NewzIntel.com

Category: Economy

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

    Source: Government of South Africa

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

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

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

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

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

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

    Mashatile is currently in China for a strategic working visit.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Africa –

  • MIL-OSI: Champion Safe Company Accelerates Market Growth with Strategic Dealer Expansion in Colorado

    Source: GlobeNewswire (MIL-OSI)

    New Leadership at Champion Safe, a Division of American Rebel Holdings, Inc. (NASDAQ: AREB), Crystallizes Strategic Vision for Market Share Growth Across Patriotic-Branded Divisions

    PROVO, UT, July 17, 2025 (GLOBE NEWSWIRE) — Champion Safe Company (www.championsafe.com), a leading manufacturer of high-security safes and proud subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB), America’s Patriotic Brand, proudly announces its newest dealer partnership with Seaworth Safe Sales, a trusted and respected retailer serving Colorado’s Front Range for decades.

    The move marks a powerful expansion into the Rocky Mountain market, one of the fastest-growing regions for premium safe demand driven by outdoor lifestyles, responsible firearm ownership, and regulated cannabis storage. Seaworth brings deep regional expertise and customer trust, making them an ideal partner for Champion’s next growth chapter.

    “The Seaworth partnership is a strong validation of our brand momentum,” said Tom Mihalek, CEO of Champion Safe Company. “A six-figure, two-truckload opening order isn’t just a purchase—it’s a commitment to what Champion now stands for: precision, performance, and market readiness. The Seaworth deal isn’t just another dealer activation—it’s a strategic signal that leading dealers like Seaworth believe in what we’re building. And we’re ready to continue to earn that trust every day.”

    Since Mihalek took the reins in early 2024, Champion has focused intensely on product optimization and SKU rationalization, dialing in the safes customers actually want and cutting the noise. Supported by improved internal analytics, enhanced dealer feedback loops, and refined regional data, Champion is now delivering smarter product mixes tailored to each market segment, customer profile and consumer demand—streamlining inventory and improving sell-through rates.

    Seaworth is the latest to tap into that momentum, joining a growing roster of respected dealers embracing Champion’s reengineered path forward.

    A little over one year into Tom Mihalek’s leadership the disciplined approach is paying off: new dealer activations are rising, existing dealers are increasing their orders, and Champion is regaining ground as a leader in American-made secure storage.

    Champion still focuses on quality but American made craftsmanship as All Champion safe models are made from 100% American-made, high-strength steel and equally as important We build all of our own safes. No China-Build imports Lifetime warranty on everything we build.

    “We’re proud to have Seaworth Safe Sales on board,” said Jon Minder, Vice President of Sales & Marketing at Champion Safe. “Their decision to partner with us reinforces the value of our recent product enhancements, dealer-first approach, and unwavering commitment to American craftsmanship—qualities today’s customers truly demand.”

    Champion Safe Company is well-positioned to grab market share and drive revenue growth, supported by better tools, better information, and better products. As American Rebel Holdings continues its expansion across safes, apparel, and beverages, the mission remains the same: help Americans protect what they value most—with gear they can trust.

    Contact: ir@americanrebel.com

    About Champion Safe Company

    Champion Safe Company has been at the forefront of safe manufacturing for over 25 years, offering a range of high-quality safes designed for ultimate security and fire protection. With a commitment to craftsmanship and innovation, Champion Safes are trusted by homeowners, gun owners, and businesses across the nation. To learn more, visit: championsafe.com

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) designs, manufactures, and markets branded safes, personal protection products, apparel, and patriotic beverages. The Company continues to evolve as a multi-industry lifestyle brand aligned with American values. Learn more at americanrebel.com and americanrebelbeer.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of dealer expansion, actual revenues for fiscal 2025, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Motley Fool Wealth Management Appoints Sabrina Rosh, CFP®, as Director of Financial Planning

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, Va., July 17, 2025 (GLOBE NEWSWIRE) — Motley Fool Wealth Management (“Fool Wealth” or “firm”), a purpose-driven financial advisory firm affiliated with The Motley Fool, today announced the appointment of Sabrina Rosh, CFP®, as the firm’s new Director of Financial Planning. Rosh will oversee the company’s financial planning and client support teams, reinforcing Fool Wealth’s commitment to delivering a highly personalized, goals-based client experience.

    Rosh joins Fool Wealth with nearly 20 years of experience supporting clients across the full spectrum of financial planning, including leadership roles at Ellevest, Fidelity Investments, Brighton Jones, Wealth Architects, and Loring Ward. Her approach aligns closely with the firm’s planning philosophy—one that looks beyond investments to include retirement readiness, risk management, insurance, and longevity. She will work with the team to further shape and support a consistent planning experience that reflects the complexity of clients’ lives and the long-term nature of their goals.

    “Sabrina brings the experience and perspective that reflects our Foolish values—collaboration, long-term thinking, and a deep commitment to excellence,” said Megan Brinsfield, CPA, CFP®, President of Motley Fool Wealth Management. “She combines technical expertise with client-centered leadership, and her role will help us build on the strength of our integrated approach and investment planning model while continuing to deliver a clear, personal experience for the families we serve.”

    Motley Fool Wealth Management combines personalized financial planning with a long-term investment philosophy centered on individual stock selection. Its three-part approach—stock picking, portfolio construction, and personalized asset allocation—is designed to align portfolio construction with each client’s goals, preferences, and financial plan. Led by CERTIFIED FINANCIAL PLANNER™ professionals, Fool Wealth’s model emphasizes clarity, consistency, and a deep understanding of the full scope of a client’s financial life.

    “Fool Wealth has built something rare: a planning-first culture that truly prioritizes the needs of the families it serves,” said Sabrina Rosh, CFP®. “At a time when clients are navigating more uncertainty and complexity, a team approach rooted in clarity and long-term thinking is not just valuable—it’s essential.”

    Rosh’s appointment comes as Fool Wealth continues to expand its leadership and grow a team of experienced advisors to reflect the growing complexity of client needs, including an increasing number of CFP® professionals and industry veterans.

