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  • MIL-OSI: Live Oak Bancshares, Inc. Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., July 23, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported second quarter of 2025 net income attributable to the Company of $23.4 million, or $0.51 per diluted share.

    Live Oak’s performance in the quarter, compared to the first quarter of 2025, includes these notable items:

    • Record second quarter production of $1.53 billion accompanied by strong deposit growth of $198.8 million, with total assets growing by 1.7% to $13.83 billion
    • Net interest income increased 8.6% and net interest margin increased eight basis points from 3.20% to 3.28%
    • 14.0% increase in revenue and 6.3% increase in noninterest expenses generated 29.4% increase in pre-provision net revenue1
    • Provision expense for credit losses of $23.3 million, a decrease of $5.7 million, driven by moderating credit trends, loan growth, and the current macroeconomic environment

    “Live Oak Bank delivered an outstanding quarter in Q2, driven by excellent growth, healthy revenue, and lower provision expense,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We remain focused on supporting our nation’s entrepreneurs as they continue to navigate a backdrop of uncertainty while also providing the service, technology and financial guidance they need to succeed.”

    Conference Call

    Live Oak will host a conference call to discuss the Company’s financial results and business outlook tomorrow, July 24, 2025, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 25229. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:

    Live Telephone Dial-In

    U.S.: 800.549.8228
    International: +1 646.564.2877
    Pass Code: None Required

    Live Webcast Log-In

    Webcast Link: investor.liveoakbank.com
    Registration: Name and Email Required
    Multi-Factor Code: Provided After Registration

    (1) See accompanying GAAP to Non-GAAP Reconciliation.
       

    Second Quarter 2025 Key Measures

    (Dollars in thousands, except per share data)       Increase (Decrease)    
      2Q 2025   1Q 2025   Dollars   Percent   2Q 2024
    Total revenue(1) $ 143,747     $ 126,113     $ 17,634   14.0 %   $ 125,479  
    Total noninterest expense   89,293       84,017       5,276   6.3       77,656  
    Income before taxes   31,202       13,132       18,070   137.6       36,058  
    Effective tax rate   25.0 %     26.4 %   n/a   n/a     25.2 %
    Net income attributable to Live Oak Bancshares, Inc. $ 23,428     $ 9,717     $ 13,711   141.1 %   $ 26,963  
    Diluted earnings per share   0.51       0.21       0.30   142.9       0.59  
    Loan and lease production:                  
    Loans and leases originated $ 1,526,592     $ 1,396,223     $ 130,369   9.3 %   $ 1,171,141  
    % Fully funded   39.7 %     46.0 %   n/a   n/a     38.2 %
    Total loans and leases: $ 11,364,846     $ 11,061,866     $ 302,980   2.7 %   $ 9,535,766  
    Total assets:   13,831,208       13,595,704       235,504   1.7       11,868,570  
    Total deposits:   12,594,790       12,395,945       198,845   1.6       10,707,031  
    (1) Total revenue consists of net interest income and total noninterest income.
       

    Important Note Regarding Forward-Looking Statements

    Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company’s status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company’s ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third-party service providers; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company’s ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company’s business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company’s ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

    About Live Oak Bancshares, Inc.

    Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank. 

    Contacts:

    Walter J. Phifer | CFO | Investor Relations | 910.202.6926
    Claire Parker | Corporate Communications | Media Relations | 910.597.1592

    Live Oak Bancshares, Inc.
    Quarterly Statements of Income (unaudited)
    (Dollars in thousands, except per share data)

      Three Months Ended   2Q 2025 Change vs.
      2Q 2025   1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2025   2Q 2024
    Interest income                     %   %
    Loans and fees on loans $ 204,513     $ 195,616     $ 194,821     $ 192,170     $ 181,840     4.5     12.5  
    Investment securities, taxable   11,648       11,089       10,490       9,750       9,219     5.0     26.3  
    Other interest earning assets   8,123       6,400       7,257       7,016       7,389     26.9     9.9  
    Total interest income   224,284       213,105       212,568       208,936       198,448     5.2     13.0  
    Interest expense                          
    Deposits   113,380       110,888       113,357       110,174       105,358     2.2     7.6  
    Borrowings   1,683       1,685       1,737       1,762       1,770     (0.1 )   (4.9 )
    Total interest expense   115,063       112,573       115,094       111,936       107,128     2.2     7.4  
    Net interest income   109,221       100,532       97,474       97,000       91,320     8.6     19.6  
    Provision for credit losses   23,252       28,964       33,581       34,502       11,765     (19.7 )   97.6  
    Net interest income after provision for credit losses   85,969       71,568       63,893       62,498       79,555     20.1     8.1  
    Noninterest income                          
    Loan servicing revenue   8,565       8,298       8,524       8,040       7,347     3.2     16.6  
    Loan servicing asset revaluation   (3,057 )     (4,728 )     (2,326 )     (4,207 )     (2,878 )   35.3     (6.2 )
    Net gains on sales of loans   21,641       18,648       18,356       16,646       14,395     16.0     50.3  
    Net gain (loss) on loans accounted for under the fair value option   1,082       (1,034 )     195       2,255       172     204.6     529.1  
    Equity method investments (loss) income   (2,716 )     (2,239 )     (2,739 )     (1,393 )     (1,767 )   (21.3 )   (53.7 )
    Equity security investments gains, net   1,004       20       12       909       161     4,920.0     523.6  
    Lease income   3,103       2,573       2,456       2,424       2,423     20.6     28.1  
    Management fee income   —       —       —       1,116       3,271     —     (100.0 )
    Other noninterest income   4,904       4,043       6,115       7,142       11,035     21.3     (55.6 )
    Total noninterest income   34,526       25,581       30,593       32,932       34,159     35.0     1.1  
    Noninterest expense                          
    Salaries and employee benefits   49,137       48,008       45,214       44,524       46,255     2.4     6.2  
    Travel expense   2,576       2,795       2,628       2,344       2,328     (7.8 )   10.7  
    Professional services expense   2,874       3,024       2,797       3,287       3,061     (5.0 )   (6.1 )
    Advertising and marketing expense   4,420       3,665       1,979       2,473       3,004     20.6     47.1  
    Occupancy expense   2,369       2,737       2,558       2,807       2,388     (13.4 )   (0.8 )
    Technology expense   10,066       9,251       9,406       9,081       7,996     8.8     25.9  
    Equipment expense   3,685       3,745       3,769       3,472       3,511     (1.6 )   5.0  
    Other loan origination and maintenance expense   4,190       4,585       4,812       4,872       3,659     (8.6 )   14.5  
    Renewable energy tax credit investment impairment   270       —       1,172       115       170     100.0     58.8  
    FDIC insurance   3,545       3,551       3,053       1,933       2,649     (0.2 )   33.8  
    Other expense   6,161       2,656       3,869       2,681       2,635     132.0     133.8  
    Total noninterest expense   89,293       84,017       81,257       77,589       77,656     6.3     15.0  
    Income before taxes   31,202       13,132       13,229       17,841       36,058     137.6     (13.5 )
    Income tax expense   7,815       3,464       3,386       4,816       9,095     125.6     (14.1 )
    Net income   23,387       9,668       9,843       13,025       26,963     141.9     (13.3 )
    Net loss attributable to non-controlling interest   41       49       57       —       —     (16.3 )   100.0  
    Net income attributable to Live Oak Bancshares, Inc. $ 23,428     $ 9,717     $ 9,900     $ 13,025     $ 26,963     141.1     (13.1 )
    Earnings per share                          
    Basic $ 0.51     $ 0.21     $ 0.22     $ 0.28     $ 0.60     142.9     (15.0 )
    Diluted $ 0.51     $ 0.21     $ 0.22     $ 0.28     $ 0.59     142.9     (13.6 )
    Weighted average shares outstanding                          
    Basic   45,634,741       45,377,965       45,224,470       45,073,482       44,974,942          
    Diluted   45,795,608       45,754,499       46,157,979       45,953,947       45,525,082          
                                                   

    Live Oak Bancshares, Inc.
    Quarterly Balance Sheets (unaudited)
    (Dollars in thousands)

      As of the quarter ended   2Q 2025 Change vs.
      2Q 2025   1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2025   2Q 2024
    Assets                     %   %
    Cash and due from banks $ 662,755     $ 744,263     $ 608,800     $ 666,585     $ 615,449     (11.0 )   7.7  
    Certificates of deposit with other banks   250       250       250       250       250     —     —  
    Investment securities available-for-sale   1,325,206       1,312,680       1,248,203       1,233,466       1,151,195     1.0     15.1  
    Loans held for sale   350,791       367,955       346,002       359,977       363,632     (4.7 )   (3.5 )
    Loans and leases held for investment(1)   11,014,055       10,693,911       10,233,374       9,831,891       9,172,134     3.0     20.1  
    Allowance for credit losses on loans and leases   (182,231 )     (190,184 )     (167,516 )     (168,737 )     (137,867 )   4.2     (32.2 )
    Net loans and leases   10,831,824       10,503,727       10,065,858       9,663,154       9,034,267     3.1     19.9  
    Premises and equipment, net   246,493       259,113       264,059       267,032       267,864     (4.9 )   (8.0 )
    Foreclosed assets   6,318       2,108       1,944       8,015       8,015     199.7     (21.2 )
    Servicing assets   60,359       56,911       56,144       52,553       51,528     6.1     17.1  
    Other assets   347,212       348,697       352,120       356,314       376,370     (0.4 )   (7.7 )
    Total assets $ 13,831,208     $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570     1.7     16.5  
    Liabilities and shareholders’ equity                          
    Liabilities                          
    Deposits:                          
    Noninterest-bearing $ 393,393     $ 386,108     $ 318,890     $ 258,844     $ 264,013     1.9     49.0  
    Interest-bearing   12,201,397       12,009,837       11,441,604       11,141,703       10,443,018     1.6     16.8  
    Total deposits   12,594,790       12,395,945       11,760,494       11,400,547       10,707,031     1.6     17.6  
    Borrowings   107,659       110,247       112,820       115,371       117,745     (2.3 )   (8.6 )
    Other liabilities   61,494       58,065       66,570       83,672       82,745     5.9     (25.7 )
    Total liabilities   12,763,943       12,564,257       11,939,884       11,599,590       10,907,521     1.6     17.0  
    Shareholders’ equity                          
    Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding   —       —       —       —       —     —     —  
    Class A common stock (voting)   377,953       370,513       365,607       361,925       356,381     2.0     6.1  
    Class B common stock (non-voting)   —       —       —       —       —     —     —  
    Retained earnings   746,450       724,215       715,767       707,026       695,172     3.1     7.4  
    Accumulated other comprehensive loss   (61,514 )     (67,698 )     (82,344 )     (61,195 )     (90,504 )   9.1     32.0  
    Total shareholders’ equity attributed to Live Oak Bancshares, Inc.   1,062,889       1,027,030       999,030       1,007,756       961,049     3.5     10.6  
    Non-controlling interest   4,376       4,417       4,466       —       —     (0.9 )   100.0  
    Total shareholders’ equity   1,067,265       1,031,447       1,003,496       1,007,756       961,049     3.5     11.1  
    Total liabilities and shareholders’ equity $ 13,831,208     $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570     1.7     16.5  
    (1) Includes $303.8 million, $316.8 million, $328.7 million, $343.4 million and $363.0 million loans measured at fair value for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.
       

    Live Oak Bancshares, Inc.
    Statements of Income (unaudited)
    (Dollars in thousands, except per share data)

      Six Months Ended
      June 30, 2025   June 30, 2024
    Interest income      
    Loans and fees on loans $ 400,129     $ 357,850  
    Investment securities, taxable   22,737       18,173  
    Other interest earning assets   14,523       14,845  
    Total interest income   437,389       390,868  
    Interest expense      
    Deposits   224,268       207,356  
    Borrowings   3,368       2,081  
    Total interest expense   227,636       209,437  
    Net interest income   209,753       181,431  
    Provision for credit losses   52,216       28,129  
    Net interest income after provision for credit losses   157,537       153,302  
    Noninterest income      
    Loan servicing revenue   16,863       14,971  
    Loan servicing asset revaluation   (7,785 )     (5,622 )
    Net gains on sales of loans   40,289       25,897  
    Net gain (loss) on loans accounted for under the fair value option   48       (47 )
    Equity method investments (loss) income   (4,955 )     (6,789 )
    Equity security investments gain (losses), net   1,024       (368 )
    Lease income   5,676       4,876  
    Management fee income   —       6,542  
    Other noninterest income   8,947       20,796  
    Total noninterest income   60,107       60,256  
    Noninterest expense      
    Salaries and employee benefits   97,145       93,530  
    Travel expense   5,371       4,766  
    Professional services expense   5,898       4,939  
    Advertising and marketing expense   8,085       6,696  
    Occupancy expense   5,106       4,635  
    Technology expense   19,317       15,719  
    Equipment expense   7,430       6,585  
    Other loan origination and maintenance expense   8,775       7,570  
    Renewable energy tax credit investment impairment (recovery)   270       (757 )
    FDIC insurance   7,096       5,849  
    Other expense   8,817       5,861  
    Total noninterest expense   173,310       155,393  
    Income before taxes   44,334       58,165  
    Income tax expense   11,279       3,616  
    Net income   33,055       54,549  
    Net loss attributable to non-controlling interest   90       —  
    Net income attributable to Live Oak Bancshares, Inc. $ 33,145     $ 54,549  
    Earnings per share      
    Basic $ 0.72     $ 1.22  
    Diluted $ 0.72     $ 1.20  
    Weighted average shares outstanding      
    Basic   45,556,842       44,868,625  
    Diluted   45,825,543       45,583,146  
                   

    Live Oak Bancshares, Inc.
    Quarterly Selected Financial Data
    (Dollars in thousands, except per share data)

      As of and for the three months ended
      2Q 2025   1Q 2025   4Q 2024   3Q 2024   2Q 2024
    Income Statement Data                  
    Net income attributable to Live Oak Bancshares, Inc. $ 23,428     $ 9,717     $ 9,900     $ 13,025     $ 26,963  
    Per Common Share                  
    Net income, diluted $ 0.51     $ 0.21     $ 0.22     $ 0.28     $ 0.59  
    Dividends declared   0.03       0.03       0.03       0.03       0.03  
    Book value   23.36       22.62       22.12       22.32       21.35  
    Tangible book value (1)   23.29       22.55       22.05       22.24       21.28  
    Performance Ratios                  
    Return on average assets (annualized)   0.68 %     0.30 %     0.31 %     0.43 %     0.93 %
    Return on average equity (annualized)   8.85       3.78       3.85       5.21       11.39  
    Net interest margin   3.28       3.20       3.15       3.33       3.28  
    Efficiency ratio (1)   62.12       66.62       63.45       59.72       61.89  
    Noninterest income to total revenue   24.02       20.28       23.89       25.35       27.22  
    Selected Loan Metrics                  
    Loans and leases originated $ 1,526,592     $ 1,396,223     $ 1,421,118     $ 1,757,856     $ 1,171,141  
    Outstanding balance of sold loans serviced   5,321,284       4,949,962       4,715,895       4,452,750       4,292,857  
    Asset Quality Ratios                  
    Allowance for credit losses to loans and leases held for investment (3)   1.70 %     1.83 %     1.69 %     1.78 %     1.57 %
    Net charge-offs (3) $ 31,445     $ 6,774     $ 33,566     $ 1,710     $ 8,253  
    Net charge-offs to average loans and leases held for investment (2) (3)   1.19 %     0.27 %     1.39 %     0.08 %     0.38 %
                       
    Nonperforming loans and leases at historical cost (3)                  
    Unguaranteed $ 59,555     $ 99,907     $ 81,412     $ 49,398     $ 37,340  
    Guaranteed   336,777       322,993       222,885       166,177       122,752  
    Total   396,332       422,900       304,297       215,575       160,092  
    Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)   0.56 %     0.96 %     0.82 %     0.52 %     0.42 %
                       
    Nonperforming loans at fair value (4)                  
    Unguaranteed $ 8,873     $ 9,938     $ 9,115     $ 8,672     $ 9,590  
    Guaranteed   60,453       58,100       54,873       49,822       51,570  
    Total   69,326       68,038       63,988       58,494       61,160  
    Unguaranteed nonperforming fair value loans to fair value loans held for investment (4)   2.92 %     3.14 %     2.77 %     2.53 %     2.64 %
                       
    Capital Ratios                  
    Common equity tier 1 capital (to risk-weighted assets)   10.67 %     10.67 %     11.04 %     11.19 %     11.85 %
    Tier 1 leverage capital (to average assets)   7.90       8.03       8.21       8.60       8.71  
                                           

    Notes to Quarterly Selected Financial Data
    (1) See accompanying GAAP to Non-GAAP Reconciliation.
    (2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
    (3) Loans and leases at historical cost only (excludes loans measured at fair value).
    (4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).

    Live Oak Bancshares, Inc.
    Quarterly Average Balances and Net Interest Margin
    (Dollars in thousands)

      Three Months Ended
    June 30, 2025    		   Three Months Ended
    March 31, 2025
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    Interest-earning assets:                      
    Interest-earning balances in other banks $ 727,715     $ 8,123   4.48 %   $ 581,267     $ 6,400   4.47 %
    Investment securities   1,408,942       11,648   3.32       1,379,797       11,089   3.26  
    Loans held for sale   381,531       8,008   8.42       407,953       8,612   8.56  
    Loans and leases held for investment(1)   10,843,303       196,505   7.27       10,388,872       187,004   7.30  
    Total interest-earning assets   13,361,491       224,284   6.73       12,757,889       213,105   6.77  
    Less: Allowance for credit losses on loans and leases   (186,022 )             (165,320 )        
    Noninterest-earning assets   539,485               534,133          
    Total assets $ 13,714,954             $ 13,126,702          
    Interest-bearing liabilities:                      
    Interest-bearing checking $ 350,978     $ 3,969   4.54 %   $ 350,491     $ 3,929   4.55 %
    Savings   6,241,053       56,529   3.63       5,540,147       51,604   3.78  
    Money market accounts   128,757       93   0.29       127,908       120   0.38  
    Certificates of deposit   5,392,494       52,789   3.93       5,563,004       55,235   4.03  
    Total deposits   12,113,282       113,380   3.75       11,581,550       110,888   3.88  
    Borrowings   109,463       1,683   6.17       111,919       1,685   6.11  
    Total interest-bearing liabilities   12,222,745       115,063   3.78       11,693,469       112,573   3.90  
    Noninterest-bearing deposits   375,503               342,482          
    Noninterest-bearing liabilities   53,717               58,739          
    Shareholders’ equity   1,058,572               1,027,547          
    Non-controlling interest   4,417               4,465          
    Total liabilities and shareholders’ equity $ 13,714,954             $ 13,126,702          
    Net interest income and interest rate spread     $ 109,221   2.95 %       $ 100,532   2.87 %
    Net interest margin         3.28             3.20  
    Ratio of average interest-earning assets to average interest-bearing liabilities         109.32 %           109.10 %
    (1) Average loan and lease balances include non-accruing loans and leases.
       

    Live Oak Bancshares, Inc.
    GAAP to Non-GAAP Reconciliation
    (Dollars in thousands)

      As of and for the three months ended
      2Q 2025   1Q 2025   4Q 2024   3Q 2024   2Q 2024
    Total shareholders’ equity $ 1,067,265     $ 1,031,447     $ 1,003,496     $ 1,007,756     $ 961,049  
    Less:                  
    Goodwill   1,797       1,797       1,797       1,797       1,797  
    Other intangible assets   1,491       1,529       1,568       1,606       1,644  
    Tangible shareholders’ equity (a) $ 1,063,977     $ 1,028,121     $ 1,000,131     $ 1,004,353     $ 957,608  
    Shares outstanding (c)   45,686,081       45,589,633       45,359,425       45,151,691       45,003,856  
    Total assets $ 13,831,208     $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570  
    Less:                  
    Goodwill   1,797       1,797       1,797       1,797       1,797  
    Other intangible assets   1,491       1,529       1,568       1,606       1,644  
    Tangible assets (b) $ 13,827,920     $ 13,592,378     $ 12,940,015     $ 12,603,943     $ 11,865,129  
    Tangible shareholders’ equity to tangible assets (a/b)   7.69 %     7.56 %     7.73 %     7.97 %     8.07 %
    Tangible book value per share (a/c) $ 23.29     $ 22.55     $ 22.05     $ 22.24     $ 21.28  
    Efficiency ratio:                  
    Noninterest expense (d) $ 89,293     $ 84,017     $ 81,257     $ 77,589     $ 77,656  
    Net interest income   109,221       100,532       97,474       97,000       91,320  
    Noninterest income   34,526       25,581       30,593       32,932       34,159  
    Total revenue (e) $ 143,747     $ 126,113     $ 128,067     $ 129,932     $ 125,479  
    Efficiency ratio (d/e)   62.12 %     66.62 %     63.45 %     59.72 %     61.89 %
    Pre-provision net revenue (e-d) $ 54,454     $ 42,096     $ 46,810     $ 52,343     $ 47,823  
                                           

    This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

    The MIL Network –

  • MIL-Evening Report: After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever

    Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide

    United Artists/Getty Images

    In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling.

    Shortly before Ben Harper is hanged for robbing a bank and killing two men, he hides the $10,000 loot in the toy doll of his young daughter Pearl. Only Pearl and her brother John know the secret – until the deranged serial killer-priest Harry Powell hears about the money and sets out to recover it.

    Harry marries Willa, Harper’s widow, and then, after killing her, pursues John and Pearl relentlessly across West Virginia.

    Set in the Depression-hit 1930s, The Night of the Hunter is, to quote film critic Pauline Kael, “one of the most frightening movies ever made”. Mitchum’s depiction of pure evil is one of cinema’s most vivid creations, with LOVE and HATE tattooed on the fingers of each hand.

    But this is no simple chase film. It’s about the fight for the souls of two children between the forces of evil and good.

    Gothic nightmares

    Laughton was an odd choice to adapt Davis Grubb’s original 1952 novel – the Oscar-winning British actor had never directed before. Yet Laughton’s “outsider” status meant he wasn’t bound by Hollywood convention and could follow his surreal instincts.

