     $ (72 )   -5.8    
                     
    Per share information:                
    Basic earnings per common and participating share:                
    Distributed earnings per share:                
    Common $     $     $        
    Preferred $ 0.02     $ 0.02     $     0.0    
    Undistributed earnings per share:                
    Common $ 0.07     $ 0.08     $ (0.01 )   -12.5    
    Preferred $ 0.07     $ 0.08     $ (0.01 )   -12.5    
    Diluted earnings per share $ 0.07     $ 0.08     $ (0.01 )   -12.5    
                     
                     
    Total basic weighted average common and participating shares   15,665       15,569            
                     
    Total diluted weighted average shares   16,998       16,062            
     

    The MIL Network

  • MIL-OSI: MidWestOne Financial Group, Inc. Announces Second Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, July 11, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“MidWestOne” or the “Company”), parent company of MidWestOne Bank, today announced that its second quarter 2025 financial results will be released after market closes on Thursday, July 24, 2025. The Company will host a conference call to discuss its financial results at 11:00 a.m. Central Time on Friday, July 25, 2025.

    Investors and analysts interested in participating in the call may pre-register utilizing the following link: https://www.netroadshow.com/events/login?show=a6070726&confId=80381. After pre-registering for this event, you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 (callers located in Canada please dial 1-833-950-0062) approximately 15 minutes prior to the start of the call and providing the access code 293794. A live audio webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at https://www.midwestonefinancial.com.

    A replay of the conference call will be available within four hours of the conclusion of the call and can be accessed both online and by dialing 1-866-813-9403 within the United States and Canada (all other international callers please dial +440-204-525-0658). The pin to access the telephone replay is 763204. The replay will be available until October 23, 2025.

    About MidWestOne Financial Group, Inc.
    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Category: Earnings
    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contacts:  
    Charles N. Reeves Barry S. Ray
    Chief Executive Officer Chief Financial Officer
    319.356.5800 319.356.5800

    The MIL Network

  • MIL-OSI: Southside Bancshares, Inc. Announces Second Quarter Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    TYLER, Texas, July 11, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside”) (NYSE: SBSI), the holding company for Southside Bank, announced today it will release its second quarter financial results before the market opens on Friday, July 25, 2025. Southside will host a conference call to discuss its results on Friday, July 25, 2025, at 11:00 a.m. CDT.

    The call will be hosted by Lee R. Gibson, CEO, Keith Donahoe, President, Julie Shamburger, CFO, and Lindsey Bailes, VP, Investor Relations. Following prepared remarks there will be a question and answer session for the analyst community.

    The Conference Call Details

    The conference call can be accessed by webcast, for listen-only mode, here or on the company website, https://investors.southside.com, under Events.

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register using this online form to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate register 10 minutes prior to the conference call to ensure a more efficient registration process.

    For those unable to attend the live event, a webcast recording will be available here or on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $8.34 billion in assets as of March 31, 2025. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 53 branches and a network of 71 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at 903-630-7965 or lindsey.bailes@southside.com.

    For further information:                                
    Lindsey Bailes
    903-630-7965

    The MIL Network

  • MIL-OSI: AI Mining Takes on Ripple’s XRP: PFMCrypto Launches Zero-Hardware XRP Cloud Mining with Daily Rewards

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 11, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
    Explore the PFMCrypto website or download the app today.

    XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
    Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
    Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

    Key Features of PFMCrypto’s XRP Cloud Mining Contracts
    –  Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
    –  Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
    –  AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
    –  100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
    –  Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

    Mining Contracts for Every Budget and Strategy:
    PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
    $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
    $100 Contract – 2 Days – Earn $3.00 daily + $2 reward
    $500 Contract – 5 Days – Earn $6.15 daily
    $5,000 Contract – 30 Days – Earn $78.50 daily
    $20,000 Contract – 45 Days – Earn $380.00 daily
    Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
    Click here to explore more XRP cloud contracts.

    Why PFMCrypto’s XRP Mining Stands Out?
    –  Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
    –  XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
    –  Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
    –  Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
    –  Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

    Get Started Today in 3 Easy Steps:
    1.  Sign Up – Create your account and receive a $10 welcome bonus
    2.  Choose a Plan – Select a short- or long-term contract (1–60 days available)
    3.  Start Earning – Track daily profits and withdraw in the token of your choice

    Start mining XRP now at: https://pfmcrypto.net 
    Or download the PFMCrypto mobile app (available for iOS & Android).

    XRP Mining for a Digital Future
    Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.

    “XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
    Markets may shift—but daily mining income can remain steady.

    Join the XRP mining revolution today at: https://pfmcrypto.net 

    The MIL Network

  • MIL-OSI: AI Mining Takes on Ripple’s XRP: PFMCrypto Launches Zero-Hardware XRP Cloud Mining with Daily Rewards

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 11, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
    Explore the PFMCrypto website or download the app today.

    XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
    Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
    Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

    Key Features of PFMCrypto’s XRP Cloud Mining Contracts
    –  Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
    –  Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
    –  AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
    –  100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
    –  Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

    Mining Contracts for Every Budget and Strategy:
    PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
    $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
    $100 Contract – 2 Days – Earn $3.00 daily + $2 reward
    $500 Contract – 5 Days – Earn $6.15 daily
    $5,000 Contract – 30 Days – Earn $78.50 daily
    $20,000 Contract – 45 Days – Earn $380.00 daily
    Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
    Click here to explore more XRP cloud contracts.

    Why PFMCrypto’s XRP Mining Stands Out?
    –  Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
    –  XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
    –  Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
    –  Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
    –  Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

    Get Started Today in 3 Easy Steps:
    1.  Sign Up – Create your account and receive a $10 welcome bonus
    2.  Choose a Plan – Select a short- or long-term contract (1–60 days available)
    3.  Start Earning – Track daily profits and withdraw in the token of your choice

    Start mining XRP now at: https://pfmcrypto.net 
    Or download the PFMCrypto mobile app (available for iOS & Android).

    XRP Mining for a Digital Future
    Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.

    “XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
    Markets may shift—but daily mining income can remain steady.

    Join the XRP mining revolution today at: https://pfmcrypto.net 

    The MIL Network

  • MIL-OSI: AI Mining Takes on Ripple’s XRP: PFMCrypto Launches Zero-Hardware XRP Cloud Mining with Daily Rewards

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 11, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
    Explore the PFMCrypto website or download the app today.

    XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
    Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
    Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

    Key Features of PFMCrypto’s XRP Cloud Mining Contracts
    –  Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
    –  Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
    –  AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
    –  100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
    –  Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

    Mining Contracts for Every Budget and Strategy:
    PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
    $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
    $100 Contract – 2 Days – Earn $3.00 daily + $2 reward
    $500 Contract – 5 Days – Earn $6.15 daily
    $5,000 Contract – 30 Days – Earn $78.50 daily
    $20,000 Contract – 45 Days – Earn $380.00 daily
    Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
    Click here to explore more XRP cloud contracts.

    Why PFMCrypto’s XRP Mining Stands Out?
    –  Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
    –  XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
    –  Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
    –  Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
    –  Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

    Get Started Today in 3 Easy Steps:
    1.  Sign Up – Create your account and receive a $10 welcome bonus
    2.  Choose a Plan – Select a short- or long-term contract (1–60 days available)
    3.  Start Earning – Track daily profits and withdraw in the token of your choice

    Start mining XRP now at: https://pfmcrypto.net 
    Or download the PFMCrypto mobile app (available for iOS & Android).

    XRP Mining for a Digital Future
    Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.

    “XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
    Markets may shift—but daily mining income can remain steady.

    Join the XRP mining revolution today at: https://pfmcrypto.net 

    The MIL Network

  • MIL-OSI USA: Warren Secures Wins on Right to Repair, Service Member Safety, Military Housing, Transparency at Defense Department in Senate Version of FY 2026 Defense Policy Bill

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    July 11, 2025

    Executive Summary of Senate FY26 NDAA (Website)

    Washington, D.C. — During the Senate Armed Services Committee’s (SASC) markup of the Fiscal Year 2026 National Defense Authorization Act (FY26 NDAA) this week, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Armed Services Personnel Subcommittee, secured key wins, including on right to repair, transparency on the removal of top military officials, troop health and safety, boosting competition among defense contractors, improved housing protections for American troops, and education. All were secured with bipartisan support in the Senate Armed Services Committee. 

    Senator Warren secured the following provisions in SASC’s version of the FY26 NDAA: 

    Right to Repair

    “It’s common sense for members of the military to be able to fix their own weapons. Senator Sheehy and I fought hard to secure this provision that will improve military readiness and save taxpayers billions of dollars. It’s about time we stand up to Pentagon contractors that are squeezing every last cent from us at the expense of our national security,” said Senator Warren.

    • A provision, which includes portions of Senator Warren’s bipartisan Warrior Right to Repair Act, to guarantee all branches of the military the right to repair their equipment and requires contractors to provide any information needed to repair the equipment.

    In January, Senator Warren secured Army Secretary Dan Driscoll’s support for taking on costly right to repair restrictions. She has also questioned defense contractors directly for their opposition to right to repair reform and introduced separate bicameral legislation to require contractors to provide repair materials in a timely and reasonable manner. 

    Promoting Transparency

    “Secretary Hegseth’s attack on independent legal advisors doesn’t make anyone safer. I’m fighting to rein in this abuse of power and ensure transparency from this administration,” said Senator Warren.

    • A provision requiring DoD to notify Congress five days before the removal of a Judge Advocate General (JAG), top legal officers for the military services, and provide a justification.

    Senator Warren, along with several of her SASC colleagues, sent a letter to Secretary Hegseth earlier this year raising concerns about how his firings of these top military lawyers would damage public trust and the apolitical foundation of the military legal system. In a March 2025 hearing, Senator Warren also highlighted, and a Trump defense nominee agreed with, the importance of the Judge Advocate General’s Corps, whom American troops rely on for legal advice and Senator Lindsey Graham has praised as “the conscience of the military.”

    Service Member Health and Safety

    “I’ve heard so many stories of service members suffering from the devastating effects of blast overpressure – cases of depression, suicide, and seizures. I led historic, bipartisan reforms in last year’s NDAA and will keep pushing DoD to do more,” said Senator Warren. “I’ve been fighting on this issue for years, and a long-term study on exposure would help us better ensure troops get the care and support they deserve.”

    • A provision providing an additional $5 million for blast overpressure analysis and mitigation beyond the Trump administration’s request; 
    • A provision requiring DoD to provide a Congressional briefing on the feasibility of conducting a study on the long-term effects of blast overpressure exposure in partnership with a non-profit medical center specializing in Traumatic Brain Injuries (TBI) and with experience working with Special Operators; 
    • A provision requiring the Government Accountability Office to study DoD’s compliance with blast overpressure reforms passed in last year’s NDAA, as well as DoD’s efforts to use cognitive assessments to track brain health, to document service member exposure, and to address the potential link between exposure and risks of suicide; and 
    • A provision requiring the Joint Safety Council to provide Congress the executive summaries of Safety Investigation Boards (SIBs) conducted for the past three years and any corrective actions that were taken. 

    For over seven years, Senator Warren has led efforts to measure blast exposure and develop protocols that protect our military. She’s introduced bipartisan legislation to track service members’ exposure to and mitigate the effects of blast overpressure. She’s also hosted a hearing and a forum to highlight service members’ and veterans’ experiences with getting care for these injuries. In last year’s NDAA, Senator Warren secured historic reforms to improve access to care after exposure to blast overpressure and mitigate exposure risks. 

    Senator Warren has also highlighted the need for transparency around military accidents, the crash that killed Staff Sergeant Jacob Galliher– a young father from Pittsfield, Massachusetts. 

    Increasing Competition 

    “Increasing competition for our military’s AI and cloud computing programs creates better tools, saves money, and protects our national security. I’ll keep fighting to protect our military from being ripped off while keeping our markets fair and our information secure,” said Senator Warren

    • Based on Senator Warren’s bipartisan Protecting AI and Cloud Competition Act, the bill requires DoD to produce a report on competition dynamics between AI and commercial cloud providers, the impacts of competition on overall innovation in AI, barriers to entry for small and new performers, and the impact of potential or perceived concentrations of market power or market share on competition; 
    • A provision requiring the DoD Inspector General to review sole source cloud computing contracts awarded under the Joint Warfighter Cloud Capability program, including justifications, approvals, and systemic challenges to competition. 
    • A provision requiring DoD to provide its strategy to monitor and mitigate the risks of future mergers and acquisitions; 
    • A provision requiring DoD to maintain multiple sources as soon as possible, and no later than fiscal year 2031, for products in critical sectors; and
    • A provision tackling consolidation in the defense contracting industry by requiring that the Government Accountability Office (GAO) conduct a review of mergers in the previous 10 years to determine if changes to defense merger review laws and policies are necessary. 

    Senator Warren has urged the Defense Department to ensure its AI contracting processes will protect government data, save taxpayer funds, and promote competition. She’s also introduced bipartisan legislation to help rein in Big Tech companies and prevent them from cutting out competitors in the AI and cloud computing markets when it comes to defense contracting. 

    Drug Supply Chains and Health Care

    “The DoD’s overreliance on overseas manufacturers gives our adversaries the power to restrict our access to the critical drugs we need to treat our men and women in uniform,” said Senator Warren. “Congress can save lives and save money by strengthening our domestic pharmaceutical supply to ensure we have access to the medicines necessary to treat service members in the field.” 

    “One of the nation’s biggest drug middlemen may be ripping off our military to boost its profits–and trying to hide this information from Congress. My provision ensures Congress has the information we need to hold contractors accountable for price-gouging on the backs of our servicemembers and taxpayers,” said Senator Warren.

    • A provision requiring DoD to report on how shortages and supply challenges for drugs and medical countermeasures have impacted military readiness and the ability for DoD to obtain the pharmaceuticals it needs for its personnel; and 
    • A provision requiring DoD to provide a confidential briefing to the Armed Services Committee every six months on the differences in reimbursement rates or practices, direct and indirect remuneration fees or other price concessions, and clawbacks between pharmacies that are affiliates of TRICARE’s contracted Pharmacy Benefit Manager (PBM) and pharmacies that are not affiliates of TRICARE’s contracted PBM. 

    Senator Warren has long sounded the alarm on the danger of overly relying on foreign pharmaceutical manufacturers, for both the military and civilians. She has led bipartisan oversight and urged the Defense Department to reform acquisition rules to give preference to American-made products. She has also filed legislation to end the country’s reliance on foreign countries for critical drugs and a bipartisan bill to study the impacts of foreign investment in the U.S. pharmaceutical industry. Senator Warren has also called for audits into pharmacy benefit managers that price gouge the military. 

    Military Housing and Childcare

    “Military families deserve safe, affordable housing. Congress must investigate the potential use of rent-setting algorithms used to price gouge military families and ban abusive landlords’ use of NDAs meant to keep military tenants quiet,” said Senator Warren

    • A provision requiring DoD to provide a report and briefing to SASC on the extent to which privatized military housing companies are using algorithmic software, including RealPage, to set apartment rents for service members paid by basic allowance for housing (BAH); 
    • A provision banning landlords from requesting that tenants sign non-disclosure agreements (NDAs) in privatized military housing; 
    • A provision to establish a pilot program for increasing child development center employee wages on at least three military installations; and
    • A provision increasing the transparency of landlord financial practices by requiring privatized military housing companies to report their liability insurance coverage and the amounts of payments to tenants to resolve dispute resolutions. 