    For more information about Motley Fool Wealth Management and its team, please visit www.foolwealth.com.

    About Motley Fool Wealth Management
    Motley Fool Wealth Management is a registered investment advisor affiliated with The Motley Fool, LLC. The firm offers personalized financial planning and investment management services, grounded in the same long-term, purpose-driven philosophy that has guided The Motley Fool for over three decades.

    The MIL Network –

  • MIL-OSI: Climb Global Solutions Sets Second Quarter 2025 Conference Call for July 31, 2025 at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., July 17, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, will host a conference call on Thursday, July 31, 2025 at 8:30 a.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025. The Company’s results will be reported in a press release prior to the call.

    Climb’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing CLMB@elevate-ir.com.

    Date: Thursday, July 31, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 225-9448
    International dial-in number: (203) 518-9708
    Conference ID: CLIMB
    Webcast: Climb’s Q2 2025 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the U.S., Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI: Skyward Specialty to Host Second Quarter 2025 Earnings Call Friday, August 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) expects to issue its second quarter 2025 earnings results after the market closes on Thursday, July 31 which will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Skyward Specialty will host its earnings call to review the second quarter 2025 financial results on Friday, August 1 at 9:30 a.m. EST.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty (Nasdaq: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

  • MIL-OSI: Skyward Specialty to Host Second Quarter 2025 Earnings Call Friday, August 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) expects to issue its second quarter 2025 earnings results after the market closes on Thursday, July 31 which will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Skyward Specialty will host its earnings call to review the second quarter 2025 financial results on Friday, August 1 at 9:30 a.m. EST.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty (Nasdaq: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

  • MIL-OSI: Skyward Specialty to Host Second Quarter 2025 Earnings Call Friday, August 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) expects to issue its second quarter 2025 earnings results after the market closes on Thursday, July 31 which will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Skyward Specialty will host its earnings call to review the second quarter 2025 financial results on Friday, August 1 at 9:30 a.m. EST.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty (Nasdaq: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Key Features of the Upcoming Wallet:

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

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

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

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

    About Remittix

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

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

    Contact:
    Andy Černý
    andy@remittix.io

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

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

    Photos accompanying this announcement are available at:

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Key Features of the Upcoming Wallet:

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

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

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

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

    About Remittix

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

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

    Contact:
    Andy Černý
    andy@remittix.io

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

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

    Photos accompanying this announcement are available at:

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

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

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

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

    The MIL Network –

  • MIL-OSI United Nations: New Diaspora Platform Backed by IOM Aims to Boost Ukraine’s Reconstruction

    Source: International Organization for Migration (IOM)

    Rome, 17 July 2025 – The Ukrainian diaspora is taking on a strategic role in national recovery through the launch of a Global Alliance for Diaspora Engagement in Ukraine’s Reconstruction, supported by the International Organization for Migration (IOM). Introduced at the Ukraine Recovery Conference in Rome, the initiative aims to channel global solidarity into coordinated, long-term contributions that support the rebuilding of Ukraine’s institutions, economy, and communities. 

    MIL OSI United Nations News –

  • MIL-OSI: SEON Named to CNBC’s World’s Top Fintech Companies 2025 for Third Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 17, 2025 (GLOBE NEWSWIRE) — SEON, the command center for fraud prevention and compliance, today announced its inclusion on CNBC’s World’s Top Fintech Companies 2025 list for the third consecutive year. SEON was named in the Enterprise Fintech category alongside leading companies delivering innovative technology to financial institutions and digital businesses.

    “Three years of recognition from CNBC affirms that our approach to fraud prevention and AML compliance is fundamentally better,” said Tamas Kadar, Co-founder and CEO, SEON. “While other platforms rely on static defenses, our adaptive AI and 900+ real-time, first-party signals power a more agile solution, one that prevents fraud without compromising customer experience.”

    SEON’s platform delivers visibility that traditional fraud offerings miss by combining deep first-party data analysis with configurable rules and real-time decisioning. This approach empowers fraud and compliance teams to act faster, reduce false positives, and adapt to evolving threats, without disrupting customer journeys.

    The recognition comes amid continued strong global momentum for SEON, as the company expands its presence across the Americas, EMEA, and Asia-Pacific, and adds experienced leadership to support its growth.

    CNBC’s World’s Top Fintech Companies 2025 list evaluated more than 2,000 companies across seven market segments.

    About SEON
    SEON is the command center for fraud prevention and AML compliance, helping thousands of companies worldwide stop fraud, reduce risk and protect revenue. Powered by 900+ real-time, first-party data signals, SEON enriches customer profiles, flags suspicious behavior and streamlines compliance workflows. With integrated fraud and AML capabilities, SEON operates globally from Austin, London, Budapest and Singapore. Learn more at seon.io.

    Media Contact: press@seon.io

    The MIL Network –

  • MIL-OSI: SEON Named to CNBC’s World’s Top Fintech Companies 2025 for Third Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 17, 2025 (GLOBE NEWSWIRE) — SEON, the command center for fraud prevention and compliance, today announced its inclusion on CNBC’s World’s Top Fintech Companies 2025 list for the third consecutive year. SEON was named in the Enterprise Fintech category alongside leading companies delivering innovative technology to financial institutions and digital businesses.

    “Three years of recognition from CNBC affirms that our approach to fraud prevention and AML compliance is fundamentally better,” said Tamas Kadar, Co-founder and CEO, SEON. “While other platforms rely on static defenses, our adaptive AI and 900+ real-time, first-party signals power a more agile solution, one that prevents fraud without compromising customer experience.”

    SEON’s platform delivers visibility that traditional fraud offerings miss by combining deep first-party data analysis with configurable rules and real-time decisioning. This approach empowers fraud and compliance teams to act faster, reduce false positives, and adapt to evolving threats, without disrupting customer journeys.

    The recognition comes amid continued strong global momentum for SEON, as the company expands its presence across the Americas, EMEA, and Asia-Pacific, and adds experienced leadership to support its growth.

    CNBC’s World’s Top Fintech Companies 2025 list evaluated more than 2,000 companies across seven market segments.