    The film draws heavily from German Expressionist cinema, especially in the use of stark black-and-white contrast and exaggerated shadows. Cinematographer Stanley Cortez described it as his best work, and rightly so: the film often feels more like a dream (or a nightmare).

    Laughton and Cortez craft a series of remarkable images: Pearl and John fleeing down the river, watched over by owls, frogs and rabbits; Powell’s looming shadow cast across a bedroom wall; the slain Willa’s blonde hair floating under the river after her death.

    The film is deeply allegorical. It plays with Christian imagery, ideas of sin and salvation and the vulnerability of the innocent.

    Laughton’s masterstroke was to pit the predatory adult world against the instinctual wisdom and resilience of children.

    Powell (played by Robert Mitchum in his greatest role) is no monster or madman, but a religious fanatic who murders under the guise of righteousness. He embodies the Gothic trope of the corrupt or false preacher. His looming menace turns small-town America into a place of paranoia, dread and moral confusion.

    Rachel Cooper (the silent film star Lillian Gish, never better), who protects the children in the second half of the film, stands as the maternal, angelic counterpoint to Powell’s demonic figure. Her role emphasises another key point of the film: the redemptive, almost sacred, power of kindness.

    A perfect performance

    As Powell, Mitchum drew on his uncanny knack at exuding charm and menace. Many actors would have clashed with Laughton’s expressionistic style, but Mitchum hit the perfect tone: heightened and theatrical, but never camp.

    His delivery is hypnotic, musical and terrifying.

    At a time when many stars were protective of their public image, Mitchum had no problem playing a child-killing religious maniac.

    Known for his rebellious streak and brushes with scandal (including a marijuana arrest in 1948), Mitchum wasn’t bound by Hollywood’s moral expectations. That gave him the freedom to push into darker territory with no vanity.

    That moral delusion, delivered with conviction, is what makes Powell so frightening. Mitchum’s Powell anticipates later predators like Norman Bates (Psycho) or Max Cady (the role he would play in the 1962 version of Cape Fear), but he also echoes much older archetypes: the Big Bad Wolf, the false prophet and the devil in a black coat.

    A flop turned masterpiece

    The film was a critical and commercial failure. Laughton’s bold and unconventional choices were risky. His blend of German Expressionism, Southern Gothic Americana and psychological horror was unlike anything American cinema had seen before.

    It did not align with the mainstream tastes of the era – the top grossing Hollywood films of 1955 were family-friendly, comforting offerings like Oklahoma! and Lady and the Tramp.

    Audiences and reviewers didn’t know what to make of this abnormal mix of fairy tale logic, nightmarish imagery and biblical allegory.

    So heartbroken was Laughton by the savage reception the film received (“a horrible yarn […] a repulsive picture”, one reviewer called it), he never directed again. Yet the reputation of his one-hit wonder has only grown over time.

    Successive generations of critics and filmmakers have caught on to its brilliance. Critic Roger Ebert said it was “one of the greatest of all American films”. In 2008, French film magazine Cahiers du cinéma voted it as the second-best film of all time, behind only Citizen Kane (1941).

    A long-lasting legacy

    Margaret Atwood, David Lynch and the Coen Brothers have all cited the film as a major influence. Spike Lee paid homage to LOVE and HATE in Do The Right Thing (1989). And surely James Cameron admired it, for what is Terminator 2 (1991) if not a rehash of Powell’s insistent chase-down of children?

    Its depiction of a charming, violent manipulator speaks to contemporary fears about religious hypocrisy and the abuse of moral authority. And it reminds us the bucolic innocence of rural America can hide evil in plain sight.

    It’s often the case that films which are misunderstood on first release are ahead of their time, and never fully appreciated until many years later.

    That’s the case with The Night of the Hunter. It remains unsettlingly modern, 70 years on.

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

    – ref. After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever – https://theconversation.com/after-70-years-twisted-gothic-thriller-the-night-of-the-hunter-remains-as-disturbing-and-beguiling-as-ever-251049

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: In Advance of Comic-Con Weekend, Attorney General Bonta, Comic-Con International Raise Awareness, Provide Tips to Combat Human Trafficking

    Source: US State of California

    The San Diego Human Trafficking Task Force will be conducting operations to tackle human trafficking by working to reduce the demand for commercial sexual exploitation

    SAN DIEGO – California Attorney General Rob Bonta and Comic-Con International today partnered together to raise awareness of human trafficking and provide resources for the public to assist in the fight to combat human trafficking. Events like Comic-Con, which bring thousands of people together, are a perfect opportunity to raise awareness of human trafficking, a crime that comes in many forms, including sex trafficking, forced labor, and domestic servitude resulting from force, fraud, or coercion. Everyone can play a role in stopping this unlawful activity by being aware of the signs and reporting any suspicious activity, whether you’re living or staying in San Diego, attending Comic-Con, or participating in festivities during Comic-Con weekend.

    “Comic-Con is an incredible event that brings people from all over the world together in San Diego to celebrate creativity, art, and community – we’re grateful to Comic-Con International for using their platform in partnership with my office to raise awareness of human trafficking,” said Attorney General Rob Bonta. “Human trafficking is a terrible crime where perpetrators profit from the control and exploitation of men, women, and children for sex or labor through force, fraud, or coercion. Everyone has a role to play in putting a stop to human trafficking: We urge the public to know the signs — and if you see something, say something. The California Department of Justice’s San Diego Human Trafficking Task Force will be conducting operations during Comic-Con, and the public can help by reporting any suspicious activity they may see. We wish everyone a safe, happy, and creative Comic-Con weekend.”

    “Safety of our attendees is always our primary focus,” said David Glanzer, Chief Communications and Strategy Officer for Comic-Con. “We join and applaud the efforts of California Attorney General Rob Bonta in keeping citizens safe, especially during Comic-Con weekend.”

    Human trafficking is among the world’s fastest growing criminal enterprises and is estimated to be a $150 billion per year global industry. Human trafficking is not only a crime, but a violation of a person’s human rights and dignity. Perpetrators of human trafficking profit from the control and exploitation of men, women, and children for sex or labor through force, fraud, or coercion. Victims of human trafficking are protected under federal and California law. The California Department of Justice’s San Diego Human Trafficking Task Force (SDHTTF) will be conducting operations to reduce demand for commercial sexual exploitation during Comic-Con. The SDHTTF takes a survivor-oriented approach and works with victim advocate groups that offer a wide range of services for survivors of human trafficking.

    Below are some facts and resources about human trafficking for the public to know:

    • Victims of human trafficking are often hidden in plain sight. Learn the signs and how to report suspected trafficking.
    • Forced or coerced commercial sex work is still human trafficking. Demand is a driving force in the scope of the problem, and sex buyers may unknowingly contribute to human trafficking by engaging in Solicitation Penal Code 647(b)(2). Solicitation is a crime subject to jail time and monetary penalties.
    • Forced labor can happen anywhere. This includes hotels, lodgings, and entertainment industries.
    • If you or someone you know is being forced to engage in any activity and cannot leave, you can call the National Human Trafficking Hotline at 1-888-373-7888 to access help and services.
    • If you are, or someone else, is in immediate danger, call 9-1-1. 

    SDHTTF is a cooperative effort involving the California Department of Justice, California Highway Patrol, Federal Bureau of Investigation, Homeland Security Investigations, National City Police Department, San Diego City Attorney’s Office, San Diego County District Attorney’s Office, San Diego County Probation Department, San Diego County Sheriff’s Department, San Diego Police Department, Southwest Border High Intensity Drug Trafficking Area, and the U.S. Attorney’s Office for the Southern District of California. In addition to serving as the lead agency on the SDHTTF, the California Department of Justice has two regional Human Trafficking and Sexual Predator Apprehension Teams serving Northern California and Southern California.

    General information and resources to support survivors of human trafficking are available here. To access resources for San Diego County, please see SDHTTF’s resource list here.

    MIL OSI USA News –

  • MIL-OSI USA: Urgent: Take action to protect Tennessee Valley Authority from privatization

    Source: US International Brotherhood of Boilermakers

    Breaking News

    Since 1933, the Boilermakers have been working with the Tennessee Valley Authority (TVA) to build and maintain the infrastructure that powers the South. What began as a New Deal hydroelectric-focused endeavor has evolved over the past 90 years to coal, natural gas, nuclear and a planned, first-in-the-nation nuclear fusion generation facility. The generating assets within the TVA are diverse and efficient, delivering power to millions of southern households across seven states, powering the southern economy and stabilizing the national electric grid.  TVA is a federally owned power authority that has been operating in partnership with the IBB for nearly 100 years, producing millions of man-hours for generations.

    Since the Obama administration, several unsuccessful attempts have been made to privatize TVA. There are strong rumors that the Trump administration is considering privatization of TVA, meaning they would sell off the generating assets and infrastructure to the highest bidder, jeopardizing millions of Boilermaker man-hours. Additionally, privatizing TVA’s assets would cost families who live in the TVA jurisdiction an estimated additional $50 a month on their utility bill—a cost most working families cannot afford.

    Below is the Boilermakers’ official statement urging against privatization of TVA. Boilermakers are strongly encouraged to contact their U.S. Senators using this action page link, which can and should be shared widely. The link will take you to an easy form that will automatically contact your Senator with a letter. It only takes a minute. This will help Boilermakers working on TVA projects and remind Washington that Boilermakers power America.

     

    Boilermakers’ official statement on privatization of the Tennessee Valley Authority 

    Kansas City, Mo. (July 23, 2025) — Following is the official statement of the International Brotherhood of Boilermakers, issued by International President Timothy Simmons, regarding U.S. Senate consideration of privatization of the Tennessee Valley Authority

    We urge the Senate to slow down any attempt to privatize the Tennessee Valley Authority, as any such effort would have devastating effects across the South and our nation.  Through the hard work of thousands of Boilermakers, TVA has been efficiently and effectively powering the South for over 90 years, building and maintaining a diverse portfolio of power generation assets across seven states. Disrupting TVA’s service to the South would, in turn, disrupt the nation, stalling out our ability to meet increasing power demands further stressed by the need to support the ever-evolving AI technology sector. In its current practice, TVA generates power that is affordable for every family and stabilizes the nation’s power grid. This is a classic case of “if it’s not broken, don’t fix it.” 

    All Boilermakers are encouraged to contact their U.S. Senators using this action link.

    View the full statement PDF

    MIL OSI USA News –

  • MIL-OSI: Hanover Bancorp, Inc. Reports Second Quarter 2025 Results Highlighted by Strong Demand Deposit Growth, Continued Margin Expansion and Its Inclusion in the Russell 2000 Index

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Performance Highlights

    • Net Income: Net income for the quarter ended June 30, 2025 totaled $2.4 million or $0.33 per diluted share (including Series A preferred shares).
    • Pre-Provision Net Revenue: Pre-provision net revenue was $5.7 million resulting in a return on average assets of 1.04% for the quarter ended June 30, 2025 which was the highest level since the first quarter of 2023.
    • Net Interest Income: Net interest income was $14.8 million for the quarter ended June 30, 2025, an increase of $0.2 million, or 1.13% from the quarter ended March 31, 2025 and $1.5 million, or 11.69%, from the quarter ended June 30, 2024.
    • Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended June 30, 2025 increased to 2.76% from 2.68% in the quarter ended March 31, 2025 and 2.46% in the quarter ended June 30, 2024.
    • Demand Deposit Growth: Demand deposits increased $28.1 million, or 13.03%, from March 31, 2025 and $32.0 million, or 15.12%, from December 31, 2024, underscoring the success of our C&I and Municipal banking verticals.  
    • Strong Liquidity Position: At June 30, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $686.5 million, or approximately 274% of uninsured deposit balances.   Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at June 30, 2025.
    • Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 368% of capital at June 30, 2025 from 385% at December 31, 2024 and 403% at June 30, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
    • Asset Quality: At June 30, 2025, the Bank’s asset quality metrics remained solid with non-performing loans totaling $12.7 million, representing 0.64% of the total loan portfolio, and the allowance for credit losses equaling 1.10% of total loans, a decrease from non-performing loans totaling $16.4 million, representing 0.82% of the total loan portfolio, as of December 31, 2024.
    • Port Jefferson Branch: In June 2025, the Company continued its strategic expansion in Suffolk County Long Island with the opening of its tenth branch in Port Jefferson, New York. The Company will continue to be opportunistic in furthering its expansion into the underserved markets of Eastern Long Island.
    • Inclusion in Russell 2000: The Company was added to the Russell 2000 Index in late June 2025. The Russell 2000 Index encompasses the 2,000 largest U.S.-traded stocks by objective, market-capitalization rankings, and style attributes. The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on August 13, 2025 to stockholders of record on August 6, 2025.

    MINEOLA, N.Y., July 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended June 30, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on August 13, 2025 to stockholders of record on August 6, 2025.

    Earnings Summary for the Quarter Ended June 30, 2025

    The Company reported net income for the quarter ended June 30, 2025 of $2.4 million or $0.33 per diluted share (including Series A preferred shares), versus $0.8 million (after giving effect to an allowance for credit loss (“ACL”) on an individually evaluated loan of $2.5 million and a $1.1 million provision resulting from ongoing enhancements to the current expected credit loss (“CECL”) model) or $0.11 per diluted share (including Series A preferred shares) in the quarter ended June 30, 2024. Returns on average assets, average stockholders’ equity and average tangible equity were 0.44%, 4.93% and 5.46%, respectively, for the quarter ended June 30, 2025, versus 0.15%, 1.77% and 1.97%, respectively, for the comparable quarter of 2024.

    The increase in net income recorded in the second quarter of 2025 from the comparable 2024 quarter resulted from an increase in net interest income and a decrease in provision for credit losses. These were partially offset by the increase in non-interest expenses, particularly compensation and benefits, and an increase in income tax expense.   The increase in compensation and benefits expense in the second quarter of 2025 versus the comparable 2024 quarter was primarily related to the staffing of the newly opened Port Jefferson branch and additions to the C&I Banking teams, partially offset by lower incentive compensation expense resulting from reduced lending activity and other expense reduction initiatives. The Company’s effective tax rate was 27.8% in the second quarter of 2025 and 27.2% in the comparable 2024 quarter. We expect a normalized run rate of 25.0% for the remainder of the year.

    Net interest income was $14.8 million for the quarter ended June 30, 2025, an increase of $1.5 million, or 11.69% from the comparable 2024 quarter. This increase was due to improvement of the Company’s net interest margin to 2.76% in the 2025 quarter from 2.46% in the comparable 2024 quarter. The cost of interest-bearing liabilities decreased to 3.94% in the 2025 quarter from 4.48% in the comparable 2024 quarter, a decrease of 54 basis points. This decrease was partially offset by a 24 basis point decrease in the yield on interest earning assets to 5.98% in the 2025 quarter from 6.22% in the second quarter of 2024. Net interest income on a linked quarter basis increased $0.2 million or 1.13%, due to an 8 basis point increase in net interest margin resulting from a 7 basis point decrease in cost of interest-bearing liabilities, partially offset by a 3 basis point decrease on yield on interest earning assets.

    Earnings Summary for the Six Months Ended June 30, 2025

    For the six months ended June 30, 2025, the Company reported net income of $4.0 million or $0.53 per diluted share (including Series A preferred shares), versus $4.9 million or $0.66 per diluted share (including Series A preferred shares) in the comparable 2024 six-month period. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $6.5 million or $0.87 per diluted share in the six months ended June 30, 2025, versus net income of $4.9 million or $0.66 per diluted share in the comparable 2024 six-month period (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.36%, 4.02% and 4.46%, respectively, for the six months ended June 30, 2025, versus 0.44%, 5.20% and 5.80%, respectively, for the comparable 2024 period. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.59%, 6.63% and 7.35%, respectively, in the six months ended June 30, 2025, versus 0.44%, 5.20% and 5.80%, respectively, in the comparable of 2024 period.

    The decrease in net income recorded for the six months ended June 30, 2025 from the comparable 2024 period is due to an increase in non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. These were partially offset by an increase in net interest income and a decrease in provision for credit losses. The increase in compensation and benefits expense for the six months ended June 30, 2025 versus the comparable 2024 period was primarily related to additional headcount to staff the new Port Jefferson branch and expansion of the C&I lending vertical and lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 23.0% for the six months ended June 30, 2025 from 25.3% in the comparable 2024 period.

    Net interest income was $29.4 million for the six months ended June 30, 2025, an increase of $3.2 million, or 12.38% from the comparable 2024 period, due to the improvement of the Company’s net interest margin to 2.72% in the 2025 period from 2.43% in the comparable 2024 period. The cost of interest-bearing liabilities decreased to 3.98% in the 2025 six months period from 4.41% in the comparable 2024 period, a decrease of 43 basis points. This decrease was partially offset by a 13 basis point decrease in the yield on interest earning assets to 5.99% in the 2025 period from 6.12% in the comparable 2024 period. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “Our second quarter performance, reflects a number of high notes, including increased Pre-Provision Net Revenue of $5.7 million, strong non-interest bearing deposit growth of $28.1 million, underscoring the success of our C&I and Municipal banking verticals, and continued improvement in our Net Interest Margin. We are extremely pleased with the recent opening of our Port Jefferson branch and will continue to be opportunistic in furthering our expansion into the underserved markets of Eastern Long Island. With our inclusion in the Russell 2000, the continued development of our diversified revenue verticals and liability sensitive balance sheet, we look forward to delivering continued shareholder value and the eventual benefits of a more favorable interest rate environment.”

    Balance Sheet Highlights

    Total assets were $2.31 billion at June 30, 2025 and December 31, 2024. Total securities available for sale at June 30, 2025 were $102.6 million, an increase of $18.9 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

    Total deposits were $1.95 billion at June 30, 2025 and December 31, 2024. Total deposits increased $9.4 million or 0.48% from June 30, 2024. Demand deposits increased $43.8 million or 21.93% from June 30, 2024 and $32.0 million, or 15.12%, from December 31, 2024 underscoring the success of our C&I and Municipal banking verticals.   Our loan to deposit ratio improved to 101% at June 30, 2025 from 102% at December 31, 2024.

    The Company had $517.4 million in total municipal deposits at June 30, 2025, at a weighted average rate of 3.67% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $452.6 million at a weighted average rate of 4.61% at June 30, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

    Total borrowings at June 30, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 17 months, respectively. At June 30, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at June 30, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at June 30, 2025 and December 31, 2024.

    Stockholders’ equity was $198.9 million at June 30, 2025 and compared to $196.6 million at December 31, 2024. Retained earnings increased by $2.5 million due primarily to net income of $4.0 million for the six months ended June 30, 2025, which was offset by $1.5 million of dividends declared. The accumulated other comprehensive loss at June 30, 2025 was 0.62% of total equity and was comprised of a $0.7 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives.   Tangible book value per share (including Series A preferred shares) was $23.94 at June 30, 2025 compared to $23.86 at December 31, 2024.

    Loan Portfolio

    For the six months ended June 30, 2025, the Bank’s loan portfolio decreased $19.1 million to $1.97 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. On a linked quarter basis, net loans increased $5.8 million. At June 30, 2025, the Company’s residential loan portfolio (including home equity) amounted to $738.8 million, with an average loan balance of $489 thousand and a weighted average loan-to-value ratio of 57%.   Commercial real estate (including construction) and multifamily loans totaled $1.08 billion at June 30, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 36% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 368% of capital at June 30, 2025 from 385% at December 31, 2024 and 403% at June 30, 2024, with loans secured by office space accounting for 2.48% of the total loan portfolio and totaling $48.9 million at June 30, 2025. The Company’s loan pipeline with executed term sheets at June 30, 2025 is approximately $190.2 million, with approximately 81% being niche-residential, conventional C&I, SBA and USDA lending opportunities.

    The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. The Bank originated $62.2 million in residential loans in the quarter ended June 30, 2025. During the quarters ended June 30, 2025 and 2024, the Company sold $23.7 million and $2.9 million, respectively, of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.5 million and $0.1 million, respectively.

    During the quarters ended June 30, 2025 and 2024, the Company sold approximately $22.3 million and $28.0 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.8 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower than expected due to a confluence of factors. One factor is the impact of the “higher-for-longer” interest rate environment that we believe has both worsened the financial condition of and reduced demand among small business borrowers, resulting in a lower volume of creditworthy customers. Another factor is the negative impact of and uncertainty created by tariffs, which we believe have also dampened loan demand among borrowers in certain industries. A third factor is the Bank’s decision to tighten credit over the course of the last year. Although management continues to believe this to be a prudent measure, it has nonetheless resulted in a lower volume of loan approvals, causing the Bank to re-evaluate the number and caliber of its business development officers. Taken together these and other factors have adversely impacted SBA loan originations and closings. With the addition of additional business development officers in the second half of 2025, we anticipate higher volumes of eligible loans as we transition into 2026. The Bank concluded the second quarter of 2025 with C&I loan originations of approximately $29.3 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.2 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 57% with rate resets or maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate    		   Calendar Period   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate
                                                                         
    2025     7     $ 8,609     $ 1,230       5.29 %   2025     8     $ 14,950     $ 1,869       4.54 %
    2026     36       117,249       3,257       3.66 %   2026     20       42,310       2,115       3.67 %
    2027     70       185,157       2,645       4.41 %   2027     51       122,901       2,410       4.22 %
    2028     16       21,310       1,332       6.20 %   2028     12       10,117       843       7.14 %
    2029     6       4,924       821       7.70 %   2029     4       4,313       1,078       6.38 %
    2030+     3       6,667       2,222       3.68 %   2030+     4       1,099       275       6.04 %
    Fixed Rate     138       343,916       2,492       4.32 %   Fixed Rate     99       195,690       1,977       4.34 %
    Floating Rate     2       347       174       9.50 %   Floating Rate     —       —       —       — %
    Total     140     $ 344,263     $ 2,459       4.33 %   Total     99     $ 195,690     $ 1,977       4.34 %
                                                                         
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s
    omitted)    		   Avg O/S ($000’s
    omitted)    		   Avg Interest
    Rate
                                     
    2025     25     $ 33,503     $ 1,340       7.28 %
    2026     30       35,702       1,190       4.90 %
    2027     89       156,924       1,763       4.86 %
    2028     28       30,868       1,102       6.65 %
    2029     4       2,336       584       7.04 %
    2030+     15       8,999       600       6.46 %
    Fixed Rate     191       268,332       1,405       5.45 %
    Floating Rate     6       11,905       1,984       9.50 %
    Total CRE-Inv.     197     $ 280,237     $ 1,423       5.62 %
                                     

    Stabilized Multi-Family Pro Forma Stress Results

    The table below reflects a proforma stressed evaluation of the Bank’s Multifamily stabilized loan portfolio, using the primary assumption for a revised Debt Service Coverage Ratio (“DSCR”) calculation, for all loans where the current interest rate is below 6%. The current balance for these loans is recast at 6% with a 30-year amortization. The chart below reflects the impact of these adjustments on the portfolio. The projected loan to value (“LTV”) assumption resets all loans using a 6% cap rate and the last reported property net operating income (“NOI”) to determine an implied property valuation and based on the current loan balance the resultant LTV.