    Senator Warren has been a leader in raising concerns about problems with privatized military housing and led the push to protect military families. She has led oversight into landlords’ use of algorithmic pricing tools like RealPage to hike rents on servicemembers. She has also introduced legislation to address private military housing landlords’ use of NDAs and unsafe housing conditions. At an April 2025 hearing, Senator Warren secured a commitment from a Trump defense nominee to hold military housing contractors accountable, if needed.  

    Education

    “Service members put their lives on the line for this country, so there’s no excuse for our government to fall short of its promises to them. Helping service members afford quality education is how our country recruits and maintains a fighting force,” said Senator Warren.

    • A provision requiring DoD to issue a report on the status of a data match to ensure service members can automatically receive Public Service Loan Forgiveness (PSLF); and  
    • A provision directing GAO to issue a report on challenges service members face in student loan repayment, including scams, repayment procedures, and servicer misconduct.

    Senator Warren has been a leading voice in fighting for strong education benefits for service members and families, fighting to restore benefits to veterans cheated by for-profit colleges and pushing the Defense Department to release data on the Postsecondary Education Complaint System (PECS), a centralized database to track complaints against schools who participate in tuition assistance programs. At an April 2025 hearing, she pressed military leaders on the impact of the Defense Department’s shortcomings on education benefits.  

    The House Armed Services Committee will convene to mark up its version of the NDAA next week. 

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: In Joint CBS Interview, Warren, Sheehy Highlight Bipartisan Fight For Military’s Right to Repair Its Own Equipment

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    July 11, 2025

    Warren: “The choice will belong to our military to make the right economic decision to purchase and then the right economic decisions down the line on how to repair it.”

    Sheehy: “We’re at a point where we’ll have systems that are not ready for missions overseas in war zones, on ships, at forward-deployed bases, and we can’t conduct basic repairs to those systems.”

    Full Interview (YouTube)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Tim Sheehy (R-Mont.), who are both members of the Senate Armed Services Committee, sat down with CBS’s Caitlin Huey-Burns to highlight their Warrior Right to Repair Act of 2025, which would require contractors to provide the Department of Defense access to technical data and materials the military needs to repair and maintain its own equipment. This legislation aims to reduce government spending, promote competition, and improve military readiness. Portions of the bill are included in the Senate’s National Defense Authorization Act of 2026.

    Watch the interview here and read the full transcript below: 

    CBS News: Why Sens. Elizabeth Warren and Tim Sheehy are teaming up to tame Pentagon spending
    July 10, 2025

    Caitlin Huey-Burns: Why can’t the military fix its own equipment? 

    Senator Elizabeth Warren: You want to go first, Tim? 

    Senator Tim Sheehy: Well, we’ve had decades of bureaucratic sclerosis that have created a really broken system that’s rife with perverse incentives. It’s also rife with requirements that aren’t always grounded in what the warfighter actually needs, and a huge focus on process over outcome. We’re at a point where we’ll have systems that are not ready for missions overseas in war zones, on ships, at forward-deployed bases, and we can’t conduct basic repairs to those systems. And I think we’re at a point now where we’ve seen multiple theaters of war, from Iraq to Afghanistan to Israel to Ukraine. We’re understanding the limits of this current defense acquisition paradigm, and it’s about time we fix it. So, it’s not one thing that happened. It’s an accumulation of 30 years of bureaucracy that’s kind of led to where we’re at now.

    Senator Warren: And I would just add to what Senator Sheehy says here by pointing out that the defense contractors have figured out they get two bites at every apple this way. So, they sell you the initial product, whether it’s an oven on a submarine or it’s a fancy piece of warfighting equipment—that’s one—and they negotiate a price for that, but they hold back in the fine print. You can’t fix it yourself. So, when the safety clip breaks, when you get sand down in the equipment, and you need to mess with it some more, the answer is, too often, because of what’s in that contract that the military says to our service member, don’t touch that thing. You’ve got to retire, in effect, the piece of equipment, hold it over there, call a contractor, have the contractor fly in from a long, long way away, charge us for flying in, take the delay and charge us whatever they want to charge us to come in and fix that thing. That has turned out to be a very profitable model for some of the defense contractors. And what our bill says is no more, no more. The Defense Department, going forward, if our bill is signed into law, it basically says, here’s the deal: you negotiate the price to buy the thing, and if the thing breaks, we may fix it ourselves. We may go to another small business, a startup, some guy who set up shop to be able to fix just that kind of thing. Or we may come back to the manufacturer. But the choice will belong to our military to make the right economic decision to purchase and then the right economic decisions down the line on how to repair it.

    Caitlin Huey-Burns: What about the argument, though, that the contractor knows the equipment better than anyone else has the ability to fix it better than anyone? Why shouldn’t they be allowed to be the ones?

    Senator Warren: Let them compete. They want to offer. They want to say, “Hey, we can fix that.” You know what? I’ll bet if that happened, that the price of fixing it would go down, if there were competition—that is, if other little guys were in there saying, “Hey, we can fix this.” Or, let’s face it, the servicemember, himself or herself, who actually also knows this stuff. Let’s have that open competition. That’s what we need here on the military side, and frankly, it’s what we need throughout the country, whether we’re talking about cars or tractors or telephones, or anything else. But we’re starting here. 

    Caitlin Huey-Burns: So, you’re saying—you’re not saying that the contractor won’t be able to fix the equipment, they just can’t have a monopoly in it?

    Senator Warren: That’s right, that they negotiated up front in fine print when nobody was looking and nobody was pricing it in. That’s where they’re making off like bandits.

    Caitlin Huey-Burns: And Senator Sheehy, you approach this issue as a former seal officer. What kind of impact—Senator Warren talked about the financial aspects of this. What kind of impact has this had on the battlefield, on training, on our soldiers out there? What does it mean for military readiness?

    Senator Sheehy: Less. Less readiness, to put it bluntly. We’ve had less readiness as a result of this. Now, our acquisition paradigm was really designed in the 1950s and 60s and hasn’t really changed since then. And in fairness to the Pentagon individuals and the contractors together, much of that’s been on us. We have not forced an upgrade to our DFARS, defense acquisition regulations, that govern the entire federal acquisition environment. We have not forced them to upgrade those, and it’s about time we do, because the systems simply were not as complicated. Software. Software is becoming one of the core pieces of functional equipment that we have.

    Caitlin Huey-Burns: You two come from very different parties. You’re a very conservative Republican. You’re a very progressive Democrat. How is it that you two found this common ground? How is it that you guys came together on this piece of legislation? 

    Senator Sheehy: Well, I was making the rounds as a freshman who’s never served in any political office before, when I got here, I said, the first thing I do is I’m trying to meet with every single member I can, on both parties, and just introduce myself and get some advice and wisdom. And in our first meeting, you know, we just—she said, “Well, what do you want to do when you’re here?” And I listed the handful of things I wanted to focus on. One of them was defense acquisition reform. And I kind of went on my riff about how frustrated I was.

    Caitlin Huey-Burns: Your eyes light up.

    Senator Warren: I did. 

    Senator Sheehy: She popped up like an aerobics video, like, “That, we’re going to do it.” And we dug into it.

    Caitlin Huey-Burns: “That’s my language.” 

    Senator Warren: Exactly, I said, “Another nerd, we can do this. We can do this.” But it is, there are these places that this isn’t political. This is about doing what is right.

    MIL OSI USA News

  • MIL-OSI: DRML Miner Launch Marks New Era as Bitcoin Surges Past $116K

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 11, 2025 (GLOBE NEWSWIRE) — Bitcoin has lately hit the amazing landmark of $116,000, this marks an incredibly important milestone in finance history. I don’t think this milestone is merely a price, representing further entrenchment and acceptance of Bitcoin and cryptocurrencies in a global economy. A price above $100,000 represents a total paradigm shift in finance; there is increasing optimism in the market, mainstream adoption is accelerating, and Bitcoin keeps surprising us by outperforming all expectations.

    The price increase is also connected to the underlying market trend occurring overall, that is being fueled by institutional adoption and interest, rising inflation concerns, and the search for digital decentralized assets. The global crypto market itself is maturing, and people start to see bitcoin not just as a ‘currency’, but as a long term store of value, it can replace gold as a store of value.

    A Quick Look Back: Bitcoin’s Unstoppable Ascent

    Bitcoin’s journey began in 2009 with little fanfare. Created by the pseudonymous Satoshi Nakamoto, it was introduced as a peer-to-peer electronic cash system. The early days were experimental—few believed it would ever become a serious financial asset.

    Starting from just fractions of a cent, Bitcoin was valued at $1,000 in 2013, followed by $20,000 in 2017. After some extreme volatility over the next few years, it surpassed $60,000 in 2021. Now it’s 2025 and Bitcoin is over $116,000, setting records and changing the investment landscape.

    Bitcoin’s supply is capped at 21 million coins, which is another part of its value proposition, creating scarcity of the asset and increasing interest. And as currency declines due to inflation, Bitcoin holds the possibility of becoming an alternative to a decentralized, scarce currency.

    Why Bitcoin Is Surging in 2025

    Several key factors have driven this historic price advance:

    – Institutional Investment: The top financial institutions and corporations are investing serious money and adding Bitcoin to their balance sheet as a hedge against inflation.

    – Adoption: Bitcoin is now being accepted across all areas of retail—everything from your local online retailer to multinational banks.

    – Macroeconomic Instability: The growing inflation in all major economies has led many investors to consider crypto as a store of value.

    – Technological Advances: New mining technologies have allowed or increased the security of the blockchain while pushing costs lower.

    This is not a hype train—this is a train running on actual data, demand, and real value.

    Enter DRML Miner: Redefining Crypto Mining for the Future

    Amid Bitcoin’s surge, one name is making headlines in the mining industry: DRML Miner. As the demand for Bitcoin increases, so does the competition to mine it. Traditional mining rigs often fail to offer consistent profitability due to rising energy costs and difficulty levels.

    DRML Miner is here to change that. With cutting-edge technology, unparalleled efficiency, and a user-first approach, DRML Miner is enabling individuals and businesses to mine Bitcoin profitably, regardless of scale.

    What Sets DRML Miner Apart?

    Unlike outdated mining equipment that requires high upfront investment and complex setup, DRML Miner delivers a modern, plug-and-play mining solution designed for efficiency and ease. Here’s why it stands out:

    • High Hash Rate Efficiency: Achieve maximum mining power with optimized processing speed.
    • Energy-Saving Design: Built to consume less power, reducing overhead and maximizing ROI.
    • Scalable Infrastructure: Suitable for solo miners, small businesses, and large-scale operations.
    • Real-Time Monitoring: Integrated dashboards allow users to track performance, earnings, and hardware status 24/7.
    • Global Support: Dedicated customer service ensures smooth onboarding and continued operational success.

    DRML Miner doesn’t just offer hardware—it offers a complete, supported ecosystem designed to maximize earnings and simplify the mining process.

    The Mining Industry Reimagined

    Mining has often been associated with high complexity and low returns. DRML Miner is redefining this narrative by introducing mining solutions that are accessible, reliable, and scalable. Whether you’re new to crypto or an experienced investor, DRML makes profitable mining achievable.

    By reducing the barrier to entry, DRML Miner empowers more people to participate in the Bitcoin ecosystem. This democratization of mining aligns perfectly with the decentralized spirit of cryptocurrency itself.

    The Economic Impact of DRML Miner’s Technology

    As Bitcoin reaches new heights, mining profitability becomes more attractive. However, only those with efficient systems can truly capitalize on these gains. DRML Miner helps miners stay ahead of rising competition by offering future-proof technology.

    Its proprietary cooling systems, low power usage, and intelligent management tools allow users to achieve consistent returns—even as mining difficulty increases. This long-term approach creates stability in an otherwise volatile space.

    The Road Ahead: Bitcoin and the Future of Finance

    Based on the momentum Bitcoin possesses, it is set to reach new heights. Financial analysts suggest the price will reach and exceed $150,000 in the next year and with the amount of financial uncertainty existing across the globe, this is likely. Bitcoin’s adoption is expanding throughout the continents and creating a diversified investment portfolio.

    At the same time, tools like DRML Miner will help with the infrastructure development and ultimately increase the network. With more people validating blockchain transactions, there will be a stronger foundation laid.

    The future of Bitcoin lies well beyond just price—it is about infrastructure and access but also about impact on the world.

    Conclusion: Your Opportunity to Join the Crypto Revolution

    Bitcoin has verified the myth of breaking through all barriers as it confidently holds its position at $116,000. This accomplishment is monumental since price experience is one thing, but as decentralized finance continues to gain legitimacy, this is more far-reaching! As the markets take shape, chances like these are becoming increasingly limited.

    With DRML Miner, you can be a part of the revolution from day one. The opportunity is available whether you want to diversify your income or create a mining dynasty. Reliable, scalable, and available tools are finally at our disposal.

    Start mining smarter. Grow your crypto wealth. Be part of the future.

    Explore the future of mining today at https://drmlminers.com/

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks. There is a possibility of financial loss. You are advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI Canada: New habitat-protection measures support caribou in northeastern B.C.

    Source: Government of Canada regional news

    The B.C. government, Fort Nelson First Nation and the B.C. Energy Regulator (BCER) are working collaboratively to implement new protection measures to support boreal caribou recovery in northeastern B.C.

    “Helping caribou populations recover is a complex challenge requiring multiple approaches to stabilize and reverse the decline of herds in B.C.,” said Randene Neill, Minister of Water, Land and Resource Stewardship. “The Boreal Caribou Protection and Recovery Plan and the implementation of the new measures are crucial for caribou-recovery efforts in these four northeast ranges. The Fort Nelson First Nation community continues to be an integral partner in this important work.”

    The new measures are consistent with the Boreal Caribou Protection and Recovery Plan that was endorsed by the B.C. government in 2023. The Boreal Caribou Protection and Recovery Plan was co-developed by the B.C. government and Fort Nelson First Nation, with contributions from the Northern Rockies Regional Municipality. The plan is designed to meet federal and provincial targets for species-at-risk recovery, while supporting opportunities to strengthen the natural-resource economy in the region.

    “Finalizing the Boreal Caribou Protection and Recovery Plan is a vital step in our shared responsibility to steward the land,” said Chief Archie Harrold, Fort Nelson First Nation. “By working together with the provincial government, we are proving that true collaboration, rooted in respect for Indigenous knowledge and western science, leads to real action. This plan reflects our commitment to protecting boreal caribou and ensuring a healthy land for future generations.”

    The new protection measures applied to selected boreal caribou habitat areas include:

    • the establishment of six new Wildlife Habitat Areas (WHA) through a Government Actions Regulation (GAR) order approved by the delegated decision-maker;
    • the establishment of Resource Review Areas (RRA), where new requests to grant the right to explore for and produce petroleum or natural gas have been temporarily suspended; and
    • interim permitting measures for energy-resource activities.  

    The GAR order to establish the new WHAs targets areas of highest habitat value to boreal caribou, while avoiding areas of highest timber value as much as possible. The management measures laid out in the order apply to primary forestry activities, such as timber harvesting and the construction of associated resource roads in specified areas of the Fort Nelson Timber Supply Area.