    About SEON
    SEON is the command center for fraud prevention and AML compliance, helping thousands of companies worldwide stop fraud, reduce risk and protect revenue. Powered by 900+ real-time, first-party data signals, SEON enriches customer profiles, flags suspicious behavior and streamlines compliance workflows. With integrated fraud and AML capabilities, SEON operates globally from Austin, London, Budapest and Singapore. Learn more at seon.io.

    Media Contact: press@seon.io

    The MIL Network –

  • MIL-OSI: SEON Named to CNBC’s World’s Top Fintech Companies 2025 for Third Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 17, 2025 (GLOBE NEWSWIRE) — SEON, the command center for fraud prevention and compliance, today announced its inclusion on CNBC’s World’s Top Fintech Companies 2025 list for the third consecutive year. SEON was named in the Enterprise Fintech category alongside leading companies delivering innovative technology to financial institutions and digital businesses.

    “Three years of recognition from CNBC affirms that our approach to fraud prevention and AML compliance is fundamentally better,” said Tamas Kadar, Co-founder and CEO, SEON. “While other platforms rely on static defenses, our adaptive AI and 900+ real-time, first-party signals power a more agile solution, one that prevents fraud without compromising customer experience.”

    SEON’s platform delivers visibility that traditional fraud offerings miss by combining deep first-party data analysis with configurable rules and real-time decisioning. This approach empowers fraud and compliance teams to act faster, reduce false positives, and adapt to evolving threats, without disrupting customer journeys.

    The recognition comes amid continued strong global momentum for SEON, as the company expands its presence across the Americas, EMEA, and Asia-Pacific, and adds experienced leadership to support its growth.

    CNBC’s World’s Top Fintech Companies 2025 list evaluated more than 2,000 companies across seven market segments.

    About SEON
    SEON is the command center for fraud prevention and AML compliance, helping thousands of companies worldwide stop fraud, reduce risk and protect revenue. Powered by 900+ real-time, first-party data signals, SEON enriches customer profiles, flags suspicious behavior and streamlines compliance workflows. With integrated fraud and AML capabilities, SEON operates globally from Austin, London, Budapest and Singapore. Learn more at seon.io.

    Media Contact: press@seon.io

    The MIL Network –

  • MIL-OSI: Pacific Sun Packaging, a Subsidiary of PMGC Holdings, Announces Attendance at 2025 ITAD Summit to Showcase Custom Protective Packaging for Enterprise IT Hardware

    Source: GlobeNewswire (MIL-OSI)

    • Serving Data Centers, ITAD Firms, and OEMs with U.S.-Engineered, High-Precision Solutions
    • Showcasing U.S. designed Protective Packaging Built for Data Centers and Circular IT

    NEWPORT BEACH, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Pacific Sun Packaging Inc., a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”), a leader in high-precision, component-specific packaging for IT and electronics hardware, is pleased to announce its participation in the 2025 ITAD Summit in Las Vegas, Nevada, marking the company’s first appearance at the event. The company will exhibit at Booth A07 on July 29 – 30, 2025 at The Bellagio, Las Vegas, NV

    Founded in 2011, Pacific Sun Packaging specializes in custom-engineered solutions to protect delicate IT components, including CPUs, DIMMs, SSDs, HDDs, and fiber-optic modules throughout storage, transport, and resale. The company’s solutions are widely used by OEMs, data centers, and ITAD firms requiring packaging that meets rigorous standards for ESD safety, dimensional precision, and supply chain durability.

    “As the ITAD and data center industries evolve, packaging needs have become more technical and more critical,” said Mike Kerzie, Chief Executive Officer at Pacific Sun Packaging. “We’re proud to bring our U.S.-made, enterprise-grade packaging solutions to the summit and support the circular IT economy.”

    The summit provides an opportunity for Pacific Sun to reconnect with its existing customer base primarily in data center operations and build relationships with new partners in the IT lifecycle management space. Known for its fast design cycles and scalable production, the company offers tailored packaging strategies that enhance resale value, reduce returns, and streamline integration.

    Visit Pacific Sun Packaging at Booth A07 to explore how precision-engineered packaging solutions can improve your asset protection strategy.

    About Pacific Sun Packaging Inc.

    Founded in 2011, Pacific Sun Packaging Inc. is a specialty packaging provider focused on high-precision, component-level packaging solutions for the electronics and information technology (IT) hardware industries. The company’s solutions are trusted by OEMs, distributors, and contract manufacturers across the semiconductor, data center, and networking supply chains. Headquartered in San Clemente, California, Pacific Sun delivers reliable, scalable packaging built in America.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Investor Relations Contact:

    IR@pmgcholdings.com

    The MIL Network –

  • MIL-OSI: Aemetis India Appoints Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and biofuels company, announced today that its India subsidiary, Universal Biofuels, appointed Anjaneyulu Ganji as Chief Financial Officer, commencing responsibilities on July 17, 2025. 

    “The growing India economy has increased demand for energy, including biodiesel, ethanol, and compressed natural gas,” stated Sanjeev Duggal, Managing Director of Universal Biofuels. “To lead the expansion of Universal, we are very pleased to have a high-quality executive such as Anjan (Anjaneyulu Ganji) join the company as we increase existing production as well as finance and build new biofuels projects.” 

    “Having completed initial public offerings and other financings for growth companies in India, including an IPO for a large dairy business, I am confident that the growing market in India creates opportunities for production expansion and investments in new markets,” said Anjaneyulu Ganji, Chief Financial Officer of Universal Biofuels. “The leadership team at Aemetis has shown its ability to manage opportunities in India and has built an excellent reputation for biofuel product delivery and quality. I am excited to join the team and look forward to many successes as we expand the company.” 

    Mr. Ganji was the Group Chief Financial Officer of Dodla Dairy Limited, a company with $450 million per year of current revenue headquartered in Hyderabad, India. At Dodla Dairy, he led the strategy, finance, secretarial, tax, and treasury operations of a multinational operation with 14 manufacturing plants across five countries. Dodla Dairy was the second largest private dairy in India prior to undertaking an Initial Public Offering (IPO) in 2021, which Mr. Ganji successfully managed with 45 times over-subscriptions CFO.