    Multi-Family Stabilized Rent Portfolio
    DSCR Range        # Loans      Total O/S
    ($000’s omitted)    		    % of Total
    MF
    Portfolio    		   Current
    Weighted 
    Average
    LTV    		   Projected
    Weighted 
    Average
    LTV
                                     
    < 1.0   10     $ 18,153     3 %   61 %   95 %
    1.0 < x  < 1.2   24       69,751     13 %   65 %   74 %
    1.2 < x  < 1.3   20       34,897     6 %   62 %   67 %
    1.3 < x  < 1.5   15       38,547     7 %   63 %   61 %
    1.5 < x  < 2.0   18       25,805     5 %   58 %   53 %
    x  > 2.0   12       8,537     2 %   43 %   33 %
     Total                 99     $    195,690           36 %           62 %           67 %
                                     

    As reflected above, the results show approximately 3%, or 10 loans totaling $18 million of the total multi-family portfolio would have proforma DSCR’s less than 1x while maintaining projected weighted average LTV’s under 100%. Additionally, approximately 97% or 89 loans totaling $178 million would possess DSCR’s greater than 1x while maintaining a projected weighted average LTV well within our policy guidelines. We believe the overall demand for multifamily housing in our market will allow our borrowers to address any adverse impact proactively, as evidenced by the maturities and rate resets in the previous 12 months which have been successfully refinanced with other institutions at market rates similar to those used in the above analysis.

    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 64% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes
    		   Outstanding
    Loan Balance    		   % of Total
    Multi-Family    		   Avg Loan
    Size    		   LTV   Current
    DSCR
    		   Avg #
    of Units
                ($000’s omitted)           ($000’s omitted)                        
                                                             
    Market               140     $        344,263                   64 %   $         2,459       61.8 %          1.41               11  
    Location                                                        
    Manhattan     7     $ 10,251       2 %   $ 1,464       49.4 %     1.88       14  
    Other NYC     92     $ 254,515       47 %   $ 2,766       61.7 %     1.40       10  
    Outside NYC     41     $ 79,497       15 %   $ 1,939       63.9 %     1.36       14  
                                                             
    Stabilized                  99     $        195,690                   36 %   $         1,977       61.8 %          1.44               12  
    Location                                                        
    Manhattan     7     $ 10,459       2 %   $ 1,494       48.2 %     1.71       19  
    Other NYC     81     $ 168,044       31 %   $ 2,075       62.6 %     1.42       11  
    Outside NYC     11     $ 17,187       3 %   $ 1,562       63.1 %     1.54       14  
                                                             

    Office Property Exposure

    The Bank’s exposure to the Office market is minor.   Loans secured by office space accounted for 2.48% of the total loan portfolio with a total balance of $48.9 million, of which less than 1% is located in Manhattan. The pool has a 2.48x weighted average DSCR, a 53% weighted average LTV and less than $350,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality metrics remain solid. At June 30, 2025, the Bank reported $12.7 million in non-performing loans compared to $16.4 million at December 31, 2024, a decrease of $3.7 million. This decrease resulted primarily from the proactive sale of non-performing loans, satisfactions and the charge-off of a specific reserve established in June 2024 on an individually evaluated commercial loan. At June 30, 2025 non-performing loans were 0.64% of total loans outstanding versus 0.82% at December 31, 2024.

    During the second quarter of 2025, the Bank recorded a provision for credit losses expense of $2.4 million (including $187 thousand provision for credit losses on unfunded commitments). Net charge-offs of $3.5 million were incurred during the quarter, of which $2.5 million is attributable to the aforementioned charge-off of a specific reserve on an individually evaluated commercial loan. The June 30, 2025 allowance for credit losses was $21.6 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.10% at June 30, 2025 and 1.15% at December 31, 2024.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.76% for the quarter ended June 30, 2025 compared to 2.68% in the quarter ended March 31, 2025 and 2.46% in the quarter ended June 30, 2024 due to the continuing effects of the late 2024 reductions in the Federal Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

               
    HANOVER BANCORP, INC.          
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        June 30,   March 31,   December 31,
        2025   2025   2024
    Assets            
    Cash and cash equivalents $ 164,535     $ 160,234     $ 162,857  
    Securities-available for sale, at fair value   102,636       93,197       83,755  
    Investments-held to maturity   3,594       3,671       3,758  
    Loans held for sale   10,593       16,306       12,404  
                 
    Loans, net of deferred loan fees and costs   1,966,452       1,960,674       1,985,524  
    Less: allowance for credit losses   -21,571       -22,925       -22,779  
    Loans, net   1,944,881       1,937,749       1,962,745  
                 
    Goodwill   19,168       19,168       19,168  
    Premises & fixed assets   14,388       14,511       15,337  
    Operating lease assets   10,890       8,484       8,337  
    Other assets   41,291       38,207       43,749  
      Assets $ 2,311,976     $ 2,291,527     $ 2,312,110  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,439,656     $ 1,418,209     $ 1,456,513  
    Time deposits   511,625       518,229       497,770  
    Total deposits   1,951,281       1,936,438       1,954,283  
                 
    Borrowings   107,805       107,805       107,805  
    Subordinated debentures   24,716       24,702       24,689  
    Operating lease liabilities   11,565       9,144       9,025  
    Other liabilities   17,724       16,795       19,670  
      Liabilities   2,113,091       2,094,884       2,115,472  
                 
    Stockholders’ equity   198,885       196,643       196,638  
      Liabilities and stockholders’ equity $ 2,311,976     $ 2,291,527     $ 2,312,110  
                 
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                     
        Three Months Ended   Six Months Ended
        6/30/2025   6/30/2024   6/30/2025   6/30/2024
                     
    Interest income $ 32,049     $ 33,420     $ 64,886     $ 65,852  
    Interest expense   17,254       20,173       35,462       39,670  
      Net interest income   14,795       13,247       29,424       26,182  
    Provision for credit losses   2,357       4,040       2,957       4,340  
      Net interest income after provision for credit losses   12,438       9,207       26,467       21,842  
                     
    Loan servicing and fee income   1,083       836       2,164       1,749  
    Service charges on deposit accounts   162       114       279       210  
    Gain on sale of loans held-for-sale   2,298       2,586       4,650       5,092  
    Gain on sale of investments   –       4       –       4  
    Other operating income   18       82       200       143  
      Non-interest income   3,561       3,622       7,293       7,198  
                     
    Compensation and benefits   7,003       6,499       14,235       12,061  
    Conversion expenses   –       –       3,180       –  
    Occupancy and equipment   1,910       1,843       3,746       3,613  
    Data processing   508       495       1,101       1,013  
    Professional fees   878       717       1,665       1,535  
    Federal deposit insurance premiums   365       365       702       683  
    Other operating expenses   1,952       1,751       3,983       3,569  
      Non-interest expense   12,616       11,670       28,612       22,474  
                     
      Income before income taxes   3,383       1,159       5,148       6,566  
    Income tax expense   940       315       1,184       1,661  
                     
      Net income $ 2,443     $ 844     $ 3,964     $ 4,905  
                     
    Earnings per share (“EPS”):(1)              
    Basic $ 0.33     $ 0.11     $ 0.53     $ 0.66  
    Diluted $ 0.33     $ 0.11     $ 0.53     $ 0.66  
                     
    Average shares outstanding for basic EPS (1)(2)   7,500,871       7,399,816       7,482,307       7,388,021  
    Average shares outstanding for diluted EPS (1)(2)   7,506,584       7,449,110       7,488,226       7,438,234  
                     
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                     
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
     
        Three Months Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
                         
    Interest income $ 32,049     $ 32,837     $ 33,057     $ 34,113     $ 33,420  
    Interest expense   17,254       18,208       19,249       21,011       20,173  
      Net interest income   14,795       14,629       13,808       13,102       13,247  
    Provision for credit losses   2,357       600       400       200       4,040  
      Net interest income after provision for credit losses   12,438       14,029       13,408       12,902       9,207  
                         
    Loan servicing and fee income   1,083       1,081       981       960       836  
    Service charges on deposit accounts   162       117       136       123       114  
    Gain on sale of loans held-for-sale   2,298       2,352       3,014       2,834       2,586  
    Gain on sale of investments   –       –       27       –       4  
    Other operating income   18       182       29       37       82  
      Non-interest income   3,561       3,732       4,187       3,954       3,622  
                         
    Compensation and benefits   7,003       7,232       6,699       6,840       6,499  
    Conversion expenses   –       3,180       –       –       –  
    Occupancy and equipment   1,910       1,836       1,810       1,799       1,843  
    Data processing   508       593       536       547       495  
    Professional fees   878       787       782       762       717  
    Federal deposit insurance premiums   365       337       375       360       365  
    Other operating expenses   1,952       2,031       2,198       1,930       1,751  
      Non-interest expense   12,616       15,996       12,400       12,238       11,670  
                         
      Income before income taxes   3,383       1,765       5,195       4,618       1,159  
    Income tax expense   940       244       1,293       1,079       315  
                         
      Net income $ 2,443     $ 1,521     $ 3,902     $ 3,539     $ 844  
                         
    Earnings per share (“EPS”):(1)                  
    Basic $ 0.33     $ 0.20     $ 0.53     $ 0.48     $ 0.11  
    Diluted $ 0.33     $ 0.20     $ 0.52     $ 0.48     $ 0.11  
                         
    Average shares outstanding for basic EPS (1)(2)   7,500,871       7,463,537       7,427,583       7,411,064       7,399,816  
    Average shares outstanding for diluted EPS (1)(2)   7,506,584       7,469,489       7,456,471       7,436,068       7,449,110  
                         
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                         
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Six Months Ended
      6/30/2025   6/30/2024   6/30/2025   6/30/2024
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 2,443     $ 844     $ 3,964     $ 4,905  
    Adjustments:              
    Conversion expenses   –       –       3,180       –  
    Total adjustments, before income taxes   –       –       3,180       –  
    Adjustment for reported effective income tax rate   –       –       608       –  
    Total adjustments, after income taxes   –       –       2,572       –  
    Adjusted net income $ 2,443     $ 844     $ 6,536     $ 4,905  
    Basic earnings per share – adjusted $ 0.33     $ 0.11     $ 0.87     $ 0.66  
    Diluted earnings per share – adjusted $ 0.33     $ 0.11     $ 0.87     $ 0.66  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO:              
    Operating efficiency ratio, as reported   68.73 %     69.18 %     77.93 %     67.33 %
    Adjustments:              
    Conversion expenses   0.00 %     0.00 %     -8.66 %     0.00 %
    Adjusted operating efficiency ratio   68.73 %     69.18 %     69.27 %     67.33 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.44 %     0.15 %     0.59 %     0.44 %
    ADJUSTED RETURN ON AVERAGE EQUITY   4.93 %     1.77 %     6.63 %     5.20 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   5.46 %     1.97 %     7.35 %     5.80 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.
             
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Six Months Ended
      6/30/2025   6/30/2024   6/30/2025   6/30/2024
    Profitability:              
    Return on average assets   0.44 %     0.15 %     0.36 %     0.44 %
    Return on average equity (1)   4.93 %     1.77 %     4.02 %     5.20 %
    Return on average tangible equity (1)   5.46 %     1.97 %     4.46 %     5.80 %
    Pre-provision net revenue return on assets   1.04 %     0.94 %     0.73 %     0.99 %
    Yield on average interest-earning assets   5.98 %     6.22 %     5.99 %     6.12 %
    Cost of average interest-bearing liabilities   3.94 %     4.48 %     3.98 %     4.41 %
    Net interest rate spread (2)   2.04 %     1.74 %     2.01 %     1.71 %
    Net interest margin (3)   2.76 %     2.46 %     2.72 %     2.43 %
    Non-interest expense to average assets   2.29 %     2.11 %     2.57 %     2.03 %
    Operating efficiency ratio (4)   68.73 %     69.18 %     77.93 %     67.33 %
                   
    Average balances:              
    Interest-earning assets $ 2,148,782     $ 2,162,250     $ 2,182,757     $ 2,162,543  
    Interest-bearing liabilities   1,756,316       1,809,991       1,798,958       1,810,195  
    Loans   1,978,535       2,014,820       1,984,135       1,999,448  
    Deposits   1,838,947       1,773,205       1,878,969       1,807,924  
    Borrowings   142,733       231,473       138,224       196,950  
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.
             
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024
    Asset quality:              
    Provision for credit losses – loans (1) $ 2,170     $ 600     $ 400     $ 200  
    Net (charge-offs)/recoveries   (3,524 )     (454 )     (1,027 )     (438 )
    Allowance for credit losses   21,571       22,925       22,779       23,406  
    Allowance for credit losses to total loans (2)   1.10 %     1.17 %     1.15 %     1.17 %
    Non-performing loans $ 12,651     $ 11,697     $ 16,368     $ 15,365  
    Non-performing loans/total loans   0.64 %     0.60 %     0.82 %     0.77 %
    Non-performing loans/total assets   0.55 %     0.51 %     0.71 %     0.66 %
    Allowance for credit losses/non-performing loans   170.51 %     195.99 %     139.17 %     152.33 %
                                   
    Capital (Bank only):                              
    Tier 1 Capital $ 203,322     $ 201,925     $ 201,744     $ 198,196  
    Tier 1 leverage ratio   9.29 %     8.95 %     9.13 %     8.85 %
    Common equity tier 1 capital ratio   13.16 %     13.37 %     13.32 %     12.99 %
    Tier 1 risk based capital ratio   13.16 %     13.37 %     13.32 %     12.99 %
    Total risk based capital ratio   14.41 %     14.62 %     14.58 %     14.24 %
                                   
    Equity data:                              
    Shares outstanding (3)   7,499,243       7,503,731       7,427,127       7,428,366  
    Stockholders’ equity $ 198,885     $ 196,643     $ 196,638     $ 192,339  
    Book value per share (3)   26.52       26.21       26.48       25.89  
    Tangible common equity (3)   179,495       177,239       177,220       172,906  
    Tangible book value per share (3)   23.94       23.62       23.86       23.28  
    Tangible common equity (“TCE”) ratio (3)   7.83 %     7.80 %     7.73 %     7.49 %
                   
    (1) Excludes $187 thousand, $0, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 6/30/25, 3/31/25, 12/31/24 and 9/30/24, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      6/30/2025   3/31/2025   12/31/2024   9/30/2024
                   
    Loan distribution (1):              
    Residential mortgages $ 715,418     $ 708,649     $ 702,832     $ 719,037  
    Multifamily   539,573       535,429       550,570       557,634  
    Commercial real estate – OO   267,223       264,855       261,223       246,458  
    Commercial real estate – NOO   271,552       280,345       298,517       305,536  
    Commercial & industrial   148,907       146,050       145,457       149,853  
    Home equity   23,361       24,914       26,422       26,825  
    Consumer   418       432       503       470  
                   
    Total loans $ 1,966,452     $ 1,960,674     $ 1,985,524     $ 2,005,813  
                   
    Sequential quarter growth rate   0.29 %     -1.25 %     -1.01 %     -0.35 %
                   
    CRE concentration ratio   368 %     369 %     385 %     397 %
                   
    Loans sold during the quarter $ 46,045     $ 46,649     $ 53,499     $ 43,537  
                   
    Funding distribution:              
    Demand $ 243,664     $ 215,569     $ 211,656     $ 206,327  
    N.O.W.   655,333       698,297       692,890       621,880  
    Savings   42,860       46,275       48,885       53,024  
    Money market   497,799       458,068       503,082       572,213  
    Total core deposits   1,439,656       1,418,209       1,456,513       1,453,444  
    Time   511,625       518,229       497,770       504,100  
    Total deposits   1,951,281       1,936,438       1,954,283       1,957,544  
    Borrowings   107,805       107,805       107,805       125,805  
    Subordinated debentures   24,716       24,702       24,689       24,675  
                   
    Total funding sources $ 2,083,802     $ 2,068,945     $ 2,086,777     $ 2,108,024  
                   
    Sequential quarter growth rate – total deposits   0.77 %     -0.91 %     -0.17 %     0.80 %
                   
    Period-end core deposits/total deposits ratio   73.78 %     73.24 %     74.53 %     74.25 %
                   
    Period-end demand deposits/total deposits ratio   12.49 %     11.13 %     10.83 %     10.54 %
                   
    (1) Excluding loans held for sale
                   
    Note: Prior period information has been adjusted to conform to current period presentation.      
                   
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Tangible common equity                  
    Total equity (2) $ 198,885     $ 196,643     $ 196,638     $ 192,339     $ 190,072  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (222 )     (236 )     (250 )     (265 )     (279 )
    Tangible common equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
    Total assets   2,311,976       2,291,527       2,312,110       2,327,814       2,331,098  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (222 )     (236 )     (250 )     (265 )     (279 )
    Tangible assets $ 2,292,586     $ 2,272,123     $ 2,292,692     $ 2,308,381     $ 2,311,651  
    TCE ratio (2)   7.83 %     7.80 %     7.73 %     7.49 %     7.38 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
    Shares outstanding (2)   7,499,243       7,503,731       7,427,127       7,428,366       7,402,163  
    Tangible book value per share (2) $ 23.94     $ 23.62     $ 23.86     $ 23.28     $ 23.05  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
     
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended June 30, 2025 and 2024
    (unaudited, dollars in thousands)
                                                   
      2025
    		   2024
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                                                   
    Assets:                                              
    Interest-earning assets:                                              
    Loans $ 1,978,535     $ 29,785       6.04 %   $ 2,014,820     $ 31,124       6.21 %
    Investment securities   99,448       1,433       5.78 %     99,324       1,534       6.21 %
    Interest-earning cash   62,760       695       4.44 %     36,633       497       5.46 %
    FHLB stock and other investments   8,039       136       6.79 %     11,473       265       9.29 %
    Total interest-earning assets   2,148,782       32,049       5.98 %     2,162,250       33,420       6.22 %
    Non interest-earning assets:                                              
    Cash and due from banks   9,218                       7,979                  
    Other assets   50,164                       51,106                  
    Total assets $ 2,208,164                     $ 2,221,335                  
                                                   
    Liabilities and stockholders’ equity:                                              
    Interest-bearing liabilities:                                              
    Savings, N.O.W. and money market deposits $ 1,126,495     $ 10,649       3.79 %   $ 1,117,029     $ 12,667       4.56 %
    Time deposits   487,088       5,058       4.17 %     461,489       4,910       4.28 %
    Total savings and time deposits   1,613,583       15,707       3.90 %     1,578,518       17,577       4.48 %
    Borrowings   118,026       1,221       4.15 %     206,820       2,270       4.41 %
    Subordinated debentures   24,707       326       5.29 %     24,653       326       5.32 %
    Total interest-bearing liabilities   1,756,316       17,254       3.94 %     1,809,991       20,173       4.48 %
    Demand deposits   225,364                       194,687                  
    Other liabilities   27,615                       25,039                  
    Total liabilities   2,009,295                       2,029,717                  
    Stockholders’ equity   198,869                       191,618                  
    Total liabilities & stockholders’ equity $ 2,208,164                     $ 2,221,335                  
    Net interest rate spread                   2.04 %                     1.74 %
    Net interest income/margin         $ 14,795       2.76 %           $ 13,247       2.46 %
                                                   
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Six Months Ended June 30, 2025 and 2024
    (unaudited, dollars in thousands)
                                                   
      2025
    		   2024
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                                                   
    Assets:                                              
    Interest-earning assets:                                              
    Loans $ 1,984,135     $ 59,769       6.07 %   $ 1,999,448     $ 60,861       6.12 %
    Investment securities   92,681       2,619       5.70 %     97,085       2,991       6.20 %
    Interest-earning cash   97,914       2,177       4.48 %     55,652       1,511       5.46 %
    FHLB stock and other investments   8,027       321       8.06 %     10,358       489       9.49 %
    Total interest-earning assets   2,182,757       64,886       5.99 %     2,162,543       65,852       6.12 %
    Non interest-earning assets:                                              
    Cash and due from banks   9,360                       7,962                  
    Other assets   49,930                       50,523                  
    Total assets $ 2,242,047                     $ 2,221,028                  
                                                   
    Liabilities and stockholders’ equity:                                              
    Interest-bearing liabilities:                                              
    Savings, N.O.W. and money market deposits $ 1,171,711     $ 22,104       3.80 %   $ 1,139,111     $ 25,600       4.52 %
    Time deposits   489,023       10,378       4.28 %     474,134       9,872       4.19 %
    Total savings and time deposits   1,660,734       32,482       3.94 %     1,613,245       35,472       4.42 %
    Borrowings   113,524       2,328       4.14 %     172,304       3,546       4.14 %
    Subordinated debentures   24,700       652       5.32 %     24,646       652       5.32 %
    Total interest-bearing liabilities   1,798,958       35,462       3.98 %     1,810,195       39,670       4.41 %
    Demand deposits   218,235                       194,679                  
    Other liabilities   26,179                       26,499                  
    Total liabilities   2,043,372                       2,031,373                  
    Stockholders’ equity   198,675                       189,655                  
    Total liabilities & stockholders’ equity $ 2,242,047                     $ 2,221,028                  
    Net interest rate spread                   2.01 %                     1.71 %
    Net interest income/margin         $ 29,424       2.72 %           $ 26,182       2.43 %
                                                   

    The MIL Network –

  • MIL-OSI: Hanover Bancorp, Inc. Reports Second Quarter 2025 Results Highlighted by Strong Demand Deposit Growth, Continued Margin Expansion and Its Inclusion in the Russell 2000 Index

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Performance Highlights

    • Net Income: Net income for the quarter ended June 30, 2025 totaled $2.4 million or $0.33 per diluted share (including Series A preferred shares).
    • Pre-Provision Net Revenue: Pre-provision net revenue was $5.7 million resulting in a return on average assets of 1.04% for the quarter ended June 30, 2025 which was the highest level since the first quarter of 2023.
    • Net Interest Income: Net interest income was $14.8 million for the quarter ended June 30, 2025, an increase of $0.2 million, or 1.13% from the quarter ended March 31, 2025 and $1.5 million, or 11.69%, from the quarter ended June 30, 2024.
    • Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended June 30, 2025 increased to 2.76% from 2.68% in the quarter ended March 31, 2025 and 2.46% in the quarter ended June 30, 2024.
    • Demand Deposit Growth: Demand deposits increased $28.1 million, or 13.03%, from March 31, 2025 and $32.0 million, or 15.12%, from December 31, 2024, underscoring the success of our C&I and Municipal banking verticals.  
    • Strong Liquidity Position: At June 30, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $686.5 million, or approximately 274% of uninsured deposit balances.   Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at June 30, 2025.
    • Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 368% of capital at June 30, 2025 from 385% at December 31, 2024 and 403% at June 30, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
    • Asset Quality: At June 30, 2025, the Bank’s asset quality metrics remained solid with non-performing loans totaling $12.7 million, representing 0.64% of the total loan portfolio, and the allowance for credit losses equaling 1.10% of total loans, a decrease from non-performing loans totaling $16.4 million, representing 0.82% of the total loan portfolio, as of December 31, 2024.
    • Port Jefferson Branch: In June 2025, the Company continued its strategic expansion in Suffolk County Long Island with the opening of its tenth branch in Port Jefferson, New York. The Company will continue to be opportunistic in furthering its expansion into the underserved markets of Eastern Long Island.
    • Inclusion in Russell 2000: The Company was added to the Russell 2000 Index in late June 2025. The Russell 2000 Index encompasses the 2,000 largest U.S.-traded stocks by objective, market-capitalization rankings, and style attributes. The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on August 13, 2025 to stockholders of record on August 6, 2025.