    The BCER is implementing interim permitting measures in 1.4 million hectares of habitat that is important for boreal caribou protection. These measures prohibit the issuance of new or amended permits for energy-resource activities or authorizations in Boreal Caribou Management Type 1 areas (core areas) in the affected region, except for:

    • activities necessary to protect health and safety;
    • restoration activities; or
    • technical or administrative activities, with appropriate mitigations to protect boreal caribou habitat and support habitat restoration.

    The Ministry of Energy and Climate Solutions is establishing RRAs within Boreal Caribou Management Type 1 areas where new requests for petroleum and natural gas rights (postings) in the affected region are temporarily suspended. These measures align with the BCER’s interim permitting restrictions and are expected to remain in place for at least three years.

    Collectively, these actions target the specific threats to caribou habitat and support caribou-population recovery objectives, while leaving room for sustainable, inclusive economic opportunities and public access and recreational uses that are compatible with shared recovery goals. The conservation measures will not affect recreation or public access to these areas.

    In July 2024, the B.C. government consulted First Nation governments and potentially affected forestry licensees about the establishment of WHAs. These discussions were completed in February 2025.

    The Province has also engaged with and notified other parties who are not legally affected by habitat-protection measures, such as registered trappers, guide outfitters or local governments, but have interests overlapping the WHAs. The consultation and engagement process provided an opportunity to review the socio-economic assessment and refine boundaries or regulatory actions if needed.

    Learn More:

    To learn more about Boreal Caribou Protection and Recovery Plan, visit: https://www2.gov.bc.ca/assets/download/7701D375C38E4E29ACB37046EC9FAF8F

    MIL OSI Canada News

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom provides $11 million to organizations helping underserved job seekers find training and employment

    Source: US State of California 2

    Jul 11, 2025

    What you need to know: Governor Newsom is announcing that the California Employment Development Department is awarding $11 million to help six California organizations connect underserved adults — including veterans, people with disabilities, and at-risk young adults — with job training and career development services.

    SACRAMENTO — A nearly $11 million grant will help six California-based organizations develop and deliver job training and career development services to Californians facing some of the most significant barriers to finding employment. This includes veterans, people with disabilities, English-language learners, the long-term unemployed, workers over the age of 55, and at-risk young adults who are not in school or are unemployed. According to a national Georgetown University study, Jobs for All, there are approximately 27 to 35 million individuals who want to work but face significant barriers (such as poverty, disability, or long-term unemployment) to getting hired. 

    In California, investments like the Employment Social Enterprise program supports Governor Newsom’s Master Plan for Career Education, which aims to bridge the gap and equip all students and workers with the tools necessary to achieve stability through good-paying jobs. 

    “Every Californian deserves the opportunity to pursue a meaningful career. This investment advances California’s Master Plan for Career Education and California Jobs First by expanding access to career pathways for Californians who’ve historically faced systemic barriers. It’s a step toward a more inclusive and opportunity-rich economy for everyone.”

    Governor Gavin Newsom

    “The Employment Social Enterprise Program brings jobs and dignity to Californians who’ve been left out of the workforce by connecting them to real work, supportive services, and long-term opportunity. These grants help mission-driven businesses grow while unlocking potential in communities too often excluded from the labor market.”

    Stewart Knox, Secretary of Laboy & Workforce Development

    “By providing opportunities for those who have been overlooked in society, we’re helping more Californians build lasting careers that strengthen our workforce,” said EDD Director Nancy Farias.

     These awards from the Employment Development Department (EDD), in coordination with the California Labor and Workforce Development Agency, are part of the Employment Social Enterprise program.

    Employment Social Enterprises are businesses that sell goods and services and provide transitional jobs and support to people breaking through employment barriers. Grant funds focus on transitioning individuals into stable, good-paying jobs — where they can earn wages, gain work experience, improve job skills, and access supportive services. Supportive services may include housing assistance, childcare access, mental health services, job coaching, and more.

    The Employment Social Enterprise program is a part of the California Jobs First initiative. In partnership with its 13 economic regions, the State is investing in job creation, industrial strategy, and economic development initiatives, to create a more equitable economy that works for all Californians. 

    What they’re saying

    Jeff Negrete, Executive Director, Catholic Charities of the Diocese of Fresno: “At Catholic Charities, we’ve always been here to meet immediate needs — food, clothing, and critical support in moments of crisis. But this grant allows us to do something more. It gives us the opportunity to offer a true hand up. Our mission calls us to serve, advocate for, and empower those in need, and this program truly brings empowerment to life. With this workforce development program, we can help people take real steps forward — to find meaningful work, to experience the power of the paycheck, and to help them gain the tools necessary to shape a better future.”

    Will Oliver, President & CEO, Fresno County Economic Development Corporation: “We’re thrilled to receive this EDD grant. It’s a critical investment that will allow us to expand access to high-quality careers, providing vital talent for our growing businesses and ensuring job seekers from social enterprises can step into good-paying, sustainable employment.”

    Kerry Doi, PACE President & CEO: “TEACH Track represents an intentional investment in the people and future of Los Angeles. By connecting underserved job seekers to meaningful, quality careers in early childhood education, we are strengthening families, the workforce, and the community.”

    Elisabeth White, Founder, Plan of Action: “Our mission is to open doors for autistic talent in the creative industries by building an inclusive, industry-focused employment pipeline. By bringing animation jobs back to Los Angeles, we’re showcasing the outstanding talents and contributions of neurodiverse individuals.”

    Jessica Filbrun, CEO Stanislaus Equity Partners: “We have a unique mission and opportunity, through California Employment Development Department’s Social Enterprise Grant to catalyze social enterprise incubation, increase job training models, and create employment opportunities. This truly mobilizes regional partnerships to develop creative, low-cost housing solutions through the development of a regional San Joaquin Valley modular home manufacturing facility.”

    Maria Kim, President & CEO, REDF: “This program goes beyond just creating jobs; these grantee organizations help restore dignity, expand opportunity, and build a more inclusive economy. Inspired by the ESE [Employment Social Enterprise] model that leverages the power of real work experiences as a critical first step, the California Employment Social Enterprise WIOA program supports 6 innovative organizations as they unlock economic mobility and workforce equity for some of our most vulnerable Californians. REDF is honored to help these organizations to grow and to surface economic mobility models that can be inspiration for the field.”

    Employment social enterprise program awardees

    • Fresno County: Catholic Charities of the Diocese of Fresno, $1.91 million; The Economic Development Corporation Serving Fresno County, $1.7 million
    • Los Angeles County: Pacific Asian Consortium in Employment, $1.91 million; Plan of Action, $833,829
    • Riverside County: Inland Southern California 211+, $1.73 million
    • Stanislaus County: Stanislaus Equity Partners, $1.91 million
    • Statewide: REDF, $978,735

    An additional $1 million has been awarded to REDF to provide technical assistance and strengthen collaboration among the six awardees, share best practices, and support program development and implementation.

    These grants are funded under the Workforce Innovation and Opportunity Act Governor’s Discretionary funds and are 100 percent federally funded by two separate awards totaling $9,999, $199.53, and $978,735.71 respectively, from the U.S. Department of Labor.

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    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom restructures state government to combat homelessness, boost housing and affordability

    Source: US State of California 2

    Jul 11, 2025

    What you need to know: As part of California’s strategy to combat homelessness and expand housing, Governor Gavin Newsom is reorganizing state agencies to institutionalize housing, homelessness, and affordability as long-term priorities. The reorganization creates a new California Housing and Homelessness Agency and a separate Business and Consumer Services Agency to enhance focus and accountability across these critical areas.

    SACRAMENTO – Building on the Administration’s efforts to reverse decades of inaction on housing and homelessness, Governor Gavin Newsom today announced the reorganization proposal went into effect last week, authorizing the state to move forward and create the California Housing and Homelessness Agency and the Business and Consumer Services Agency. As a result, the state will move forward with the formation of the two new agencies to institutionalize these policy priorities for years to come: The California Housing and Homelessness Agency (CHHA) focused on housing, homelessness, and civil rights, and the Business and Consumer Services Agency (BCSA) is dedicated to business regulation and consumer protection.  

    “Housing and homelessness are complex and multifaceted issues — deserving of full and prioritized attention — something we have established within this administration. I am grateful that the legislature recognized the need for a new standalone agency dedicated to addressing these vexing issues that continue to face our state and nation, so that these issues will never fall into the shadows again. We have a moral imperative to continue this work and to ensure every Californian has a safe place to call home.”

    Governor Gavin Newsom

    Since taking office in 2019, Governor Newsom has created unprecedented policy and structural changes in state government to help California better address its housing and homelessness crises, including additional and unprecedented support for local governments, stronger accountability and enforcement, transformational changes to mental health services, and groundbreaking reforms — including a recently signed housing and infrastructure package that delivers foundational reforms to break down systemic barriers and help ensure California can meet the housing needs of current and future generations. These changes have helped connect hundreds of thousands of people at risk of or experiencing homelessness with vital supports.

    Today’s announcement continues the administration’s ongoing work to increase housing, reduce homelessness, and improve affordability. Establishing a standalone agency provides the alignment needed to speed up the construction and financing of housing under California’s affordable housing programs. This approach aims to reduce, prevent, and ultimately end homelessness, while safeguarding civil rights and reinforcing California’s leadership in consumer protections. The new structure will also create a new housing continuum system to better align housing programs and financing and provide a more streamlined process with an all-of-government approach.

    Creating long-term solutions

    By creating a dedicated housing agency and streamlining consumer oversight, the Newsom Administration is ensuring California remains focused on long-term, scalable solutions that serve current and future generations.

    “This bold plan shows we are being more aggressive in prioritizing change for the better,” said Tomiquia Moss, Secretary of the Business, Consumer Services, and Housing Agency. “This will enable us to better reach our goal of 2.5 million new homes by 2030, with one million of them being affordable housing. I’m extremely pleased the Governor is cementing his legacy by taking the Administration’s accomplishments to the next level, providing the structure to make lasting and sustainable change.”

    The California Housing and Homelessness Agency (CHHA) will concentrate on coordinating efforts across government to tackle housing and homelessness challenges, as well as protecting Californians’ civil rights. In this all-of-government approach, CHHA will utilize resources and expertise within government to address these important issues. It includes the following departments:

    • The Housing Development and Finance Committee (HDFC)
    • Department of Housing and Community Development (HCD) 
    • California Interagency Council on Homelessness (Cal ICH) 
    • California Housing Finance Agency (CalHFA)
    • Civil Rights Department (CRD) 

    The Business and Consumer Services Agency (BCSA) will strengthen the state’s ability to protect consumers by providing focused leadership and oversight across a wide range of industries, such as occupational licensing, alcohol regulation, cannabis regulation, and financial protection, fostering a proactive approach to addressing emerging risks and needs. It includes the following departments:

    • Department of Alcoholic Beverage Control (ABC) 
    • Alcoholic Beverage Control Appeals Board (ABC AB) 
    • Department of Cannabis Control (DCC) 
    • Cannabis Control Appeals Panel (CCAP) 
    • California Horse Racing Board (CHRB) 
    • Department of Consumer Affairs (DCA) 
    • Department of Real Estate (DRE) 
    • Department of Financial Protection and Innovation (DFPI) 

    The new California Housing and Homelessness Agency and the Business Consumer Services Agency will become effective July 1, 2026, at which time the current Business Consumer Services and Housing Agency will be dissolved. 

    Reversing decades of inaction

    The Newsom administration is making significant progress in reversing decades of inaction on homelessness. Between 2014 and 2019—before Governor Newsom took office—unsheltered homelessness in California rose by approximately 37,000 people. Since then, under this Administration, California has significantly slowed that growth, even as many other states have seen worsening trends

    In 2024, while homelessness increased nationally by over 18%, California limited its overall increase to just 3%—a lower rate than in 40 other states. The state also held the growth of unsheltered homelessness to just 0.45%, compared to a national increase of nearly 7%. States like Florida, Texas, New York, and Illinois saw larger increases both in percentage and absolute numbers. California also achieved the nation’s largest reduction in veteran homelessness and made meaningful progress in reducing youth homelessness.

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  • MIL-OSI USA: Welch Statement on Trump’s Escalation of Trade War with Canada

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    BURLINGTON, VT—U.S. Senator Peter Welch (D-Vt.) today released the following reaction to President Trump’s threat to impose a 35% tariff on Canada, beginning August 1, 2025: 
    “The president’s unnecessary trade war with Canada has already hurt Vermont’s businesses, farmers, and manufacturers—this escalation will only throw fuel on the fire.  
    “Canada is Vermont’s top trading partner, and the same is true of 34 states. Canada is our friend and our neighbor. This uncertainty is disruptive and detrimental to our economy. Tourism in Vermont from Canada has dramatically decreased as a result of the president’s careless rhetoric, hurting hotels, restaurants, and downtowns. Manufacturers are cutting their workforce. Farmers are paying more for fertilizer. Tariffs are taxes, and the president is threatening to raise taxes on American consumers.” 

    MIL OSI USA News

  • MIL-OSI: Geothermal Radar Releases Global Interactive Maps and Model

    Source: GlobeNewswire (MIL-OSI)

    TULSA, Okla., July 11, 2025 (GLOBE NEWSWIRE) — Geothermal Radar, an early-stage startup that expedites the development of geothermal energy, today announced an exclusive global thermal model that enables users to exploit geothermal gradients across areas of interest. The global model pinpoints existing geothermal project locations to reveal the vast untapped potential for the clean, abundant, and reliable energy the energy source offers globally. Geothermal Radar is part of the EIC Rose Rock platform.

    “The next energy revolution isn’t in the air or on the water; it’s underfoot. We’re excited to make geothermal energy more accessible,” said Philip J. Ball, Co-Founder and Partner at Geothermal Radar. “Our aggressive development plan allows us to continuously iterate Geothermal Radar’s capabilities to align with the evolving needs of all geothermal project stakeholders.”

    Geothermal Radar’s platform empowers governments to build national geothermal strategies, providing a reliable standard for awarding new geothermal licensing rounds. It also offers a single platform that energy companies, geothermal developers, and industrial partners can use to decarbonize facilities and buildings including data centers and oil and gas production facilities as well as LNG, ammonia, hydrogen, coal, steel, cement and carbon capture operations. It’s the only platform that supports the exploration of economic decarbonization on a global scale.

    Geothermal Radar features over 40 geospatial models to guide the presented geothermal maps and gradients. It supports engineered “closed loop” geothermal (CLG), engineered “open loop” (EGS), natural hydrothermal systems (NHS) and superhot rock (SHR) geothermal projects with temperatures starting at 374 degrees Celsius.

    Users can leverage the thermal meta-model aggregating information from all integrated isotherm models and data, and use Geothermal Radar’s global lithostatic pressure module to further rank locations. Geothermal Radar’s global thermal and pressure model connects to a techno-economic engine that allows users to assess and compare engineered open loop (FERVO-style) and closed loop (EAVOR-style) projects over the lifetime of a proposed project.

    The platform’s freeware offers a low-resolution global model while high-resolution models, maps, and region-specific data from wells to stacked financial and regulatory incentives are available in premium and enterprise versions. Additionally, the enterprise option allows workflow customization, proprietary data integration and the ability to be installed behind firewalls for ultimate data security.