    Mr. Ganji was also the Group CFO for Marengo Asia Healthcare and was Global Head of Accounting and Controlling at Maersk Line GmbH (GSC), in charge of global finance, accounts, and finance transformation for $40 billion Maersk Line, Maersk Oil, Seago and Sealine. Previously, he was a DGM and finance controller at the $700 million TATA Cummins Ltd, responsible for the finance and accounts function for the India Parts Distribution Center. 

    Based in Hyderabad since 2007, the Universal Biofuels subsidiary of Aemetis built, owns, and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. Universal Biofuels is expanding biofuels production as well as diversifying into ethanol and renewable natural gas production facilities.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and biofuels company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. Aemetis is developing a carbon sequestration well project and a renewable diesel fuel and SAF biorefinery in Riverbank, California. For additional information about Aemetis, please visit www.aemetis.com.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results in 2025 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biogas, SAF and renewable diesel, biodiesel and carbon sequestration facilities; our ability to promote, develop, finance, and construct facilities to produce biogas, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    Company Investor Relations

    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com   

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

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

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

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

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

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

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

    STATEMENT OF INCOME

    Net Interest Income

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

    Net Interest Margin

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

    Provision for Credit Losses

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

    Noninterest Income

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

    Noninterest Expense

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

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

    Provision for Income Tax Expense

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

    STATEMENT OF FINANCIAL CONDITION

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

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

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

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

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

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

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

    Capital Ratios (2)

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

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

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

    CalPrivate Bank Announces Board of Directors Changes

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

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

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

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

    Non-GAAP Financial Measures

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

    Investor Relations Contacts

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

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

    Safe Harbor Paragraph

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

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

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

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

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

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

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

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

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

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

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

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

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

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

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

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

    STATEMENT OF INCOME

    Net Interest Income

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

    Net Interest Margin

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

    Provision for Credit Losses

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

    Noninterest Income

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

    Noninterest Expense

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

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

    Provision for Income Tax Expense

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

    STATEMENT OF FINANCIAL CONDITION

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

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

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

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

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

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

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

    Capital Ratios (2)

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

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

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

    CalPrivate Bank Announces Board of Directors Changes

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

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

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

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

    Non-GAAP Financial Measures

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

    Investor Relations Contacts

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

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

    Safe Harbor Paragraph

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

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

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

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

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

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

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

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

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

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

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

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

    The MIL Network –

  • MIL-OSI: Aspen Aerogels, Inc. Schedules Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NORTHBOROUGH, Mass., July 17, 2025 (GLOBE NEWSWIRE) — Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”) today announced that Don Young, President & Chief Executive Officer, and Ricardo C. Rodriguez, Chief Financial Officer & Treasurer, expect to discuss the Company’s financial results for the second quarter ended June 30, 2025, during a conference call scheduled for Thursday, August 7, 2025, at 8:30 a.m. ET. The Company also expects to release its quarterly financial results before the market opens on Thursday, August 7, 2025.

    Shareholders and other interested parties may participate in the conference call by dialing +1 (404) 975-4839 (domestic) or +1 (929) 526-1599 (international) and referencing conference ID “548576” a few minutes before 8:30 a.m. ET on Thursday, August 7, 2025. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted on the Investors section of Aspen’s website, www.aerogel.com.

    A replay of the webcast will be available on the Investor Relations section of the Aspen website at www.aerogel.com, where it will remain available for approximately one year after the conference call.

    About Aspen Aerogels, Inc.
    Aspen is a technology leader in sustainability and electrification solutions. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen’s PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle (“EV”) market. The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform® into additional high-value markets. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

    Investor Relations & Media Contacts:
    Neal Baranosky
    Phone: (508) 691-1111 x 8
    nbaranosky@aerogel.com

    Georg Venturatos / Patrick Hall
    Gateway Group
    ASPN@gateway-grp.com
    Phone: (949) 574-3860

    The MIL Network –

  • MIL-OSI: CareCloud Launches AI-Driven, Fully Integrated Dermatology EHR to Streamline Workflows and Enhance Patient Care

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., July 17, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO) (“CareCloud” or the “Company”), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, today announced the launch of its fully integrated, AI-driven dermatology EHR, designed to streamline clinical workflows and collections, while enhancing patient engagement and improving financial outcomes for dermatology practices.

    “Our fully integrated, AI-driven dermatology EHR empowers practices with modern tools that are developed for the unique practice workflows and needs of busy dermatology groups, and designed to enhance their efficiency, accuracy, and financial performance,” said Hadi Chaudhry, Co-CEO of CareCloud. “With dermatology services representing a $9 billion segment of the U.S. healthcare market, there’s a clear need for smarter, more efficient technology. By replacing outdated, fragmented systems, with our fully integrated AI-driven system, we are helping dermatologists streamline workflows and focus more on patient care.”

    “CareCloud’s Dermatology EHR provides many operational benefits,” said Dr. Neil Houston, dermatologist at Integrated Dermatology of Brookline. “The system helps reduce administrative time, streamline patient documentation, and improve billing efficiency—all of which contribute to my stronger overall practice performance.”

    CareCloud’s Dermatology EHR combines AI-driven documentation, advanced image management, and seamless integration with practice management, RCM, and telehealth into a single cloud-based platform. By eliminating outdated, fragmented systems, it reduces administrative burdens, enhances efficiency, and accelerates revenue from patient intake to final reimbursement. Scalable and secure, it adapts to the needs of solo practitioners, group practices, and multi-location clinics. With dermatology services representing an estimated $9 billion segment of the U.S. healthcare market in 2024, CareCloud’s AI-driven Dermatology EHR and RCM platform is well-positioned to support this growing specialty.

    Key Features of CareCloud’s End-to-End Dermatology EHR include:

    AI-Powered Charting & Customizable Templates – Reduce documentation time with customized, AI-driven dermatology templates for acne, eczema, psoriasis, melanoma, and more.
    Advanced Image Management & Annotation – Seamlessly upload, track, and annotate high-resolution images within patient records.
    Integrated Telehealth & Patient Portal – Enhance patient engagement with virtual consultations, online scheduling, and secure messaging.
    Optimized Billing & Revenue Cycle Management (RCM) – Maximize reimbursements with dermatology-specific coding, automated claim scrubbing, and cosmetic procedure billing.
    Seamless Interoperability – Connect with labs, pharmacies, and third-party systems for a unified practice experience.
    End-to-End Integration with CareCloud’s Ecosystem – A single platform that integrates EHR, practice management, RCM, analytics, and compliance tools to optimize the entire patient journey.

    Availability & Demo
    CareCloud Dermatology EHR is now available for dermatology providers nationwide. To learn more or schedule a personalized demo, visit carecloud.com/specialties/dermatology or contact 1-877-342-7517.

    About CareCloud
    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    Disclaimer
    This press release is for information purposes only and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

    Forward-Looking Statements
    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, and the expected results from the integration of our acquisitions. Past operational or stock price performance is not an indication of future performance.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Europe: Written question – Inadequate management of EU funds for fire prevention – E-002833/2025

    Source: European Parliament

    Question for written answer  E-002833/2025
    to the Commission
    Rule 144
    Galato Alexandraki (ECR)

    According to a 2024 report by the European Court of Auditors, forest fires in the EU have tripled in frequency compared to the 2006-2010 period, destroying 5 250 square kilometres per year. Despite increased funding, the EU is failing to prevent an escalation of this phenomenon, owing to a lack of targeted and sustainable use of funds.

    The ECA points to cases of inappropriate allocation of funding, where outdated maps were used or priority was given to areas without real risk. In Greece – where last year, for example, wildfires burned an area three times the historical average – the list of vulnerable areas is based on data from 1979, while EUR 470 million was made available through the Recovery and Resilience Facility without guarantees for a lasting impact.

    In view of the above, can the Commission say:

    • 1.How does it intend to ensure that EU funds for forest fire prevention are directed to areas in real need and on the basis of updated maps?
    • 2.What steps will it take to ensure the sustainability and long-term effectiveness of the measures financed?
    • 3.Does it consider it acceptable to use data as old as that used by Greece for such critical environmental projects?

    Submitted: 11.7.2025

    Last updated: 17 July 2025

    MIL OSI Europe News –

  • MIL-OSI Analysis: Babies born with DNA from three people hailed as breakthrough – but questions remain

    Source: The Conversation – UK – By Cathy Herbrand, Professor of Medical and Family Sociology, De Montfort University

    Ten years after the UK became the first country to legalise mitochondrial donation, the first results from the use of these high-profile reproductive technologies – designed to prevent passing on genetic disorders – have finally been published.

    So far, eight children have been born, all reportedly healthy, thanks to the long-term efforts of scientists and doctors in Newcastle, England. Should this be a cause for excitement, disappointment or concern? Perhaps, I would suggest, it could be a bit of all three.

    The New England Journal of Medicine has published two papers on a groundbreaking fertility treatment that could prevent devastating inherited diseases. The technique, called mitochondrial donation, was used to help 22 women who carry faulty genes that would otherwise pass serious genetic disorders – such as Leigh syndrome – to their children. These disorders affect the body’s ability to produce energy at the cellular level and can cause severe disability or death in babies.

    The technique, developed by the Newcastle team, involves creating an embryo using DNA from three people: nuclear DNA from the intended mother and father, and healthy mitochondrial DNA from a donor egg. During the parliamentary debates leading up to The Human Fertilisation and Embryology (Mitochondrial Donation) Regulations in 2015, there were concerns about the effectiveness of the procedure and its potential side effects.

    The announcement that this technology has led to the birth of eight apparently healthy children therefore marks a major scientific achievement for the UK, which has been widely praised by numerous scientists and patient support groups. However, these results should not detract from some important questions they also raise.

    First, why has it taken so long for any updates on the application of this technology, including its outcomes and its limitations, to be made public? Especially given the significant public financial investment made into its development.

    In a country positioning itself as a leader in the governance and practice of reproductive and genomic medicine, transparency should be a central principle. Transparency not only supports the progress of other research teams but also keeps the public and patients well informed.

    Second, what is the significance of these results? While eight babies were born using this technology, this figure contrasts starkly with the predicted number of 150 babies per year likely to be born using the technique.

    The Human Fertilisation and Embryology Authority, the UK regulator in this area, has approved 32 applications since 2017 when the Newcastle team obtained its licence, but the technique was used with only 22 of them, resulting in eight babies. Does this constitute sufficiently robust data to prove the effectiveness of the technology and was it worth the considerable efforts and investments over almost two decades of campaigning, debate and research?

    As I wrote when this law was passed, officials should have been more realistic about how many people this treatment could actually help. By overestimating the number of patients who might benefit, they risked giving false hope to families who wouldn’t be eligible for the procedure.

    The safety question

    Third, is it safe enough? In two of the eight cases, the babies showed higher levels of maternal mitochondrial DNA, meaning the risk of developing a mitochondrial disorder cannot be ruled out. This potential for a “reversal” – where the faulty mitochondria reassert themselves – was also highlighted in a recent study conducted in Greece involving patients who used the technique to treat infertility problems.

    As a result, the technology is no longer framed by the Newcastle team as a way to prevent the transmission of mitochondrial disorders, but rather to reduce the risk. But is the risk reduction enough to justify offering the technique to more patients? And what will the risk of reassertion mean for the children born through it and their parents, who may live with the continuing uncertainty that the condition could emerge later in life?

    As some experts have suggested, it may be worth testing this technology on women who have fertility problems but don’t carry mitochondrial diseases. This would help doctors better understand the risks of the faulty mitochondria coming back, before using the technique only on women who could pass these serious genetic conditions to their children.

    This leads to a fourth question. What has been the patient experience with this technology? It would be valuable to know how many people applied for mitochondrial donation, why some were not approved, and, among those 32 approved cases, why only 22 proceeded with treatment.

    It also raises important questions about how patients who were either unable to access the technology, or for whom it was ultimately unsuccessful feel, particularly after investing significant time, effort and hope in the process. How do they come to terms with not having the healthy biological child they had been offered?

    This is not to say we shouldn’t celebrate these births and what they represent for the UK in terms of scientific achievement. The birth of eight healthy children represents a genuine scientific breakthrough that families affected by mitochondrial diseases have waited decades to see. However, some important questions remain unanswered, and more evidence is needed and it should be communicated in a timely manner to make conclusions about the long-term use of the technology.

    Breakthroughs come with responsibilities. If the UK wants to maintain its position as a leader in reproductive medicine, it must be more transparent about both the successes and limitations of this technology. The families still waiting to have the procedure – and those who may never receive it – deserve nothing less than complete honesty about what this treatment can and cannot deliver.

    Cathy Herbrand receives funding from the Economic and Social Research Council.

    – ref. Babies born with DNA from three people hailed as breakthrough – but questions remain – https://theconversation.com/babies-born-with-dna-from-three-people-hailed-as-breakthrough-but-questions-remain-261385

    MIL OSI Analysis –

  • MIL-OSI USA: Bilirakis, Pappas, Titus & Malliotakis Introduce Bipartisan End the Cyprus Embargo Act

    Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

    Washington, DC – Representatives Gus Bilirakis (FL-12), Chris Pappas (NH-01),  Dina Titus (NV-01), and Nicole Malliotakis (NY-11), co-chairs and vice co-chairs of the Hellenic Caucus, reintroduced the End the Cyprus Embargo Act, bipartisan legislation that would extend the waiver renewal period for the arms embargo on the Republic of Cyprus from one year to five years. This change will bolster the historic growth in U.S.-Cypriot relations, enhance bilateral cooperation, and advance U.S. security interests in the Eastern Mediterranean.   Over the past two decades, U.S.-Cyprus relations have strengthened substantially, with Cyprus emerging as a pivotal ally for U.S. interests and regional stability. The Eastern Mediterranean Security and Energy Partnership Act of 2019 authorized the President to waive the arms embargo on an annual basis. However, the annual renewal requirement restricts Cyprus’s ability to plan and procure U.S. defense articles effectively, compromises U.S.-Cypriot military interoperability, impedes joint research on cybersecurity and maritime security, and diminishes the effectiveness of the National Guard State Partnership Program in Cyprus.

    “Cyprus has proven itself to be a valued and reliable partner for the United States,” said Congressman Bilirakis.  “Giving Cyprus planning certainty will allow the partnership to continue to flourish and will prove mutually beneficial for both nations and our allies.” 

    “The Republic of Cyprus is a steadfast democratic ally in the Eastern Mediterranean and an essential partner in ensuring regional security,” said Congressman Pappas. “This policy change will better empower U.S.-Cyprus bilateral relations, support our mutual commitment to collaboration on security and defense, and improve long-term planning and procurement coordination.”

    “Cyprus is a key partner in the Eastern Mediterranean, and the U.S. must continue making efforts to improve diplomatic relations between our two countries,” said Congresswoman Titus. “Reducing the number of necessary embargo reviews for aid to Cyprus will allow this important ally to strategically plan for the future while supporting U.S. security interests abroad.”

    “For too long, the United States has maintained an outdated and counterproductive embargo on the sale of defense materials and services to the Republic of Cyprus,” Congresswoman Malliotakis said. “Our legislation seeks to correct this by recognizing Cyprus as a key strategic partner in the Eastern Mediterranean and allow for the responsible export of U.S. defense items to support our shared security interests. By strengthening Cyprus’s ability to defend itself, we can promote greater stability in the region.”

    The End the Cyprus Embargo Act will solidify U.S.-Cypriot relations, foster long-term planning and cooperation, and ensure interoperability with regional allies. Specifically, this legislation will: 

    • Extend the waiver renewal period for the arms embargo from one year to five years.
    • Permit the President to reconsider the arms embargo waiver only every five years following its enactment.
    • Prohibit the President from terminating the waiver unless Congress receives certification that the Republic of Cyprus is no longer:
      • Cooperating with U.S. efforts to implement anti-money laundering regulations and financial oversight reforms; and
      • Denying Russian military vessels access to ports for refueling and servicing.

    This legislation is supported by the American Hellenic Institute (AHI), Coordinated Effort of Hellenes, the Hellenic American Leadership Council (HALC), and PSKEA (International Coordinating Committee – Justice for Cyprus).

    MIL OSI USA News –

  • MIL-OSI Africa: African Development Bank Approves $17 Million to Rebuild Conflict-Affected Northern Mozambique

    Source: APO – Report:

    The Board of Directors of the African Development Bank (www.AfDB.org) has approved a $17 million grant to support recovery and resilient-building efforts in conflict-affected northern Mozambique’s Cabo Delgado province.

    The funding will support the Resilient Investment for Socio-Economic Empowerment, Peace, and Security (RISE-PS) Project, a bold new initiative to tackle the root causes of fragility through targeted economic empowerment. It will directly create 24,000 jobs, with 60% of opportunities earmarked for young people aged 18 to 35, and 50% reserved for women. Cumulatively, over 100,000 people are expected to benefit from the initiative.

    Since 2017, violent extremist attacks in Cabo Delgado have killed at least 4,500 people and displaced more than one million. Approximately 4,965 small businesses have been destroyed, leaving communities without livelihoods. Youth unemployment currently stands at 25% in the province, with 35% of young women neither employed nor enrolled in education or training.

    “This is about more than economic recovery – it’s about giving young people a reason to believe in their future,” said Babatunde Omilola, Manager for Human Capital, Youth and Skill Development at the African Development Bank’s Regional Office for Southern Africa. “The project emphasizes  youth as peacebuilding agents, unlocking their potential through skills development, entrepreneurship, and decent work opportunities to drive economic stabilization efforts.”

    A cornerstone of the RISE-PS project is the creation of a Peace and Security Investment Hub, coordinated by Mozambique’s Northern Integrated Development Agency (ADIN).

    “This hub will coordinate development work across the region and create investment opportunities for both public and private partners,” said Macmillan Anyanwu, the Bank’s Acting Country Manager for Mozambique. “By including local communities in planning and implementing projects — such as letting them choose which infrastructure gets rebuilt — we ensure development truly serves those who need it most.”

    Comprehensive Support for Vulnerable Populations

    • Rehabilitation of 150 community facilities, including 30 schools, 45 youth centers, 14 health posts, 10 rural markets, and 33 water systems — providing immediate employment for 4,500 vulnerable youth and women
    • Training for over 9,200 individuals in market-oriented vocational skills, with 2,000 women and youth-led enterprises receiving grants to restart destroyed businesses, and 5,400 local micro-enterprises equipped to expand or consolidate operations.
    • Construction of a climate-smart SME village in the Afungi Industrial Hub, designed to accommodate 100 small and medium enterprises with modern facilities, including warehouses, workshops, and business incubation centers
    • Private sector partnerships, including TotalEnergies and ExxonMobil, to provide 1,055 youth with 6-month internships, targeting 70% permanent job placement

    The total value of the project stands at $28 million, including the African Development Bank’s $17 million grant through its Transition Support Facility, $4.2 million from the United Nations Development Programme (UNDP), $2.4 million from Germany, $3.1 million in parallel financing from private sector partners, and $1.3 million counterpart contribution from the Government of Mozambique.

    MozParks, the national developer of sustainable economic zones, will lead the SME village construction, drawing on 23 years of experience that has attracted $4 billion in investments and created over 12,000 jobs nationwide.

    The project’s conflict-sensitive design specifically targets the drivers of violent extremism. Research shows that 40% of young men join rebel movements due to a lack of economic opportunities. At the same time, women face additional vulnerabilities, including limited education and high rates of gender-based violence.

    Implementation begins on 1 September 2025, under the leadership of the Government, with UNDP as the implementing partner. The project will run until August 2029.

    ADIN will serve as the executing agency, with enhanced institutional support to strengthen its coordination role across northern Mozambique, which is home to 11.6 million people.

    Recent security improvements, and a reduction in the number of internally displaced persons from over one million to 635,000 present an opportunity for sustained development investments and renewed investor confidence.

    The RISE-PS project aligns with Mozambique’s National Development Strategy (2025-2044) and the African Union’s Agenda 2063, contributing to Sustainable Development Goals (SDG 1 – No Poverty;  SDG 4 – Quality Education;  SDG 5 – Gender Equality; SDG 8 – Decent Work and Economic Growth).

    It also aligns with the African Development Bank’s Strategy for Addressing Fragility and Building Resilience (2022-2026), the Bank’s Country Strategy Paper 2023-2028 for Mozambique, its Ten-Year Strategy 2024-2033, and many other strategies or action plans on jobs, gender, skills, private sector development and nutrition. In particular, the Bank’s Jobs for Youth in Africa strategy 2016-2025 aims to create 25 million jobs and positively impact 50 million African youth by 2025.

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

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

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

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: East African countries and open borders: great strides, but still a long way to go

    Source: The Conversation – Africa – By Alan Hirsch, Senior Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

    It’s not uncommon to find a Ugandan taxi driver in Rwanda’s capital, Kigali, just as one regularly meets Zimbabwean Uber drivers in South Africa. But there is a big difference. A Ugandan working in Rwanda most likely has a secure legal right to be there, whereas Zimbabweans working in South Africa are often uncertain of their current or future legality.

    East Africa has made greater strides towards the free flow of people crossing borders and seeking work than most of Africa. Only the Economic Community of West African States (Ecowas) is in the same league.

    While the African Union’s Free Movement of Persons protocol has faltered at a continental level, some of the regional economic communities have made progress. The Southern African Development Community (SADC) allows visa-free travel across almost all its borders.

    Ecowas and the East African Community (EAC) have driven ambitiously towards regional common markets including the freeing up of job-seeking, residential settlement and business development across the borders of member states.

    The New South Institute, a think-tank focused on governance reforms in the global south, is nearing the end of a research programme on migration governance reform in Africa. Our new report is on East Africa.

    We have found that unlike much of the global north, the African continent is moving towards more open borders for people. In some of the global south the promise of economic growth outweighs political fears. Yet progress is slow, and not coordinated. Mostly migration reform happens in regions and between neighbours.

    The progress in the East African Community is particularly notable compared with other African regional communities. We identify a number of reasons for this, including strong leadership and co-operation between state and non-state actors.

    The commitment to free movement

    The East African Community adopted its Common Market Protocol in 2010. The bloc is made up of Tanzania, Uganda, Kenya, Rwanda, Burundi, South Sudan, the DRC and Somalia.

    The regional body’s common market pact includes the movement of goods, services, capital and people. It gives people the right – on paper at least – to find employment across borders, the right to reside and the right to establish a business. There is also a commitment to the harmonisation and mutual recognition of academic and professional qualifications and labour policies to ease mobility.

    Even before the common market protocol, the regional bloc began to establish one-stop border posts on many of its internal borders to facilitate the flow of goods and people. Though they don’t all operate the same way or equally well, they have been successful at easing movement.

    Uneven outcomes

    The common market’s impact on the movement of people has been uneven within the region. Most integrated are Uganda, Kenya and Rwanda, which allow the cross-border movement of citizens with standardised identity documents – they do not need passports.

    It is also relatively easy to get jobs across these borders.

    Tanzania and Burundi are close to the inner circle but still require passports, though no visas. The three states which joined more recently, South Sudan, the DRC and Somalia, are all fragile states with governance systems that do not always meet the standards needed for acceptance into all the privileges of the regional bloc.

    In practice there is differential treatment. Generally, it is more difficult for citizens of the three latecomers to get regular access and jobs in their regional partners.

    Another limitation when it comes to the mobility of people is that little progress has been made in the formal harmonisation of education, health and social welfare systems between member states. This inhibits job seeking across borders.