    MINEOLA, N.Y., July 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended June 30, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on August 13, 2025 to stockholders of record on August 6, 2025.

    Earnings Summary for the Quarter Ended June 30, 2025

    The Company reported net income for the quarter ended June 30, 2025 of $2.4 million or $0.33 per diluted share (including Series A preferred shares), versus $0.8 million (after giving effect to an allowance for credit loss (“ACL”) on an individually evaluated loan of $2.5 million and a $1.1 million provision resulting from ongoing enhancements to the current expected credit loss (“CECL”) model) or $0.11 per diluted share (including Series A preferred shares) in the quarter ended June 30, 2024. Returns on average assets, average stockholders’ equity and average tangible equity were 0.44%, 4.93% and 5.46%, respectively, for the quarter ended June 30, 2025, versus 0.15%, 1.77% and 1.97%, respectively, for the comparable quarter of 2024.

    The increase in net income recorded in the second quarter of 2025 from the comparable 2024 quarter resulted from an increase in net interest income and a decrease in provision for credit losses. These were partially offset by the increase in non-interest expenses, particularly compensation and benefits, and an increase in income tax expense.   The increase in compensation and benefits expense in the second quarter of 2025 versus the comparable 2024 quarter was primarily related to the staffing of the newly opened Port Jefferson branch and additions to the C&I Banking teams, partially offset by lower incentive compensation expense resulting from reduced lending activity and other expense reduction initiatives. The Company’s effective tax rate was 27.8% in the second quarter of 2025 and 27.2% in the comparable 2024 quarter. We expect a normalized run rate of 25.0% for the remainder of the year.

    Net interest income was $14.8 million for the quarter ended June 30, 2025, an increase of $1.5 million, or 11.69% from the comparable 2024 quarter. This increase was due to improvement of the Company’s net interest margin to 2.76% in the 2025 quarter from 2.46% in the comparable 2024 quarter. The cost of interest-bearing liabilities decreased to 3.94% in the 2025 quarter from 4.48% in the comparable 2024 quarter, a decrease of 54 basis points. This decrease was partially offset by a 24 basis point decrease in the yield on interest earning assets to 5.98% in the 2025 quarter from 6.22% in the second quarter of 2024. Net interest income on a linked quarter basis increased $0.2 million or 1.13%, due to an 8 basis point increase in net interest margin resulting from a 7 basis point decrease in cost of interest-bearing liabilities, partially offset by a 3 basis point decrease on yield on interest earning assets.

    Earnings Summary for the Six Months Ended June 30, 2025

    For the six months ended June 30, 2025, the Company reported net income of $4.0 million or $0.53 per diluted share (including Series A preferred shares), versus $4.9 million or $0.66 per diluted share (including Series A preferred shares) in the comparable 2024 six-month period. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $6.5 million or $0.87 per diluted share in the six months ended June 30, 2025, versus net income of $4.9 million or $0.66 per diluted share in the comparable 2024 six-month period (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.36%, 4.02% and 4.46%, respectively, for the six months ended June 30, 2025, versus 0.44%, 5.20% and 5.80%, respectively, for the comparable 2024 period. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.59%, 6.63% and 7.35%, respectively, in the six months ended June 30, 2025, versus 0.44%, 5.20% and 5.80%, respectively, in the comparable of 2024 period.

    The decrease in net income recorded for the six months ended June 30, 2025 from the comparable 2024 period is due to an increase in non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. These were partially offset by an increase in net interest income and a decrease in provision for credit losses. The increase in compensation and benefits expense for the six months ended June 30, 2025 versus the comparable 2024 period was primarily related to additional headcount to staff the new Port Jefferson branch and expansion of the C&I lending vertical and lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 23.0% for the six months ended June 30, 2025 from 25.3% in the comparable 2024 period.

    Net interest income was $29.4 million for the six months ended June 30, 2025, an increase of $3.2 million, or 12.38% from the comparable 2024 period, due to the improvement of the Company’s net interest margin to 2.72% in the 2025 period from 2.43% in the comparable 2024 period. The cost of interest-bearing liabilities decreased to 3.98% in the 2025 six months period from 4.41% in the comparable 2024 period, a decrease of 43 basis points. This decrease was partially offset by a 13 basis point decrease in the yield on interest earning assets to 5.99% in the 2025 period from 6.12% in the comparable 2024 period. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “Our second quarter performance, reflects a number of high notes, including increased Pre-Provision Net Revenue of $5.7 million, strong non-interest bearing deposit growth of $28.1 million, underscoring the success of our C&I and Municipal banking verticals, and continued improvement in our Net Interest Margin. We are extremely pleased with the recent opening of our Port Jefferson branch and will continue to be opportunistic in furthering our expansion into the underserved markets of Eastern Long Island. With our inclusion in the Russell 2000, the continued development of our diversified revenue verticals and liability sensitive balance sheet, we look forward to delivering continued shareholder value and the eventual benefits of a more favorable interest rate environment.”

    Balance Sheet Highlights

    Total assets were $2.31 billion at June 30, 2025 and December 31, 2024. Total securities available for sale at June 30, 2025 were $102.6 million, an increase of $18.9 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

    Total deposits were $1.95 billion at June 30, 2025 and December 31, 2024. Total deposits increased $9.4 million or 0.48% from June 30, 2024. Demand deposits increased $43.8 million or 21.93% from June 30, 2024 and $32.0 million, or 15.12%, from December 31, 2024 underscoring the success of our C&I and Municipal banking verticals.   Our loan to deposit ratio improved to 101% at June 30, 2025 from 102% at December 31, 2024.

    The Company had $517.4 million in total municipal deposits at June 30, 2025, at a weighted average rate of 3.67% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $452.6 million at a weighted average rate of 4.61% at June 30, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

    Total borrowings at June 30, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 17 months, respectively. At June 30, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at June 30, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at June 30, 2025 and December 31, 2024.

    Stockholders’ equity was $198.9 million at June 30, 2025 and compared to $196.6 million at December 31, 2024. Retained earnings increased by $2.5 million due primarily to net income of $4.0 million for the six months ended June 30, 2025, which was offset by $1.5 million of dividends declared. The accumulated other comprehensive loss at June 30, 2025 was 0.62% of total equity and was comprised of a $0.7 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives.   Tangible book value per share (including Series A preferred shares) was $23.94 at June 30, 2025 compared to $23.86 at December 31, 2024.

    Loan Portfolio

    For the six months ended June 30, 2025, the Bank’s loan portfolio decreased $19.1 million to $1.97 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. On a linked quarter basis, net loans increased $5.8 million. At June 30, 2025, the Company’s residential loan portfolio (including home equity) amounted to $738.8 million, with an average loan balance of $489 thousand and a weighted average loan-to-value ratio of 57%.   Commercial real estate (including construction) and multifamily loans totaled $1.08 billion at June 30, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 36% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 368% of capital at June 30, 2025 from 385% at December 31, 2024 and 403% at June 30, 2024, with loans secured by office space accounting for 2.48% of the total loan portfolio and totaling $48.9 million at June 30, 2025. The Company’s loan pipeline with executed term sheets at June 30, 2025 is approximately $190.2 million, with approximately 81% being niche-residential, conventional C&I, SBA and USDA lending opportunities.

    The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. The Bank originated $62.2 million in residential loans in the quarter ended June 30, 2025. During the quarters ended June 30, 2025 and 2024, the Company sold $23.7 million and $2.9 million, respectively, of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.5 million and $0.1 million, respectively.

    During the quarters ended June 30, 2025 and 2024, the Company sold approximately $22.3 million and $28.0 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.8 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower than expected due to a confluence of factors. One factor is the impact of the “higher-for-longer” interest rate environment that we believe has both worsened the financial condition of and reduced demand among small business borrowers, resulting in a lower volume of creditworthy customers. Another factor is the negative impact of and uncertainty created by tariffs, which we believe have also dampened loan demand among borrowers in certain industries. A third factor is the Bank’s decision to tighten credit over the course of the last year. Although management continues to believe this to be a prudent measure, it has nonetheless resulted in a lower volume of loan approvals, causing the Bank to re-evaluate the number and caliber of its business development officers. Taken together these and other factors have adversely impacted SBA loan originations and closings. With the addition of additional business development officers in the second half of 2025, we anticipate higher volumes of eligible loans as we transition into 2026. The Bank concluded the second quarter of 2025 with C&I loan originations of approximately $29.3 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.2 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 57% with rate resets or maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate    		   Calendar Period   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate
                                                                         
    2025     7     $ 8,609     $ 1,230       5.29 %   2025     8     $ 14,950     $ 1,869       4.54 %
    2026     36       117,249       3,257       3.66 %   2026     20       42,310       2,115       3.67 %
    2027     70       185,157       2,645       4.41 %   2027     51       122,901       2,410       4.22 %
    2028     16       21,310       1,332       6.20 %   2028     12       10,117       843       7.14 %
    2029     6       4,924       821       7.70 %   2029     4       4,313       1,078       6.38 %
    2030+     3       6,667       2,222       3.68 %   2030+     4       1,099       275       6.04 %
    Fixed Rate     138       343,916       2,492       4.32 %   Fixed Rate     99       195,690       1,977       4.34 %
    Floating Rate     2       347       174       9.50 %   Floating Rate     —       —       —       — %
    Total     140     $ 344,263     $ 2,459       4.33 %   Total     99     $ 195,690     $ 1,977       4.34 %
                                                                         
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s
    omitted)    		   Avg O/S ($000’s
    omitted)    		   Avg Interest
    Rate
                                     
    2025     25     $ 33,503     $ 1,340       7.28 %
    2026     30       35,702       1,190       4.90 %
    2027     89       156,924       1,763       4.86 %
    2028     28       30,868       1,102       6.65 %
    2029     4       2,336       584       7.04 %
    2030+     15       8,999       600       6.46 %
    Fixed Rate     191       268,332       1,405       5.45 %
    Floating Rate     6       11,905       1,984       9.50 %
    Total CRE-Inv.     197     $ 280,237     $ 1,423       5.62 %
                                     

    Stabilized Multi-Family Pro Forma Stress Results

    The table below reflects a proforma stressed evaluation of the Bank’s Multifamily stabilized loan portfolio, using the primary assumption for a revised Debt Service Coverage Ratio (“DSCR”) calculation, for all loans where the current interest rate is below 6%. The current balance for these loans is recast at 6% with a 30-year amortization. The chart below reflects the impact of these adjustments on the portfolio. The projected loan to value (“LTV”) assumption resets all loans using a 6% cap rate and the last reported property net operating income (“NOI”) to determine an implied property valuation and based on the current loan balance the resultant LTV.

    Multi-Family Stabilized Rent Portfolio
    DSCR Range        # Loans      Total O/S
    ($000’s omitted)    		    % of Total
    MF
    Portfolio    		   Current
    Weighted 
    Average
    LTV    		   Projected
    Weighted 
    Average
    LTV
                                     
    < 1.0   10     $ 18,153     3 %   61 %   95 %
    1.0 < x  < 1.2   24       69,751     13 %   65 %   74 %
    1.2 < x  < 1.3   20       34,897     6 %   62 %   67 %
    1.3 < x  < 1.5   15       38,547     7 %   63 %   61 %
    1.5 < x  < 2.0   18       25,805     5 %   58 %   53 %
    x  > 2.0   12       8,537     2 %   43 %   33 %
     Total                 99     $    195,690           36 %           62 %           67 %
                                     

    As reflected above, the results show approximately 3%, or 10 loans totaling $18 million of the total multi-family portfolio would have proforma DSCR’s less than 1x while maintaining projected weighted average LTV’s under 100%. Additionally, approximately 97% or 89 loans totaling $178 million would possess DSCR’s greater than 1x while maintaining a projected weighted average LTV well within our policy guidelines. We believe the overall demand for multifamily housing in our market will allow our borrowers to address any adverse impact proactively, as evidenced by the maturities and rate resets in the previous 12 months which have been successfully refinanced with other institutions at market rates similar to those used in the above analysis.

    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 64% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes
    		   Outstanding
    Loan Balance    		   % of Total
    Multi-Family    		   Avg Loan
    Size    		   LTV   Current
    DSCR
    		   Avg #
    of Units
                ($000’s omitted)           ($000’s omitted)                        
                                                             
    Market               140     $        344,263                   64 %   $         2,459       61.8 %          1.41               11  
    Location                                                        
    Manhattan     7     $ 10,251       2 %   $ 1,464       49.4 %     1.88       14  
    Other NYC     92     $ 254,515       47 %   $ 2,766       61.7 %     1.40       10  
    Outside NYC     41     $ 79,497       15 %   $ 1,939       63.9 %     1.36       14  
                                                             
    Stabilized                  99     $        195,690                   36 %   $         1,977       61.8 %          1.44               12  
    Location                                                        
    Manhattan     7     $ 10,459       2 %   $ 1,494       48.2 %     1.71       19  
    Other NYC     81     $ 168,044       31 %   $ 2,075       62.6 %     1.42       11  
    Outside NYC     11     $ 17,187       3 %   $ 1,562       63.1 %     1.54       14  
                                                             

    Office Property Exposure

    The Bank’s exposure to the Office market is minor.   Loans secured by office space accounted for 2.48% of the total loan portfolio with a total balance of $48.9 million, of which less than 1% is located in Manhattan. The pool has a 2.48x weighted average DSCR, a 53% weighted average LTV and less than $350,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality metrics remain solid. At June 30, 2025, the Bank reported $12.7 million in non-performing loans compared to $16.4 million at December 31, 2024, a decrease of $3.7 million. This decrease resulted primarily from the proactive sale of non-performing loans, satisfactions and the charge-off of a specific reserve established in June 2024 on an individually evaluated commercial loan. At June 30, 2025 non-performing loans were 0.64% of total loans outstanding versus 0.82% at December 31, 2024.

    During the second quarter of 2025, the Bank recorded a provision for credit losses expense of $2.4 million (including $187 thousand provision for credit losses on unfunded commitments). Net charge-offs of $3.5 million were incurred during the quarter, of which $2.5 million is attributable to the aforementioned charge-off of a specific reserve on an individually evaluated commercial loan. The June 30, 2025 allowance for credit losses was $21.6 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.10% at June 30, 2025 and 1.15% at December 31, 2024.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.76% for the quarter ended June 30, 2025 compared to 2.68% in the quarter ended March 31, 2025 and 2.46% in the quarter ended June 30, 2024 due to the continuing effects of the late 2024 reductions in the Federal Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

               
    HANOVER BANCORP, INC.          
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        June 30,   March 31,   December 31,
        2025   2025   2024
    Assets            
    Cash and cash equivalents $ 164,535     $ 160,234     $ 162,857  
    Securities-available for sale, at fair value   102,636       93,197       83,755  
    Investments-held to maturity   3,594       3,671       3,758  
    Loans held for sale   10,593       16,306       12,404  
                 
    Loans, net of deferred loan fees and costs   1,966,452       1,960,674       1,985,524  
    Less: allowance for credit losses   -21,571       -22,925       -22,779  
    Loans, net   1,944,881       1,937,749       1,962,745  
                 
    Goodwill   19,168       19,168       19,168  
    Premises & fixed assets   14,388       14,511       15,337  
    Operating lease assets   10,890       8,484       8,337  
    Other assets   41,291       38,207       43,749  
      Assets $ 2,311,976     $ 2,291,527     $ 2,312,110  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,439,656     $ 1,418,209     $ 1,456,513  
    Time deposits   511,625       518,229       497,770  
    Total deposits   1,951,281       1,936,438       1,954,283  
                 
    Borrowings   107,805       107,805       107,805  
    Subordinated debentures   24,716       24,702       24,689  
    Operating lease liabilities   11,565       9,144       9,025  
    Other liabilities   17,724       16,795       19,670  
      Liabilities   2,113,091       2,094,884       2,115,472  
                 
    Stockholders’ equity   198,885       196,643       196,638  
      Liabilities and stockholders’ equity $ 2,311,976     $ 2,291,527     $ 2,312,110  
                 
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                     
        Three Months Ended   Six Months Ended
        6/30/2025   6/30/2024   6/30/2025   6/30/2024
                     
    Interest income $ 32,049     $ 33,420     $ 64,886     $ 65,852  
    Interest expense   17,254       20,173       35,462       39,670  
      Net interest income   14,795       13,247       29,424       26,182  
    Provision for credit losses   2,357       4,040       2,957       4,340  
      Net interest income after provision for credit losses   12,438       9,207       26,467       21,842  
                     
    Loan servicing and fee income   1,083       836       2,164       1,749  
    Service charges on deposit accounts   162       114       279       210  
    Gain on sale of loans held-for-sale   2,298       2,586       4,650       5,092  
    Gain on sale of investments   –       4       –       4  
    Other operating income   18       82       200       143  
      Non-interest income   3,561       3,622       7,293       7,198  
                     
    Compensation and benefits   7,003       6,499       14,235       12,061  
    Conversion expenses   –       –       3,180       –  
    Occupancy and equipment   1,910       1,843       3,746       3,613  
    Data processing   508       495       1,101       1,013  
    Professional fees   878       717       1,665       1,535  
    Federal deposit insurance premiums   365       365       702       683  
    Other operating expenses   1,952       1,751       3,983       3,569  
      Non-interest expense   12,616       11,670       28,612       22,474  
                     
      Income before income taxes   3,383       1,159       5,148       6,566  
    Income tax expense   940       315       1,184       1,661  
                     
      Net income $ 2,443     $ 844     $ 3,964     $ 4,905  
                     
    Earnings per share (“EPS”):(1)              
    Basic $ 0.33     $ 0.11     $ 0.53     $ 0.66  
    Diluted $ 0.33     $ 0.11     $ 0.53     $ 0.66  
                     
    Average shares outstanding for basic EPS (1)(2)   7,500,871       7,399,816       7,482,307       7,388,021  
    Average shares outstanding for diluted EPS (1)(2)   7,506,584       7,449,110       7,488,226       7,438,234  
                     
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                     
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
     
        Three Months Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
                         
    Interest income $ 32,049     $ 32,837     $ 33,057     $ 34,113     $ 33,420  
    Interest expense   17,254       18,208       19,249       21,011       20,173  
      Net interest income   14,795       14,629       13,808       13,102       13,247  
    Provision for credit losses   2,357       600       400       200       4,040  
      Net interest income after provision for credit losses   12,438       14,029       13,408       12,902       9,207  
                         
    Loan servicing and fee income   1,083       1,081       981       960       836  
    Service charges on deposit accounts   162       117       136       123       114  
    Gain on sale of loans held-for-sale   2,298       2,352       3,014       2,834       2,586  
    Gain on sale of investments   –       –       27       –       4  
    Other operating income   18       182       29       37       82  
      Non-interest income   3,561       3,732       4,187       3,954       3,622  
                         
    Compensation and benefits   7,003       7,232       6,699       6,840       6,499  
    Conversion expenses   –       3,180       –       –       –  
    Occupancy and equipment   1,910       1,836       1,810       1,799       1,843  
    Data processing   508       593       536       547       495  
    Professional fees   878       787       782       762       717  
    Federal deposit insurance premiums   365       337       375       360       365  
    Other operating expenses   1,952       2,031       2,198       1,930       1,751  
      Non-interest expense   12,616       15,996       12,400       12,238       11,670  
                         
      Income before income taxes   3,383       1,765       5,195       4,618       1,159  
    Income tax expense   940       244       1,293       1,079       315  
                         
      Net income $ 2,443     $ 1,521     $ 3,902     $ 3,539     $ 844  
                         
    Earnings per share (“EPS”):(1)                  
    Basic $ 0.33     $ 0.20     $ 0.53     $ 0.48     $ 0.11  
    Diluted $ 0.33     $ 0.20     $ 0.52     $ 0.48     $ 0.11  
                         
    Average shares outstanding for basic EPS (1)(2)   7,500,871       7,463,537       7,427,583       7,411,064       7,399,816  
    Average shares outstanding for diluted EPS (1)(2)   7,506,584       7,469,489       7,456,471       7,436,068       7,449,110  
                         
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                         
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Six Months Ended
      6/30/2025   6/30/2024   6/30/2025   6/30/2024
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 2,443     $ 844     $ 3,964     $ 4,905  
    Adjustments:              
    Conversion expenses   –       –       3,180       –  
    Total adjustments, before income taxes   –       –       3,180       –  
    Adjustment for reported effective income tax rate   –       –       608       –  
    Total adjustments, after income taxes   –       –       2,572       –  
    Adjusted net income $ 2,443     $ 844     $ 6,536     $ 4,905  
    Basic earnings per share – adjusted $ 0.33     $ 0.11     $ 0.87     $ 0.66  
    Diluted earnings per share – adjusted $ 0.33     $ 0.11     $ 0.87     $ 0.66  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO:              
    Operating efficiency ratio, as reported   68.73 %     69.18 %     77.93 %     67.33 %
    Adjustments:              
    Conversion expenses   0.00 %     0.00 %     -8.66 %     0.00 %
    Adjusted operating efficiency ratio   68.73 %     69.18 %     69.27 %     67.33 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.44 %     0.15 %     0.59 %     0.44 %
    ADJUSTED RETURN ON AVERAGE EQUITY   4.93 %     1.77 %     6.63 %     5.20 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   5.46 %     1.97 %     7.35 %     5.80 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.
             