    For more information, visit www.geothermalradar.com.

    About Geothermal Radar

    Tulsa-based Geothermal Radar offers the first B2B SaaS end-to-end geothermal modelling platform. It connects subsurface and industry data with interactive modelling and simulation. Geothermal Radar offers seamless, comprehensive functionality for all stakeholders — geothermal operators, oil and gas companies, investors and public authorities. It enables real-time simulation, prospecting, valuation, feasibility and reserves assessment.  The platform is provided free of charge to non-profit, academic and selected public organizations.

    For more information, visit www.geothermalradar.com.

    About EIC Rose Rock

    EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.

    The MIL Network

  • MIL-OSI: Geothermal Radar Releases Global Interactive Maps and Model

    Source: GlobeNewswire (MIL-OSI)

    TULSA, Okla., July 11, 2025 (GLOBE NEWSWIRE) — Geothermal Radar, an early-stage startup that expedites the development of geothermal energy, today announced an exclusive global thermal model that enables users to exploit geothermal gradients across areas of interest. The global model pinpoints existing geothermal project locations to reveal the vast untapped potential for the clean, abundant, and reliable energy the energy source offers globally. Geothermal Radar is part of the EIC Rose Rock platform.

    “The next energy revolution isn’t in the air or on the water; it’s underfoot. We’re excited to make geothermal energy more accessible,” said Philip J. Ball, Co-Founder and Partner at Geothermal Radar. “Our aggressive development plan allows us to continuously iterate Geothermal Radar’s capabilities to align with the evolving needs of all geothermal project stakeholders.”

    Geothermal Radar’s platform empowers governments to build national geothermal strategies, providing a reliable standard for awarding new geothermal licensing rounds. It also offers a single platform that energy companies, geothermal developers, and industrial partners can use to decarbonize facilities and buildings including data centers and oil and gas production facilities as well as LNG, ammonia, hydrogen, coal, steel, cement and carbon capture operations. It’s the only platform that supports the exploration of economic decarbonization on a global scale.

    Geothermal Radar features over 40 geospatial models to guide the presented geothermal maps and gradients. It supports engineered “closed loop” geothermal (CLG), engineered “open loop” (EGS), natural hydrothermal systems (NHS) and superhot rock (SHR) geothermal projects with temperatures starting at 374 degrees Celsius.

    Users can leverage the thermal meta-model aggregating information from all integrated isotherm models and data, and use Geothermal Radar’s global lithostatic pressure module to further rank locations. Geothermal Radar’s global thermal and pressure model connects to a techno-economic engine that allows users to assess and compare engineered open loop (FERVO-style) and closed loop (EAVOR-style) projects over the lifetime of a proposed project.

    The platform’s freeware offers a low-resolution global model while high-resolution models, maps, and region-specific data from wells to stacked financial and regulatory incentives are available in premium and enterprise versions. Additionally, the enterprise option allows workflow customization, proprietary data integration and the ability to be installed behind firewalls for ultimate data security.

    For more information, visit www.geothermalradar.com.

    About Geothermal Radar

    Tulsa-based Geothermal Radar offers the first B2B SaaS end-to-end geothermal modelling platform. It connects subsurface and industry data with interactive modelling and simulation. Geothermal Radar offers seamless, comprehensive functionality for all stakeholders — geothermal operators, oil and gas companies, investors and public authorities. It enables real-time simulation, prospecting, valuation, feasibility and reserves assessment.  The platform is provided free of charge to non-profit, academic and selected public organizations.

    For more information, visit www.geothermalradar.com.

    About EIC Rose Rock

    EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.

    The MIL Network

  • MIL-OSI USA: NASA to Provide Coverage of Axiom Mission 4 Departure from Station

    Source: NASA

    NASA will provide live coverage of the undocking and departure of the Axiom Mission 4 private astronaut mission from the International Space Station.
    The four-member astronaut crew is scheduled to undock from the space-facing port of the station’s Harmony module aboard the SpaceX Dragon spacecraft at approximately 7:05 a.m. EDT Monday, July 14, pending weather, to begin their return to Earth and splashdown off the coast of California.
    Coverage of departure operations will begin with hatch closing at 4:30 a.m. on NASA+. Learn how to watch NASA content through a variety of platforms, including social media.
    Peggy Whitson, former NASA astronaut and director of human spaceflight at Axiom Space, ISRO (Indian Space Research Organization) astronaut Shubhanshu Shukla, ESA (European Space Agency) project astronaut Sławosz Uznański-Wiśniewski of Poland, and HUNOR (Hungarian to Orbit) astronaut Tibor Kapu of Hungary, will have spent about two weeks in space at the conclusion of their mission.
    The Dragon spacecraft will return with more than 580 pounds of cargo, including NASA hardware and data from over 60 experiments conducted throughout the mission.
    NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):
    Monday, July 14
    4:30 a.m. – Hatch closing coverage begins on NASA+.
    4:55 a.m. – Crew enters spacecraft followed by hatch closing.
    6:45 a.m. – Undocking coverage begins on NASA+, Axiom Space, and SpaceX channels.
    7:05 a.m. – Undocking
    NASA’s coverage ends approximately 30 minutes after undocking when space station joint operations with Axiom Space and SpaceX conclude. Axiom Space will resume coverage of Dragon’s re-entry and splashdown on the company’s website.
    A collaboration between NASA and ISRO allowed Axiom Mission 4 to deliver on a commitment highlighted by President Trump and Indian Prime Minister Narendra Modi to send the first ISRO astronaut to the station. The space agencies participated in five joint science investigations and two in-orbit science, technology, engineering, and mathematics demonstrations. NASA and ISRO have a long-standing relationship built on a shared vision to advance scientific knowledge and expand space collaboration.
    The private mission also carried the first astronauts from Poland and Hungary to stay aboard the space station.
    The International Space Station is a springboard for developing a low Earth orbit economy. NASA’s goal is to achieve a strong economy off the Earth where the agency can purchase services as one of many customers to meet its science and research objectives in microgravity. NASA’s commercial strategy for low Earth orbit provides the government with reliable and safe services at a lower cost, enabling the agency to focus on Artemis missions to the Moon in preparation for Mars while also continuing to use low Earth orbit as a training and proving ground for those deep space missions.
    Learn more about NASA’s commercial space strategy at:
    https://www.nasa.gov/commercial-space
    -end-
    Claire O’SheaHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov
    Anna SchneiderJohnson Space Center, Houston281-483-5111anna.c.schneider@nasa.gov

    MIL OSI USA News

  • MIL-OSI USA: S. 1582, GENIUS Act

    Source: US Congressional Budget Office

    Legislation Summary

    S. 1582 would define payment stablecoin to mean a digital asset issued for a payment or settlement that is pegged to a reference asset, such as the U.S. dollar, and redeemable at a fixed amount. The act also would establish a regulatory framework for stablecoin issuers. Nonbank entities or subsidiaries of insured depository institutions could apply to become issuers; within three years of enactment only those approved issuers would be authorized to offer stablecoin. Once approved, an issuer would be subject to supervision by appropriate federal or state regulators and would be required to hold at least one dollar of permitted reserves for every dollar issued in stablecoin.

    Under S. 1582, the responsible federal financial regulators would be the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the Federal Reserve.

    S. 1582 would permit nonbank entities with less than $10 billion in issuance to opt in to a state regulatory system, provided that the state’s system is substantially similar to its federal counterpart; state regulators could choose to cede their authority to the Federal Reserve. The act would require federal and state regulators to issue specific capital, liquidity, and risk management rules for federal and state stablecoin issuers and to report on stablecoins. The Financial Crimes Enforcement Network (FinCEN) would be required to issue anti-money-laundering rules for stablecoin issuers.

    Estimated Federal Cost

    The estimated budgetary effect of S. 1582 is shown in Table 1. The costs of the legislation fall within budget functions 370 (commerce and housing credit) and 750 (administration of justice).

    Basis of Estimate

    Enacting S. 1582 would impose additional administrative costs on the federal financial regulators, CBO estimates. We expect that during the two years after enactment, the regulatory agencies would conduct rulemaking, develop industry and examiner guidance, train examiners, and establish processes for state and federal regulation of small issuers of stablecoins. After that, the agencies would incur additional administrative costs for examinations, risk monitoring, enforcement, and certifying state regulators. Using information from the affected agencies, CBO estimates that, on average, the annual cost in 2025 of employing a financial regulatory staff member at the FDIC, NCUA, OCC, and Federal Reserve is $270,000. Costs in later years are adjusted to account for anticipated inflation.

    Table 1.

    Estimated Budgetary Effects of S. 1582

     

    By Fiscal Year, Millions of Dollars

       
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

     

    Increases in Direct Spending

       

    Estimated Budget Authority

    *

    2

    3

    5

    4

    5

    5

    5

    6

    6

    6

    19

    47

    Estimated Outlays

    *

    2

    3

    5

    4

    5

    5

    5

    6

    6

    6

    19

    47

     

    Decreases in Revenues

       

    Estimated Revenues

    0

    -1

    -1

    -2

    -1

    -29

    -7

    -8

    -8

    -8

    -8

    -34

    -73

     

    Net Increase in the Deficit

    From Changes in Direct Spending and Revenues

       

    Effect on the Deficit

    *

    3

    4

    7

    5

    34

    12

    13

    14

    14

    14

    53

    120

    Direct Spending

    The administrative costs of the FDIC, NCUA, and OCC are classified in the federal budget as direct spending. Using information from those agencies, CBO estimates that enacting the legislation would increase gross direct spending by $77 million over the 2025-2035 period. However, OCC and NCUA collect fees from financial institutions to offset their costs; those fees are treated as reductions in direct spending. Thus, CBO estimates that, on net, enacting the legislation would increase direct spending by $47 million over the same period.

    Revenues

    Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting S. 1582 would decrease revenues by $73 million over the 2025-2035 period. Changes in costs for the Federal Reserve banks have historically resulted in changes to remittances during the same year. However, since fiscal year 2023, the central bank has recorded a deferred asset to account for accrued net losses from expenses in excess of income. As a result, remittances largely have been suspended. In CBO’s projections, remittances from the Federal Reserve will generally be suspended until 2030, and until they resume, most changes in costs incurred by the system will not be recorded as changes in remittances.

    Spending Subject to Appropriation

    S. 1582 would require FinCEN to write anti-money-laundering rules for stablecoin issuers. That agency’s administrative costs are funded through annual appropriations. CBO estimates that implementing the provision would cost less than $500,000 over the 2025-2030 period; any related spending would be subject to the availability of appropriated funds.

    Uncertainty

    Chief, Finance, Housing, and Education Cost Estimates Unit

    Joshua Shakin
    Chief, Revenue Projections Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI Europe: Answer to a written question – Hungary and the Commission – E-001468/2025(ASW)

    Source: European Parliament

    The Commission is committed to protect the financial interests of the EU and to ensure the correct application of EU law and implementation of the EU budget. Commitments and payments to Hungary, as for any Member State, follow the relevant rules.

    As regards discrimination in taxation, since 3 October 2024, an infringement procedure against Hungary is ongoing for non-compliance of its retail tax regime with the freedom of establishment[1].

    The Commission also closely monitors the use of authorisation procedures and the enforcement of restrictive measures, particularly in the construction, mining and retail sectors.

    Under the European Semester, the Commission follows related developments, notably on disproportionate burdens through sector-specific taxes and complaints of foreign firms about unequal and arbitrary treatment, and reports on them[2].

    The concentration of awards was taken into consideration when adopting measures under the general regime of conditionality, which led to a suspension of 55% of three Cohesion Policy programmes in Hungary[3].

    Within that procedure, Hungary committed to implement remedial measures to reduce the share of public procurements with single bids, monitor concentration and increase transparency of the public procurement market.

    Moreover, Hungary’s Recovery and Resilience Plan (RRP) includes the same commitments as milestones and targets[4]. The Commission monitors the correct implementation of remedial measures and will — once Hungary submits a payment request under its RRP — assess the fulfilment of the related milestones and targets.

    Until then, all RRP funds are suspended. EU funding to Hungary is also blocked under the horizontal enabling condition regarding the EU Charter of Fundamental Rights[5] related to the programmes under the Common Provisions Regulation[6].

    The Commission follows closely the developments in Hungary via its annual Rule of Law Report[7], and will not hesitate to make use of the available tools to protect the financial interests of the EU and enforce EU law.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:12012E/TXT.
    • [2] https://economy-finance.ec.europa.eu/publications/2024-european-semester-country-reports_en.
    • [3]  https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=oj:JOL_2022_325_R_TOC, OJ L 325, 20.12.2022, p. 94-109.
    • [4] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility/country-pages/hungarys-recovery-and-resilience-plan_en#documents .
    • [5] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:12012P/TXT.
    • [6] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R1060.
    • [7] https://commission.europa.eu/publications/2024-rule-law-report-communication-and-country-chapters_en.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Hungary and the Commission – E-001468/2025(ASW)

    Source: European Parliament

    The Commission is committed to protect the financial interests of the EU and to ensure the correct application of EU law and implementation of the EU budget. Commitments and payments to Hungary, as for any Member State, follow the relevant rules.

    As regards discrimination in taxation, since 3 October 2024, an infringement procedure against Hungary is ongoing for non-compliance of its retail tax regime with the freedom of establishment[1].

    The Commission also closely monitors the use of authorisation procedures and the enforcement of restrictive measures, particularly in the construction, mining and retail sectors.

    Under the European Semester, the Commission follows related developments, notably on disproportionate burdens through sector-specific taxes and complaints of foreign firms about unequal and arbitrary treatment, and reports on them[2].

    The concentration of awards was taken into consideration when adopting measures under the general regime of conditionality, which led to a suspension of 55% of three Cohesion Policy programmes in Hungary[3].

    Within that procedure, Hungary committed to implement remedial measures to reduce the share of public procurements with single bids, monitor concentration and increase transparency of the public procurement market.

    Moreover, Hungary’s Recovery and Resilience Plan (RRP) includes the same commitments as milestones and targets[4]. The Commission monitors the correct implementation of remedial measures and will — once Hungary submits a payment request under its RRP — assess the fulfilment of the related milestones and targets.

    Until then, all RRP funds are suspended. EU funding to Hungary is also blocked under the horizontal enabling condition regarding the EU Charter of Fundamental Rights[5] related to the programmes under the Common Provisions Regulation[6].

    The Commission follows closely the developments in Hungary via its annual Rule of Law Report[7], and will not hesitate to make use of the available tools to protect the financial interests of the EU and enforce EU law.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:12012E/TXT.
    • [2] https://economy-finance.ec.europa.eu/publications/2024-european-semester-country-reports_en.
    • [3]  https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=oj:JOL_2022_325_R_TOC, OJ L 325, 20.12.2022, p. 94-109.
    • [4] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility/country-pages/hungarys-recovery-and-resilience-plan_en#documents .
    • [5] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:12012P/TXT.
    • [6] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R1060.
    • [7] https://commission.europa.eu/publications/2024-rule-law-report-communication-and-country-chapters_en.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Exempting Poland from the migrant relocation mechanism – E-001204/2025(ASW)

    Source: European Parliament

    The Asylum and Migration Management Regulation[1] (AMMR) foresees a mandatory but flexible solidarity mechanism, whereby each Member State has full discretion to choose between the available forms of solidarity, namely relocation, financial contributions and alternative measures (in-kind support).