    In addition, national labour laws, which tend to require permits for foreigners, still apply to varying degrees in the region. Some countries are more permissive. For example, Kenya, Uganda and Rwanda have a reciprocal no-fee work permit agreement.

    Another shortcoming has been that the outcomes of court processes in enforcing the freedom of movement have been disappointing. This is so even though the regional bloc has an active East African Court of Justice. Its legal mandate includes the enforcement of the bloc’s treaty and its protocols.

    In some cases the court has found that national actions inhibiting the movement of persons were trumped by the regional protocol. It has instructed the errant governments to comply. But its ability to enforce the decisions is minimal.

    Reasons for success

    Leadership has been important. The fact that the strongest economy in the region, Kenya, has been part of the leading echelon is significant.

    Rwanda and Uganda have led by example too. Rwanda was one of the first countries on the continent to offer visa-free entry to all other African countries. For its part, Uganda is widely admired for its refugee inclusion programmes.

    Another factor outlined in our report has been the opportunity for collaboration fostered by relationships between formal institutions, such as governments, and non-state actors such as the International Organisation for Migration. Interactions between these various players have created opportunities for officials and policymakers from states of the region to meet, discuss issues of concern, and develop relationships of trust and understanding.

    Another non-state donor-funded actor, TradeMark Africa, which was established in 2010 to support in the implementation of the common market in east Africa, provided considerable support. For example it supported the implementation of the regional One-Stop Border Post programme..

    Way forward

    Based on our report we identified changes that could make a positive difference.

    Firstly, the development of reliable, harmonised systems in the region to collect and manage data on population mobility and employment. This would build confidence that policy was being made on the basis of reliable information.

    Secondly, reducing friction in cross-border monetary transactions, including migrants’ remittances. This would make it easier for migrants to send some of their income to their countries of origin.

    Thirdly, improvements to population registers, identity documents, passports and cross-border migration management systems. Improvements would build mutual trust in the integrity of systems and pave the way for further commitments to lowering migration barriers.

    Fourth, cooperation on cross-border access to social services such as health and education. This is one of the most important intermediate steps towards freeing up mobility for the citizens of the region.

    Fifth, reconsidering some of the amendments made to weaken the East African Court of Justice in 2007. This would strengthen the de jure powers of the court, adding considerably to the entrenchment of cross-border rights in the region.

    Ultimately, the key constraint in the region is political and security instability, which holds back social and economic development. Nevertheless, incremental progress on mobility is possible despite issues in the fragile states, even though it may result in asymmetric progress within the East African Community.

    – East African countries and open borders: great strides, but still a long way to go
    – https://theconversation.com/east-african-countries-and-open-borders-great-strides-but-still-a-long-way-to-go-261021

    MIL OSI Africa –

  • G20 finance chiefs meet under tariff cloud in South Africa

    Source: Government of India

    Source: Government of India (4)

    South Africa urged G20 countries to provide global and cooperative leadership to tackle challenges including rising trade barriers as the club’s finance chiefs met on Thursday under the shadow of President Donald Trump’s tariff threats.

    The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, has for years been hobbled by disputes among key players that have been exacerbated by Russia’s war in Ukraine and Western sanctions on Moscow.

    Host South Africa, under its presidency’s motto “Solidarity, Equality, Sustainability”, has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.

    In opening remarks, South Africa’s Finance Minister Enoch Godongwana said the G20 must provide strategic global leadership, cooperation and action in the face of complex challenges.

    “Many developing countries especially in Africa remain burdened by high and rising debt vulnerabilities, constrained fiscal space and high cost of capital that limits their ability to invest in their people and their futures,” he said.

    “The need for bold cooperative leadership has never been greater.”

    Questions, however, are lingering over the ability of the finance chiefs and central bankers meeting in the coastal city of Durban to tackle those issues and others together. The G20 aims to coordinate policies, but its agreements are non-binding.

    U.S. Treasury Secretary Scott Bessent will not attend the two-day meeting, his second absence from a G20 event in South Africa this year.

    Bessent also skipped February’s Cape Town gathering, where several officials from China, Japan and Canada were also absent, even though Washington is due to assume the G20 rotating presidency at the end of the year.

    Michael Kaplan, acting undersecretary for international affairs, will represent the United States at the meetings.

    A G20 delegate, who asked not to be named, said Bessent’s absence was not ideal but that the U.S. was engaging in discussions on trade, the global economy and climate language.

    Finance ministers from India, France and Russia are also set to miss the Durban meeting.

    South Africa’s central bank governor Lesetja Kganyago said that representation was what mattered most.

    “What matters is, is there somebody with a mandate sitting behind the flag and are all countries represented with somebody sitting behind the flag?” Kganyago told Reuters.

    U.S. officials have said little publicly about their plans for the presidency next year, but one source familiar with them said Washington would reduce the number of non-financial working groups and streamline the summit schedule.

    Brad Setser, a former U.S. official now at the Council on Foreign Relations, said he expected it to be “kind of a scaled-back G20 with less expectation of substantive outcomes.”

    TARIFF SHADOW

    Trump’s tariff policies have torn up the global trade rule book. With baseline levies of 10% on all U.S. imports and targeted rates as high as 50% on steel and aluminium, 25% on autos and potential levies on pharmaceuticals, extra tariffs on more than 20 countries are slated to take effect on August 1.

    His threat to impose further 10% tariffs on BRICS nations — of which eight are G20 members — has raised fears of fragmentation within global forums.

    German Finance Minister Lars Klingbeil said in Durban on Thursday that Europe was engaged in constructive talks with the U.S. on tariffs but was prepared to take countermeasures if necessary.

    He also said Germany and Europe must demonstrate they are safe destinations for investment.

    South Africa’s Treasury Director General Duncan Pieterse said the group hoped to issue the first communique under the South African G20 presidency by the end of the meetings.

    The G20 was last able to collectively issue a communique in July of 2024, mutually agreeing on the need to resist protectionism but making no mention of Russia’s invasion of Ukraine.

    (Reuters)