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Six Months Ended
      6/30/2025   6/30/2024   6/30/2025   6/30/2024
    Profitability:              
    Return on average assets   0.44 %     0.15 %     0.36 %     0.44 %
    Return on average equity (1)   4.93 %     1.77 %     4.02 %     5.20 %
    Return on average tangible equity (1)   5.46 %     1.97 %     4.46 %     5.80 %
    Pre-provision net revenue return on assets   1.04 %     0.94 %     0.73 %     0.99 %
    Yield on average interest-earning assets   5.98 %     6.22 %     5.99 %     6.12 %
    Cost of average interest-bearing liabilities   3.94 %     4.48 %     3.98 %     4.41 %
    Net interest rate spread (2)   2.04 %     1.74 %     2.01 %     1.71 %
    Net interest margin (3)   2.76 %     2.46 %     2.72 %     2.43 %
    Non-interest expense to average assets   2.29 %     2.11 %     2.57 %     2.03 %
    Operating efficiency ratio (4)   68.73 %     69.18 %     77.93 %     67.33 %
                   
    Average balances:              
    Interest-earning assets $ 2,148,782     $ 2,162,250     $ 2,182,757     $ 2,162,543  
    Interest-bearing liabilities   1,756,316       1,809,991       1,798,958       1,810,195  
    Loans   1,978,535       2,014,820       1,984,135       1,999,448  
    Deposits   1,838,947       1,773,205       1,878,969       1,807,924  
    Borrowings   142,733       231,473       138,224       196,950  
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.
             
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024
    Asset quality:              
    Provision for credit losses – loans (1) $ 2,170     $ 600     $ 400     $ 200  
    Net (charge-offs)/recoveries   (3,524 )     (454 )     (1,027 )     (438 )
    Allowance for credit losses   21,571       22,925       22,779       23,406  
    Allowance for credit losses to total loans (2)   1.10 %     1.17 %     1.15 %     1.17 %
    Non-performing loans $ 12,651     $ 11,697     $ 16,368     $ 15,365  
    Non-performing loans/total loans   0.64 %     0.60 %     0.82 %     0.77 %
    Non-performing loans/total assets   0.55 %     0.51 %     0.71 %     0.66 %
    Allowance for credit losses/non-performing loans   170.51 %     195.99 %     139.17 %     152.33 %
                                   
    Capital (Bank only):                              
    Tier 1 Capital $ 203,322     $ 201,925     $ 201,744     $ 198,196  
    Tier 1 leverage ratio   9.29 %     8.95 %     9.13 %     8.85 %
    Common equity tier 1 capital ratio   13.16 %     13.37 %     13.32 %     12.99 %
    Tier 1 risk based capital ratio   13.16 %     13.37 %     13.32 %     12.99 %
    Total risk based capital ratio   14.41 %     14.62 %     14.58 %     14.24 %
                                   
    Equity data:                              
    Shares outstanding (3)   7,499,243       7,503,731       7,427,127       7,428,366  
    Stockholders’ equity $ 198,885     $ 196,643     $ 196,638     $ 192,339  
    Book value per share (3)   26.52       26.21       26.48       25.89  
    Tangible common equity (3)   179,495       177,239       177,220       172,906  
    Tangible book value per share (3)   23.94       23.62       23.86       23.28  
    Tangible common equity (“TCE”) ratio (3)   7.83 %     7.80 %     7.73 %     7.49 %
                   
    (1) Excludes $187 thousand, $0, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 6/30/25, 3/31/25, 12/31/24 and 9/30/24, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      6/30/2025   3/31/2025   12/31/2024   9/30/2024
                   
    Loan distribution (1):              
    Residential mortgages $ 715,418     $ 708,649     $ 702,832     $ 719,037  
    Multifamily   539,573       535,429       550,570       557,634  
    Commercial real estate – OO   267,223       264,855       261,223       246,458  
    Commercial real estate – NOO   271,552       280,345       298,517       305,536  
    Commercial & industrial   148,907       146,050       145,457       149,853  
    Home equity   23,361       24,914       26,422       26,825  
    Consumer   418       432       503       470  
                   
    Total loans $ 1,966,452     $ 1,960,674     $ 1,985,524     $ 2,005,813  
                   
    Sequential quarter growth rate   0.29 %     -1.25 %     -1.01 %     -0.35 %
                   
    CRE concentration ratio   368 %     369 %     385 %     397 %
                   
    Loans sold during the quarter $ 46,045     $ 46,649     $ 53,499     $ 43,537  
                   
    Funding distribution:              
    Demand $ 243,664     $ 215,569     $ 211,656     $ 206,327  
    N.O.W.   655,333       698,297       692,890       621,880  
    Savings   42,860       46,275       48,885       53,024  
    Money market   497,799       458,068       503,082       572,213  
    Total core deposits   1,439,656       1,418,209       1,456,513       1,453,444  
    Time   511,625       518,229       497,770       504,100  
    Total deposits   1,951,281       1,936,438       1,954,283       1,957,544  
    Borrowings   107,805       107,805       107,805       125,805  
    Subordinated debentures   24,716       24,702       24,689       24,675  
                   
    Total funding sources $ 2,083,802     $ 2,068,945     $ 2,086,777     $ 2,108,024  
                   
    Sequential quarter growth rate – total deposits   0.77 %     -0.91 %     -0.17 %     0.80 %
                   
    Period-end core deposits/total deposits ratio   73.78 %     73.24 %     74.53 %     74.25 %
                   
    Period-end demand deposits/total deposits ratio   12.49 %     11.13 %     10.83 %     10.54 %
                   
    (1) Excluding loans held for sale
                   
    Note: Prior period information has been adjusted to conform to current period presentation.      
                   
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Tangible common equity                  
    Total equity (2) $ 198,885     $ 196,643     $ 196,638     $ 192,339     $ 190,072  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (222 )     (236 )     (250 )     (265 )     (279 )
    Tangible common equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
    Total assets   2,311,976       2,291,527       2,312,110       2,327,814       2,331,098  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (222 )     (236 )     (250 )     (265 )     (279 )
    Tangible assets $ 2,292,586     $ 2,272,123     $ 2,292,692     $ 2,308,381     $ 2,311,651  
    TCE ratio (2)   7.83 %     7.80 %     7.73 %     7.49 %     7.38 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 179,495     $ 177,239     $ 177,220     $ 172,906     $ 170,625  
    Shares outstanding (2)   7,499,243       7,503,731       7,427,127       7,428,366       7,402,163  
    Tangible book value per share (2) $ 23.94     $ 23.62     $ 23.86     $ 23.28     $ 23.05  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
     
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended June 30, 2025 and 2024
    (unaudited, dollars in thousands)
                                                   
      2025
    		   2024
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                                                   
    Assets:                                              
    Interest-earning assets:                                              
    Loans $ 1,978,535     $ 29,785       6.04 %   $ 2,014,820     $ 31,124       6.21 %
    Investment securities   99,448       1,433       5.78 %     99,324       1,534       6.21 %
    Interest-earning cash   62,760       695       4.44 %     36,633       497       5.46 %
    FHLB stock and other investments   8,039       136       6.79 %     11,473       265       9.29 %
    Total interest-earning assets   2,148,782       32,049       5.98 %     2,162,250       33,420       6.22 %
    Non interest-earning assets:                                              
    Cash and due from banks   9,218                       7,979                  
    Other assets   50,164                       51,106                  
    Total assets $ 2,208,164                     $ 2,221,335                  
                                                   
    Liabilities and stockholders’ equity:                                              
    Interest-bearing liabilities:                                              
    Savings, N.O.W. and money market deposits $ 1,126,495     $ 10,649       3.79 %   $ 1,117,029     $ 12,667       4.56 %
    Time deposits   487,088       5,058       4.17 %     461,489       4,910       4.28 %
    Total savings and time deposits   1,613,583       15,707       3.90 %     1,578,518       17,577       4.48 %
    Borrowings   118,026       1,221       4.15 %     206,820       2,270       4.41 %
    Subordinated debentures   24,707       326       5.29 %     24,653       326       5.32 %
    Total interest-bearing liabilities   1,756,316       17,254       3.94 %     1,809,991       20,173       4.48 %
    Demand deposits   225,364                       194,687                  
    Other liabilities   27,615                       25,039                  
    Total liabilities   2,009,295                       2,029,717                  
    Stockholders’ equity   198,869                       191,618                  
    Total liabilities & stockholders’ equity $ 2,208,164                     $ 2,221,335                  
    Net interest rate spread                   2.04 %                     1.74 %
    Net interest income/margin         $ 14,795       2.76 %           $ 13,247       2.46 %
                                                   
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Six Months Ended June 30, 2025 and 2024
    (unaudited, dollars in thousands)
                                                   
      2025
    		   2024
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                                                   
    Assets:                                              
    Interest-earning assets:                                              
    Loans $ 1,984,135     $ 59,769       6.07 %   $ 1,999,448     $ 60,861       6.12 %
    Investment securities   92,681       2,619       5.70 %     97,085       2,991       6.20 %
    Interest-earning cash   97,914       2,177       4.48 %     55,652       1,511       5.46 %
    FHLB stock and other investments   8,027       321       8.06 %     10,358       489       9.49 %
    Total interest-earning assets   2,182,757       64,886       5.99 %     2,162,543       65,852       6.12 %
    Non interest-earning assets:                                              
    Cash and due from banks   9,360                       7,962                  
    Other assets   49,930                       50,523                  
    Total assets $ 2,242,047                     $ 2,221,028                  
                                                   
    Liabilities and stockholders’ equity:                                              
    Interest-bearing liabilities:                                              
    Savings, N.O.W. and money market deposits $ 1,171,711     $ 22,104       3.80 %   $ 1,139,111     $ 25,600       4.52 %
    Time deposits   489,023       10,378       4.28 %     474,134       9,872       4.19 %
    Total savings and time deposits   1,660,734       32,482       3.94 %     1,613,245       35,472       4.42 %
    Borrowings   113,524       2,328       4.14 %     172,304       3,546       4.14 %
    Subordinated debentures   24,700       652       5.32 %     24,646       652       5.32 %
    Total interest-bearing liabilities   1,798,958       35,462       3.98 %     1,810,195       39,670       4.41 %
    Demand deposits   218,235                       194,679                  
    Other liabilities   26,179                       26,499                  
    Total liabilities   2,043,372                       2,031,373                  
    Stockholders’ equity   198,675                       189,655                  
    Total liabilities & stockholders’ equity $ 2,242,047                     $ 2,221,028                  
    Net interest rate spread                   2.01 %                     1.71 %
    Net interest income/margin         $ 29,424       2.72 %           $ 26,182       2.43 %
                                                   

    The MIL Network –

  • MIL-OSI: Mobile Infrastructure Announces Timing of Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CINCINNATI, July 23, 2025 (GLOBE NEWSWIRE) — Mobile Infrastructure Corporation [Nasdaq: BEEP], owners of a diversified portfolio of parking assets throughout the United States, will issue its second quarter 2025 earnings release after the U.S. market closes on Tuesday, August 12, 2025.

    You are invited to participate in the Company’s conference call hosted by senior management on Tuesday, August 12, 2025, at 4:30 PM Eastern Time.

    Q2 2025 Conference Call Date & Time:
    Tuesday, August 12, 2025, at 4:30 PM Eastern Time

    Participants who wish to access the live conference call may do so by registering here. Upon registration, a dial-in and unique PIN will be provided to join the call.

    A live, listen-only webcast of the conference call may be accessed from the Investor Relations section of the Company’s website, or by registering here.

    For those who are unable to listen to the live broadcast, a replay of the webcast will be available in the “News & Events” section of the Investor Relations website under “IR Calendar” for one year.

    About Mobile Infrastructure Corporation

    Mobile Infrastructure Corporation, headquartered in Cincinnati, Ohio, focuses on acquiring, owning, and optimizing parking facilities and related infrastructure, including parking lots, parking garages, and other parking structures throughout the United States. The Company was recently added to the Russell 2000® Index, reflecting its growing presence in the public markets. For more information, visit mobileit.com.

    Contact:

    Stephanie Hogue
    President
    646-471-0056

    Lynn Morgen
    Casey Kotary
    ADVISIRY Partners
    212-750-5800

    The MIL Network –

  • MIL-OSI USA: GVIS History

    Source: NASA

    In 1982, a $20 million supercomputer was brought to NASA Glenn. Scientists at NASA Glenn were becoming increasingly reliant on computer simulations to test their experiments. Advancements in computer technology allowed a different type of testing environment — one that revolved around virtual models and data over physical observation. The benefits of this method included a decrease in costs, a decrease in associated risk, faster turnaround, and more data.

    But this method of experimentation created a problem: With data-point counts somewhere in the millions, it was a challenge for scientists to even begin to look at their own collected data. In short, there was simply too much data to be analyzed. To solve this problem, NASA Glenn built the Interactive Computer Aided Research Engineering system (ICARE) in the center’s Research Analysis Center.  
    Taking up several rooms, consisting of 22 total workstations, and costing a grand total of $20 million, the ICARE system was a way for scientists to examine their data through the aid of supercomputer visualizations. Using both graphical and modular methods, ICARE’s visualizations revealed and shared information in ways that traditional methods could not match. 
    The construction and implementation of the ICARE system was revolutionary to both the center and NASA as a whole. Before 1982, NASA already had an established interest in powerful computers; however, the ICARE system took NASA into the era of supercomputing. ICARE also brought increased attention to the value and power of scientific visualization. 

    In 1989, it was time for an upgrade. NASA Glenn wanted the latest scientific visualization technology and techniques for its scientists, so the center expanded the Research Analysis Center to make room for the new Graphics and Visualization Lab (GVIS). The GVIS Lab acquired cutting-edge graphics technology, including studio-quality TV animation and recording equipment, stereographic displays, and image processing systems. Later, the High-Performance Computing Act of 1991 provided funding and opportunities to add high-speed computing, virtual reality, and collaborative visualization to its fleet of tools.

    During this period, the GVIS Lab was responsible for assisting NASA Glenn scientists who needed help visualizing their data. The lab was also tasked with inventing new visualization techniques and promoting NASA Glenn’s activities though tours, videos, and other outreach programs. Some of the techniques the lab developed included particle tracking, iso-surface contours, and volume visualization. Tour guests included school children, corporate VIPs, local and national politicians, TV news media, and researchers from other national labs. Using state-of-the-art recording and editing hardware, the GVIS Lab regularly shared work both inside and outside of NASA.   
    As other labs and researchers began to gain access to their own scientific visualization tools, the GVIS Lab shifted its focus to experimenting with virtual reality- and augmented reality-based visualizations.

    Today, the GVIS Lab has the same mission that it had in 1989: to apply the latest visualization and human interaction technologies to advance NASA’s missions. The team takes pride in pushing the limits of scientific visualization and computer science, helping fellow researchers make sense of their data, and inspiring the next generation through demonstrations and presentations. Computational technology has come a long way since the days of ICARE, but GVIS has continued to explore current and cutting-edge technologies. 
    In addition to scientific visualization and experimental computational technologies, the GVIS Lab now also specializes in virtual design, interactive 3D simulations, natural user interface development, applications of computer science, and mission scenario visualizations. The team uses the latest edition of 3D programs and VR devices to experiment with how these systems can be used to visualize data, pushing their input and output capabilities. 
    With all this technology, GVIS also supports the visualization of a wide variety of 3D data and models such as CAD, point clouds, and volume data. Additionally, the lab is capable of high-impact data visualization, web-based visualization, time-accurate data representation, and designing and testing CAD models in virtual reality.

    Outside of the lab, GVIS has a longstanding history of taking its technology demonstrations across the city, throughout the country, and around the world. The team has extensive experience organizing, presenting, and facilitating STEM-based educational outreach for a variety of different events and venues. Inside the lab, GVIS supports the education and career exploration of its high school and college interns through mentorship, community engagement opportunities, and access to cutting-edge technology.

    Contact Us 
    Need to reach us? You can send an email directly to the GVIS Team (GRC-DL-GVIS@mail.nasa.gov) or to the team leader, Herb Schilling (hschilling@nasa.gov).

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI—Hagerty Joins Open Interest on BloombergTV to Discuss Japan Trade Deal, China Negotiations, Appropriations

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, joined Open Interest on BloombergTVto discuss President Donald Trump’s new trade agreement with Japan, implications for China, and the Senate’s progress on appropriations and crypto legislation.
    *Click the photo above or here to watch*Partial Transcript
    Hagerty on the significance of the U.S.-Japan trade agreement: “I think this is putting us on a completely new playing field with our allies in Japan. I look forward to what we do with South Korea as well. Japan is going to become a major financier of projects that support all of our national security, our economic security, and our national security. When I was Ambassador to Japan, we negotiated two trade deals with the Japanese. These are not easy to do. And my hats off to the team– Secretary [Scott] Bessent, Secretary [Howard] Lutnick, and Ambassador [Jamieson] Greer– they have done a fantastic job and delivered a terrific deal.”
    Hagerty on access for U.S. rice: “The Japanese are difficult to negotiate with, but they keep their word once a deal is made. I know that’s not true in every place in the world, but the Japanese certainly do. I know the negotiations have been tough; I’ve been in rice negotiations with the Japanese in the past. It’s almost a sacred issue in their agricultural sector, but rice has had an incredible run in terms of its price, creating a lot of inflation and pain domestically in Japan. I think this [deal] will be welcomed by the Japanese public to see more rice imported. It will take some of the pressure off the supply constraints that they have right now in the country.”
    Hagerty on the implications the U.S.-Japan deal has on China: “This [deal] absolutely makes a huge difference with respect to China. What China can observe is that our allies are working with us, and we’re doing this in a way that maximizes economic opportunity here in the United States, making our nation stronger. A stronger America means that all of our allies benefit from this. It’s a good deal for Japan. Their stock market is up. Our stock market is up. Everybody’s loving this.”
    Hagerty on future trade benchmarks: “I’m sure people will jump to that assumption [that 15 percent will become the new benchmark tariff level], but they don’t know the specifics of the deal. That will come down to the hard tax, and we’ll see how the negotiations go. I know that Ambassador Greer, Secretary Bessent, and Secretary Lutnick have spent a tremendous amount of time on this deal. Every deal will be unique. It’s going to be hard to superimpose that, but I’m certain that that’s where the industry will sort of target now that they see this come out with Japan.”
    Hagerty on finalizing trade agreements: “Not every single agreement [will be wrapped by Aug. 1], but the ones that matter. They [the White House] have been very focused on delivering agreements with those countries with which we have significant trade deficits. And Secretary Bessent sums it up by saying there are about 18 countries that [trade agreements] matter. I talk often with Ambassador Greer. He’s got term sheets, and he’s been working through a very structured, very disciplined process. I’m optimistic that they will have terms set. I’m not saying they will have the final agreements papered, but the broad terms will be set.”
    Hagerty on Senate August recess, nominee backlog, and government funding: “I think that [recess] is up to [Senator] Chuck Schumer. We’ve had maximum resistance from the Democrat side; they have not allowed a single one of our nominees to go through without putting us through maximum procedural hoops. That’s created a backlog. Every president needs to have their team on the ground and ready to go. Chuck Schumer is going to have to ask himself if he is going to keep kowtowing to the far left, or actually stand up and say: here’s what’s good for America. Let’s get it done. I’m ready to work through the weekend. … It’s important to talk to constituents. They elected us. Many of us are in cycle right now, myself included. But at the same time, we have an obligation and a duty to our constituents to make certain the government is functioning. And this resistance movement that tries to deprive the President of the team that he needs to execute is harmful to the economy. It’s harmful to our national security, so we have to address it.”
    Hagerty on appropriations and shutdown risk: “An important thing that we never worked on when Chuck Schumer was the leader was putting appropriations bills on the floor. That’s happening this week. We’re looking at the Sept. 30 deadline responsibly. We’re trying to put our appropriation bills on the floor so we don’t wind up with an 11th-hour negotiation that winds up with the government teetering on a shutdown. I don’t think we’ll shut down. But again, that’s up to Chuck Schumer and the resistance movement. … I hope that we’ll be able to come to terms with the Democrats. They have not been willing to negotiate so far as we move on our appropriations bill. That really narrows the space that we’ve got to deal with as we come to the Sept. 30 deadline. It’s possible to get appointees taken care of. We don’t need to shut the government down, but it requires cooperation.”
    Hagerty on the GENIUS Act and crypto market structure: “We’re working very hard [on the next phase of digital asset legislation]. We just put out a discussion draft this week on market structure. I’m very proud of my legislation, the GENIUS Act, which opens the door for digital assets in America. Compared to where we were a year ago, it’s a massive change. The U.S. markets are open to digital currencies and blockchain innovation. I’m excited about where we’re going. Our goal is to have this market structure bill move through expeditiously and get it done this fall.”