    The AMMR also foresees possible deduction of solidarity contributions in cases of migratory pressure or significant migratory situations.

    As Guardian of the Treaties, the Commission monitors the correct application, implementation and enforcement of EU law and may take appropriate legal action in line with the treaties to ensure compliance.

    • [1] https://eur-lex.europa.eu/eli/reg/2024/1351/oj/eng.
    Last updated: 11 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Press release – Press conference on the MFF with MEPs Mureşan and Tavares on Tuesday, 15 July

    Source: European Parliament

    Parliament’s co-rapporteurs for the Multiannual Financial Framework (MFF) will brief journalists on the expectations for the next EU budget ahead of the Commission’s proposal.

    Co-rapporteurs Siegfried Mureşan and Carla Tavares will hold a press conference on Tuesday, 15 July at 09.30 CET on Parliament’s priorities and expectations for the EU’s post-2027 long-term budget ahead of the Commission’s proposal, which is due to be unveiled on Wednesday (16 July).

    Who? Carla Tavares (S&D, Portugal), co-rapporteurs for the Multiannual Financial Framework (MFF).

    When? Tuesday, 15 July 2025, 09.30 CET

    Where? Anna Politkovskaya press conference room at the European Parliament in Brussels (SPAAK building, room 0A50).

    Journalists online wishing to actively participate and ask questions, please connect via Interactio.

    You can also follow the press conference online via webstreaming. It will remain available as a recording as well.

    Also …

    On Wednesday, 16 July at 14.30 CET in room SPAAK 3C50, journalists are invited to attend the Budgets Committee meeting with Commissioner Piotr Serafin as he presents the Commission’s proposals to MEPs. The co-rapporteurs will hold a press point immediately afterwards outside the meeting room. You can follow both the hearing and the press point online via webstreaming.

    Background

    Parliament adopted its priorities on the post-2027 EU long-term budget at the May plenary. MEPs call for a more ambitious budget than the current spending ceiling of 1% of the EU-27’s gross national income given the urgent need to address future security concerns and raise Europe’s competitiveness in the global economy without undermining support for the European Union’s efforts to support its regions and rural communities. To be adopted, the next long-term budget will need the approval of the Parliament, granted by a majority of its component members.

    Information for the media – Use Interactio to ask questions

    Interactio is only supported on iPads (with the Safari browser) and Mac/Windows (with the Google Chrome browser).

    When connecting, enter your name and the media you are representing in the first name / last name fields.

    For better sound quality, use headphones and a microphone. Interpretation is only possible for questions asked on video.

    Journalists who have never used Interactio before are asked to connect 30 minutes before the start of the press conference to perform a connection test. IT assistance can be provided if necessary.

    When connected, open the chat window (upper right corner) to be able to see the service messages.

    For more details, check the connection guidelines and recommendations for remote speakers.

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – 2023 and 2024 reports on North Macedonia – P10_TA(2025)0157 – Wednesday, 9 July 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to the Stabilisation and Association Agreement between the European Communities and their Member States, of the one part, and the Republic of North Macedonia, of the other part(1),

    –  having regard to North Macedonia’s application for membership of the European Union, submitted on 22 March 2004,

    –  having regard to the European Council decision of 16 December 2005 to grant North Macedonia EU candidate country status,

    –  having regard to the European Council conclusions of 19-20 June 2003, including the annex thereto entitled ‘The Thessaloniki agenda for the Western Balkans: Moving towards European integration’,

    –  having regard to Regulation (EU) 2021/1529 of the European Parliament and of the Council of 15 September 2021 establishing the Instrument for Pre-Accession assistance (IPA III)(2),

    –  having regard to Regulation (EU) 2024/1449 of the European Parliament and of the Council of 14 May 2024 on establishing the Reform and Growth Facility for the Western Balkans(3),

    –  having regard to the Commission communication of 5 February 2020 entitled ‘Enhancing the accession process – A credible EU perspective for the Western Balkans’ (COM(2020)0057),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2023 Report’ (SWD(2023)0693),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘New growth plan for the Western Balkans’ (COM(2023)0691),

    –  having regard to the Commission communication of 20 March 2024 on pre-enlargement reforms and policy reviews (COM(2024)0146),

    –  having regard to the Commission communication of 24 July 2024 entitled ‘2024 Rule of Law Report’ (COM(2024)0800), accompanied by the Commission staff working document entitled ‘2024 Rule of Law Report – Country Chapter on the rule of law situation in North Macedonia’ (SWD(2024)0830),

    –  having regard to the Commission communication of 30 October 2024 entitled ‘2024 Communication on EU enlargement policy’ (COM(2024)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2024 Report’ (SWD(2024)0693),

    –  having regard to the Reform Agenda of North Macedonia as approved by the Commission under the Reform and Growth Facility on 23 October 2024,

    –  having regard to the declarations of the EU-Western Balkans summits of 13 December 2023 and of 18 December 2024 in Brussels as well as the declarations of the EU-Western Balkans summits held in Sofia, Zagreb and Brdo pri Kranju in 2018, 2020 and 2021 respectively, and the Declaration on the Common Regional Market and the Declaration on the Green Agenda for the Western Balkans agreed on 10 November 2020 at the Sofia Summit within the Berlin Process,

    –  having regard to the Council conclusions of 18 July 2022 on Enlargement – North Macedonia and Albania and the Council conclusions on Enlargement of 17 December 2024,

    –  having regard to the final report of 23 September 2024 of the Organization for Security and Co-operation in Europe (OSCE) Office for Democratic Institutions and Human Rights (ODIHR) Election Observation Mission on North Macedonia’s presidential election on 24 April 2024 and parliamentary elections on 8 May 2024,

    –  having regard to the Berlin Process launched on 28 August 2014,

    –  having regard to the Treaty of friendship, good neighbourliness and cooperation between Bulgaria and North Macedonia, signed on 1 August 2017 and ratified in January 2018;

    –  having regard to the Final Agreement for the settlement of the differences as described in the United Nations Security Council resolutions 817 (1993) and 845 (1993), the termination of the Interim Accord of 1995, and the establishment of a strategic partnership between Greece and North Macedonia, agreed on 17 June 2018, also known as the Prespa Agreement,

    –  having regard to the joint staff working document entitled ‘Objectives and Indicators to frame the implementation of the Gender Action Plan III (2021-25)’ (SWD(2020)0284) accompanying the joint communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 25 November 2020 entitled ’EU Gender Action Plan (GAP) III – An ambitions vision for gender equality and women’s empowerment in EU external action (JOIN(2020)0017), as well as the Country Level Implementation Plan (CLIP) for North Macedonia,

    –  having regard to the 2023 European Commission against Racism and Intolerance (ECRI) Report on North Macedonia, adopted on 29 June 2023 and published on 20 September 2023,

    –  having regard to the declaration and joint recommendations adopted at the 23rd meeting of the EU-North Macedonia Joint Parliamentary Committee, held on 27 and 28 February 2025 in Skopje,

    –  having regard to its previous resolutions on North Macedonia, and in particular its resolution of 24 October 2019 on opening accession negotiations with North Macedonia and Albania(4),

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Foreign Affairs (A10-0118/2025),

    A.  whereas North Macedonia has held EU candidate country status since 2005 and successfully completed the screening process in December 2023;

    B.  whereas the aspirations of citizens of North Macedonia to become part of the EU have led to progress in terms of democracy and socio-economic reforms, while the EU accession process continues to experience regrettable delays for various reasons;

    C.  whereas the EU has mobilised approximately EUR 210 million in macro-financial assistance loans since 2020, aimed at stabilising the Macedonian economy, aiding its recovery from the COVID-19 pandemic and accelerating its reform progress;

    D.  whereas North Macedonia is a partner that is aligned with the EU’s common foreign and security policy in the vast majority of cases and has played a constructive role in the region; whereas North Macedonia’s recent abstention from United Nations General Assembly Resolution ES-11/7 of 24 February 2025 on Ukraine and its co-sponsorship of an alternative resolution led by the United States indicates an unexpected and regrettable shift in its foreign policy alignment;

    E.  whereas North Macedonia participates in EU military crisis management operations, including EUFOR Althea in Bosnia and Herzegovina;

    F.  whereas the Council reached new conclusions in July 2022 which mean that North Macedonia needs to adopt the outstanding constitutional changes, in line with its commitments, so that the opening phase of accession negotiations can be completed immediately;

    G.  whereas the geopolitical changes, the war in Ukraine, disinformation and misinformation have a strong impact on all European countries, both politically and economically;

    H.  whereas North Macedonia remains a target of foreign malign influence operations, including efforts to fracture the country’s social fabric and weaponise anti-EU sentiment, notably via Serbian-language tabloids and media outlets, which function as regional amplifiers of Kremlin narratives and enjoy considerable influence; whereas North Macedonia expelled 13 Russian diplomats between 2018 and 2023 for activities incompatible with their diplomatic status, suggesting an ongoing presence of covert influence networks; whereas China has sought to expand its influence through information control, investment diplomacy and coercive clauses in infrastructure loan agreements;

    I.  whereas North Macedonia’s authorities have proposed solutions for constitutional change that did not meet the conditions of the July 2022 Council conclusions;

    J.  whereas any accession country is expected to respect democratic values, the rule of law and human rights, and to abide by EU law;

    K.  whereas the Council has not excluded unequivocally the adoption of further new conditions for the starting of accession negotiations;

    1.  Reiterates its full support for North Macedonia’s continued and persistent commitment to join the EU and for the necessary transformative changes that are required to fulfil the accession criteria; commends the country’s commitment to European integration and encourages continued efforts in advancing EU-aligned reforms, despite the challenges and setbacks that have tested the patience and trust of the Macedonian society;

    2.  Underlines that EU accession remains a matter of political will in fulfilling the criteria and implementing the commitments undertaken, in terms of both making the necessary reforms and adopting the necessary constitutional amendments;

    3.  Recalls the need to maintain the momentum and credibility of the EU integration process; notes that North Macedonia continues to demonstrate commitment to EU integration and alignment with EU policies; calls for the swift advancement of accession negotiations, while noting the importance of adopting the constitutional amendments; urges the European Council to signal, publicly and unequivocally, that the Council intends to swiftly and unconditionally take the positive decision to enter into the next phase of accession negotiations with North Macedonia once the conditions of its conclusions of 18 July 2022 have been fulfilled; encourages all political parties in North Macedonia to engage in constructive dialogue to achieve the necessary consensus on these amendments, which would strengthen the country’s multi-ethnic character and accelerate its progress towards EU membership; believes that strengthening the links between the multiple ethnicities is essential for improving social cohesion and ensuring more effective governance; calls on the Member States, the Council and the Commission to safeguard the predictability and credibility of the accession process, also with a view to maintaining popular support for accession in enlargement countries;

    4.  Welcomes the successful completion of the screening process for North Macedonia at the end of 2023; encourages North Macedonia to adopt the constitutional amendments that the country committed to making and implementing, as required by the Council, in order for the accession negotiation process to proceed;

    5.  Commends the commitment of the Macedonian people to EU integration and the support they show to this project two decades on from starting the process; urges the Commission to do the utmost to help the authorities of North Macedonia accomplish the necessary steps before entering into the next negotiation phase as well as further along the negotiation process, to help deliver on the expectations of citizens and the country and to explore all measures for gradual integration into the EU structures, thus increasing trust in the EU and its democratic values;

    6.  Recalls that the accession process should not be used to settle bilateral disputes, obstruct merit-based progress on the European path or outweigh the broader strategic interests of the Union, but that such disputes must rather be addressed through open dialogue and genuine cooperation; underlines that accession negotiations should follow a clear path, guided by objective criteria and solely based on merit and the fulfilment of the accession criteria (Copenhagen criteria), which require in-depth reforms across fundamental areas, as well as the presence of stable institutions that guarantee democracy, the rule of law, human rights and respect for and the protection of minorities;

    7.  Reaffirms that the respect for linguistic, cultural and national identity is a fundamental component of the EU accession process and a cornerstone of democratic societies which will be further affirmed with the accession to the family of European nations;

    8.  Repeats its calls for the EU’s capacity to act to be enhanced through a reform of its decision-making, including through the introduction of qualified majority voting on the intermediate steps in the accession process, in particular at the start of negotiations and the opening and closing of individual negotiating clusters and chapters;

    9.  Welcomes the new Reform and Growth Facility for the Western Balkans which will provide EUR 750 million in grants and loans to North Macedonia when it meets the conditions set out in its Reform Agenda; welcomes, in this context, the excellent and ambitious Reform Agenda, which sets clear, transparent goals and targets, and calls on the authorities to focus on its rigorous implementation; underlines the need to focus on incentivising reforms and reinforcing economic stability as well as on public administration, governance, the rule of law and the fight against corruption, decarbonisation and the green transition, digitalisation, connectivity and human capital development, while addressing social challenges;

    10.  Notes the funds being received by North Macedonia from individual Member States and the good cooperation between them; warns however about strengthening alliances with illiberal regimes;

    11.  Commends North Macedonia on its continued commitment to the EU integration process and regrets the delays in the accession process; welcomes the stability of and encourages continued efforts to secure interethnic relations and the implementation of the Ohrid Framework Agreement;

    12.  Encourages North Macedonia to achieve tangible results in complying with the EU’s expectations under the negotiating framework and the Council conclusions of July 2022, including relevant constitutional changes, in line with the country’s commitments;

    13.  Urges North Macedonia to intensify efforts to strengthen the rule of law and judicial independence, including in judicial appointments and the functioning of the Judicial Council, to counter corruption, reform its public administration and improve the transparency and concentration of media ownership; encourages further implementation of systemic measures to ensure transparency and efficiency in governance;

    14.  Expresses its profound sorrow and heartfelt solidarity following the tragic Kočani nightclub fire that led to the death of more than 50 young people and injuries to more than 150 others and offers its condolences to the victims and their families; commends the rapid use of the EU Civil Protection Mechanism and the help provided by the Member States to save as many lives as possible; commends neighbouring and EU countries, in particular Greece and Bulgaria, for the immediate support and solidarity they showed and the medical treatment they provided to victims;

    Functioning of democratic institutions

    15.  Notes that, while democratic institutions in North Macedonia function satisfactorily, political polarisation remains a major stumbling block to necessary reforms; calls on the political parties represented in the country’s parliament to work together to reach an agreement on those reforms;

    16.  Welcomes the adoption of new rules of procedure by the Assembly of the Republic of North Macedonia (Sobranie), facilitated by the European Parliament within the framework of the Jean Monnet Dialogue; stresses, however, that persistent political polarisation continues to delay important reforms and appointments; emphasises that cross-party collaboration and an improved political climate remain vital to accelerate the implementation of EU-related reforms and strengthen democratic institutions;

    17.  Notes with concern that about half of all laws enacted by the Sobranie in 2023 were approved through shortened procedures; calls on the Sobranie to improve its legislative planning, coordination and quality through proper consultation procedures and parliamentary oversight, in particular with a view to the conclusions of the Jean Monnet Dialogue and to avoid fast-track procedures;