    MIL OSI USA News –

  • MIL-OSI Russia: Breaking: Third round of peace talks between Russian and Ukrainian delegations kicks off in Istanbul

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    ISTANBUL, July 23 (Xinhua) — The third round of peace talks between Russian and Ukrainian delegations began in Istanbul on Wednesday, Turkish television channel NTV reported from the scene.

    Two previous rounds of talks in Istanbul, held on May 16 and June 2, resulted in the exchange of thousands of prisoners of war and the bodies of dead soldiers, but produced little progress on achieving a ceasefire. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: Durbin Delivers Opening Statement In Senate Judiciary Committee Hearing On Drones

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    July 22, 2025

    During his opening, Durbin called out the Trump Administration for neglecting serious threats posed by unauthorized drone use as it focuses federal law enforcement efforts on mass deportation

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today delivered an opening statement at a Senate Judiciary Committee hearing entitled “Securing the Skies: Law Enforcement, Drones, and Public Safety.” During his opening remarks, Durbin criticized the Trump Administration’s unilateral focus on mass deportation at the expense of addressing serious threats posed by hostile foreign nations, cartels, and other malign actors. Further, Durbin expressed his frustration that Secretary of Homeland Security Kristi Noem has failed to testify before the Committee on her agency’s unprecedented campaign of mass deportation.

     

    Key Quotes:

     

    “Thanks, Chairman Grassley, for holding this hearing to highlight the need to better combat the threat posed by unmanned aircraft systems, known as drones. As the use of drones continues to increase, these conversations are more important than ever.

    “However, I want to first note that while we have witnesses from the Trump Administration, and they are welcome, this Committee has yet to hear from Homeland Security Secretary Noem on this issue and a broad array of other critical issues. Secretary Noem is overseeing an unprecedented campaign of mass deportations. She should answer for the indiscriminate arrests of law-abiding individuals by masked officials, and even the arrest and detention of U.S. citizens, including [a] veteran.”

    “Why do I bring this up today? Because this Administration is diverting federal law enforcement away from countering threats to our nation in order to participate in its mass deportation campaign.”

    “As we will discuss today, there is a real threat posed by hostile foreign nations, cartels, and other malign actors exploiting drone technology for espionage, cyber-attacks, and drug and weapons trafficking. So, we need to hear from Secretary Noem about why she is shifting the focus of the agency she leads away from these threats to our homeland in order to arrest immigrants with no criminal record [and with] deep roots in our country.”

    “The FAA reports that over a million drones are currently registered in the United States for a broad range of commercial and recreational activities—from farming to photography to journalism. Law enforcement and government agencies also use drones for search and rescue, disasters, surveillance of criminal activity, and even traffic enforcement.”

    “But, like any technology, drones can also be dangerous. Drone operators can create safety hazards simply by flying into restricted areas, even if they do so by accident. Criminals and foreign adversaries also use drones for cyber-attacks, espionage, and transportation of drugs, weapons, or other contraband—including into prisons and across our borders.”

    “For example, if I am sitting at Wrigley Field during a ball game with my grandkids, and I see a drone in the sky, I want to know that drone is safe and is authorized to be there.”

    “Currently, the Departments of Justice and Homeland Security are among four federal agencies with drone detection and mitigation authorities. These authorities allow DOJ and DHS to detect, track, monitor, seize, and even destroy drones that pose a credible threat to [places] such as federal courthouses, prisons, and mass gatherings.”

    “The challenge we face now is how to update these authorities to enable law enforcement to protect us from nefarious drone activity without endangering civilian air traffic and people or property on the ground and [while] honor[ing] our First and Fourth Amendment. Addressing the threats posed by drones will require carefully tailored authorities with strong safeguards.”

    “I hope that today’s hearing will be a step forward to reaching a bipartisan, bicameral agreement.”

    Video of Durbin’s opening statement is available here.

    Audio of Durbin’s opening statement is available here.

    Footage of Durbin’s opening statement is available here for TV Stations.

     

    -30-

     

     

    MIL OSI USA News –

  • MIL-OSI USA: During Senate Judiciary Committee Hearing, Durbin Pushes Back Against Trump Administration’s Focus On Mass Deportation While Unauthorized Drone Usage Threatens National Security

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    July 22, 2025

    In today’s Senate Judiciary Committee hearing, Durbin called on the Trump Administration to focus on real threats to national security rather than mass deportation efforts

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today questioned witnesses at a Senate Judiciary Committee hearing entitled “Securing the Skies: Law Enforcement, Drones, and Public Safety.” During his questioning, Durbin made clear that the Trump Administration should utilize its resources to address the serious threat of unauthorized drone usage, including at the U.S.-Mexico border and special events, rather than unilaterally focusing on the mass deportation of undocumented immigrants, many of whom do not have a criminal record.

     

    “If you determine there’s a malicious drone overhead at one of these events, what do you do to mitigate the threat?” Durbin asked Michael Torphy, Unit Chief and Supervisory Special Agent at the Federal Bureau of Investigation (FBI).

     

    Mr. Torphy explained that FBI and the Federal Aviation Administration (FAA) implement flight restrictions during special events and that some drone manufacturers will provide a software barrier based on the geo-fence created by federal agencies. Mr. Torphy noted that FBI uses two forms of mitigation – ground interception in which FBI teams and law enforcement make physical contact with the unauthorized drone pilot and using technical countermeasures in which FBI uses technology to disrupt the unauthorized drone’s signal.

     

    Durbin then asked Steven Willoughby, Director of the Counter-UAS Program Management Office at the Department of Homeland Security (DHS), about DHS plans to address the threat of unauthorized drones used by drug traffickers while Secretary Noem continues to put a larger emphasis on deporting undocumented immigrants without a criminal record.

    “Mr. Willoughby, part of your testimony suggests that in some ways we are fighting the last war when it comes to narcotics in this country, which is a scourge and kills so many innocent people. Of course, we are mindful that individuals transport these narcotics with the simplest forms of communication, transportation, trucks, and the like. But what you are suggesting is now they are flying these narcotics into this country. It’s an amazing number – 27,000 drones were detected in the last six months of 2024. You go through the various ways they are using to avoid detection in this situation. We just recently had a debate over a reconciliation bill, where we are investing billions, billions of dollars in detention facilities and new things that will be built at the border to deal with the human trafficking back-and-forth over the border. How much is it going to take for us to deal with the drone threat that you have outlined very specifically?” Durbin asked.

     

    Mr. Willoughby replied that transnational criminal organizations are moving operations to locations along the border where DHS operators cannot interdict drones. Mr. Willoughby noted that significant investment is needed to properly detect drones operating along the border.

     

    Durbin concluded by underscoring that DHS and FBI should be investing in resources to address unauthorized drone use rather than deport undocumented immigrants without a criminal record.

     

    “This seems like a big undertaking. I will just say for the record, now that we know of those who are being deported in the mass deportation policy of President Trump, eight percent have a criminal record, which means that 11 out of the 12 we are deporting do not have a criminal record. And yet we are going through all of the infrastructure necessary and process necessary to deport them. It seems to me that if we are going after real threats, current threats, and growing threats to the United States, we should divert some of this money from the mass deportation, which is only deporting people who overstayed a visitor visa for example, instead of focusing on what you have identified as a scary prospect, the 2,000 mile border that is vulnerable to these narcotics and other dangerous elements that are being sent into our country,” Durbin said.

     

    Video of Durbin’s questions in Committee is available here.

    Audio of Durbin’s questions in Committee is available here.

    Footage of Durbin’s questions in Committee is available here for TV Stations.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Mast Delivers Opening Remarks at Hearing on State Department Bureau of Political Affairs

    Source: US House Committee on Foreign Affairs

    Media Contact 202-321-9747

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast delivered opening remarks at a full committee hearing titled, “FY26 State Department Posture: Bureau of Political Affairs.”

    Watch Here

    -Remarks-

    Under the Biden administration, the State Department, in my opinion, operated without clear lines of command. I believe that it blurred responsibilities in many cases and had a culture that prioritized process over the outcomes that the State Department would produce.

    I would use the DEI office as an example, where they were worried about what the bucket of applicants looked like, rather than the outcomes of those applicants and what they were delivering for the American taxpayer. That was a direct quote from the former DEI Secretary Abercrombie-Winstanley.

    That has changed under President Trump and Secretary Rubio.

    This Committee is working to restore real command and control at the State Department—something that the Pentagon has had for decades, and something that the State Department desperately needs.

    We’re crafting the first comprehensive, standalone State Department Authorization bill in over twenty years—this is not meant as a gesture, it is meant as a serious institutional overhaul.

    We’re not doing this for symbolism; we’re doing it because there needs to be common sense and logic within our diplomacy.

    Our goal is simple: bring order, bring clarity, and bring effectiveness to a department that too often prioritized institutional interests above the American interest.

    A perfect example is how members of Congress in too many cases are more concerned about somebody being fired from the State Department after 10-15 years of employment. When they should be asking how productive those employees were and what were the measurable outcomes that were provided by them approving transgender operas, or drag show tutorials, or DEI musicals, or LGBTQ comic books abroad.

    Under President Biden, the Department suffered from a structural identity crisis. Maybe policy was developed by one group, altered by another, and implemented by a third, often with no clear authority or accountability. Turf wars between regional and functional bureaus slowed everything down.

    The Under Secretary for Political Affairs is treated as “first among equals,” but that phrase itself reveals to me a problem: too many equals, not enough leadership. No mission succeeds without a chain of command, and I believe that diplomacy is no exception.

    The State Department must operate like a strategic institution with a clear hierarchy, mission clarity, decisive leadership, and measurable outcomes. It should not be a think tank that looks at the world as an academic exercise with no measurable outcomes.

    And our reforms aim to do just that.

    Some will resist this. They’ll defend the status quo as if it’s sacred. But we’ve seen what that status quo produces: mission drift, strategic confusion, and a sprawling bureaucracy that’s often more focused on virtue signaling than actually projecting American strength abroad.

    Let us be clear: this is not about copying the Pentagon—it’s about applying common sense. At DOD, policy is made at the top through a chain of command that is recognizable to everybody.

    At the State Department, that discipline has been missing. We don’t expect the State Department to be soldiers in uniform, but we should expect it to have a command structure that is recognizable and followed.

    We can’t afford what has happened to happen again — not when adversaries like China and Iran are using every tool at their disposal to undermine American power, we can’t have foreign service officers that free lance social experimentation.

    Our vision is straightforward. Functional bureaus and undersecretaries should focus on developing policy, clear, coherent, and grounded in national interest. Regional bureaus, with their area expertise, should adapt and execute that policy on the ground. This creates a clear flow of authority, streamlines operations, and ensures accountability at every level.

    What we have had are regional bureaus providing loose oversight of embassies that frequently operate like personal fiefdoms rather than the implementing arm of the State Department. Under President Biden, we had embassies funding gender inclusive leadership through ultimate frisbee in India for $100K or spending $425K to help Indonesian coffee companies be more gender and climate friendly.

    This hearing is part of a broader effort to realign the State Department with the mission it was meant to serve: putting America First as the State Department of the United States of America. That requires more than tweaks—it requires structural change, cultural change, and a willingness to change the old order.

    I want to thank our witness for appearing today, and we look forward to your insight as we take the first steps toward restoring command and control, discipline, and mission focus at the United States Department of State.

    ###

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Susquehanna Community Financial, Inc. (OTCMKTS: SQCF)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Susquehanna Community Financial, Inc. (OTCMKTS: SQCF) related to its merger with Citizen & Northern Corp. Upon completion of the proposed transaction, each outstanding share of Susquehanna common stock will be converted into the right to receive 0.80 shares of Citizen & Northern common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/susquehanna-community-financial-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Susquehanna Community Financial, Inc. (OTCMKTS: SQCF)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Susquehanna Community Financial, Inc. (OTCMKTS: SQCF) related to its merger with Citizen & Northern Corp. Upon completion of the proposed transaction, each outstanding share of Susquehanna common stock will be converted into the right to receive 0.80 shares of Citizen & Northern common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/susquehanna-community-financial-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI Banking: Understanding what AI means to consumers

    Source: Microsoft

    Headline: Understanding what AI means to consumers

    When we talk about new AI-powered devices and experiences, the focus often lands on the pace of technological progress. But just as quickly, the way people are using these tools—and how they feel about them—is evolving too. 

    To better understand that shifting sentiment, we commissioned new consumer AI research that digs deeper into people’s priorities and perceptions. Going beyond usage data, we examined the emotional undercurrents: what excites people about AI, what gives them pause and how those attitudes shift across generations. 

    What emerged is a more textured view of consumer behavior. In this report, you’ll find insights that add greater dimension to what meaningful AI solutions look like today. 

    The full report is available for download here. 

    From burnout to breakthrough: Americans use AI to move forward

    This consumer AI report examines evolving attitudes toward AI. It presents findings from research conducted by an independent research firm, Edelman Data & Intelligence, among 1,000 consumers in the United States ages 13 and older between March 14, 2025 and March 25, 2025. As both AI tools and human behaviors continue to shift, the report offers a research-backed lens for business leaders, organizations, and curious individuals seeking to understand what’s changing and why.  

    Can AI help an overloaded generation cut through the noise? 

    These days, we have a lot on our minds. 

    We’re living in an era where information has never been so available. Entire histories of societies, bodies of scholarship, and even the details of our own relationships can be pulled up with a single search. But instead of helping us get ahead, it often just adds more noise. Traditional authority has fractured and everywhere we turn, new voices and platforms compete for our attention. In fact, 7 in 10 consumers admit they are overwhelmed by the amount of information available when making a decision. 

    So it’s no surprise that we’re starting to question not just our choices, but how we make them. This is where AI offers a new way forward: our research finds that it counteracts decision fatigue by lightening the mental burden of weighing one’s options. After using AI when making a decision, 84% percent of people report experiencing positive emotion. 

    Majority experience a positive emotion after using AI to make a decision: Eighty-four percent of people felt a positive emotion after using AI when making a decision, with relief and confidence being the two most common. 

    Introducing Generation AI 

    Leading the way is Generation AI, born between 1995 and 2012. Raised on increasingly intuitive digital tools, they’ve learned how to embrace emerging technologies as a support system rather than merely a shortcut—from PCs and mobile devices, to the internet, and now AI. This generation is 16% more likely to use AI tools than those who are older, and when they do, they’re finding more than answers. They’re unlocking a greater sense of relief and confidence, a result that users of all ages can learn from. 

    AI interrupts overthinking, before the spiral starts 

    AI’s mainstream moment comes at a critical time for this generation’s mental health. 

    Generation AI is carrying a compound burden made up of the ambient weight of everyday social pressures, persistent economic uncertainty, digital isolation, and the long tail of a global pandemic. Seventy-two percent of those aged 18-34 rate mental health as a significant stressor, the highest among all age cohorts.  

    With estimates suggesting that the average person can face thousands of choices each day, this mental load is unrelenting. It’s the kind of weight that turns indecision into inaction, leading people to abandon choices that once felt important.  

    Even once we are finally able to make up our minds, it rarely feels like closure. Sixty-eight percent of Generation AI would describe themselves as an “overthinker,” someone who spends a lot of time worrying about their decisions, even after making them. Would-be relief is clouded by doubt, a lingering sense that maybe we missed something better, smarter, or more optimized.  

    But data shows that AI offers overthinkers a different outcome. Across all age groups, respondents were more than twice as likely to feel relieved (30%) or confident (30%) compared to anxious (14%) or frustrated (14%) after using generative AI to make a personal decision.  

    This confidence boost applies to a range of relatable scenarios. Many find support for things they are passionate about, involving AI in decisions around entertainment (34%) or travel (25%). For others, AI proves helpful in moving through more emotionally fraught territory, such as money decisions (35%), health and wellness (35%), and career or job considerations (34%). 

    AI helps make decisions in diverse scenarios: Generative AI helps users make decisions in the following areas: money (35%), health and wellness (35%), career or job (34%), entertainment (34%), and travel (25%).

    Instead of dwelling on these decisions interminably, every prompt becomes a quiet practice in turning uncertainty into action. 

    Creating a safe space for deeper, more helpful answers 

    We are now getting a glimpse into a tech-powered future that is more intuitive, personal, and judgment-free. AI reflects consumers’ curiosity back to them in a way few tools have before. When they need help making a decision, a third of respondents (33%) say they appreciate that AI gives them a clear, personalized response. 

    Getting the right advice has always depended on the gatekeepers of the moment. In the past, information was limited by which experts or institutions one had access to. Even the internet, once seen as the great equalizer, has its limits. The search engines that Generation AI grew up using may have put pages and pages of web results at their fingertips, but they stopped short at turning that data into something truly actionable. This has left 67% of this age group feeling like it is still “hard to find guidance or suggestions that fit my exact situation” when gathering information to answer a question or make a decision.  

    Now, they have somewhere else to turn; a conversational advisor that can match their thirst for knowledge with specificity, flexibility, and patience. When asked about using generative AI for advice, all respondents cite a sense of emotional delicacy, noting how “I can ask as many follow-up questions as I want without feeling bad” (81%) and “AI doesn’t judge me like a person would” (78%). 

    This change in our relationship with information also changes how we learn. Recent research on AI usage found that students aged 18 and older used it more than any other employment group, with 85% reporting usage. Generation AI students are now more likely to rank AI as a helpful study aid (45%) than books (36%) or a one-on-one tutor (27%). 

    The way AI users describe themselves tells us more about their mindset. Those who use AI to make decisions are more likely to say they are “ambitious” (+20ppts), “decisive” (+15ppts), and “problem solvers” (+10 ppts) compared to those who don’t use it. These labels signal how AI might intersect with a generation’s sense of self. 

    AI users describe themselves differently: People who use AI to make decisions are more likely to describe themselves as a problem solver (+10ppts), ambitious (+20ppts), and decisive (+16ppts). 

    While each individual interaction might feel small, these micro-moments of support can foster trust in both the technology itself and in the user’s own ability to choose. 

    Hopeful but not naïve, Generation AI brings discernment to AI asks  

    This isn’t the first time Generation AI has lived through a major technological shift, and it won’t be the last. As true digital natives, they approach any new tool with nuance, carefully weighing the promised benefits against potential tradeoffs. 

    When it comes to AI, 66% of this generation is optimistic that it will improve our lives and the world we live in. While only 15% of all consumers say they fully trust AI when making important decisions, 95% have still used a generative AI tool in the past month—suggesting that people are finding meaningful, appropriate ways to engage with these tools. Rather than blind trust, this is thoughtful adoption: users are integrating AI into their broader decision-making process in ways that feel supportive and safe. 

    Also in the mix? Friends, family, experts, and professionals. But most of all, their own judgment: 59% of consumers trust their gut when making a decision. 

    Trust varies across sources when making important decisions: When making an important decision, 15% trust AI—less than their own gut (59%), advice from friends or family (44%), or web search results (37%), the same as teachers (15%), and more than social media influencers (11%) or political leaders (7%).

    Call it curiosity, caution, or a carefully balanced blend of both. While 59% of all respondents used generative AI for work and business purposes in the past year, even more have explored how it might fit into their personal lives. Sixty-four percent report using AI for hobbies and personal interests, such as art music, or DIY projects.  

    AI can help sort through today’s information overload until one’s instincts take over. It summarizes information so that it is easier to understand (34% of use cases), shows different options that users hadn’t thought about (31%), and compares choices by showing pros and cons (30%).  

    Turning to AI in these everyday moments builds a rhythm of trust—measured, useful, and often accompanied by a sense of relief. With just enough structure to help people make sense of pressing considerations, these tools make confident decision-making possible.  

    In a world that often feels like too much, AI offers something rare: relief 

    Our research shows that American consumers are taking the emotional edge off decision-making by bolstering their own judgement with AI-powered tools that offer clarity, curiosity, and calm. 

    AI reshapes what it feels like to choose. The “before”—that data-gathering phase—is shorter, more streamlined. Information is delivered clearly, without overload or judgment. The “after” feels different too, marked by reassurance instead of regret. Instead of spiraling over making the right call, individuals experience a sturdy sense of confidence.  

    The proof is in the practice: using these tools as Generation AI does, for everyday decisions both big and small, changes what’s possible. Over time, it builds the kind of momentum that moves people through uncertainty, not just around it. And when faced with the daily thrum of decisions, it helps them trust themselves enough to move forward.   

     

     

    MIL OSI Global Banks –

  • MIL-OSI: Aptean Launches GenAI Query in AppCentral  

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, July 23, 2025 (GLOBE NEWSWIRE) —  Aptean, a global provider of enterprise software, today announced the launch of GenAI Query, a mobile-first conversational intelligence feature within AppCentral, its AI-powered platform. Purpose-built to deliver real-time insights from complex business data, GenAI Query eliminates the need for dashboards, technical expertise, or delays.   

    GenAI Query empowers frontline managers; operations leads and finance teams to ask natural-language questions like: 

    “Where are my fulfilment bottlenecks?”  

    “Which SKUs are eroding our margin?”

    They receive real-time answers, right when and where decisions are made. GenAI Query cuts through reporting delays and streamlines decision-making across every level of the organization.

    Modern manufacturing and distribution teams operate under relentless pressure to move fast — yet decision-making is often stalled by complex reports, fragmented systems and manual analysis. Buried in complex reports, fragmented systems and manual analysis, information remains out of reach. The result? A widening gap between data and decisive action.  