    18.  Stresses that, while the 2024 parliamentary and presidential elections were competitive, and democratic and amendments to the Electoral Code have been made, comprehensive electoral reform is still needed; calls strongly for the implementation of the outstanding recommendations made by the OSCE/ODIHR and the Venice Commission through an inclusive revision of the Electoral Code, while underlining the importance of insulating future electoral processes from malign foreign interference and information manipulation, including through the adoption of robust cybersecurity and online campaign transparency rules;

    19.  Calls for improved regulation of the financing of political parties and campaigns, including measures to increase transparency regarding the funds and expenses of political parties; urges a revision of the rules on state advertising in commercial media and paid political advertisement; emphasises the need for functioning oversight mechanisms to ensure integrity in party financing and for equal and adequate media access for political parties and independent candidates;

    20.  Calls for the continued modernisation of a merit-based public administration, addressing systemic challenges of politicisation, strengthening transparent recruitment processes, and reforming local self-government to provide better social services for citizens and to develop tailor-made local and regional development strategies; urges the authorities to step up their efforts and adopt and implement the necessary legislation with a view to improving public trust in the administration and fostering a resilient and capable public service that can effectively respond to contemporary challenges and serve the needs of the community; commends the 2023-2030 public administration strategy and the related action plan for 2023-2026 adopted in July 2023; acknowledges that they cover all relevant reform areas and set out a clear baseline, objectives and targets, thus identifying crucial policy challenges; regrets, however that the implementation rate remains low;

    21.  Calls for further steps to ensure the systemic accountability of public institutions through meaningful and public stakeholder consultations, including with regard to the implementation of the Reform Agenda, and to provide feedback from the consultations conducted; commends the law on general administrative procedures that is providing for simplification, but strongly recommends that it be implemented systematically across the administration;

    22.  Urges the authorities of North Macedonia to refrain from opaque, politicised dismissals from, and appointments to, positions within independent bodies and agencies, as well as to ensure that the institutions are adequately funded and that decisions and recommendations are implemented consistently; notes with regret the continued lack of progress in strengthening the office of the Ombudsman;

    Media and civil society

    23.  Welcomes North Macedonia’s steady progress in assuring media freedom; recalls however, the need for continued reforms to ensure an independent and resilient media landscape, including reforming the legal framework governing online and offline media to align fully with the European Media Freedom Act(5), addressing persistent challenges in media ownership transparency, digital media disclosure and media concentration; underlines the need for media reform that prioritises anti-concentration measures to safeguard journalistic integrity; emphasises the urgent need to counter malign foreign influence in the media landscape, including disinformation disseminated by actors linked to Russia and China;

    24.  Calls on the authorities to adopt a legal framework that effectively protects journalists, human rights defenders, environmental activists and other stakeholders from strategic lawsuits against public participation (SLAPPs), and to implement the provisions of the EU Anti-SLAPP Directive(6);

    25.  Urges the authorities to ensure full transparency and unimpeded access to information for citizens;

    26.  Notes with concern the reinstatement of government advertising in commercial media in North Macedonia; stresses the heightened risk of this measure opening the media market to disruption and undue political influence, thus endangering media independence and media pluralism; reiterates its calls for the comprehensive reform of the rules governing state financing and political party advertising in the media, noting the lack of transparency, the ongoing misuse of state funds for political advertising, and the continued risk of compromising media independence through opaque funding mechanisms; calls strongly for these reforms to be adopted and implemented before the local elections planned for autumn 2025;

    27.  Underlines the need to strengthen the independence and capacity of the media regulator, the public service broadcaster and the regulator of electronic communication;

    28.  Encourages action to enhance the editorial and financial independence, impartiality and professionalism of public service broadcasters and media regulators, while noting the continued delay in appointing key oversight bodies and the need for comprehensive modernisation efforts; calls for stricter transparency and ownership rules to expose covert influence, including foreign-sponsored media content, and for the establishment of mechanisms to identify and disrupt coordinated foreign disinformation networks;

    29.  Notes that certain Chinese diplomatic entities have financed paid content and opinion pieces in Macedonian media outlets without clear labelling; recalls that a 2023 analysis found that Russian state-affiliated actors had used Serbian media proxies to disseminate narratives hostile to NATO and to claim that the EU is pressuring North Macedonia to ‘abandon its identity’;

    30.  Expresses concern over the ongoing threats and attacks against independent journalists and media professionals, including misogynistic online harassment targeting women journalists, often targeting those reporting on the rule of law, corruption and justice; welcomes the assignment of a dedicated prosecutor to monitor these attacks on journalists and oversee the establishment of cyberbullying reporting mechanisms; calls for stronger measures to protect media professionals from physical and non-physical threats, harassment and the inappropriate use of language by public figures;

    31.  Encourages North Macedonia to continue the efforts to combat hate speech in all of its forms and targeting all groups, to proactively prevent and thoroughly investigate all instances of hate speech, hate crimes and intimidation, systematically prosecute related attacks, with a view to achieving convictions and ensuring the safety and security of their targets, such as journalists, people belonging to minorities, communities such as Bulgarians, and other vulnerable groups;

    32.  Expresses concern about the rise in hate speech and growing threats from disinformation in online media, over which the national Agency for Audio and Audiovisual Media Services has no regulatory authority; calls for strengthened measures to support investigative journalism, fact-checking capabilities and media literacy and to improve the legal framework and interinstitutional capacity in order to combat hate speech, disinformation and foreign interference; is concerned by widespread disinformation campaigns which call into question democratic values and the country’s goal of EU membership; calls, in this regard, for the support of the EU institutions to help the country mitigate these malicious effects; welcomes civil society initiatives promoting media fact-checking, digital literacy in schools and the combating of the spread of hate speech, and notes that nearly 50 % of the citizens of North Macedonia have adopted false narratives about international events, particularly regarding the war in Ukraine, underscoring the urgency of reinforcing societal resilience against malign information manipulation;

    33.  Underlines that civil society is vital in fostering democracy and pluralism and promoting good governance and social progress; welcomes the country’s vibrant and constructive civil society, which plays a very crucial and positive role in the reform process, and recalls that further efforts are needed to ensure inclusive, timely and meaningful consultation and transparency, as well as formal mechanisms for cooperation; welcomes, against this backdrop, the recent initiation of the process for re-establishing the Council for Cooperation with and Development of the Civil Society Sector and calls for enhanced cooperation between the government and civil society, especially in mitigating the implications for civil society of the recent ‘freeze’ of US Agency for International Development (USAID) funds; notes that, while civil society organisations operate in an overall enabling environment, legal and financial frameworks need to be implemented to ensure that their public funding is increased and that public funding mechanisms are transparent; is concerned about reports of an increase in hostile statements towards civil society and encourages the Ministry of Internal Affairs to work with civil society organisations to develop a security protocol for human rights defenders to ensure their protection against threats from non-state actors; calls strongly for further enhancement of the role of civil society by ensuring that it continues to be meaningfully included in the decision-making process and by consulting the Venice Commission before adopting future legislation related to non-governmental organisations (NGOs);

    Fundamental rights

    34.  Commends North Macedonia for ratifying most international human rights instruments; expresses concern, however, about the level of implementation, the lack of progress in gender equality, the rise of anti-gender movements and the increase in their influence, which have a negative impact on legislative and policymaking processes; urges the government to fully implement the Istanbul Convention; calls on the authorities to adopt the new Law on Gender Equality and to strengthen formal government structures designed to promote gender equality and improve the status and rights of women at all levels, as well as to ensure the effective implementation of the gender equality strategy and the national action plan, notably by ensuring adequate funding, enhancing interinstitutional coordination and aligning national policies with the EU acquis;

    35.  Urges the authorities to ensure the full and effective implementation of the existing legal framework for the protection of victims of gender-based and domestic violence, by allocating sufficient budgetary resources for prevention, and by improving access to support services, protection mechanisms and the enforcement of legally guaranteed social and economic rights of survivors; notes, against this background, the adoption in 2023 of the Law on Payment of Monetary Compensation to Victims of Violent Crimes, which integrates the standards of the Istanbul Convention to provide better protection for victims of gender-based violence; urges the authorities, furthermore, to strengthen their efforts to reduce and mitigate gender-based violence and domestic violence, and to increase shelter capacity and personnel, as well as the number of well-trained and gender-sensitive law enforcement officers, judges, medical personnel and social workers;

    36.  Notes, with concern, the dire situation of young women in prison, including juvenile girls aged between 14 and 16, who lack education and job skills training and are often overmedicated, with insufficient healthcare; urges the authorities of North Macedonia to take urgent measures to improve the detention conditions for all inmates, to reduce corruption and stop inhuman treatment, and to enhance the probation and reintegration of ex-prisoners into society;

    37.  Urges North Macedonia to fully implement the recommendations outlined in the 2023 ECRI report on North Macedonia in order to effectively address the human rights violations identified;

    38.  Welcomes the fact that interethnic relations remain stable and the Ohrid Framework Agreement continues to be implemented; commends North Macedonia’s efforts in strengthening minority rights protections, while encouraging further financial support; calls for adequate funding and staffing for institutions protecting the rights of non-majority communities; calls on political representatives of minority communities to avoid promoting divisive ethnic narratives echoing policies that caused profound suffering and wars in the region’s recent past; urges North Macedonia to fully implement the recommendations of the Advisory Committee on the Framework Convention for the Protection of National Minorities as regards the ‘One society for all and interculturalism’ strategy; calls on North Macedonia to provide sufficient funding and staff for the Language Implementation Agency and the Agency for Community Rights Realization; regrets that North Macedonia did not ratify the European Charter for Regional or Minority Languages; awaits a final decision on the contested Law on the Use of Languages, which may have an impact on interethnic relations;

    39.  Welcomes the progress the country has achieved in aligning its legislative and institutional framework for the rights of the child with the EU acquis and international human rights standards; notes the progress in implementing the strategy for deinstitutionalisation and welcomes the successful relocation of children from institutions to foster care or small group homes; notes with concern, however, the continued instances of child violence and discrimination, including against Roma children; calls, therefore, for the country to set up a national body responsible for coordinating all policies relating to the implementation of the UN Convention on the Rights of the Child and the optional protocols thereto;

    40.  Encourages North Macedonia to take meaningful steps toward recognising and incorporating national minorities and communities into its constitution, fostering inclusivity, protecting diversity, fighting discrimination and strengthening social cohesion in line with European values and democratic principles; calls on North Macedonia to fully guarantee equal rights and opportunities for all ethnic communities in the country;

    41.  Notes that persons with disabilities continue to face significant barriers as the country’s legislation is still not aligned with the UN Convention on the Rights of Persons with Disabilities; welcomes the national strategy for the rights of persons with disabilities for 2023-2030 and calls strongly for its proper implementation, including in regard to ensuring a sufficient number of educational assistants, in order to effectively and smoothly include children with disabilities in the education process;

    42.  Welcomes the first court ruling on hate speech against the LGBTIQ+ community, but calls strongly for the systematic prosecution of all instances of hate speech, hate crimes and intimidation, as well as for the inclusion of hate speech in the Criminal Code and for the state institutions responsible to keep adequate statistics on cases of hate speech and hate crimes;

    43.  Notes with concern the widespread hate speech on social media, particularly towards Roma, LGBTIQ+ persons and other marginalised groups; urges all political actors to amend the Law on Civil Registry and ensure swift and unimpeded legal gender recognition on the basis of self-determination, to uphold human rights, ensure dignity, and establish a clear and accessible legal process in line with international standards; recommends that the new Law on Primary Education maintain explicit protection against discrimination based on gender, sexual orientation and gender identity, ensuring alignment with national and international commitments; encourages the Assembly of North Macedonia to promptly (re-)establish an active interparliamentary LGBTIQ+ group to support and advance LGBTIQ+ rights;

    44.  Calls on North Macedonia to strengthen migration management, improve alignment with the EU acquis and address persistent challenges in handling regular and irregular migration while upholding fundamental human rights; welcomes enhanced cooperation on border management and the strengthening of the country’s capacity to manage migration flows and combat migrant smuggling, human trafficking and other organised crime; encourages the continued development of asylum procedures and integration policies and the improvement of reception conditions, in alignment with EU migration frameworks; stresses the importance of regional cooperation in migration management and urges the EU to provide further support in terms of resources, technical assistance and capacity-building in order to address migration challenges effectively;

    45.  Calls on North Macedonia to step up its efforts in the fight against human trafficking, notably by further aligning the Criminal Code with the EU acquis and its legislation on drugs;

    Rule of law

    46.  Notes, with serious concern, that the country’s track record in fighting corruption, including high-level corruption, has worsened, as also evidenced by its decline in Transparency International’s Corruption Perceptions Index, particularly owing to Criminal Code amendments that have weakened the legal framework, resulting in the termination of many ongoing cases; reiterates that this decline underscores the urgent need for comprehensive reforms; calls strongly for the anti-corruption framework to be strengthened and for effective accountability to be ensured, in particular in high-level corruption cases, through proper investigation, prosecution and convictions; urges a review of recent amendments to the Criminal Code in relation to sentencing standards and the statute of limitations, in order to ensure that the prosecution of corruption, especially of complex and high-level cases, is not negatively affected;

    47.  Recalls that sufficient financial and human resources are needed to ensure effective and consistent application of dissuasion, prevention, detection, investigation and sanction mechanisms for public office holders through broad measures covering conflicts of interest, lobbying, codes of ethics and whistle-blower protection;

    48.  Notes that the perceived level of trust in the judiciary remains very low and that further efforts are needed to prevent undue influence and intimidation; underlines the lack of progress in the implementation of the 2020 strategies for human resources management in the courts and in the public prosecutor’s office; calls strongly for the critical shortage of judges and prosecutors, which impacts the quality and efficiency of justice, to be addressed; calls for the independence and transparency of judicial bodies to be strengthened and for the funds necessary for their effective functioning to be allocated;

    49.  Calls for the strengthening of the Judicial Council and the Council of Prosecutors and for the allocation of necessary funds, while ensuring their independence; strongly urges political actors to cease interfering in judicial institutions;

    50.  Notes, with concern, the lack of progress in preventing and fighting corruption, and that financial investigations remain problematic; underlines how corruption continues to severely affect crucial policy areas; calls for the operational capacity and cooperation of agencies responsible for fighting organised crime and financial crime to be significantly strengthened, including through ensuring the necessary financial resources; encourages the country to improve its fight against organised and economic crime and cybercrime through a strengthened partnership with Europol, the European Cybercrime Centre and Eurojust; calls on North Macedonia to enhance its efforts to combat money laundering;

    51.  Calls for all necessary measures to be put in place to effectively counter organised crime; urges the authorities to improve coordination through the National Coordination Centre for the Fight Against Organised Crime as well as to allocate the necessary funds and staffing to the Office of the Basic Public Prosecutor for Organised Crime and Corruption; underlines the need to direct particular attention and resources towards uncovering money-laundering schemes;

    52.  Notes, with concern, North Macedonia’s partial alignment with the EU acquis in the fight against organised crime; reiterates its call for further alignment with the EU acquis and for systematic financial investigations, stepping up the freezing, confiscation, management and disposal of illegally acquired assets;

    53.  Calls for a thorough and transparent investigation of the Kočani nightclub fire on 16 March 2025, to bring to justice the persons responsible, and also for the legislation to be updated and thoroughly implemented to prevent similar tragedies and ensure better public safety and regulatory compliance to protect citizens;