    GenAI Query is the intelligence engine of AppCentral and a cornerstone of the Aptean Intelligence Suite. What sets it apart is Aptean’s deep industry expertise and its ability to deliver tailored insights across discrete manufacturing, food and beverage, finance, transportation and apparel. With seamless integration and enterprise-grade security features – such as role-based access and audit trails – GenAI Query accelerates data-driven decision-making without compromising control. 

    GenAI Query transforms enterprise decision-making by:

    • Unlocking insights – Replacing static dashboards with real-time conversational intelligence 
    • Revealing hidden risks – Surfacing margin pressure, customer churn signals and operational inefficiencies through AI 
    • Accelerating action – Empowering teams to explore data freely, without IT delays or report rebuilds 
    • Bringing data together – Unifying live ERP inputs across inventory, purchasing, sales, receivables and payables.  
    • Eliminating reporting delays – Removing the complexity of data extraction and interpretation. 

    “AppCentral is the foundation for our customers to harness the power of AI – GenAI Query is the intelligence that brings it to life,” said TVN Reddy, CEO of Aptean.  “It’s the difference between staring at a dashboard and having a direct, insightful conversation with your business. Customers don’t just want data – they need clear answers that drive better outcomes. GenAI Query puts real-time enterprise intelligence at their fingertips.” 

    “GenAI Query makes business data instantly useful,” Reddy continued. “Ask a simple question like ‘What’s my inventory risk this week?’ and get contextual insight drawn straight from live systems. No coding. No delay. Just answers – delivered precisely when and where they’re needed. With GenAI Query, every employee becomes an insight-driven decision-maker. The future of enterprise intelligence is immediate and conversational.” 

    With thousands of customers now onboarded to AppCentral, Aptean is accelerating scalable AI adoption – giving customers the clarity, speed and control they need to make faster, smarter decisions. 

    About Aptean:
    Aptean is a global provider of industry-specific software that helps manufacturers and distributors effectively run and grow their businesses. Aptean’s solutions and services help businesses of all sizes to be Ready for What’s Next, Now®. Aptean is headquartered in Alpharetta, Georgia and has offices in North America, Europe and Asia-Pacific. To learn more about Aptean and the markets we serve, visit www.aptean.com.

    Logility is a Registered Trademark of Logility, Inc. Aptean and Ready for What’s Next, Now are Registered Trademarks of Aptean, Inc. All other company and product names are trademarks of the respective companies with which they are associated. 

    MEDIA INQUIRIES

    MediaRelations@Aptean.com

    A PDF accompanying this announcement is available at 

    http://ml.globenewswire.com/Resource/Download/db5e0b9b-d38b-46df-b8ef-d3510e489c71

    A video accompanying this announcement is available at 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d3fed0b1-f5af-4512-aece-05b54b639787

     

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Eastern Michigan Financial Corporation (OTCMKTS: EFIN)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Eastern Michigan Financial Corporation (OTCMKTS: EFIN) related to its merger with Mercantile Bank Corporation. Upon completion of the proposed transaction, each outstanding share of Eastern Michigan common stock will be converted into the right to receive $32.32 in cash and 0.7116 shares of Mercantile common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/eastern-michigan-financial-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Eastern Michigan Financial Corporation (OTCMKTS: EFIN)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Eastern Michigan Financial Corporation (OTCMKTS: EFIN) related to its merger with Mercantile Bank Corporation. Upon completion of the proposed transaction, each outstanding share of Eastern Michigan common stock will be converted into the right to receive $32.32 in cash and 0.7116 shares of Mercantile common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/eastern-michigan-financial-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI Submissions: Trump’s budget cuts could shut down local news outlets and reduce reporting on emergencies

    Source: The Conversation – UK – By Colleen Murrell, Chair of the Editorial Board, and Full Professor in Journalism, Dublin City University

    Donald Trump’s campaign against the “fake news” media continues largely unchecked, with a decision that is expected to reduce reporting and close down some local news stations around the US.

    This follows a House of Representatives decision on July 18 to agree with the Senate and slash US$1.1 billion (£813 million) funding to the Corporation for Public Broadcasting (CPB), which manages the money for National Public Radio (NPR), the Public Broadcasting Service (PBS) and their member stations. These cuts will affect the next two years of their operations.

    There are fears that some local and rural stations will be forced to lay off staff and may even have to close, if they haven’t amassed significant cash reserves or receive other funding. Don Dunlap, the president of KEDT-TV/FM in Texas, said in an interview: “There are ten public TV stations in Texas, and we’re thinking probably six of them will close down within a year.”

    Experts are warning that in national emergencies such as wild fires and floods, local news media are “absolutely essential services” – and that they may not be able to help keep citizens well informed in future. “Nearly three-in-four Americans say they rely on their public radio stations for alerts and news for their public safety,” NPR’s CEO Katherine Maher said .

    Trump has had these media outlets in his sights for a while, claiming they are a waste of taxpayers’ money and are ideologically biased against Republicans – a claim denied by NPR and PBS.



    Read more:
    PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy

    Public broadcasting regularly sends out alerts related to extreme weather and emergency news. This appears particularly pertinent after the recent Texas floods which killed 135 people. Kate Riley, CEO of America’s Public Television Stations, said local news outlets provide “essential lifesaving public safety services, proven educational services and community connections to their communities every day for free”.

    Republican senator from Alaska Lisa Murkowski said she recently received a tsunami warning from her local radio station after an earthquake. Murkowski has tried to introduce an amendment to reduce the cuts to local stations.

    The more-than-1,000 NPR stations around the US are vulnerable precisely because significant funding comes from federal sources. According to figures from news organisation Politico: “Approximately 19% of NPR member stations count on CPB funding for at least 30% of their revenue.”

    Ed Ulman, president and CEO of Alaska Public Media, told Politico that over a third of public media stations in his state will shut down “within three-to-six months”. He has begun a renewed public funding campaign on social media.

    Small rural US radio stations are facing tough budget cuts.

    Even at well-funded TV stations such as Arizona PBS, owned by Arizona State University and run by its Walter Cronkite School of Journalism and Mass Communications, some curtailing of plans is afoot. The station provides daily programming to the region, and has trained generations of journalism students to enter careers in TV and radio. Following the announcement of these federal cuts, I spoke to Scott Woelfel, the station’s general manager, who said:

    Arizona PBS will lose about US$2.3 million per year over the next two years. That represents around 13% of our total budget. While that is a significant percentage, its loss will not prevent us from operating. In fact, we prepared a reduced budget in the likely event that the rescission would occur, and have been operating under it since July 1 … It contains cuts across the board in an equal amount to the lost revenue.

    Following these federal cuts, 60% of the station’s funding will derive from charitable giving, 16% from corporate support and a further 24% from state grants for education services. Woelfel doesn’t plan on making any staff cuts, but said some unstaffed positions will remain open indefinitely – and that the station will be “delaying major new initiatives until new funding is found”.

    What happens next?

    Overall, these cuts are likely to create additional “news deserts” – regions of the US which don’t have access to important local news and information.

    After President Lyndon B. Johnson signed the Public Broadcasting Act of 1967 into law to give funds to public broadcasting, he said: “While we work every day to produce new goods and to create new wealth, we want most of all to enrich man’s spirit. That is the purpose of this act.” But such touching sentiments now seem old-school in this era of Trump’s loud media wars.

    In the past week, the US president has also announced he would sue “the ass off” Rupert Murdoch, founder of News Corp, and the Wall Street Journal, which News Corp owns. This follows the WSJ’s publication of a story concerning a 2003 birthday letter framed around the outline of a naked woman that Trump allegedly sent to sex offender Jeffrey Epstein. Trump said the letter was fake. His US$10 billion lawsuit also takes in the WSJ’s owner, Dow Jones, and two of its reporters.

    As Trump pushes forward with significant changes to the media landscape, he is no doubt hoping that friendly television stations such as Fox News – also a part of Murdoch’s empire – as well as his influencer following will stay loyal to his brand.

    His Maga followers will undoubtedly be supportive of budget cuts and his anti-PBS and NPR statements. But when it comes to reporting from a flood or fire, influencers tend not to be on the ground supplying local residents with up-to-date information. Voters may find those important, and sometimes life-saving, services hard to replace.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Colleen Murrell received funding from Irish regulator Coimisiún na Meán (2021-4) for research for the annual Reuters Digital News Report Ireland.

    – ref. Trump’s budget cuts could shut down local news outlets and reduce reporting on emergencies – https://theconversation.com/trumps-budget-cuts-could-shut-down-local-news-outlets-and-reduce-reporting-on-emergencies-261493

    MIL OSI –

  • MIL-OSI: Music Licensing, Inc. (OTC: SONG) Enters Retainer Agreement with PCAOB-Registered Audit Firm for Review of Semi-Annual 2025 Financial Statements

    Source: GlobeNewswire (MIL-OSI)

    NAPLES, FL, July 23, 2025 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, a diversified holding company and the fifth public performance rights organization (PRO) established in the United States, today announced that it has officially executed a retainer agreement with a Public Company Accounting Oversight Board (PCAOB)-registered audit firm. The agreement covers the review of the Company’s semi-annual financial statements for the period ending June 30, 2025.

    This engagement represents a critical milestone in the Company’s broader plan to adopt and maintain PCAOB-compliant financial reporting standards. It reflects a long-term commitment to enhancing transparency, supporting regulatory compliance, and upholding best practices in financial governance.

    The formal retention of a PCAOB-registered firm follows the Company’s July 2, 2025 announcement regarding its intention to pursue annual audits and periodic reviews of financial statements. With the agreement now in place, the Company expects to proceed with the independent review process and release its semi-annual 2025 financials accordingly.

    The initiative is designed to strengthen the integrity of the Company’s financial disclosures, build investor confidence, and support current and future capital markets activities.

    Music Licensing, Inc. licenses music to leading platforms and businesses globally, including TikTok, iHeartMedia, Triller, Napster, 7Digital, and Vevo. The Company holds an estimated 7.4% share of the U.S. public performance rights market and administers a catalog of over 2.5 million musical works. This includes works by high-profile recording artists as well as content generated through artificial intelligence (AI) platforms.

    The Company also maintains royalty interests in Listerine “Mouthwash” Antiseptic and in a large portfolio of musical works performed by internationally recognized artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Rihanna, Lil Nas X, and others.

    This step positions the Company for continued operational growth, improved transparency, and future scalability in line with public company reporting standards.

    About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

    About Music Licensing, Inc. (OTC:SONG)  (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) established in the United States. It is recognized under the federal registry of the United States government. The company licenses music to some of the most prominent platforms and businesses, including TikTok, iHeartMedia, Triller, Napster, 7Digital, Vevo, and many others.

    Pro Music Rights holds an estimated 7.4% market share in the United States, representing a catalog of more than 2.5 million works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and many others, including works generated by artificial intelligence (AI).

    Additionally, Music Licensing, Inc. (OTC: SONG) holds royalty interests in Listerine “Mouthwash” Antiseptic and a vast portfolio of musical works by globally renowned artists, including The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, BlueFace, The Game, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and many others.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication

    Contact: investors@ProMusicRights.com

    SOURCE: Music Licensing, Inc

    The MIL Network –

  • MIL-OSI Canada: Discover Sask Parks: July 23 – August 6

    Source: Government of Canada regional news

    Released on July 23, 2025

    Visitors can enjoy an entire summer of camping, glamping, hiking and fun at the lake in Saskatchewan Provincial Parks. Engaging family programming is also scheduled each week to fill everybody’s calendar.

    Take a moment to create new memories and experience nature to the fullest. Here are a few special events and programs occurring over the next two weeks; all are free with a valid Park Entry Permit:

    Bison Day
    July 24, Buffalo Pound Provincial Park
    4 to 8 p.m.

    Head to Buffalo Pound Provincial Park and discover the vital role that bison has in prairie ecosystems and learn more about a new bison tracking system that supports the herd in the park. Join Park Interpreters on a guided hike to gain insider knowledge about this unique keystone species.

    Learn more.

    Cannington Fair
    August 3, Cannington Manor Provincial Historic Park
    12 to 4 p.m.

    Step back in time and let history come to life as you experience what village life was like at the turn of the twentieth century. Enjoy afternoon tea and treats, meet special guests, make rope, play classic picnic games and taste hand-churned ice cream! Do not forget to snap a selfie at our well-stocked photo station.

    Learn more.

    UPCOMING EVENTS AND PROGRAMS

    Tri-Loon-Athon
    August 9, Makwa Lake Provincial Park
    8 a.m. to 1 p.m.

    Head to Makwa Lake for the 2nd annual Tri-Loon-Athon! Swim 300 metres in open water right off of Stabler Point Beach, bike 10 kilometres (km) along the shore, then run 2.5 km to finish off the race strong. Surround yourself with beautiful scenery to get your heart rate pumping and your body moving. Kids can join in on the fun too, with the youth route, which involves a 200-metre swim, a 5-km bike ride, and a 2.5-km run.

    Learn more.

    Festival in the Forest
    August 9, Meadow Lake Provincial Park
    1 to 8:30 p.m.  

    Step into the forest and embrace your inner artist at Meadow Lake Provincial Park! Experience a day of art and culture surrounded by nature in the beautiful Boreal Forest through workshops, an artist market, crafts, an evening concert and more. 

    Learn more.

    Sask Parks Summer Cinema
    August 9, Douglas Provincial Park
    9 to 11 p.m.

    Join us at Sask Parks Summer Cinema: Garfield (2024) for an outdoor movie experience at Douglas Provincial Park, presented by Fresh Air Cinema. Arrive before the show for activities with our Park Interpreters.

    Learn more.

    There are many other things to do and see in Saskatchewan Provincial Parks. Visit the Sask Parks Event Calendar to find all events and programs.

    Make memories close to home this summer in Saskatchewan Provincial Parks. To book a campsite, visit the SaskParks.com

    -30-

    For more information, contact: 

    PCS Media
    Parks, Culture and Sport
    Regina
    Phone: 306-798-1020
    Email: pcsmedia@gov.sk.ca

    MIL OSI Canada News –

  • MIL-OSI Security: INTERPOL-led operation dismantles criminal networks behind fake goods

    Source: Interpol (news and events)

    8 December 2016

    LYON, France – An INTERPOL-led operation has resulted in police across the Americas dismantling 34 criminal networks involved in the production and distribution of fake and illicit goods worth tens of millions of dollars.

    An INTERPOL-led operation has resulted in police across the Americas dismantling 34 criminal networks involved in the production and distribution of fake  and illicit goods worth tens of millions of dollars.

    “Operation Jupiter provides an opportunity to harmonize our efforts in combating the criminal networks behind counterfeiting and smuggling operations across the region,” said Vicente Romero Fernandez, Director General of the Peruvian National Police.

    With millions of dollars in profits at stake, the criminal groups do not hesitate to use force in defending their networks and operational bases, meaning many of the interventions had to be conducted with support from specialized armed riot forces.

    As part of the INTERPOL-led Operation Jupiter 2016, hundreds of interventions at a range of locations including shops, warehouses and market were made by police and customs across eight countries.

    Food, mobile phones, toys, alcohol and electronic components were among the more than three million fake items worth an estimated USD 93 million seized alongside drugs, guns and ammunition during Operation Jupiter 2016.

    Police and customs officers in Brazil conducted joint operations and checks  in the tri-border area resulting in the seizure of tobacco, medicines, drugs and arms.

    In Chile, police dismantled two illegal workshops, one broadcasting paid TV channels without authorisation and the other counterfeiting music.

    Operation Jupiter 2016 was preceded by a planning meeting and capacity building training course where 40 investigators from nine countries and private sector partners shared intelligence and investigative techniques against counterfeiting and illicit trade.

    More than 650 interventions were made by police and customs officials across eight countries during Operation Jupiter 2016, with nearly 240 individuals arrested or placed under investigation.

    Intelligence gathered by officers in Colombia enabled investigators to identify five criminal groups producing, smuggling and distributing fuel, alcoholic drinks and clothing.

    Information shared via I-24/7, INTERPOL’s secure police communications network, during the operation is now being analysed against the Organization’s databases to identify potential links with other criminal networks.

    More than one million items were seized by Peruvian National Police which dismantled 25 illicit workshops producing goods including clothing and drinks.

    More than 650 interventions were made by police and customs officials across eight countries during the two-week (1 – 15 October) Operation Jupiter 2016, with nearly 240 individuals arrested or placed under investigation.

    With millions of dollars in profits being made through smuggling and counterfeiting operations, the criminal groups do not hesitate to use force in defending their networks and operational bases, meaning many of the interventions had to be conducted with support from specialized armed riot forces.

    Food, mobile phones, toys, alcohol and electronic components were among the more than three million fake items worth an estimated USD 93 million seized alongside drugs, guns and ammunition. Information shared via I-24/7, INTERPOL’s secure police communications network, during the operation is now being analysed against the Organization’s databases to identify potential links with other criminal networks.

    In Argentina officers intercepted two containers marked as a charitable donation of hospital equipment and supplies, but which also held USD 1 million worth of illegally imported computers, professional film making equipment and drones. Checks of the hospital supplies showed them to be either expired or in poor condition and some containing clinical waste substances posing a serious risk of infection.

    Officers in Brazil seized more than 10,000 illegally imported used car batteries, many of which were improperly stored and leaking sulphuric acid and lead – both carcinogenic substances – into the soil, risking contamination of the local water supply.

    In Chile, police dismantled two illegal workshops, one broadcasting paid TV channels without authorisation and the other counterfeiting music. In Colombia, intelligence gathered during the operation led to the identification of five criminal groups involved in the production and smuggling of fuel, clothes, alcohol and food.

    Officials in Paraguay identified and shut down an illicit tobacco factory and Peruvian National Police dismantled a total of 25 workshops producing a range of illicit goods including clothing, soft drinks, alcohol as well as fake designer labels and tags.

    “Operation Jupiter provides an opportunity to harmonize our efforts in combating the criminal networks behind counterfeiting and smuggling operations across the region,” said Vicente Romero Fernandez, Director General of the Peruvian National Police.

    “Peru is committed to tackling this form of criminality and also engaging the public to make them aware that buying fake or illicitly traded goods are not bargains, but potentially life-threatening products which fund organized crime networks,” added Director General Fernandez.

    The operation was preceded by a planning meeting and capacity building training course at INTERPOL’s Regional Bureau in Buenos Aires. The session, supported by the US Patent and Trademark Office, brought together 40 investigators from nine countries and private sector partners to share intelligence and investigative techniques against counterfeiting and illicit trade.

    Countries which took part in Operation Jupiter 2016: Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Council Leader reflects on Derby’s diverse communities

    Source: City of Derby

    In her latest column, Councillor Nadine Peatfield reflects on the diverse communities that make up Derby, creating a rich and vibrant place to live and work…

    As a councillor, celebrating and investing in our communities has always been, and continues to be, the most important part of the job.

    Now more than ever before, it is critical that we celebrate the diverse communities that make our city what it is. This isn’t just a feel-good exercise, it’s essential to be a stronger and more creative society. When we embrace and celebrate experiences, we discover so much potential that benefits us all.

    Here in Derby, we have a long history of celebrating the wide range of cultures represented in our city. During the Spanish Civil War, 50 children came to Derby as refugees and lived at Burnaston House – now the site of the Toyota Burnaston site – between 1937 and 1938 as part of a national effort to protect these children from the horrors of war. This story was in one of the newspapers we uncovered in a time capsule, whilst refurbishing Derby’s Market Hall.

    During the Second World War, Derby also became the temporary home to around 270 Belgian refugees, many of whom made Derby their permanent home after the war ended, as well as many displaced Ukrainians who have contributed significantly to our city. These are just a few examples of our city stepping up to help those in need of a new or temporary home and giving them a warm Derby welcome. If you’re interested, you can find out more about these refugees in our Local Studies Library.

    Back to the present day, I had the privilege of attending the Community Party in Arboretum Park earlier last month, organised by Rosehill Infant School and Community One, as well as other local organisations. The event was all based around ‘Celebrating Culture’ and residents enjoyed entertainment, sports, food and most importantly, had fun together whilst celebrating the many different cultures represented, particularly in Arboretum and Normanton.

    Events like these play a crucial role in putting the unity into community. When we take the time to learn about traditions that are different to our own, we break down barriers and build a greater understanding of our neighbours.

    Did you know that, according to the most recent Census, more than 80 languages are spoken in Derby, including British Sign Language? I loved visiting the Royal School for the Deaf Derby recently to meet their students, teachers and some of the parents. It was such a joyous occasion with choirs signing expressively to music and a keynote speech from the Council’s very own Corey Beck. Whilst there, I had a wonderful conversation with recent OBE recipient, Wendy Daunt, an absolute inspiration who has been rightly recognised for her life-long campaigning for sign language. I hope to be able to support her further aspirations for deaf inclusion across our city.

    I was also invited to attend the opening service of the RCCG Solid Rock Church in their new home on East Street. It’s fabulous to have such a vibrant place of worship right in the heart of our city. I’ve very grateful to Pastor James and his team, who work tirelessly for communities and people facing challenges. I hope everyone will take the opportunity to welcome them to the city centre and learn more about their church.

    Celebrating its 50th year, the Caribbean Carnival organised by the Derby West Indian Community Association is a highlight of our calendar, bringing together communities and celebrating Caribbean culture – how can you not love the vibrant costumes, energetic dancers and fabulous music?!  Our city would be a much duller place without it.

    Different backgrounds bring different problem-solving approaches, leading to more robust solutions and greater innovation. Look at all the different global organisations that have put down roots in Derby, such as Toyota, which not only enhance our city, but create new jobs and boost our local economy.  

    By celebrating the diversity of our city, we’re not prioritising one group of people over another or forgetting our history, but rather about creating a space where everyone feels welcome, valued and respected for who they are. Diversity, in its truest sense, encompasses a vast spectrum: race, ethnicity, religion, socioeconomic status, sexual orientation, gender identity, age, disability, and countless other features that make us unique. Ignoring or downplaying these differences isn’t just a missed opportunity, it harms our society.