    54.  Calls for the swift implementation of the ongoing reforms in the security and intelligence sectors, and for the independence of security and intelligence bodies to be strengthened through the establishment of appropriate regulatory frameworks, while also enhancing democratic oversight mechanisms; notes, with concern, that the National Security Agency is still located on the premises of the Ministry of Internal Affairs, calling into question its status as an independent state administration body;

    55.  Commends North Macedonia’s strong determination to counter hybrid threats; welcomes the government’s initiative to create a national strategic framework to counter disinformation as well as the adoption of the national cybersecurity strategy 2025-2028; calls for further efforts to build resilience against foreign interference and information manipulation; underlines the need to work on a national strategy to build resilience against disinformation as a security threat to the state, including through enhanced cybersecurity measures and strategic communication as well as education and media literacy; calls for the full operationalisation of EU mechanisms, such as the rapid alert system, to detect malign foreign influence in real time during key democratic processes, including elections;

    56.  Is deeply concerned that North Macedonia and other EU accession countries in the Western Balkans are being particularly hard hit by foreign interference and disinformation campaigns, including hybrid threats, strategic corruption, opaque financial flows and coercive investment practices, notably originating in Russia and China; is alarmed by the roles of the Hungarian and Serbian Governments in advancing China’s and Russia’s geopolitical objectives; notes, in this context, the risk of dependence on China caused by asymmetrical loan agreements, as well as the recent loan from the Hungarian bank Eximbank, which appears to be sourced from China;

    Socio-economic reforms

    57.  Recommends that North Macedonia continue to pursue steps to improve the business climate and infrastructure, strengthen education and digital infrastructure, and enhance social protection systems and their connection to employment initiatives; welcomes the inclusion of human capital-related reforms in the Growth Plan Reform Agenda and calls on North Macedonia to dedicate sufficient effort to implementing these reforms to achieve sustainable results in the development of human capital for children and young people, as the foundation of resilient societies and sustainable growth;

    58.  Welcomes the adoption of the Reform Agenda and the multiannual work programme under the Reform and Growth Facility for North Macedonia, which will provide support for small and medium-sized enterprises, cut red tape and digitalise the public system, and welcomes the steps provided for in the Reform Agenda regarding the digital infrastructure roll-out and the new Law on Electronic Communications, aligning the national legislation with the relevant EU acquis and keeping up with the digital transition worldwide;

    59.  Encourages labour market activation strategies for young people, the long-term unemployed, and low-skilled individuals, as well as for women, persons with disabilities and Roma, and calls for these measures to be properly evaluated; takes note of the long-term improvement in unemployment rates, notes, however, that this must be accompanied by a rise in real wages, the improvement of working conditions and the protection of workers’ rights, including trade union rights; calls for the full implementation of the Law on the Peaceful Settlement of Labour Disputes;

    60.  Encourages North Macedonia to advance its digital transformation, particularly by improving the digital skills of all citizens and by providing online access to public services; recognises the demographic challenges faced by North Macedonia, including population decline, the emigration of young professionals, and an ageing workforce, and underlines the need to address the brain drain, especially in the medical, technological and educational fields; calls for the implementation of targeted policies to reverse the brain drain, enhance family-friendly social policies and attract return migration; encourages cooperation with the EU on demographic resilience strategies, including labour market incentives, housing support for young families, and investment in education and skills development to align with future job market needs; calls for increased support for innovation and competitiveness;

    61.  Welcomes the positive effects of the Youth Guarantee on the reduction of youth unemployment; calls on North Macedonia to intensify its efforts to reduce the unemployment rate of young people aged between 15 and 24, which remains high at 29.3 %; underlines the need to address social challenges, ensure quality employment policies, foster upward social cohesion and convergence towards EU standards and support progress on the principles of the European Pillar of Social Rights;

    62.  Welcomes the efforts to amend the labour law; urges full alignment of the Law on Working Relations with EU directives to effectively guarantee the right to equal pay for equal work, ensure pay transparency and enhance protection against discrimination based on pregnancy and maternity; insists on the need to strengthen the competencies and capacities of the State Labour Inspectorate to ensure effective protection of workers’ rights, including safeguards against labour discrimination;

    63.  Commends North Macedonia for joining the single euro payments area (SEPA), recognising this as an important step toward deeper financial integration with the European market and the facilitation of faster, more efficient cross-border transactions; urges North Macedonia to introduce structural reforms to strengthen the economy and secure the country’s debt sustainability;

    64.  Welcomes the calls for the prompt integration of all of the Western Balkans into the EU’s digital single market at the earliest opportunity, which would crucially benefit the creation of a digitally safe environment;

    65.  Urges the authorities to fully implement existing legal provisions to ensure access to primary healthcare services, with a particular focus on sexual and reproductive health for women, mothers and children, and eliminate barriers related to geography, finances or other hardships; calls for targeted measures to support vulnerable groups of women in accessing healthcare, including Roma women, rural women and those living in poverty;

    66.  Welcomes the progress made in the implementation of the Strategy for Inclusion of Roma 2022-2030; regrets, however, that the strategy lacks a clear approach to participation, empowerment and capacity building; calls on the authorities to implement the respective action plans, ensuring proper monitoring and meaningful and transparent participation of civil society organisations, notably from the Roma community;

    Environment, biodiversity, energy and transport

    67.  Welcomes the adoption of the Energy Law in 2025 and underscores its importance for guaranteeing a safe, secure and high-quality supply of energy as well as for creating an efficient, competitive and financially sustainable energy sector; encourages the authorities to continue on this ambitious path and recalls that additional efforts are needed to fully meet the targets for energy efficiency, renewable energy, security of supply and emissions reductions; urges the country’s authorities to align their environment and climate change legislation with the EU acquis and to ensure its enforcement; notes, with concern, the lack of progress on climate action and the pending adoption of key legislation; stresses the need to integrate gender equality and social inclusion into climate action planning so that women, low-income households and marginalised communities are actively consulted and benefit equitably from the transition;

    68.  Welcomes the European Investment Bank’s continued financial and technical support in North Macedonia, including strategic infrastructure projects such as the Rail Corridors VIII and X, the Skopje wastewater treatment plant, and municipal water infrastructure development; calls for an inclusive and just transition which protects the socially vulnerable, by mobilising public and private financing for the green transition, fully operationalising dedicated funding mechanisms and leveraging EU and international support; stresses the need to address the problems of a lack of specialised staff and weak institutional and administrative capacity, which undermine quality control and the adequate performance of environmental impact assessments;

    69.  Notes, with concern, that air and water quality and wastewater management remain particularly challenging issues for the country; urges the central government and local authorities to step up their efforts in order to improve air quality and reduce potentially lethal pollution; recalls that the situation is particularly alarming in Skopje, which has consistently been one of the most polluted cities in Europe;

    70.  Recognises North Macedonia’s great potential as a regional hub with regard to the use of renewable energy sources; urges North Macedonia to fully align its environmental impact assessment with the EU acquis, with a particular focus on secondary legislation concerning small hydropower projects;

    71.  Stresses the urgent need to prioritise environmental protection; strongly urges the authorities to adopt the necessary legislation and to step up measures on biodiversity, water, air and climate action, and regional waste management, including through comprehensive impact assessments, rigorous prosecution of environmental crime and proper public consultation that allows for the meaningful and transparent involvement of local communities, NGOs and scientific institutions;

    72.  Calls on North Macedonia to establish legal protections for Emerald Sites designated under the Convention on the Conservation of European Wildlife and Natural Habitats (the Bern Convention) to safeguard them from environmentally harmful projects; encourages the country to expand its protected areas, with a view to fulfilling the Kunming-Montreal Global Biodiversity Framework targets; reiterates the urgent need to adopt the law on the re-proclamation of Mavrovo National Park to ensure the continuation and completion of its essential conservation efforts; encourages North Macedonia to include Jablanica on its list of protected areas, thus ensuring the conservation of habitats that are critical to the survival of species;

    73.  Encourages the authorities of North Macedonia to implement stricter protection and management strategies for the habitats of endangered species, as well as for the species themselves, particularly the Balkan lynx, including rigorous enforcement of laws against wildlife crimes, specifically illegal killing and poaching, to safeguard biodiversity;

    74.  Welcomes North Macedonia’s continued cooperation with Kosovo and Albania regarding the transboundary Sharr Mountains National Park; encourages North Macedonia to intensify and speed up collaborative efforts with its neighbouring countries to designate transboundary protected areas and establish coherent transboundary management plans;

    75.  Stresses the need to tackle financial challenges faced by national parks to improve various aspects, including human resources and overall management, with the aim of strengthening their role in biodiversity conservation, providing recreational opportunities and supporting local economies;

    76.  Welcomes the progress made in the construction of Corridors VIII and X of the Trans-European Transport Network (TEN-T) and commends the completion of the Kriva Palanka–Dlabochica–Stracin expressway; urges, however, the authorities of North Macedonia to step up their efforts to prioritise sustainable transport and upgrade energy infrastructure work towards integration in European networks and regional connectivity as well as to address persistent delays in the development of critical infrastructure, including through bilateral negotiations; calls on the Commission to assist in these efforts where needed;

    77.  Calls for additional efforts to accelerate progress on all priority sections of the core network for both rail and road, including by increasing the number of border crossings wherever possible; notes the strategic importance of Corridor VIII for the EU’s and NATO’s geostrategic autonomy, serving as a key logistics route along NATO’s southern flank;

    Regional cooperation and foreign policy

    78.  Welcomes North Macedonia’s valuable and significant contributions to regional cooperation and stability via its engagement in regional economic and diplomatic initiatives such as the Berlin Process, the Growth Plan for the Western Balkans, and the implementation of common regional market agreements, underlining the importance of their inclusiveness;

    79.  Welcomes the country’s commitment to nurturing good neighbourly relations and acknowledges its role as a model for the peaceful resolution of bilateral disputes through dialogue and mutual understanding; emphasises, in this regard, the importance of full implementation of international agreements with tangible results in good faith by all sides, including the Prespa Agreement with Greece and the Treaty of friendship, good neighbourliness and cooperation with Bulgaria; calls for consistent commitment to dialogue and cooperation with neighbouring countries to strengthen regional stability and foster mutual trust; calls for the further promotion of people-to-people contacts across south-eastern Europe;

    80.  Expresses concern about the so-called ‘Serbian world’ project and that some representatives of the Government of North Macedonia have been advocating and promoting this concept; condemns the participation in meetings that attempt to establish a sphere of influence undermining the sovereignty of other countries and the stability of the region;

    81.  Recalls the need to open up Yugoslav secret service archives (UDBA and KOS), kept in both North Macedonia and Serbia; emphasises the need to open these archives region-wide to deal with the totalitarian past in a transparent way, with a view to strengthening democracy, accountability and institutions in the Western Balkans;

    82.  Welcomes North Macedonia’s continued commitment to Euro-Atlantic security; commends North Macedonia’s active role in the OSCE, in particular its chairmanship of the OSCE in 2023 in a complex geopolitical environment, and substantial contributions to EU crisis management missions and military operations; commends the country’s alignment with the EU’s foreign, security and defence policy, including its clear-cut response to Russia’s war of aggression in Ukraine by aligning with the EU’s restrictive measures against Russia and Belarus and providing support to Ukraine; welcomes the signing of a security and defence partnership with the EU in 2024;

    83.  Regrets, however, that North Macedonia, was the only country in the Western Balkans to abstain on the European resolution on Ukraine in the UN General Assembly in February 2025 and instead co-sponsored the US resolution, alongside countries such as Georgia and Hungary, representing a negative signal regarding North Macedonia’s alignment with the EU’s common foreign and security policy and with the collective European commitment to upholding peace, international law and democratic principles;

    84.  Acknowledges North Macedonia’s NATO membership as a significant geostrategic contribution to regional security and Euro-Atlantic stability, including through the country’s active participation in NATO missions and operations and its strategic role in fostering peace and cooperation in the Western Balkans, as well as through the ongoing modernisation of its armed forces and reforms in the fields of crisis management, critical infrastructure and cyber defence; highlights the fact that NATO membership strengthens North Macedonia’s defence capabilities, enhances security coordination with EU and NATO allies, and serves as a deterrent against external destabilisation efforts; encourages North Macedonia to deepen cooperation with the EU and NATO on countering hybrid threats, including through cybersecurity coordination, joint disinformation tracking and resilience-building, and to pursue its efforts to deter external destabilisation attempts; encourages North Macedonia to continue its investment in defence modernisation and alignment with NATO strategic priorities in order to further solidify its role as a reliable security partner;

    85.  Welcomes the agreement concluded at the EU-Western Balkans summit in Tirana on reduced roaming costs; calls, in this respect, on the authorities, private actors and all stakeholders to facilitate achieving the agreed targets of a substantial reduction of data roaming charges between the Western Balkans and the EU and further reductions leading to prices close to the domestic prices by 2027; welcomes the entering into force of the first phase of implementation of the roadmap for roaming between the Western Balkans and the EU;

    o
    o   o

    86.  Instructs its President to forward this resolution to the President of the European Council, the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the governments and parliaments of the Member States, and the President, Government and Assembly of the Republic of North Macedonia.

    (1) OJ L 84, 20.3.2004, p. 13, ELI: http://data.europa.eu/eli/agree_internation/2004/239(2)/oj.
    (2) OJ L 330, 20.9.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/1529/oj.
    (3) OJ L, 2024/1449, 24.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1449/oj.
    (4) OJ C 202, 28.5.2021, p. 86.
    (5) Regulation (EU) 2024/1083 of the European Parliament and of the Council of 11 April 2024 establishing a common framework for media services in the internal market and amending Directive 2010/13/EU (European Media Freedom Act) (OJ L, 2024/1083, 17.4.2024, ELI: http://data.europa.eu/eli/reg/2024/1083/oj).
    (6) Directive (EU) 2024/1069 of the European Parliament and of the Council of 11 April 2024 on protecting persons who engage in public participation from manifestly unfounded claims or abusive court proceedings (‘Strategic lawsuits against public participation’) (OJ L, 2024/1069, 16.4.2024, ELI: http://data.europa.eu/eli/dir/2024/1069/oj).

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Blas Festival 2025 to light up the Highlands

    Source: Scotland – Highland Council

    One of the most anticipated events in the Highland cultural calendar, Blas Festival, returns this September with an electrifying programme of traditional music, Gaelic celebration, and community events across the Highlands and Islands.

    Running from 5th – 13th September, the 2025 edition of Blas will feature some of the finest traditional musicians from Scotland and Ireland, including acclaimed artists Julie Fowlis, Duncan Chisholm, James Duncan Mackenzie, Lauren MacColl, Mischa Macpherson, Norrie MacIver, Gaelic supergroup Dàimh, and the internationally celebrated Flook, among many others. A world-first will also feature in the festival finale: Aon Ghuth / One Voice, the first Gaelic Makaton choir, will take to the stage alongside some of Gaeldom’s finest Gaelic singers, Arthur Cormack, Jenna Cumming and Ruairidh Gray.

    Organised by Fèisean nan Gàidheal in partnership with The Highland Council, Blas, now a cornerstone of the Highland cultural calendar, is a dynamic celebration of Gaelic culture, bringing world-class performances to local venues, from village halls to arts centres, ensuring communities of all sizes can take part in this rich cultural experience. This year, the festival will host around 25 concerts and cèilidhs, with a strong focus on collaboration and partnerships with small arts organisations throughout the region.

    Calum Alex Macmillan, Chief Executive, Fèisean nan Gàidheal, commented: “Blas Festival 2025 continues our proud tradition of celebrating Gaelic language, music, and heritage across the Highlands. From Ardross to Ardgour, and Strathy to Staffin, we’re bringing people together through cultural connection, music and creativity.

    Since its modest beginnings in 2004, with just three venues in Strontian, Clashmore, and Strathpeffer, Blas has delivered over 1350 events featuring 5,550 performers and welcoming an audience of more than 130,000. It has contributed at least £8.4m to the local economy since it began.

    A standout event in this year’s programme is An Treas Suaile, presented by Highland fiddler Duncan Chisholm and renowned Gaelic singer Julie Fowlis. This moving performance shares the stories of those lost in the Iolaire tragedy, combining music and visuals in a powerful tribute. An Treas Suaile gives the audience a powerful insight into the disaster, when in the early hours of New Year’s Day 1919, more than 200 servicemen returning from the First World War drowned when their boat sank at the entrance to Stornoway Harbour. Originally commissioned by An Lanntair in Stornoway to mark the 100th anniversary of the disaster,  this poignant work will be performed in Ullapool and also in Kyle, a community closely linked to the tragedy.    

    Julie Fowlis said “Working on creating a commemorative piece about the Iolaire tragedy has been the most profoundly moving project for both Duncan and I. Since the original commission of An Treas Suaile (The Third Wave) in 2018, ahead of the 100 year commemoration, we have continued to research the stories of the men who were onboard the Iolaire, the ship which sank desperately close to Lewis shores in the early hours of January 1st, 1919. This event will be an evening of conversation with music and song from our original production.”

    Celebrating the cultural bridge between Scotland and Ireland, Irish musicians Bláithínn MhicCanna, Piaras O Lorcain & Lauren Ni Nèill will join Lauren MacColl for special concerts in Dunvegan and Arisaig, after joining Lewis piper James Duncan Mackenzie in Ardross and Carrbridge. Festival favourites Dàimh will energise audiences in Tomatin and Glenelg, and Flook will bring their virtuosic sound to Resolis and Golspie.

    Members of the popular band, Trail West, will help celebrate the 25th anniversary of Fèis Air an Oir in Strathy and Blas 2025 will also feature cèilidhs, tradition bearer celebrations, and birthday tributes, plus musical and drama visits to local primary schools, making it a festival for all ages and tastes.

    The 21st Blas Festival will be wrapped up with a spectacular celebration of Gaelic music, song, and heritage.

    The finale features renowned Gaelic singer Arthur Cormack, performing with his sons Ruairidh and Iain, alongside vocalists Jenna Cumming, Alice Macmillan and Ruairidh Gray, in what will be a powerful showcase of Gaelic song.

    They’ll be joined by a stellar house band led by Musical Director Ingrid Henderson, with Iain MacFarlane, Angus Nicolson, and Eamon Doorley, plus a string quartet led by Lochaber’s Helena Rose.

    Opening the evening will be Aon Ghuth / One Voice, the world’s first Gaelic Makaton choir, blending Gaelic song with Makaton signs to empower individuals with additional needs through music. The not-to-be-missed final concert will also feature the first live performance of Mike Vass’s 2020 Blas Festival commission, Air Falbh ann am Bàta, originally created during lockdown and now brought to life by a group of young Fèis musicians, using material from the Tobar an Dualchais archives.

    Calum Alex continues: “This year’s programme highlights our commitment to youth engagement, with a Blas Festival first from ‘Aon Ghuth / One Voice’ and several Fèisean participant performances. Many will be performing in a professional setting for the first time, showcasing the talent and passion of the next generation.”

    Cllr Drew Millar, Chair of Highland Council Gaelic Committee, said: “The Blas Festival is a key annual feature of the cultural calendar, and The Highland Council is delighted to continue supporting it.

    “Gaelic and traditional music are not only important socially and culturally, but also economically – the festival has made a tremendous contribution to Highland communities over the years, and the 2025 event will build on the success of previous festivals. Once again we’ll see the best of Gaelic traditional music, reflecting the huge amounts of talent we have and the work that goes in to provide opportunities for musicians throughout Highland. Audiences across the area will enjoy an excellent programme of events and I wish all involved every success.”

    The full programme of events can be found at www.blas.scot along with details of how to purchase tickets. Stay up to date with all the latest gig and artist news on the Blas Festival social media accounts, @blasfestival.

    Released by Katie Mackenzie PR

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    Fèis Bhlais 2025: prògram-ciùil sònraichte agus gàirdeachas ann an coimhearsnachdan air feadh na Gàidhealtachd 

    Diardaoin 10  Iuchar 2025, Tillidh aon de na tachartasan cultarail as aithnichte air a’ Ghàidhealtachd, Fèis Bhlais, san t-Sultain, le prògram fìor bheòthail de cheòl traidiseanta agus tachartasan coimhearsnachd a nì gàirdeachas air cultar na Gàidhlig.

    Bidh cuid den luchd-ciùil as fheàrr à Alba is Èirinn rin cluinntinn aig Blas eadar 5mh – 13mh den t-Sultainn. Bidh Julie Fowlis, Donnchadh Siosalach , Seamus D MacCoinnich, Lauren NicColla, Mischa Nic a’ Phearsain, Norrie MacIomhair, an còmhlan-ciùil cliùiteach Dàimh, agus Flook – còmhlan a tha aithnichte air feadh an t-saoghail- a-measg na bhios a’ nochdadh. Bidh Aon Ghuth / One Voice- a’ chiad chòisir Ghàidhlig anns an t-saoghal a bhios a’ cur feum air “Makanta” fhad ’s a tha iad a’ seinn- a’ nochdadh aig cuirm-chiùil deireannach na Fèise, a bharrachd air feadhainn de na seinneadairean Gàidhealach as ainmeile a th’ ann, a leithid Art MacCarmaig, Jenna Chuimeanach agus Ruairidh Gray.

    Tha Fèis Bhlais ga h-ullachadh le Fèisean nan Gàidheal ann an co-bhann le Comhairle na Gàidhealtachd, agus tha i na clach-bhunait ann am prògram-ealain na sgìre. Bidh fèill mhòr air cultar na Gàidhlig ann an coimhearsnachdan air feadh na Gàidhealtachd ri a linn, is sàr thachartasan gan cur air dòigh ann an tallaichean-coimhearsnachd agus ionadan-ealain. Mar seo, thèid a dhearbhadh gum faigh daoine às gach ceàrn cothrom air na tachartasan beairteach, cultarail. Thèid mu 25 cuirmean agus cèilidhean a chur air dòigh mar phàirt den fhèis tro co-obrachadh le buidhnean-ealain beaga.

    Thuirt Calum Ailig Macmhaoilein, Ceannard Fèisean nan Gàidheal, “Tha Fèis Bhlais 2025 a’ leantainn a’ chleachdaidh a th’ againn de bhith a’ dèanamh gàirdeachas air ar cànan, ceòl is dualchas Gàidhealach air feadh na Gàidhealtachd. Thathas a’ toirt dhaoine cruinn còmhla tro cheangalaichean cultarail, ceòl is cruthachalachd, eadar Àird Rois agus Àird Ghobhar, Srathaidh agus Stafainn.”

    Thòisich Blas ann an 2004 agus gun ach trì ionadan an sàs, ann an Sròn an t-Sìthein,  A’ Chlais Mhòr agus Srath Pheofhair. Bhon uair sin chaidh 1,350 tachartas a chumail le 5,550 neach-ciùil is neach-ealain gan taisbeanadh air beulaibh 130,000 de luchd-èisteachd, agus chaidh £8.4 millean a chur ris an eaconamaidh ri a linn.

    ’S e An Treas Suaile aon de na tachartasan as motha a ghlacas aire am-bliadhna sa, agus a th’ air a thaisbeanadh leis an fhìdhlear Ghàidhealach Donnchadh Siosalach agus an seinneadair ainmeil Julie Fowlis. Thèid ceòl agus ìomhaighean a chur gu feum tron chuirm ioma-mheadhanach shònraichte seo, gus sgeulachdan iadsan a chaill am beatha ann am mòr-thubaist Na h-Iolaire a chur an cèill gu faireachail, cumhachdach. Gheibh an luchd-èisteachd fios is faireachdainn air an sgrios a chaidh a dhèanamh nuair a chaidh còrr agus 200 saighdear eileanach a mharbhadh oidhche na bliadhn’ ùire 1919, is iad air an slighe dhachaigh bhon Chiad Chogadh Mhòr nuair a chaidh an long a bha gan giùlan air na creagan aig beul caladh Steòrnabhaigh, gun ach beagan shlatan bhon dachaigh. Chaidh an obair seo a choimiseanadh sa chiad dol a-mach leis An Lanntair gus an 100mh ceann-bliadhna den tubaist a chomharrachadh, agus thèid a thaisbeanadh am-bliadhna sa ann an Ulapul agus cuideachd anns A’ Chaol, coimhearsnachd le ceangal ris an tubaist.

    Thuirt Julie Fowlis, “Thug e buaidh mhòr orm fhèin is Donnchadh a bhith ag obair air cuirm a chomharrachadh tubaist Na h-Iolaire. Bhon chaidh An Treas Suaile a choimiseanadh sa chiad dol a-mach ann an 2018 gus 100 bliadhna bhon thachair an tubaist a chomharrachadh, tha sinn air leantainn le ar cuid-rannsachaidh air sgeulachdan nam fear a bh’ air bòrd Na h-Iolaire, a chaidh air na creagan cho buileach uabhasach faisg air caladh Steòrnabhaigh, 1mh den Fhaoilleach 1919. ’S i oidhche de chòmhradh a bhios ann, a bharrachd air ceòl agus òrain bhon choimisean.”

    Bidh luchd-ciùil Èireannach Bláithínn MhicCanna, Piaras Ó Lorcáin & Lauren Ni Nèill a’ cluich còmhla-ri Lauren NicColla aig cuirmean-ciùil sònraichte ann an Dùn Bheagain agus Àrasaig is iad a’ dèanamh subhachas air ar cultar Gàidhealach co-roinnte, agus bidh am pìobaire Leòdhasach Seumas D MacCoinnich nan cuideachd ann an Àird Rois agus Drochaid Chàrr. Cuiridh luchd-èisteachd anns An Tom Aitinn agus Gleann Eilg fàilte air còmhlan a tha mion-eòlach air Fèis Bhlas agus air a bheil fèill mhòr, Dàimh, agus bidh an ceòl sàr-bhuadhach aig Flook ri chluinntinn ann an Resolis agus Goillspidh. Bidh buill bhon chòmhlan-chiùil iomraiteach, Trail West, a’ comharrachadh 25 bliadhna de dh’Fhèis air an Oir ann an Srathaidh, agus a bharrachd air sin bidh cèilidhean, cuirmean a’ comharrachadh sheanchaidhean ionadail agus cinn-bhliadhna shònraichte, agus bùitean-obrach dràma is ciùil ann am bun-sgoiltean. Mar sin, ’s i fèis don h-uile duine, sean is òg, a bhios innte. Thèid crìoch a chur air an 21mh Fèis Bhlais le cuirm-deiridh anabrrach, leis an t-seinneadair Ghàidhlig chliùiteach, Art MacCarmaig, agus a chuid mhac, Ruairidh agus Iain, cuide ri Jenna Chuimeanach, Alice Nic a’ Mhaoilein agus Ruairidh Gray, ann an taisbeanadh de dh’òrain Ghàidhlig gun choimeas.

    Bidh an còmhlan-taighe air a stiùireadh le sàr stiùiriche-ciùil Ingrid NicEanraig, agus bidh Iain MacPhàrlain, Aonghas MacNeacail agus Eamonn Doorley na cuideachd, a bharrachd air còmhlan-ceathrair a bhios a’ seinn innealan-ciùil teudach agus air an stiùireadh le Helena Rose à Loch Abar. ’S iad Aon Ghuth / One Voice a chuireas a’ chuirm gu dol. ’S iad a’ chiad chòisir Ghàidhlig anns an t-saoghal a bhios a’ cur feum air “Makanta” fhad ’s a tha iad a’ seinn gus cothrom nas fheàrr a thoirt do dhaoine le feumalachdan a bharrachd a dhol an sàs ann an ceòl. Bidh cothrom aig an luchd-èisteachd Air Falbh ann am Bàta a chluinntinn beò airson a’ chiad turais cuideachd. Chaidh an ceòl seo a dhèanamh le Mike Vass mar phàirt de choimisean Fèis Bhlais 2020, ri linn a’ ghlasaidh-shluaigh. Chaidh clàraidhean bho Thobar an Dualchais a chur gu feum, agus chaidh a chluich le òigridh bho na Fèisean.

    Thuirt Calum Ailig, “Tha prògram na bliadhna sa a’ dearbhadh ar dealais ann a bhith a’ toirt chothroman don òigridh, le Aon Ghuth / One Voice a’ nochdadh airson a’ chiad triop, a bharrachd air com-pàirtichean bho Fhèisean air feadh na dùthcha a’ gabhail pàirt ann an grunn tachartasan. B’ e seo a’ chiad chothrom dha grunnan dhiubh a bhith a’ cluich ann an suidheachadh proifeiseanta, agus a’ taisbeanadh an cuid thàlaint agus dìoghrais.”

    Thuirt an comhairliche Drew Millar, Cathraiche Comataidh Gàidhlig Comhairle na Gàidhealtachd,  “Tha Fèis Bhlais na chlach-bhunait anns a’ phrògram chultarail gach bliadhna agus tha Comhairle na Gàidhealtachd air a dòigh taic a chumail rithe a-rithist.

    “Chan ann a-mhàin gu bheil a’ Ghàidhlig agus ceòl traidiseanta cudromach dha ar beatha-sòisealta agus cultar air a’ Ghàidhealtachd, ach cuideachd a thaobh na h-eaconamaidh. Tha an fhèis air an t-uabhas a chur ri coimhearsnachdan air feadh na Gàidhealtachd thar nam bliadhnaichean, agus nì Fèis Bhlais 2025 leudachadh air sin.

    “Thèid an ceòl Gàidhealach as fheàrr a thaisbeanadh a-rithist, agus tha an fhèis na comharra air an uiread de thàlant a th’ againn a bharrachd air an t-saothair an lùib cothroman a thoirt do luchd-ciùil air feadh na Gàidhealtachd. Mealaidh luchd-èisteachd bho gach ceàrn den sgìre sàr phrògram de thachartasan agus tha mi a’ guidhe gach soirbheachas dhan h-uile duine a tha an sàs.”

    Lorgar am prògram slàn aig www.blas.scot a bharrachd air mar a cheannaichear tiocaidean. Gheibhear am fiosrachadh as ùire mu chuirmean-ciùil agus luchd-ealain air meadhanan-sòisealta Fèis Bhlais, @blasfestival.

    Released by Katie Mackenzie PR

    MIL OSI United Kingdom