    Increasingly, we are seeing more and more hurtful, divisive, and frankly unacceptable language used online about the cultures and communities represented in our city. Let me be clear; racism has no place in Derby, and I’d like to challenge anyone who is tempted to engage with or contribute to this negativity to consider the damage that this does to our city and to our communities.

    I know that celebrating diversity isn’t always easy. It requires conscious effort, open-mindedness, and a willingness to confront our own biases. It means actively seeking out diverse voices, listening to their stories, and creating platforms for their contributions. This is why the Council is actively taking steps to genuine inclusion, empowering all our communities to thrive.

    In these turbulent global times, let’s celebrate our differences and reap the benefits that it brings to all of us. After all, we have far more in common than that which divides us.

    MIL OSI United Kingdom –

  • MIL-OSI: Get $50 Welcome Bonus, 100x Leverage & No KYC on BexBack – Crypto Futures Trading Simplified

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 23, 2025 (GLOBE NEWSWIRE) — As Bitcoin trades near $120,000 and the crypto market enters a new bull market, holding spot positions may struggle to deliver short-term profits. With the market showing strong upward momentum, investors looking to maximize their returns can turn to BexBack Exchange for a powerful solution. BexBack offers 100x leverage, a 100% deposit bonus, and a $50 welcome bonus for new users, providing traders the tools to seize profitable opportunities. Plus, with no KYC requirements, BexBack ensures a seamless and efficient trading experience.

    Advantages of 100x Leverage Crypto Futures

    1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
    2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
    3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
    4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
    5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users , you can be a winner in the new bull run.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. 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/a16aa38f-cdae-425e-996c-2648e82d5ef0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ad5a331-aa57-4f0b-ab21-b87061191568

    https://www.globenewswire.com/NewsRoom/AttachmentNg/12f8df3a-75b9-480f-affd-fd9829799b27

    https://www.globenewswire.com/NewsRoom/AttachmentNg/84422ec5-b03f-4214-bcd7-94d2ec100652

    The MIL Network –

  • MIL-OSI: Get $50 Welcome Bonus, 100x Leverage & No KYC on BexBack – Crypto Futures Trading Simplified

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 23, 2025 (GLOBE NEWSWIRE) — As Bitcoin trades near $120,000 and the crypto market enters a new bull market, holding spot positions may struggle to deliver short-term profits. With the market showing strong upward momentum, investors looking to maximize their returns can turn to BexBack Exchange for a powerful solution. BexBack offers 100x leverage, a 100% deposit bonus, and a $50 welcome bonus for new users, providing traders the tools to seize profitable opportunities. Plus, with no KYC requirements, BexBack ensures a seamless and efficient trading experience.

    Advantages of 100x Leverage Crypto Futures

    1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
    2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
    3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
    4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
    5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users , you can be a winner in the new bull run.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. 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/a16aa38f-cdae-425e-996c-2648e82d5ef0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ad5a331-aa57-4f0b-ab21-b87061191568

    https://www.globenewswire.com/NewsRoom/AttachmentNg/12f8df3a-75b9-480f-affd-fd9829799b27

    https://www.globenewswire.com/NewsRoom/AttachmentNg/84422ec5-b03f-4214-bcd7-94d2ec100652

    The MIL Network –

  • MIL-OSI United Kingdom: Manchester Day this weekend – everything you need to know!

    Source: City of Manchester

    Manchester’s favourite day of the year is back this weekend with a fantastic day of free music-themed family fun on Saturday (26 July) to help celebrate the city’s homegrown musical talent and this year’s big summer of live music in the city.

    Inspired by what is proving to be a sensational summer of music in Manchester, expect pop-up performances, astounding acrobatics and banging beats throughout the city’s streets and squares as the whole city comes together for Manchester Day 2025.

    The council has worked with outdoor arts specialists Walk the Plank on a programme for the day this year that is full of surprises and promises lots of free fun all with a musical twist.

    The day kicks off with a mini parade at 12 noon from St Peter’s Square, that will make its way along Deansgate and on to the Cathedral.  Led by two fantastical creatures, and with over 400 participants, including live bands, dancing birds, plenty of drummers and some of Manchester’s many community groups dancing and performing their way along the route in a riot of colour and sound, it’s definitely one not to miss.

    From English National Opera and Walk the Plank teaming up with football fans and community choirs, West End show tunes, juggling drummers, a hip-hop wrestling ring, plus two musical cats and a larger-than-life canary all in a giant birdcage, the day will see non-stop surprises throughout. 

    Expect sparks to fly as the world’s largest dhol drum rolls into town, opening up to reveal dancers and drummers, whilst award-winning dance company Levantes will be dressed to impress at their ‘High Tea with a Twist’, in New Cathedral Street. 

    Throw some shapes and bust some moves over on the Deansgate dancefloor where Moroccan trance music and Bhangra dance will be the order of the day, whilst French street theatre company Stoptoï will be combining dance, drumming and juggling in a brand-new, high-energy show on St Mary’s Gate.

    Enjoy music and performance from some of Manchester’s finest groups including the Bridgewater Hall Singers, or kick back and relax with a drink at the Capri Beach bar, before having a wander around one of the city-wide music trails, exploring Manchester’s musical heritage and hotspots. 

    Don’t miss the Perfect Pitch Three O’clock Kick-off, or the show-stopping grand finale in Cathedral Gardens combining opera singing and football chants at 4:30 pm in Cathedral Gardens, where a main stage will feature a fantastic programme of music throughout the day, The Urban Playground Team will perform Zoo Humans, a parkour performance piece that blends movement and storytelling.

    The day will also see a whole host of free have-a-go activities for youngsters of all ages to join in with from circus skills, drumming workshops, and ukulele introduction sessions, to music-themed craft activities and the ever-popular sport pop-ups.

    Manchester Day visitors are also invited this year to join Manchester Opera House for an exclusive free behind-the-scenes tour of the iconic venue, with the chance also to take part in special performance-themed workshops, or to try their hand at crafting band posters from recycled show posters.

    And don’t forget to keep your eyes peeled throughout the day for a majestic lion, a cheeky gorilla, giant seagulls and a host of marvellous bees and butterflies – just a few of the weird and wonderful walkabout acts waiting to surprise people on the day.

    Councillor Pat Karney, Chair of Manchester Day, said: “We’ve got a fantastic Manchester Day lined up for everyone this year which is going all out to celebrate the music our city and our fabulous communities make.  We’ve got an absolute ton of stuff going on for families and people of all ages on Manchester’s favourite day of the year. So shake your maracas, slip on your dancing shoes, prepare to make some noise, and come on down and join us!”

    Manchester Day has been created in collaboration with outdoor arts specialists Walk the Plank who have also worked with community groups across the city to put together what is set be a vibrant and lively mini parade.

    Liz Pugh, Creative Producer, Walk the Plank, said: “The mini parade celebrates the wonderful creativity and diverse traditions of our modern city and highlights the contribution of some of our newest communities.  We’re bringing the talents of some of Manchester’s finest carnival artists, and will be welcoming back groups like Keep Manchester Tidy and the School of Samba, as well as some exciting newcomers.”

    Manchester Day 2025 is sponsored by Manchester Airport Group, with activations across the city on the day by Red Bull, Capri Beach Club, Shaken Udder, Just My Look, Manchester Originals, and The Cut & Craft.  The event is also backed by Redgate and Department, and partners Great Northern Warehouse and The Opera House, as well as through long-standing partnerships with Biffa and Manchester Evening News.

    Activities run throughout the day on Saturday 26 July from 12 noon to 5 pm.

    Here’s the full lowdown on what’s happening and where throughout the day:

    MINI PARADE
    Fantastical winged creatures, a Phoenix, and beautiful birds of paradise will feature in this year’s mini parade which involves over 20 community groups and bands and more than 400 participants.

    Two playful inflatable Griffins will lead the parade whilst the Queen Bee sits atop her Gondola made from recycled cutlery, repurposed into a beautiful vessel that sails through the streets, and Walk the Plank’s giant Dhol Drum beats out Punjabi rhythms as it makes its way along Deansgate.

    Dancers from the Filipino Anglo Club of Greater Manchester and Colibri Dance bring the traditions of the Philipines and Mexico to Manchester, whilst the Hong Kong Cultural community takes part for the first time with a Phoenix kite-bird and Lo Ting a character who is half-human, half-fish and according to legend is the ancestor of Hong Kong’s people.

    Manchester’s Lithuanian Association will be bringing a Lithuanian legend to life with their Queen of Serpents who changed her children into trees, and the Guangxi Cultural Association will be performing traditional Chinese dance in full costumes.

    Parade highlights also include Manchester Airport Group with their planes, traffic controllers, and dancing chandeliers, and more dance from Ad Hoc Dance, one of the longest running community dance groups, as well as hip hop from young street dancers from FreshSkillz.

    With the Irish pipes of Fiana Phadraig Pipe Band from Wythenshawe, drummers from the Manchester Dhol Players, the Brazilian-inspired brass of Jubacana, two samba bands, and singers from the Perfect Pitch collaboration with English National Opera, it promises to be a loud and lively start to the day. 

    The mini parade leaves St Peter’s Square at 12 noon, travelling along Peter Street to Deansgate, then along the length of Deansgate before ending at the Cathedral at approximately 1 pm.

    CATHEDRAL GARDENS
    Enjoy main stage performances from Baked a la Ska, who will be serving up original tunes along with playful ska-infused covers of your favourite hits, alongside synth pop star Michael Aldag and world music from Manchester International Roots Orchestra.Be transported to the sunny shores of the Caribbean by steel band, Arthur’s Class Act.

    The Urban Playground Team will perform Zoo Humans, a parkour performance piece that blends movement and storytelling. Keep your eyes peeled for a surprise performance later on it the afternoon.

    Plus listen out for chart-topping hits played on ukuleles and a stunning PERFECT PITCH mass choir finale from 4:25 pm featuring football fans, community choirs, internationally acclaimed soprano Camilla Kerslake and some extra surprises. 

    Look out also for pop-up performances from Cocky Robins, beautiful Butterflies, Giant Seagulls, and a pair of post-match footballers who aren’t afraid of getting down in the dirt and a Three o’clock kick-off penalty shoot-out like no other.

    ST ANN’S SQUARE
    Join us in our wrestling ring stage – hosted by Trans Creative’s Kate O’Donnell – for West End showtunes from Sam Buttery, mind boggling magic from Fay Presto, music from rapper OneDa, an acoustic performance from viral sensation Michael Aldag, and opera with a twist from Flat Pack Music, plus hula hooper extraordinaire Danielle de la Wonk, and wrestling demos from Future Shock Pro Wrestling, 

    Marvel at the larger-than-life Birdcage Stage where a giant canary and two musical cats will defy the laws of gravity to try and outwit each other in cartoon capers full of slapstick silliness. Who will end up inside the cage at the end?
    And look out for a lion on the loose and a mischievous stowaway from Borneo.

    DEANSGATE
    Watch the mini parade snake its way along Deansgate between 12 noon and 1 pm, led by two giant fantastical griffins, followed by live bands, dancing birds, drummers and some of Manchester’s many community groups in a riot of colour and sound.

    Marvel as sparks fly when the world’s largest dhol drum rolls into town, opening up to reveal the Nachda Sansaar dancers and drummers.

    Get on down to live acts on the Deansgate dancefloor, including Moroccan trance music, Bhangra dance, Kemoy and the KYSO Collective, and the Soul Beats dance troupe.

    Seasoned cyclists or complete beginners are all invited to join the Manchester Day Pedal Party. Hop onto a balance bike, try out an e-cargo bike, or test a top of the range road bike. There’ll also be accessible, adapted bikes that can be ridden.

    NEW CATHEDRAL STREET
    New Cathedral Street will be alive with the sound of music, as the Bridgewater Hall Singers serenade crowds with songs from across the decades, and ukulele orchestras play chart-topping hits.

    Enjoy High Tea with a Twist with Levantes Dance, who will be dressed to impress and performing daring dance and acrobatics above a tastefully laid tea table, plus hilarious street theatre heroes delivering a sizzling mix of slapstick comedy, and the world’s only mobile football stadium.

    MARKET STREET
    Visit Circus House to learn a whole new set of circus skills.

    Discover the finest regional produce at the Manchester Day Craft Market by Manchester Markets, selling everything from home-made bakes and locally sourced honey, to hand dipped candles and artisan doughnuts.

    ST MARY’S GATE
    Don’t miss French street theatre company Stoptoï combine dance, drumming and juggling in a high-energy show full of rhythm and imagination.

    Get your blood pumping at the 60m, pop up athletic track supplied by GLL, or dive into the fast and furious world of The Hundred, a turbo charged version of traditional test cricket.

    Try batting, bowling, and catching in a special area, meet players from Manchester Originals, and be in with the chance of winning prizes.

    Enjoy astounding acrobatic performances and master a new skill with the folks from Circus House.  

    OPERA HOUSE 
    Take a free, guided, behind-the-scenes tour of this iconic Manchester venue on Quay Street, craft a band poster from recycled show posters, or take part in a performance themed workshop.

    KING STREET
    King Street turns into Guitar Street as the Music for the Senses art trail takes over the city centre, with amazing artworks and interactive installations that celebrate Manchester’s legendary music scene. In association with Wild in Art.

    EXCHANGE STREET
    Make some noise with Manchester Libraries and craft a harmonica or tambourine to take home.  

    MCR LIVE ’25 HUB
    Roll with it at the city’s newest destination on Piccadilly Gardens to help celebrate the mammoth summer of live music in Manchester.

    Grab a drink at the bar, sample some of the North West’s best street food or catch a free DJ or live music act on the outdoor stage. 

    Locations and activities may be subject to change. Find out the most up-to-date information 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Drumgeith Community Campus Delivering Community Benefits 

    Source: Scotland – City of Dundee

    The new £100 million Drumgeith Community Campus is delivering significant community benefits by providing jobs, training and projects to improve the lives of local people. 

    Community benefits are additional requirements added to major contracts designed to help to boost local employment and skills development, support community initiatives and deliver economic benefits to support local business and supply chains. 

    Dundee City Council and Robertson Construction are working in partnership to deliver these benefits. To date, over £57 million has been retained within the local economy through using local subcontractors and suppliers, representing 76% of the total subcontract project spend. The project has created 40 employment opportunities, 11 new apprenticeship opportunities, and supported 38 existing apprenticeships through this building programme. 

    In addition, 40 work experience opportunities have been created, including 13 for school based young people and a further 27 placements through employability programmes run by Dundee and Angus College and other employability providers. 

    Over 70% of the work force on this site has come from the local area, defined as being within a 40-mile radius of the site. 

    Set to open in August 2025, the campus will serve as a modern and vibrant central hub for the north and east of the city for both pupils and the community to use. It will provide specialist pupil support provision, citywide music and performing arts, as well as community, library, leisure, and sports facilities for use by the wider community. 

    Fair work, Economic Growth and Infrastructure Convener Steven Rome said: “The economic and social benefits of our flagship £100 million community campus are being felt across the city. 

    “Over £57 million has been invested directly into the local economy. This investment has generated 40 employment opportunities, including 23 new start-up opportunities for previously unemployed or redundant individuals. 

    “We have partnered with Roberston Construction Tayside to deliver a comprehensive Community Benefits programme which has had wide ranging benefits. These include initiatives to inspire girls to consider a career in science, technology, engineering and maths (STEM) as well as providing training opportunities for women attending Tayside Council on Alcohol (TCA) to help them build their confidence and resilience. 

    “I would like to express my gratitude to council officers and Roberston for their efforts in maximising these community benefits.” 

    Robertson Group Chief Executive, Elliot Robertson commented: “We have been working closely with Dundee City Council for a number of years and continue to be a trusted delivery partner of choice. However, our working relationship goes beyond just delivering high-quality projects, it’s also about the lasting legacy that we leave in the local community. 

    “Drumgeith Community Campus is an outstanding facility which is set to benefit the wider community when it opens later this year, but the benefits of the project are already being felt. From creating jobs and apprenticeships to supporting young people into training and working with local suppliers, community wealth building is an intrinsic part of what we do, and we are committed to supporting the people and places where we operate.” 

    MIL OSI United Kingdom –

  • MIL-OSI Security: Group of men convicted of murdering two people in Archway

    Source: United Kingdom London Metropolitan Police

    A group of five men, who killed two people they mistook for rival gang members in Archway have been convicted of murder.

    Lorik Lupqi, 21 (22.09.2003) of St John’s Way, N19, Abel Chunda, 29 (03.01.1996) of Caldy Walk, N1, Jason Furtado, 28 (18.12.1996) of Halton Road, N1, Eden Clark, 29 (28.01.94), of Huddleston Road N7 and Xavier Poponne, 21 (06.11.2002) of Halton Road, Islington, N1 appeared at the Old Bailey on Wednesday, 23 July.

    Following a 15-week trial, all men were all convicted of murdering 15-year-old Leonardo Reid and 23-year-old Klevi Shekaj and attempting to murder another man.

    Detective Inspector Jim Barry of Specialist Crime North said “These violent men went into this estate with the intention of killing anyone they could, under the false impression that those there were rival gang members. This was a senseless, violent act which has shattered the lives of so many, especially Leonardo and Klevi’s loved ones.”

    On Thursday, 29 June 2023, there had been a large gathering on the Elthorne estate to film a music video.

    Lorik Lupqi, a gang member from Islington saw this gathering at around 8:30pm and took it as an opportunity to hurt who he thought were gang opponents. He messaged his girlfriend stating that “opps were outside.” She advised him to remain inside, but Lupqi decided to contact his close friend and gang associate Jason Furtado.

    They formed a plan and recruited three gang members to travel to the Elthorne estate. By the time they arrived two hours later, the filming had concluded, and most people had left, but some local children and teenagers remained in the area.

    The group then fatally stabbed 15-year-old Leonardo Reid, who sadly died at the scene and 23-year-old Klevi Shekaj who died in hospital. They also stabbed another man, who was taken to hospital.

    A double murder and attempted murder investigation was launched with extensive enquiries taking place.

    The enquiries carried out by Met Police’s Specialist Crime Command included reviewing CCTV, forensic examinations and analysis of phone data. This data showed that there were 50 short phone calls between this group in the two hours before the murders. After the attack, the four went to Abel Chunda’s house and called organiser Furtado.

    They were identified as key suspects and work began to bring them into custody.

    Chuna and Furtado were arrested on 3 July with Clarke travelling to the Suffolk coast and changing his appearance in an attempt to evade arrest. Met Officers quickly located him and arrested him on 12 July.

    One suspect, Lupqi illegally travelled to Kosovo days after the murders. He had sent messages to his girlfriend, telling her not to wait for him. Met officers worked closely with the Kosovan authorities, the National Crime Agency and the Crown Prosecution Service to extradite him back to the UK and arrest him at Luton Airport on 12 November 2024.

    Following Poponne’s arrest in November 2023, damning lyrics were found in a drill song written the day after the murders. These lyrics glorified the murders and made references to elements of the attack which could only be known to those involved. In these lyrics, he also referenced how Leonardo and Klevi were not involved in gang criminality. Shortly after the murders, he also changed his social media name to ‘X3’ referencing the number of people he had stabbed.

    During the trial, the group refused to admit responsibility with some stating that they were in the area to deal drugs but not involved in the murders.

    They all appeared at the Old Bailey on Wednesday, 23 July where they were all convicted of two counts of murder and one count of attempted murder. They will appear at the same court on Thursday, 25 September and Friday, 26 September for sentencing.

    Detective Inspector Jim Barry added: “Our team have remained focused on getting justice for those affected by this violent and unnecessary attack.

    “This dangerous group of men will now spend a long time behind bars but the effect of what they did will be felt by the victim’s shattered families for longer.

    “I thank the members of the public who tried to help and save the lives of those injured and have assisted our team with enquiries.

    “We will continue to tackle violent offenders and ensure that justice is bought for the safety of our communities.”

    MIL Security OSI –

  • MIL-OSI: Grayscale Investments® Low-Cost Bitcoin ETP (Ticker: BTC) Surpasses $5,000,000,000 in AUM Within First Year and Expands Access Through Major Wealth Management Platform

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 23, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, today announced that Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC), has garnered over $5,000,000,000 in assets under management (AUM) since launching on July 31, 2024.1

    Grayscale Bitcoin Mini Trust ETF (“BTC”), an exchange traded product, is not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. 

    “The momentum behind BTC underscores the growing role of crypto in diversified portfolios,” said John Hoffman, Grayscale’s Head of Distribution and Partnerships. “BTC continues to establish itself as a leading ETP for Bitcoin exposure among asset allocators, and its recent milestones reflect strong investor demand and increasing institutional utilization.”

    Since launch, Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC) has steadily attracted a growing share of spot Bitcoin ETP inflows in the U.S., supported by its low annual fee of 0.15% (15 basis points2) and performance benefits. As of July 14, 2025, BTC surpassed $5B in AUM within its first year – a milestone achieved by only nine ETF products.3

    In addition, BTC is now available for advisor solicitation on a major national broker-dealer platform, allowing financial advisors and wealth managers to incorporate BTC more easily into client portfolios. This expanded access reflects a broader trend of growing institutional interest in digital asset products and a shift toward Bitcoin exposure as part of diversified investment strategies.

    “Over the past decade, we’ve seen digital assets evolve from the fringes of portfolio construction into a credible option in mainstream asset allocation conversations,” Hoffman added. “At Grayscale, we remain focused on delivering investment vehicles through familiar, established structures, enabling allocators to access this asset class with confidence as it becomes an integral component of modern portfolios.”

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more about our product suite, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    1 Source: Bloomberg L.P.
    2 Basis Points (BPs) are a unit of measure used to indicate percentage changes in financial instruments
    3 Excluding mutual fund conversions, based in the U.S.

    Please read the prospectuses carefully before investing in BTC. Foreside Fund Services, LLC is the Marketing Agent for BTC. 

    An investment in BTC is subject to a high degree of risk and heightened volatility. BTC is not suitable for an investor that cannot afford the loss of the entire investment. An investment in BTC is not an investment in Bitcoin. Investing involves significant risk, including possible loss of principal.   

    There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of BTC. The value of BTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

    About Grayscale Investments® 
    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –