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Category: Europe

  • MIL-OSI Russia: Dmitry Grigorenko: Novosibirsk AI developments have potential for federal replication

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    During his working visit, Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko got acquainted with the results of the implementation of artificial intelligence in various sectors of the economy, social life and public administration in the Novosibirsk Region. As the Deputy Prime Minister noted, local developments using artificial intelligence have a high potential for replication across the country.

    Dmitry Grigorenko visited the Research Center for Artificial Intelligence of the Novosibirsk National Research State University, as well as the technopark of the Novosibirsk Akademgorodok, where IT companies are working on the creation and implementation of promising AI solutions. The Deputy Prime Minister – Head of the Government Staff noted that Novosibirsk is one of the centers for the development of information technology and artificial intelligence.

    “Our goal is to develop high-quality AI solutions and implement them on a large scale. This is only possible if AI development brings tangible results and real benefits. Novosibirsk has created decent conditions for the development of artificial intelligence. It has a strong scientific base and a progressive startup community. Thanks to this, the development of artificial intelligence here is parallel to the implementation, and not in isolation from it. It is important that the region itself is interested in using its AI developments and implements them in local educational institutions, enterprises and even in the work of government agencies,” said Dmitry Grigorenko.

    One of the most important areas of implementation of artificial intelligence is public administration. In the Novosibirsk region, AI assistants are being implemented, which allow optimizing the work of civil servants. Thus, an AI expert in customer centricity helps process citizens’ requests and prepare the most understandable and clear answers, an AI assistant in the electronic document management system – quickly find the necessary information, and an AI stenographer – generate meeting minutes. Services have already begun to be implemented in the work of regional and municipal authorities.

    In addition, the region has implemented the Safe City video analytics system, which helps monitor public order and search for offenders. More than 2.6 thousand criminals were detained with the help of the system. Novosibirsk specialists also created and implemented an AI service for searching for missing children using city video cameras. In less than two months of the service’s operation, six children were found with its help.

    Since 2025, the Novosibirsk Region has been actively introducing AI technologies into healthcare: AI is used to interpret X-ray and CT scan data. Since the beginning of the year, the system has processed over 361 thousand images. AI is used as an assistant for analyzing medical data, but the final diagnosis remains with the specialist. In addition, Novosibirsk doctors use voice input technology based on a neural network. It reduces the likelihood of errors in medical documentation. Today, the technology has been implemented in 71 medical institutions in the region.

    “The use of artificial intelligence is justified for specific tasks. We try to monitor all developments, but when we approach the stage of large-scale implementation, we look at the expected result – improved quality of services, fundamentally new services for our citizens or a reduction in our labor costs. If we see successful developments, we try to quickly repeat them, but at the same time we can develop our own solutions. As examples, I can cite the analysis of X-ray and computed tomography data, the Safe City video analytics system. In the field of voice analytics and speech generation, this is the well-known robot Nikolai, a voice keyboard for doctors, intelligent assistants for civil servants. All these solutions both improve the quality of services for citizens and seriously reduce labor costs for our colleagues,” said Andrey Travnikov, Governor of the Novosibirsk Region.

    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 –

    July 22, 2025

  • MIL-OSI Russia: Dmitry Grigorenko: The goal of digitalization of public administration is the comfort of citizens

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    As part of a working visit to the Novosibirsk Region, Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko familiarized himself with digital solutions for public administration that have already been implemented in the region.

    Novosibirsk Oblast is one of the top ten regions in the digital transformation rating and is actively implementing technologies in various areas. The region is connected to the digital system “governor’s dashboard”. This is one of the technological solutions of the Russian Government, designed for public administration based on data. The dashboard reflects the key areas of the region’s work and performance indicators, the status of the execution of instructions, federal and regional budgets, construction plans and other tasks. Such systems have already been implemented at the federal level. They have proven their effectiveness and are now being extended to the regions (43 regions are currently connected to the “governor’s dashboard”).

    “The ultimate goal of digitalization of public administration is always the comfort of citizens. Thanks to digital platforms and services, citizens receive government services faster and can promptly, without unnecessary paperwork, leave feedback. In addition, “digital” helps officials work more efficiently. For example, to respond faster to citizens’ requests, analyze what worries people most, and make informed decisions based on objective data,” said Dmitry Grigorenko.

    The region is also developing digital services for citizens and implementing a customer-centric approach. The region has a system called the Novosibirsk Region Resident Card, which is a digital citizen identifier for receiving various goods or services, such as discounted travel on public transport or baby food. The system proactively notifies citizens about available benefits and services. A linked Mir bank card or a QR code in a personal account can serve as confirmation of benefits in various institutions or transport. The Resident Card can also be presented to receive discounted medicines, purchase discounted tickets to cultural institutions, and the card can serve as a library card or a pass to educational institutions. Currently, the system has 18 different services, and almost 40 thousand residents of the region are registered.

    The region has also implemented a digital project that has no analogues in other regions – signing contracts with kindergartens in electronic form through the Gosklyuch application. The service was implemented within the framework of the regional life situation “Preschooler”. Within its framework, the process of registering a child in a kindergarten was digitized: from filing an application (now 91% of applications for joining the queue are submitted through the state services portal) to signing an agreement with the kindergarten remotely. Since the launch, more than 4 thousand contracts have already been successfully signed electronically.

    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 –

    July 22, 2025

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

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

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

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

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

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

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

    TIMELINE

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

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

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

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

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

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

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

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

    MIL OSI USA News –

    July 22, 2025

  • MIL-OSI: JA Mining Launches Enhanced Cloud Miners Platform for Daily Earnings on XRP and BTC

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, July 21, 2025 (GLOBE NEWSWIRE) — JA Mining, a UK-registered cloud mining platform, has officially launched a new feature enabling users to earn daily returns through cloud miners based on major cryptocurrencies like XRP and Bitcoin. The upgrade reflects the company’s commitment to making digital asset participation simple, efficient, and globally accessible.

    With momentum shifting toward structured digital asset investments, platforms offering daily returns and price-based upside are gaining attention. Among them, JA Mining, a global cloud mining service provider, is emerging as a preferred choice for investors seeking stable, low-risk crypto income.

    JA Mining supports investments in major cryptocurrencies such as XRP, Bitcoin, Ethereum, and Dogecoin, while all contracts are denominated in USD for transparency and predictability. Users earn fixed daily returns based on the selected contract terms, and at the end of the term, they may benefit additionally if the value of their deposited assets appreciates.

    Mining Contract Examples (Updated July 2025)

    LTC Classic Miner – $200 | 2 Days | $7/day → Total: $14

    DOGE Innovative Miner – $2,420 | 3 Days | $86.88/day → Total: $260.63

    DOGE Quality Choice – $12,500 | 3 Days | $535/day → Total: $1,605

    BTC Intelligent Innovation – $55,600 | 2 Days | $4,770/day → Total: $9,540.96

    BTC Efficient & Excellent – $258,000 | 5 Days | $24,664.80/day → Total: $123,324

    For more plans, please visit the official website: https://jamining.com

    These earnings are automatically distributed on a daily basis via smart contract settlements. The system does not require hardware or technical skills from the user, making cloud mining with daily earnings accessible to a broader investor base.

    JA Mining has positioned itself at the intersection of compliance, automation, and accessibility. The platform operates internationally, integrating energy-efficient mining infrastructure and user-friendly dashboards that enable real-time earnings tracking. Investments can be made through web or mobile interfaces using XRP or other supported cryptocurrencies.

    “JA Mining’s model of combining fixed returns with potential asset appreciation aligns with the market’s growing preference for balanced and structured crypto exposure,” the company stated in an official release. “As institutional and retail interest in XRP and other digital assets grows, demand for simplified and transparent yield models will continue to rise.”

    JA Mining’s approach reflects a broader industry shift: away from high-volatility speculation, and toward regulated, algorithmic income strategies that prioritize user stability.

    Start now, no need to wait: click to download the APP and register to get $100 to start 0 cost mining

    Media Contact:

    JA Mining

    info@jamining.com

    www.jamining.com

    The MIL Network –

    July 22, 2025

  • MIL-OSI: JA Mining Launches Enhanced Cloud Miners Platform for Daily Earnings on XRP and BTC

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, July 21, 2025 (GLOBE NEWSWIRE) — JA Mining, a UK-registered cloud mining platform, has officially launched a new feature enabling users to earn daily returns through cloud miners based on major cryptocurrencies like XRP and Bitcoin. The upgrade reflects the company’s commitment to making digital asset participation simple, efficient, and globally accessible.

    With momentum shifting toward structured digital asset investments, platforms offering daily returns and price-based upside are gaining attention. Among them, JA Mining, a global cloud mining service provider, is emerging as a preferred choice for investors seeking stable, low-risk crypto income.

    JA Mining supports investments in major cryptocurrencies such as XRP, Bitcoin, Ethereum, and Dogecoin, while all contracts are denominated in USD for transparency and predictability. Users earn fixed daily returns based on the selected contract terms, and at the end of the term, they may benefit additionally if the value of their deposited assets appreciates.

    Mining Contract Examples (Updated July 2025)

    LTC Classic Miner – $200 | 2 Days | $7/day → Total: $14

    DOGE Innovative Miner – $2,420 | 3 Days | $86.88/day → Total: $260.63

    DOGE Quality Choice – $12,500 | 3 Days | $535/day → Total: $1,605

    BTC Intelligent Innovation – $55,600 | 2 Days | $4,770/day → Total: $9,540.96

    BTC Efficient & Excellent – $258,000 | 5 Days | $24,664.80/day → Total: $123,324

    For more plans, please visit the official website: https://jamining.com

    These earnings are automatically distributed on a daily basis via smart contract settlements. The system does not require hardware or technical skills from the user, making cloud mining with daily earnings accessible to a broader investor base.

    JA Mining has positioned itself at the intersection of compliance, automation, and accessibility. The platform operates internationally, integrating energy-efficient mining infrastructure and user-friendly dashboards that enable real-time earnings tracking. Investments can be made through web or mobile interfaces using XRP or other supported cryptocurrencies.

    “JA Mining’s model of combining fixed returns with potential asset appreciation aligns with the market’s growing preference for balanced and structured crypto exposure,” the company stated in an official release. “As institutional and retail interest in XRP and other digital assets grows, demand for simplified and transparent yield models will continue to rise.”

    JA Mining’s approach reflects a broader industry shift: away from high-volatility speculation, and toward regulated, algorithmic income strategies that prioritize user stability.

    Start now, no need to wait: click to download the APP and register to get $100 to start 0 cost mining

    Media Contact:

    JA Mining

    info@jamining.com

    www.jamining.com

    The MIL Network –

    July 22, 2025

  • MIL-OSI United Kingdom: The UK is committed to achieving our shared goals for sustainable development: UK National statement at the High-level Political Forum on Sustainable Development

    Source: United Kingdom – Government Statements

    Speech

    The UK is committed to achieving our shared goals for sustainable development: UK National statement at the High-level Political Forum on Sustainable Development

    Statement by Lord Collins of Highbury, Minister for Africa and the UN, at the High-level Political Forum on Sustainable Development.

    As we mark the 80th anniversary of the United Nations, the United Kingdom is committed to working with you to achieve our shared goals for sustainable development.

    With targets way off track, and five years to go, through the Pact for the Future, we have all committed to picking up the pace.

    So, we must implement the shared vision we set out at the Financing for Development in Seville.

    Harnessing the power of the private sector.

    Raising revenue from domestic taxation and tackling illicit finance.

    Making sure ODA plays a catalytic role.

    With a roadmap to address unsustainable debt.

    And the United Kingdom is championing innovative financing instruments, leveraging the City of London expertise.

    This is part of how we renew confidence in multilateralism itself, but we also need a system that is more efficient, coherent and resilient.

    That’s why, the UK is backing the Secretary General’s UN at 80 initiative, calling for the ambitious reform needed to build a development system fit for the future.

    We are transforming the UK’s approach.

    Prioritising climate and nature, health, humanitarian assistance, and making sure everyone feels the benefits, including women and girls.

    Improving the systems every country needs to invest in public services that make a difference in people’s lives.

    And protecting the health of people and economies from backing ambition on Non-Communicable Diseases, to pledging further support for the Global Alliance for Vaccines and Immunisation, and co-hosting the Global Fund replenishment alongside South Africa.

    The last few months alone have seen success spanning Seville to the UN Ocean Conference. 

    So, be it the General Assembly, or COP30 in Brazil, let us make the most of opportunities to build on that, so we get back on track towards meeting the Sustainable Development Goals, in the months and years ahead.

    Thank you.

    Updates to this page

    Published 21 July 2025

    MIL OSI United Kingdom –

    July 22, 2025

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

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

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

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

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

    Background:

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

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

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

    MIL OSI USA News –

    July 22, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

    Oslo, Norway, 21 July 2025.

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

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

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

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

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

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

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

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

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

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

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

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

    About IDEX Biometrics ASA

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

    Important information:

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

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

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

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

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

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

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

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

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

    The MIL Network –

    July 22, 2025

  • MIL-OSI United Nations: World News in Brief: Houthi-Israel tensions, Sudan cholera cases rise, deadly attacks in Ukraine

    Source: United Nations 2

    These strikes occurred while the UN Mission to support the Hudaydah Agreement – established in 2018 to support the ceasefire between the Government of Yemen and the Houthis – was patrolling at locations to the northern parts of the Port. 

    The Secretary-General also expressed deep concern about the continuing missile and drone strikes conducted by the Houthis against Israel. 

    Risk of further escalation

    Concerned about the risk of further escalation, the UN recalled that international law, together with international humanitarian law, must be respected by all parties at all times, including the obligations to respect and protect civilian infrastructure. 

    “The Secretary-General remains profoundly concerned about the risk of further escalation in the region,” said Mr. Dujarric. 

    As the UN Chief reiterated his call for “all involved to cease all military actions and exercise maximum restraint,” he also renewed his call for the immediate and unconditional release of all UN and other personnel arbitrarily detained by the Houthi authorities. 

    Sudan: Crisis worsens as cholera and floods drive needs higher  

    The humanitarian crisis in Sudan continues to deepen as cholera spreads, flooding displaces communities, and thousands of people return to areas with little to no support, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA).

    In the locality of Tawiola, in North Darfur State, over 1,300 confirmed cases of cholera in just one week were reported on Sunday by an association of Sudanese doctors. 

    While local and international partners have set up cholera treatment centres, the current capacity is far from sufficient to cope with the rising caseload.  

    As Tawila hosts several hundred thousand displaced people, partners on the ground have been struggling to keep pace with the growing needs, notably as such needs are set to increase as the upcoming rainy season sets in. 

    Vulnerable returnees 

    Across Sudan, people returning to their communities face serious challenges, including the lack of essential services and the threat posed by explosive remnants of war. 

    In White Nile State, some residents have begun returning after being displaced for a year. Yet, an assessment by OCHA and its partners last week found that health, water, sanitation and hygiene support is urgently needed, even more so ahead of the rainy season.

    Similarly, in eastern Sudan, OCHA warns that many families returning to Kassala State are struggling to cope with the impact of heavy rains and flooding, as heavy rains destroyed more than 280 homes in the village of Tirik earlier in July. 

    Additionally, as insecurity continues to impede the work of humanitarians, challenges faced by returnee families often lead them to return to displacement sites, undermining the sustainability of return efforts. 

    In this context, OCHA called for increased international support to meet soaring needs across Sudan. 

    Ukraine: At least 20 civilians reportedly killed in recent attacks  

    In Ukraine, attacks over the weekend and into Monday reportedly killed over 20 civilians and injured more than 100 others, including several children, according to authorities.

    The strikes affected the capital Kyiv, as well as western and front-line regions, damaging homes, schools, and a health facility.

    In Kyiv, a kindergarten, metro stations, shops and residential buildings were hit. 

    The Ivano-Frakivsk region in western Ukraine which hosts many displaced people and had previously been less affected by hostilities, suffered the largest attack since the full-scale Russian invasion in February 2022.  

    Frontline regions  

    Meanwhile, in areas near the frontlines in the Donetsk, Dnipro and Kherson regions, hostilities caused civilian casualties and further damage to schools, a health facility, and apartment buildings. Odesa, Kharkiv, Sumy and other regions also reported that homes and shops were destroyed.  

    With support from UN agencies, and coordinating with local authorities and first respondents, humanitarian organizations on the ground continue to provide shelter materials, non-food items, legal aid, psychosocial support and assistance for children across the country.  

    MIL OSI United Nations News –

    July 22, 2025

  • MIL-OSI USA: FALQs: 110 Years of the Norwegian Castbergian Child Laws

    Source: US Global Legal Monitor

    This post is part of our Frequently Asked Legal Questions series. 

    This year marks the 110th anniversary of the adoption of six laws on children’s rights in Norway, which became known as the “Castbergian Child Acts” (Castbergske barnelovene) and regulate the relationship between parent and child, in particular strengthening children’s rights over their unwed fathers. The laws are part of UNESCO ‘s Memory of the World.

    The laws are

    Why are they called the Castbergian Child Laws?

    The name of the child laws is derived from Johan Castberg, the President of the Odelsting (the lower chamber of the then two chambers of Norwegian Parliament) who presented the bill in the Norwegian Parliament, and who has been called the father of the Castbergian laws. He has himself called Katti Anker Møller the mother of the child’s act for her advocacy for women’s and children’s rights.

    In addition to the Norwegian child laws, Johan Castberg also lent his name to Norway’s northernmost oil field in the Barents Sea.

    What are the Castbergian Laws?

    As mentioned above, the laws are six laws or amendments to laws that specify rights of the child, in particular in relation to its parents. The laws are described in one combined bill, the Odelstings Proposition Nr. 5 1914 (Ot. Prp. nr 5 (1914)). The bill starts with the following sentence:

    “The hygienic, social, and financial circumstances under which a person is born and raised during their first years of life determine their later development. [These circumstances] to a great extent determine whether the child will become a vigorous individual and a useful member of society.” (Ot. Prp. 5, 1914 at 1, all translations by author.)

    It later continues by explaining the failures of the current laws related to children and paternity at the time.

    “In one area, the society has not, however, yet reached the recognition of the child’s natural rights over the parent. Namely, this applies to children born outside of marriage. Our legislation is still built on the provocative and unnatural fiction, that such a child only has a mother, legally it does not have a father. This applies even when there is no doubt who the father is. The law deprives also in this instance the child of [its natural] child’s right over the father.” (Ot. Prp. 5, 1914 at 2.)

    The bill then goes on to describe the inconsistency of the law, which gives the child all its right over the mother, both in terms of a right to support, name, and inheritance from the mother’s relatives, but none over the father, noting that

     “[r]esponsibility, duty, burden are placed on her – so much heavier because the father in accordance with the law is not carrying his share. This discrepancy between the man and the woman’s responsibility is so much more unjust because the woman is the suffering party and in general the weaker party. The birth of a child disrupts her organism, creates a complete upheaval in her social, physical and economic life, and lessens for a shorter or longer period of time, her ability to work and demands her energies to care for the child. The discrepancy between man’s and woman’s responsibilities is much more conspicuous as it is due to legislation in which women have had no part, a legislation only given by men. This is not only an injustice to the mother and the child, but a demoralizing system, because it releases the man from his natural responsibility and therefore tempts him to carelessness in a relationship that should be the most serious and responsible in a person’s life; that of bringing another human being into the world.” (Id. at 2.)

    The law was thus not intended just to protect the child, but to also solve what Castberg saw as an inherent unfairness between the sexes. Women had gained the right to vote in 1913, through an amendment to the constitution, and the first woman to be elected to parliament was elected in 1921.

    What was the reason for the change in law?

    While the term “illegitimate” child was removed from the law that specified how children born outside of marriage were to be treated before 1915, there were still large differences associated with being born to married or unwed parents under Norwegian law in 1915, ranging from different name rights, to the right to inheritance, and the right to receive monetary support from the father.

    The main reason Castberg invoked for changing the laws was a publication (Socialstatistik, V, Om Børn, fødte udenfor Ægteskab), from the Norwegian Statics Bureau (Statistics Norway) that showed that the rate of infanticide was between twice and three times as prevalent among children born to unwed parents as among children born to wed parents. This, argued Castberg, was because the mother and child born out of wedlock were still stigmatized and that unmarried mothers had less resources to tend to their child than wed mothers. (Ot. Prp. 5, 1914 at 2.)

    How was paternity established?

    These laws set up certain procedures for paternity determination that carry over into our day. The Castbergian laws required that the mother inform the treating midwife who the father was at minimum three months before the child was born. (6 § Lov om barn hvis forældre ikke harindgaat egteskap med hverandre.) Persons familiar with the possible paternity were required to testify and falsely accusing a man of being the father of one’s child was subject to imprisonment for up to two years. (Id.) Children were no longer admitted to the National Population Registry with the designation “father unknown.”

    Norwegian mothers continue to be required to inform their midwives who the father is or may be, and the state has an obligation to find out in cases where the mother does not know or refuses to tell. (1 § Barnelova.)

    What if the father denied paternity?

    The Castbergian laws also removed a previous legal provision by which the father could solemnly swear that he was not the father and thereby release himself of paternity. Under the Castbergian laws, the courts were now free to determine who was more trustworthy, the mother or the contesting father. (10 § Lov om barn hvis forældre ikke harindgaat egteskap med hverandre.) Today, a DNA-test can resolve the issue. (4 § Barnelova.)

    What were other notable changes?

    The perhaps most notable changes at the time were that  children born in and outside of wedlock were given the same rights pertaining to inheritance from the father and father’s family (3 § Arveloven; Ot. Prp. nr. 5, 1914 at 76-78) and the child also had a right to carry his or her father’s surname or his or her mother’s. ( 1§ Lov om barn hvis forældre ikke har indgaat egteskap med hverandre.) The father also had a duty to pay support to the child, and support to the mother for breastfeeding the child the first nine months (opamningsbidrag). (Id. 18 §.) If he was not able, the municipality would pay the mother. The state (through the local bidragsfogd) now also had a duty to collect the payment from the father, including by garnishing wages. (Id. 23-25 §§.)

    Where can I find rules on paternity today?

    Paternity and rules on co-mothers (the role of a same-sex partner to the birthing mother) are regulated in the Children’s Act. (3-4 §§ Lov om barn og foreldre (barnelova)(LOV 1981-04-8-7).) A person wishing to register paternity or co-motherhood can do so at the Norwegian Labour and Welfare Administration (NAV).

    Additional Resources

    The laws themselves are found in the Norwegian Gazette, Norsk Lovtidende, for the year 1915, which is part of the Law Library collection for Norway.

    Library of Congress Collection Holdings authored by Johan Castberg

    Additional Law Library of Congress Online resources on Norway

    Additional Law Library of Congress Online resources on Child law

    If you have a question regarding laws of Norway or on the topic of child law, you can also submit it using the Ask a Librarian form on our website.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

    July 22, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

    July 22, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

    July 22, 2025

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

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

    MilosStankovic/Getty Images

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

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

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

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

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

    What are anabolic steroids, and who is using them?

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

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

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

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



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

    Our research

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

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

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

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

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

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

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

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

    What needs to happen next?

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025

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

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

    MilosStankovic/Getty Images

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

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

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

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

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

    What are anabolic steroids, and who is using them?

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

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

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

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



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

    Our research

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

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

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

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

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

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

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

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

    What needs to happen next?

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025

  • MIL-OSI USA: PHOTOS: Senator Peters Attends Ceremony Rededicating the Mt. Clemens Post Office as the “Lieutenant Colonel Alexander Jefferson Post Office”

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    MT. CLEMENS, MI – U.S. Senator Gary Peters (MI) attended a ceremony to rededicate the Mt. Clemens Post Office as the “Lieutenant Colonel Alexander Jefferson Post Office.” In 2024, Peters led legislation signed into law dedicating the post office in Lt. Col. Jefferson’s name to recognize his service as a member of the famous Tuskegee Airmen of the U.S. Army Air Forces with the 332nd Fighter Group during World War II, a U.S. Postal Service letter carrier, and an educator with Detroit Public Schools.

    “Lieutenant Colonel Alexander Jefferson served his country with distinction with the Tuskegee Airmen, and cemented himself in local history as a dedicated educator and letter carrier,” said Senator Peters. “I was proud to lead legislation dedicating the Mount Clemens post office in his name, helping to ensure his life and legacy are remembered for future generations.”

    “We honor Lieutenant Colonel Alexander Jefferson by dedicating the Mt. Clemens Post Office building for his dedicated service to his country as one of the Tuskegee Airmen,” said Rick Moreton, USPS District Manager, Michigan One. “Dedicating the plaque, which will be placed in the post office lobby, we have an obligation in the Postal Service to preserve his memory for the community, his students, his family and those that were personally touched by Alexander Jefferson’s sacrifice.”

    Below are photos of Senator Peters at today’s ceremony alongside members of Lt. Col. Jefferson’s family, representatives of the Detroit Chapter of Tuskegee Airmen, and local elected officials.

    Alexander Jefferson was born in Detroit, Michigan in 1921. Jefferson completed combat training at Selfridge Field in Mount Clemens and pilot training at the Tuskegee Army Airfield. He served in the military during World War II. During his time with the Tuskegee Airmen, Jefferson was shot down in France and captured by Nazi ground troops. He was a prisoner of war in German-occupied Poland before he was freed by General George Patton’s U.S. Third Army. Jefferson returned to Michigan, where he became a U.S. Postal Service letter carrier, earned a teaching certificate, and obtained a master’s degree in education from Wayne State University. He was discharged from active duty in 1947 and retired from the Reserves in 1969 with the rank of Lieutenant Colonel.

    Jefferson taught elementary school science in Detroit, was appointed assistant principal, and retired in 1979 after 31 years of service to Detroit Public Schools. In 2016, Senator Peters helped honor Jefferson at a ceremony for France’s Knight of the Legion of Honor Medal. This award is the highest honor France bestows on people who have carried out actions of great value to their nation.

    MIL OSI USA News –

    July 22, 2025

  • MIL-OSI: NXP Semiconductors Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, July 21, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the second quarter, which ended June 29, 2025. “NXP delivered quarterly revenue of $2.93 billion, above the midpoint of our guidance, with all our focus end-markets performing above expectations. Our guidance for the third quarter reflects the combination of an emerging cyclical improvement in NXP’s core end markets as well as the performance of our company specific growth drivers. We continue to drive solid profitability and earnings, by strengthening our competitive portfolio and by aligning our wafer fabrication footprint consistent with our hybrid manufacturing strategy,” said Kurt Sievers, NXP Chief Executive Officer.

    Key Highlights for the Second Quarter 2025:

    • Revenue was $2.93 billion, down 6 percent year-on-year;
    • GAAP gross margin was 53.4 percent, GAAP operating margin was 23.5 percent and GAAP diluted Net Income per Share was $1.75;
    • Non-GAAP gross margin was 56.5 percent, non-GAAP operating margin was 32.0 percent, and non-GAAP diluted Net Income per Share was $2.72;
    • Cash flow from operations was $779 million, with net capex investments of $83 million, resulting in non-GAAP free cash flow of $696 million;
    • Capital return during the quarter was $461 million, representing 66 percent of second quarter non-GAAP free cash flow. Share buybacks were $204 million and dividends paid during the quarter were $257 million;
    • On May 8, 2025, NXP announced its third generation imaging processors for Level 2+ to Level 4 Autonomous Driving. The new S32R47 imaging radar processors in 16 nm FinFET technology, delivers up to twice the processing power versus the previous generation, building upon NXP’s proven expertise and global market leadership in the automotive radar market;
    • On June 12, 2025, NXP and Rimac Technology announced the co-development of a software defined vehicle (SDV) architecture for advanced automotive domain and zonal control. The jointly developed solution features NXP’s S32E2 processors, which are part of NXP’s comprehensive S32 Automotive Processing Platform. The S32E addresses the vehicle’s need for high-performance deterministic real-time domain and zonal control in a multi-applications environment; and
    • On June 17, 2025, NXP announced the completion of the acquisition of TTTech Auto, a leader in innovating unique safety-critical systems and middleware for software-defined vehicles (SDVs), pursuant to the terms of the previously announced agreement from January 2025.

    Summary of Reported Second Quarter 2025 ($ millions, unaudited) (1)

      Q2 2025 Q1 2025 Q2 2024 Q – Q Y – Y
    Total Revenue $ 2,926   $ 2,835   $ 3,127     3%     -6%  
    GAAP Gross Profit $ 1,562   $ 1,560   $ 1,792     —%     -13%  
    Gross Profit Adjustments(i) $ (90 ) $ (31 ) $ (41 )    
    Non-GAAP Gross Profit $ 1,652   $ 1,591   $ 1,833     4%     -10%  
    GAAP Gross Margin   53.4 %   55.0 %   57.3 %    
    Non-GAAP Gross Margin   56.5 %   56.1 %   58.6 %    
    GAAP Operating Income (Loss) $ 687   $ 723   $ 896     -5%     -23%  
    Operating Income Adjustments(i) $ (248 ) $ (181 ) $ (175 )    
    Non-GAAP Operating Income $ 935   $ 904   $ 1,071     3%     -13%  
    GAAP Operating Margin   23.5 %   25.5 %   28.7 %    
    Non-GAAP Operating Margin   32.0 %   31.9 %   34.3 %    
    GAAP Net Income (Loss) attributable to Stockholders $ 445   $ 490   $ 658     -9%     -32%  
    Net Income Adjustments(i) $ (245 ) $ (183 ) $ (171 )    
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 690   $ 673   $ 829     3%     -17%  
    GAAP diluted Net Income (Loss) per Share(ii) $ 1.75   $ 1.92   $ 2.54     -9%     -31%  
    Non-GAAP diluted Net Income (Loss) per Share(ii) $ 2.72   $ 2.64   $ 3.20     3%     -15%  
    Additional information          
      Q2 2025 Q1 2025 Q2 2024 Q – Q Y – Y
    Automotive $ 1,729   $ 1,674   $ 1,728     3%     —%  
    Industrial & IoT $ 546   $ 508   $ 616     7%     -11%  
    Mobile $ 331   $ 338   $ 345     -2%     -4%  
    Comm. Infra. & Other $ 320   $ 315   $ 438     2%     -27%  
    DIO   158     169     148      
    DPO   60     62     64      
    DSO   33     34     27      
    Cash Conversion Cycle   131     141     111      
    Channel Inventory (weeks)   9     9     7      
    Gross Financial Leverage(iii)   2.4x     2.4x     1.9x      
    Net Financial Leverage(iv)   1.8x     1.6x     1.3x      
                           
    1. Additional Information for the Second Quarter 2025:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

        5. Guidance for the Third Quarter 2025: ($ millions, except Per Share data) (1)

           
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue   $3,050       $3,150       $3,250           $3,050       $3,150       $3,250  
        Q-Q   4%       8%       11%           4%       8%       11%  
        Y-Y   -6%       -3%       —%           -6%       -3%       —%  
        Gross Profit   $1,691       $1,764       $1,837       $(32)       $1,723       $1,796       $1,869  
        Gross Margin   55.4%       56.0%       56.5%           56.5%       57.0%       57.5%  
        Operating Income (loss)   $818       $881       $944       $(180)       $998       $1,061       $1,124  
        Operating Margin   26.8%       28.0%       29.0%           32.7%       33.7%       34.6%  
        Financial Income (expense)   $(101)       $(101)       $(101)       $(10)       $(91)       $(91)       $(91)  
        Tax rate 18.3%-19.3%       17.0%-18.0%
        Equity-accounted investees   $(5)       $(5)       $(5)       $(4)       $(1)       $(1)       $(1)  
        Non-controlling interests   $(14)       $(14)       $(14)           $(14)       $(14)       $(14)  
        Shares – diluted   253.8       253.8       253.8               253.8       253.8       253.8  
        Earnings Per Share – diluted   $2.22       $2.42       $2.62               $2.89       $3.10       $3.30  
                                                               

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(15) million; Other Incidentals, $(10) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(40) million; Share-based Compensation, $(116) million; Restructuring and Other Incidentals, $(24) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(4) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for results relating to non-foundry equity-accounted investees and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, July 22, 2025 at 8:00 a.m. U.S. Eastern Daylight Time (EDT) to review the second quarter 2025 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; global trade disputes, potential increase of barriers to international trade, including the imposition of new or increased tariffs, and resulting disruptions to our established supply chains; the impact of government actions and regulations, including as a result of executive orders, including restrictions on the export of products and technology; increasing and evolving cybersecurity threats and privacy risks; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or our relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our strategic alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; our ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; our ability to maintain good relationships with our suppliers; our ability to integrate acquired businesses in an efficient and effective manner; our ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; and a change in tax laws could have an effect on our estimated effective tax rates. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        Investors: Media:
        Jeff Palmer Paige Iven
        jeff.palmer@nxp.com  paige.iven@nxp.com
        +1 408 205 0687  +1 817 975 0602
           

        NXP-CORP

        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
                   
        Revenue $ 2,926     $ 2,835     $ 3,127  
        Cost of revenue   (1,364 )     (1,275 )     (1,335 )
        Gross profit   1,562       1,560       1,792  
        Research and development   (573 )     (547 )     (594 )
        Selling, general and administrative   (278 )     (281 )     (270 )
        Amortization of acquisition-related intangible assets   (25 )     (27 )     (28 )
        Total operating expenses   (876 )     (855 )     (892 )
        Other income (expense)   1       18       (4 )
        Operating income (loss)   687       723       896  
        Financial income (expense):          
        Other financial income (expense)   (86 )     (92 )     (75 )
        Income (loss) before income taxes   601       631       821  
        Benefit (provision) for income taxes   (116 )     (130 )     (154 )
        Results relating to equity-accounted investees   (28 )     (4 )     (3 )
        Net income (loss)   457       497       664  
        Less: Net income (loss) attributable to non-controlling interests   12       7       6  
        Net income (loss) attributable to stockholders   445       490       658  
                   
        Earnings per share data:          
        Net income (loss) per common share attributable to stockholders in $
        Basic $ 1.76     $ 1.93     $ 2.58  
        Diluted $ 1.75     $ 1.92     $ 2.54  
                   
        Weighted average number of shares of common stock outstanding during the period (in thousands):
        Basic   252,418       253,709       255,478  
        Diluted   253,844       255,018       258,732  
                   

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

        ($ in millions) As of
          June 29, 2025   March 30, 2025   June 30, 2024
        ASSETS          
        Current assets:          
        Cash and cash equivalents $ 3,170     $ 3,988     $ 2,859  
        Short-term deposits   —       —       400  
        Accounts receivable, net   1,071       1,060       927  
        Assets held for sale   294       —       —  
        Inventories, net   2,361       2,350       2,148  
        Other current assets   790       627       546  
        Total current assets   7,686       8,025       6,880  
                   
        Non-current assets:          
        Deferred tax assets   1,306       1,284       1,067  
        Other non-current assets   1,909       1,942       1,223  
        Property, plant and equipment, net   3,130       3,210       3,289  
        Identified intangible assets, net   1,121       777       796  
        Goodwill   10,098       9,942       9,941  
        Total non-current assets   17,564       17,155       16,316  
                   
        Total assets   25,250       25,180       23,196  
                   
        LIABILITIES AND EQUITY          
        Current liabilities:          
        Accounts payable   892       863       929  
        Restructuring liabilities-current   65       75       62  
        Other current liabilities   1,471       1,412       1,622  
        Short-term debt   1,999       1,499       499  
        Total current liabilities   4,427       3,849       3,112  
                   
        Non-current liabilities:          
        Long-term debt   9,479       10,226       9,681  
        Restructuring liabilities   60       4       7  
        Other non-current liabilities   1,348       1,424       1,051  
        Total non-current liabilities   10,887       11,654       10,739  
                   
        Non-controlling interests   367       355       327  
        Stockholders’ equity   9,569       9,322       9,018  
        Total equity   9,936       9,677       9,345  
                   
        Total liabilities and equity   25,250       25,180       23,196  
                   

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        Cash flows from operating activities:          
        Net income (loss) $ 457     $ 497     $ 664  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:          
        Depreciation and amortization   207       209       213  
        Share-based compensation   117       127       114  
        Amortization of discount (premium) on debt, net   —       1       1  
        Amortization of debt issuance costs   2       1       1  
        Net (gain) loss on sale of assets   (6 )     (22 )     —  
        Results relating to equity-accounted investees   28       4       3  
        (Gain) loss on equity securities, net   (3 )     6       3  
        Deferred tax expense (benefit)   3       (27 )     (23 )
        Changes in operating assets and liabilities:          
        (Increase) decrease in receivables and other current assets   (106 )     (29 )     10  
        (Increase) decrease in inventories   (90 )     6       (46 )
        Increase (decrease) in accounts payable and other liabilities   33       (110 )     (220 )
        (Increase) decrease in other non-current assets   131       (106 )     40  
        Exchange differences   9       4       5  
        Other items   (3 )     4       (4 )
        Net cash provided by (used for) operating activities   779       565       761  
                   
        Cash flows from investing activities:          
        Purchase of identified intangible assets   (37 )     (25 )     (55 )
        Capital expenditures on property, plant and equipment   (83 )     (139 )     (185 )
        Proceeds from the disposals of property, plant and equipment   —       1       1  
        Purchase of interests in businesses, net of cash acquired   (679 )     —       —  
        Purchase of investments   (93 )     (53 )     —  
        Net cash provided by (used for) investing activities   (892 )     (216 )     (239 )
                   
        Cash flows from financing activities:          
        Repurchase of long-term debt   (500 )     —       —  
        Proceeds from the issuance of long-term debt   —       370       —  
        Proceeds from the issuance of commercial paper notes   1,565       646       —  
        Repayment of commercial paper notes   (1,315 )     (146 )     —  
        Dividends paid to common stockholders   (257 )     (258 )     (260 )
        Proceeds from issuance of common stock through stock plans   2       37       3  
        Purchase of treasury shares and restricted stock unit withholdings   (204 )     (303 )     (310 )
        Other, net   —       (1 )     —  
        Net cash provided by (used for) financing activities   (709 )     345       (567 )
                   
        Effect of changes in exchange rates on cash positions   4       2       (4 )
        Increase (decrease) in cash and cash equivalents   (818 )     696       (49 )
        Cash and cash equivalents at beginning of period   3,988       3,292       2,908  
        Cash and cash equivalents at end of period   3,170       3,988       2,859  
                   
        Net cash paid during the period for:          
        Interest   109       41       86  
        Income taxes, net of refunds   167       96       193  
        Net gain (loss) on sale of assets:          
        Cash proceeds from the sale of assets   6       31       1  
        Book value of these assets   —       (9 )     (1 )
        Non-cash investing activities:          
        Non-cash capital expenditures   103       108       166  
                   

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        GAAP Gross Profit $ 1,562     $ 1,560     $ 1,792  
        PPA Effects   (7 )     (8 )     (12 )
        Restructuring   (61 )     (4 )     (4 )
        Share-based compensation   (14 )     (16 )     (15 )
        Other incidentals   (8 )     (3 )     (10 )
        Non-GAAP Gross Profit $ 1,652     $ 1,591     $ 1,833  
        GAAP Gross margin   53.4 %     55.0 %     57.3 %
        Non-GAAP Gross margin   56.5 %     56.1 %     58.6 %
        GAAP Research and development $ (573 )   $ (547 )   $ (594 )
        Restructuring   (3 )     (7 )     (4 )
        Share-based compensation   (58 )     (64 )     (58 )
        Other incidentals   (7 )     (1 )     —  
        Non-GAAP Research and development $ (505 )   $ (475 )   $ (532 )
        GAAP Selling, general and administrative $ (278 )   $ (281 )   $ (270 )
        PPA effects   —       —       (1 )
        Restructuring   (3 )     (3 )     2  
        Share-based compensation   (45 )     (47 )     (41 )
        Other incidentals   (15 )     (20 )     (2 )
        Non-GAAP Selling, general and administrative $ (215 )   $ (211 )   $ (228 )
        GAAP Operating income (loss) $ 687     $ 723     $ 896  
        PPA effects   (32 )     (40 )     (41 )
        Restructuring   (67 )     (14 )     (6 )
        Share-based compensation   (117 )     (127 )     (114 )
        Other incidentals   (32 )     —       (14 )
        Non-GAAP Operating income (loss) $ 935     $ 904     $ 1,071  
        GAAP Operating margin   23.5 %     25.5 %     28.7 %
        Non-GAAP Operating margin   32.0 %     31.9 %     34.3 %
        GAAP Income tax benefit (provision) $ (116 )   $ (130 )   $ (154 )
        Income tax effect   32       13       15  
        Non-GAAP Income tax benefit (provision) $ (148 )   $ (143 )   $ (169 )
        GAAP Net income (loss) attributable to stockholders $ 445     $ 490     $ 658  
        PPA Effects   (32 )     (40 )     (41 )
        Restructuring   (67 )     (14 )     (6 )
        Share-based compensation   (117 )     (127 )     (114 )
        Other incidentals   (32 )     —       (14 )
        Other adjustments:          
        Adjustments to financial income (expense)   (1 )     (12 )     (8 )
        Income tax effect   32       13       15  
        Results relating to equity-accounted investees, excluding Foundry investees1   (28 )     (3 )     (3 )
        Non-GAAP Net income (loss) attributable to stockholders $ 690     $ 673     $ 829  
                   
                   
        Additional Information:          
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                   
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.75     $ 1.92     $ 2.54  
        PPA Effects   (0.12 )     (0.16 )     (0.16 )
        Restructuring   (0.27 )     (0.05 )     (0.02 )
        Share-based compensation   (0.46 )     (0.50 )     (0.44 )
        Other incidentals   (0.13 )     —       (0.06 )
        Other adjustments:          
        Adjustments to financial income (expense)   —       (0.05 )     (0.03 )
        Income tax effect   0.12       0.05       0.06  
        Results relating to equity-accounted investees, excluding Foundry investees1   (0.11 )     (0.01 )     (0.01 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 2.72     $ 2.64     $ 3.20  
                   
                   
        Additional Information:          
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        GAAP Financial income (expense) $ (86 )   $ (92 )   $ (75 )
        Foreign exchange loss   (7 )     (3 )     (2 )
        Other financial expense   6       (9 )     (6 )
        Non-GAAP Financial income (expense) $ (85 )   $ (80 )   $ (67 )
                   
         

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        GAAP Other income (expense) $ 1     $ 18     $ (4 )
        PPA effects   —       (5 )     —  
        Other incidentals   (2 )     24       (2 )
        Non-GAAP Other income (expense) $ 3     $ (1 )   $ (2 )
                   

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        GAAP Results relating to equity-accounted investees $ (28 )   $ (4 )   $ (3 )
        Results of equity-accounted investees, excluding Foundry investees1   (28 )     (3 )     (3 )
        Non-GAAP Results relating to equity-accounted investees $ —     $ (1 )   $ —  
                   
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        GAAP Net income (loss) $ 457     $ 497     $ 664  
        Reconciling items to EBITDA (Non-GAAP)          
        Financial (income) expense   86       92       75  
        (Benefit) provision for income taxes   116       130       154  
        Depreciation and impairment   143       143       146  
        Amortization   64       66       67  
        EBITDA (Non-GAAP) $ 866     $ 928     $ 1,106  
        Reconciling items to adjusted EBITDA (Non-GAAP)          
        Results of equity-accounted investees, excluding Foundry investees1   28       3       3  
        Purchase accounting effect on asset sale   —       5       —  
        Restructuring   67       14       6  
        Share-based compensation   117       127       114  
        Other incidental items2   25       (4 )     14  
        Adjusted EBITDA (Non-GAAP) $ 1,103     $ 1,073     $ 1,243  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 4,745     $ 4,885     $ 5,297  
                   
        Additional Information:          
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:
        • other incidental items
        		   7       4       —  
                   
                   
                   
        ($ in millions) Three months ended
          June 29, 2025   March 30, 2025   June 30, 2024
        Net cash provided by (used for) operating activities $ 779     $ 565     $ 761  
        Net capital expenditures on property, plant and equipment   (83 )     (138 )     (184 )
        Non-GAAP free cash flow $ 696     $ 427     $ 577  
        Trailing twelve month non-GAAP free cash flow $ 2,008     $ 1,889     $ 2,954  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     15 %     23 %
                   

      The MIL Network –

    July 22, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    DRC’s security gaps

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

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

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

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

    What states risk losing

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

    Here’s how this happens:

    • certain clauses in such contracts can freeze future regulatory reforms, limiting legislative autonomy

    • other clauses may lock in low prices for years, leaving resource-selling states unable to benefit when commodity prices surge

    • arbitration clauses often shift disputes to international forums, bypassing local courts

    • infrastructure loans are often secured via resource revenues used as loan security. This effectively ringfences exports and undermines sovereign fiscal control.

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

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

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

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

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

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

    What needs to change

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

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

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

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

    • demanding local value creation and addition

    • requiring transparency and parliamentary oversight for minerals-related agreements

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025

  • MIL-Evening Report: PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy

    Source: The Conversation (Au and NZ) – By Stephanie A. (Sam) Martin, Frank and Bethine Church Endowed Chair of Public Affairs, Boise State University

    Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. MicroStockHub-iStock/Getty Images Plus

    Champions of the almost entirely party-line vote in the U.S. Senate to erase US$1.1 billion in already approved funds for the Corporation for Public Broadcasting called their action a refusal to subsidize liberal media.

    “Public broadcasting has long been overtaken by partisan activists,” said U.S. Sen. Ted Cruz of Texas, insisting there is no need for government to fund what he regards as biased media. “If you want to watch the left-wing propaganda, turn on MSNBC,” Cruz said.

    Accusing the media of liberal bias has been a consistent conservative complaint since the civil rights era, when white Southerners insisted news outlets were slanting their stories against segregation. During his presidential campaign in 1964, U.S. Sen. Barry Goldwater of Arizona complained that the media was against him, an accusation that has been repeated by every Republican presidential candidate since.

    But those charges of bias rarely survive empirical scrutiny.

    As chair of a public policy institute devoted to strengthening deliberative democracy, I have written two books about the media and the presidency, and another about media ethics. My research traces how news institutions shape civic life and why healthy democracies rely on journalism that is independent of both market pressure and partisan talking points.

    That independence in the United States – enshrined in the press freedom clause of the First Amendment – gives journalists the ability to hold government accountable, expose abuses of power and thereby support democracy.

    GOP Sen. Ted Cruz speaks to reporters as Senate Republicans vote on President Donald Trump’s request to cancel about $9 billion in foreign aid and public broadcasting spending on July 16, 2025.
    AP Photo/J. Scott Applewhite

    Trusting independence

    Ad Fontes Media, a self-described “public benefit company” whose mission is to rate media for credibility and bias, have placed the reporting of “PBS NewsHour” under 10 points left of the ideological center. They label it as both “reliable” and based in “analysis/fact.” “Fox and Friends,” by contrast, the popular morning show on Fox News, is nearly 20 points to the right. The scale starts at zero and runs 42 points to the left to measure progressive bias and 42 points to the right to measure conservative bias. Ratings are provided by three-person panels comprising left-, right- and center-leaning reviewers.

    A 2020 peer-reviewed study in Science Advances that tracked more than 6,000 political reporters likewise found “no evidence of liberal media bias” in the stories they chose to cover, even though most journalists are more left-leaning than the rest of the population.

    A similar 2016 study published in Public Opinion Quarterly said that media are more similar than dissimilar and, excepting political scandals, “major
    news organizations present topics in a largely nonpartisan manner,
    casting neither Democrats nor Republicans in a particularly favorable
    or unfavorable light    .”

    Surveys show public media’s audiences do not see it as biased. A national poll of likely voters released July 14, 2025, found that 53% of respondents trust public media to report news “fully, accurately and fairly,” while only 35% extend that trust to “the media in general.” A majority also opposed eliminating federal support.

    Contrast these numbers with attitudes about public broadcasters such as MTVA in Hungary or the TVP in Poland, where the state controls most content. Protests in Budapest October 2024 drew thousands demanding an end to “propaganda.” Oxford’s Reuters Institute for the Study of Journalism reports that TVP is the least trusted news outlet in the country.

    While critics sometimes conflate American public broadcasting with state-run outlets, the structures are very different.

    Safeguards for editorial freedom

    In state-run media systems, a government agency hires editors, dictates coverage and provides full funding from the treasury. Public officials determine – or make up – what is newsworthy. Individual media operations survive only so long as the party in power is happy.

    Public broadcasting in the U.S. works in almost exactly the opposite way: The Corporation for Public Broadcasting is a private nonprofit with a statutory “firewall” that forbids political interference.

    More than 70% of the Corporation for Public Broadcasting’s federal appropriation for 2025 of US$1.1 billion flows through to roughly 1,500 independently governed local stations, most of which are NPR or PBS affiliates but some of which are unaffiliated community broadcasters. CPB headquarters retains only about 5% of that federal funding.

    Stations survive by combining this modest federal grant money with listener donations, underwriting and foundation support. That creates a diversified revenue mix that further safeguards their editorial freedom.

    And while stations share content, each also has latitude when it comes to programming and news coverage, especially at the local level.

    As a public-private partnership, individual communities mostly own the public broadcasting system and its affiliate stations. Congress allocates funds, while community nonprofits, university boards, state authorities or other local license holders actually own and run the stations. Individual monthly donors are often called “members” and sometimes have voting rights in station-governance matters. Membership contributions make up the largest share of revenue for most stations, providing another safeguard for editorial independence.

    A host and guest in July 2024 sit inside a recording studio at KMXT, the public radio station on Kodiak Island in Alaska.
    Nathaniel Herz/Northern Journal

    Broadly shared civic commons

    And then there are public media’s critical benefits to democracy itself.

    A 2021 report from the European Broadcasting Union links public broadcasting with higher voter turnout, better factual knowledge and lower susceptibility to extremist rhetoric.

    Experts warn that even small cuts will exacerbate an already pernicious problem with political disinformation in the U.S., as citizens lose access to free information that fosters media literacy and encourages trust across demographics.

    In many ways, public media remains the last broadly shared civic commons. It is both commercial-free and independently edited.

    Another study, by the University of Pennsylvania’s Annenberg School in 2022, affirmed that “countries with independent and well-funded public broadcasting systems also consistently have stronger democracies.”

    The study highlighted how public media works to bridge divides and foster understanding across polarized groups. Unlike commercial media, where the profit motive often creates incentives to emphasize conflict and sensationalism, public media generally seeks to provide balanced perspectives that encourage dialogue and mutual respect. Reports are often longer and more in-depth than those by other news outlets.

    Such attention to nuance provides a critical counterweight to the fragmented, often hyperpartisan news bubbles that pervade cable news and social media. And this skillful, more balanced treatment helps to ameliorate political polarization and misinformation.

    In all, public media’s unique structure and mission make democracy healthier in the U.S. and across the world. Public media prioritizes education and civic enlightenment. It gives citizens important tools for navigating complex issues to make informed decisions – whether those decisions are about whom to vote for or about public policy itself. Maintaining and strengthening public broadcasting preserves media diversity and advances important principles of self-government.

    Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. Ronald Reagan once described a free press as vital for the United States to succeed in its “noble experiment in self-government.” From that perspective, more independent reporting – not less – will prove the best remedy for any worry about partisan spin.

    Stephanie A. (Sam) Martin does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy – https://theconversation.com/pbs-and-npr-are-generally-unbiased-independent-of-government-propaganda-and-provide-key-benefits-to-us-democracy-261512

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025

  • MIL-Evening Report: The end of open-plan classrooms: how school design reflects changing ideas in education

    Source: The Conversation (Au and NZ) – By Leon Benade, Professor in the School of Education of Edith Cowan University (ECU), Perth, WA, Edith Cowan University

    skynesher/Getty Imaged

    The end of open-plan classrooms in New Zealand, recently announced by Education Minister Erica Stanford, marks yet another swing of the pendulum in school design.

    Depending on who you ask, these classrooms were an opportunity to foster collaboration and flexibility or an exercise in organised chaos.

    So-called “modern learning environments” – characterised by flexible layouts, fewer walls and sometimes multiple classes and teachers in one space – were vigorously pushed by the National government in 2011.

    The stated goal was to promote flexibility in the way students were taught, encourage collaboration and to accommodate new technology in classrooms.

    But a 2024 ministerial inquiry into school property found complex procurement, design and authorisation processes associated with bespoke designs caused delays, budget overruns and unrealised expectations in many school communities.

    Among the solutions offered by the inquiry was the development of simple but functional schools based on cookie-cutter designs constructed off-site. This recommendation was welcomed by the current National-led government.

    Design influenced by ideology

    The modern, bespoke designs of the past two decades represented a response to technological developments, such as the introduction of digital devices, that changed how students learned.

    This resulted in the steady replacement of traditional school designs from the industrial age with spaces designed for flexibility.

    Those industrial age schools were themselves products of changes in the second half of the 20th century. Since the first school opened in 1843, school architecture in New Zealand had evolved significantly. Early schools featured cramped six-metre by four-metre classrooms which could accommodate more than 30 students.

    By the 1920s, the “Taranaki” and “Canterbury” models included a more generous minimum classroom size of eight metres by seven metres. There was a greater emphasis on light and ventilation. Their larger spaces also recognised changes in teaching styles that encouraged more active and participatory learning.

    By the 1950s, classroom size had grown to ten metres by seven metres. The “Nelson” and “S68” blocks of the 1950s and 1960s provided small self-contained blocks of classrooms that reduced student movement and corridor noise.

    Changes to New Zealand school buildings also reflected global trends. Open-plan schools emerged in North America after 1960. At the same time, there were signs English schools would replace their traditional Victorian-style buildings with classrooms considered more child-centred.

    The goal was to achieve flexible, connected designs to support evolving education philosophies. England’s 1966 Plowden Report on primary education significantly aided this evolution towards progressive styles of teaching and learning, leading to the creation of schools that featured flexibility, connectivity and external-internal flow.

    These schools were the forerunners of “innovative learning environments” and were considered cutting-edge at the time.

    In 2004, the ambitious Building Schools for the Future programme was launched in the United Kingdom. It was designed to replace outdated school facilities considered unfit for preparing students for the 21st century.

    But in 2011, the James Review of Education Capital highlighted a number of issues with the way schools were being built, putting an end to the infrastructure programme.

    That report, like the 2024 New Zealand report, suggested replacing government investment in bespoke school infrastructure with a focus on standardised designs.

    A swing back

    In New Zealand, “modern learning environments” became part of education policy with the Ministry of Education’s School Property Strategy 2011-2021, published in 2011. But the pendulum started to swing back after Labour came to power in 2017.

    Departing from the 2011 strategy, the language of “modern learning environments”, “innovative learning environments” and “flexible learning spaces” largely disappeared. It was replaced in policy documents with “quality learning environments”.

    This shift emphasised physical characteristics such as heating, lighting and acoustics, rather than innovative approaches to teaching and learning.

    Since coming to power, the current National-led coalition has focused on embedding a standardised approach to foundational skills in reading, writing, maths and science.

    While not directly scapegoating open-plan designs for educational underachievement, Erica Stanford said the reforms would ensure learning spaces were “designed to improve student outcomes”.

    But as New Zealand moves back to standardised designs, it is worth considering why modern learning environments were introduced in the first place – the flexibility for new technology and space for collaboration – and what students may lose by a swing back towards the separate classrooms of the past.

    Leon Benade is affiliated with Learning Environments Australasia, Philosophy of Education Society of Australasia (PESA) and The Australian Association for Research in Education (AARE).

    Chris Bradbeer is affiliated with Learning Environments New Zealand/Aotearoa (LENZ), and Learning Environments Australasia (LEA).

    Alastair Wells 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. The end of open-plan classrooms: how school design reflects changing ideas in education – https://theconversation.com/the-end-of-open-plan-classrooms-how-school-design-reflects-changing-ideas-in-education-261359

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025

  • MIL-OSI Africa: Minister of State and Ministry of Foreign Affairs: Responsibility for Implementing DRC Peace Agreement Lies with Both Parties

    Source: Government of Qatar

    Doha, July 19, 2025

    HE Minister of State at the Ministry of Foreign Affairs, Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, affirmed that the responsibility for implementing the agreement between the Government of the Democratic Republic of the Congo (DRC) and the Congo River Alliance/March 23 Movement lies with both parties. His Excellency emphasized that this achievement represents a firm foundation upon which to build a more secure and stable future for the region.

    Speaking at a press conference following the signing of the Declaration of Principles between the Government of the DRC and the Congo River Alliance/March 23 Movement in Doha today, His Excellency described the declaration as a critical step toward strengthening peace and stability in eastern DRC. It marks the beginning of direct negotiations aimed at achieving a comprehensive peace that addresses the root causes of the conflict. He expressed confidence in the commitment of both parties to uphold the agreement.

    HE Dr. Al Khulaifi underscored the State of Qatar’s role as a neutral and effective mediator, highlighting its efforts to bring the parties closer together and build bridges of understanding. He praised the sense of responsibility demonstrated by both sides in reaching this declaration and expressed appreciation for the trust placed in Qatar to facilitate the process.

    His Excellency commended the substantial support of HE President of the Democratic Republic of the Congo, Felix Tshisekedi, for the peace process, as well as the constructive approach of the Congolese government’s negotiating delegation. He also acknowledged the cooperation of Bernard Bisimwa, Vice President of the Congo River Alliance/M23 Movement, and the movement’s delegation during the talks.

    HE Dr. Al Khulaifi noted that Qatari mediation efforts began in March, when HH the Amir Sheikh Tamim bin Hamad Al-Thani hosted HE President Tshisekedi and HE President of the Republic of Rwanda, Paul Kagame, in Doha. During that meeting, President Tshisekedi expressed his readiness to engage in dialogue with the Congo River Alliance/March 23 Movement.

    Since then, Qatar has hosted direct negotiations between the parties, which were marked by a positive and responsible spirit, grounded in a shared belief in dialogue as the primary path to conflict resolution. These efforts culminated in the signing of the Declaration of Principles.

    Dr. Al Khulaifi stated that the leaders’ meeting in March served as a launching point for this process, leading to a series of positive developments, including the signing of the Washington Agreement between the DRC and Rwanda on June 27, 2025, an agreement that paved the way for today’s declaration.

    He emphasized that the Declaration of Principles is not solely focused on ending violence but also provides a practical roadmap for national reconciliation. It marks the beginning of a new phase of cooperation among various societal components in the DRC, including armed groups that have chosen the path of peace. The declaration also outlines a significant role for the international community in supporting peacebuilding and sustainable development.

    His Excellency noted that the two parties demonstrated a genuine determination to break the cycle of violence and build mutual trust through concrete actions, such as the exchange of prisoners and detainees, the restoration of state authority, and the dignified return of displaced persons and refugees.

    HE Dr. Al Khulaifi expressed the State of Qatar’s gratitude to the African Union and acknowledged the support of the United States of America, particularly the efforts of HE US Presidential Envoy and Senior Advisor for African Affairs, Massad Boulos. He also commended the contributions of HE Chairperson of the African Union Commission, Mahmoud Ali Youssouf.

    Additionally, His Excellency recognized the constructive roles played by the Republic of Rwanda, the French Republic, the United Kingdom, and the Consultative Dialogue Group, as well as the engagement of all regional and international partners backing the process.

    HE Dr. Al Khulaifi affirmed that this initiative reflects Qatar’s steadfast commitment to mediation as a cornerstone of its foreign policy. The State of Qatar remains dedicated to supporting peacemaking efforts, advancing sustainable development, and empowering communities to achieve long-term stability grounded in justice, inclusiveness, and mutual respect.

    He expressed hope that the Declaration of Principles will represent a meaningful step toward lasting peace and sustainable development in the Democratic Republic of the Congo and the wider region.

    For his part, HE Massad Boulos, the US Presidential Envoy and Senior Advisor for African Affairs, praised Qatar’s vital role in facilitating the agreement, stating: “The State of Qatar is known for its pioneering role in resolving conflicts around the world, and we thank it for its essential efforts in this matter.”

    HE Boulos noted that the conflict in the DRC has displaced more than eight million people, and that past initiatives have largely failed to yield results, making the Doha agreement a rare and valuable opportunity to achieve peace.

    He further highlighted Qatar’s diplomatic leadership over the past two decades in facilitating complex peace processes, from Darfur in Sudan, to the Lebanese crisis, the Afghanistan negotiations, and now the DRC.

    HE Boulos emphasized that while the Declaration of Principles marks only the first step, it is a critical one. It addresses core issues such as the immediate and permanent cessation of violence, prisoner exchanges, the restoration of full state authority, and the safe, dignified return of displaced persons and refugees. He called for the launch of direct negotiations to address the roots of the conflict and reach a comprehensive peace agreement, while urging international support for national reconciliation and development in conflict-affected areas.

    MIL OSI Africa –

    July 22, 2025

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

    Source: New Zealand Government

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

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

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

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

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

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

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

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

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

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

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

    The consumer working group members are:

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

    MIL OSI New Zealand News –

    July 22, 2025

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

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

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

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

    Overview

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

    Details

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

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

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

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

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

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

    About TrustCo Bank Corp NY

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

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

    Forward-Looking Statements

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

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

    Non-GAAP Financial Measures Reconciliation

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

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

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

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

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

    Subsidiary: Trustco Bank

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

    The MIL Network –

    July 22, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights:

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

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

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

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

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


    DETAILED FINANCIALS

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

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

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

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

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

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

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

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

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

    About ServisFirst Bancshares, Inc.

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

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

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

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

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

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


    GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

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

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

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

    The MIL Network –

    July 22, 2025

  • MIL-OSI Security: Defense News in Brief: 510th Buzzards, a history of excellence

    Source: United States Airforce

    AVIANO AIR BASE, Italy (AFNS) —  

    Nine pilots from the 510th Expeditionary Fighter Squadron at Aviano Air Base earned Single-Event Air Medals, and two were simultaneously awarded the Distinguished Flying cross, after returning from a deployment to the Central Command area of responsibility. During the deployment, they flew various defensive counter air sorties to protect U.S. Naval assets traveling through the Bab el Mandeb Strait, breaking records along the way.

    “As the new Buzzard Commander, I am honored and humbled to lead such an accomplished team,” said Lt. Col. Brent Smith, the newly appointed commander of the 510th EFS. “The legacy of excellence, dedication and professionalism is inspiring and motivating. It’s a privilege to step into this role and work alongside some of the most talented and mission-focused individuals in the Air Force.”

    During the deployment, the Buzzards flew 8,800 hours and 1,400 total sorties.

    “The Buzzards supported a variety of missions, including Inherent Resolve’s fight against ISIS, Operation Prosperity Guardian’s protection of coalition partners and civilian vessels in the Red Sea, Operation Spartan Shield’s defense of US interests in the Arabian Gulf, and many other force protection and deterrence missions,” Smith said.

    The 510th EFS has a long history of excellence, beginning in 1943 as the 625th Bombardment Squadron until being re-designated the 510th Fighter-Bomber Squadron later that same year.

    After being stationed at various locations across the globe and experiencing multiple periods of activation and inactivation, the 510th EFS was permanently reactivated in 1994, establishing its current home at Aviano AB, Italy.

    The 510th EFS has been the highest flown PSAB fighter unit since 2019, highest flown Aviano deployed unit since 2010, and the highest flown rotation fighter unit in the area of responsibility.

    The Buzzards have flown combat missions during World War II, the Vietnam War, Operation Desert Storm, Operation Provide Comfort, Operation Deny Flight and many more. During their most recent deployment to support Operation Prosperity Guardian, the squadron exuded excellence while protecting American assets overseas.

    “Each decoration represents not only a specific event, but also the precision, teamwork and unwavering commitment to the mission required to successfully execute in combat,” Smith said. “They represent countless hours of preparation, sacrifice and high intensity training by the whole Buzzard operations and maintenance team. They are proof of a culture that demands and delivers high performance every single day.”

    MIL Security OSI –

    July 22, 2025

  • MIL-OSI Security: Defense News in Brief: RIAT 2025 highlights global readiness, cooperation

    Source: United States Airforce

    During the Royal International Air Tattoo, the U.S. Air Force, alongside NATO allies and partners from around the globe, showcased what the strength of multinational relationships can achieve.

    ROYAL AIR FORCE FAIRFORD, United Kingdom (AFNS) —  The weather was calm and the sky was blue, yet thunder forced itself to be heard. From July 18-20, thousands of onlookers in the crowd gleefully braced themselves for a procession of roaring aerial acrobatics, helicopter rescue demonstrations, and raw airpower flooding the cloudy air above Royal Air Force Fairford.

    The Royal International Air Tattoo is not only the largest air show in the world – it is a convention of lethality, ingenuity, and partnership. The U.S. Air Force, alongside NATO allies and partners from around the globe, showcased what the strength of multinational relationships can achieve.

    “America’s international partners are one of its greatest strengths,” said U.S. Air Force Capt. Mercer Martin, 99th Expeditionary Reconnaissance Squadron U-2S pilot. “Spending our time meeting our partners in person while forging bonds and friendships is an extremely important addition to the relationships we have with our allied nations around the world.”

    U.S. Air Force Gen. David Allvin, USAF Chief of Staff, speaks with Airmen assigned to the 95th Reconnaissance Squadron during the Royal International Air Tattoo at RAF Fairford, England, July 19, 2025. The interaction and exchanges we have with allies and partners at events like RIAT allows us to learn from and leverage the strengths and capabilities our allies and partners bring to the table. (U.S. Air Force photo by Airman 1st Class Cody J. A. Mott)
    U.S. Air Force Capt. “Yeti” Martin, 99th Expeditionary Reconnaissance Squadron U-2S pilot, explains the capabilities of the U-2S Dragon Lady to Royal Air Force cadets during the Royal International Air Tattoo at RAF Fairford, England, July 18, 2025. One of the many benefits of RIAT is exposing allies, partner nations and the general public to our aircraft and the aircrews who operate them. These aircraft demonstrate our vast capabilities and ability to rapidly respond to threats and assure allies and partners. (U.S. Air Force photo by Airman 1st Class Cody J. A. Mott)
    RAF Red Arrow aerobatic team member Graeme Muscat, announces the pilot’s aerial demonstrations during the Royal International Air Tattoo at RAF Fairford, England, July 20, 2025. Through high-impact aerial displays and multinational participation, RIAT highlights the strategic reach and operational readiness of allied and partner air forces. (U.S. Air Force photo by Airman 1st Class Cody J. A. Mott)

    Exposing both the U.S. and partner-nation personnel to diverse strategies and training methods strengthens the goal of a cohesive, interoperable force. These relationships play a key part in times of peace as much as they do in the theater of war.

    “I enjoy flying an aircraft that’s so close in league with our American colleagues. It’s a real change of pace,” said an RAF Rivet Joint pilot. “Your training systems and operational focus into different deployable locations make it so U.S. Airmen are more versed on how it all works in different areas of the world. It’s nice to be exposed to that and fly more often with pilots who have different techniques.”

    As in years past, one of RIAT’s greatest strengths this year was the access it provided allies, partner nations and the public to U.S. aircraft, aircrew, and the stories behind them. It was a rare chance for global audiences to witness both the capabilities and the humanity behind modern airpower. This visibility builds confidence, strengthens support, and reinforces the value of continued collaboration.

    “As aircrew stationed in the United Kingdom, I’m flying tanker missions and working with NATO allies while refueling them in the air,” said U.S. Air Force Capt. Tobin Nelson, 100th Air Refueling Wing pilot. “Being on the ground and meeting them face-to-face at RIAT is amazing. Knowing I’ve worked with their people gives me the ability to network, plan new training missions, and forge new bonds through flying.”

    RIAT 2025 served as a powerful reminder that diplomacy and military strength go hand in hand. By bringing together allies and partners in a shared celebration of innovation and skill, the air show fostered trust, mutual understanding, and camaraderie that extended far beyond the runway. The relationships built not only enhance all nations’ operational readiness but also promote a culture of cooperation and respect that is vital in today’s complex environments.

    RIAT’s ability to inspire generations also underscores the profound impact of bringing military aviation into the public eye. For many attendees, witnessing these aircraft in action and hearing firsthand accounts from dedicated personnel sparks a passion for service and a belief in the importance of teamwork.

    “When you come here and see participants and children from every walk of life with a sparkle in their eye, you don’t ever want to stifle those dreams,” said U.S. Air Force Tech. Sgt. John Stortecky, 337th Airlift Squadron flight engineer. “Hopefully one day someone will say, ‘I had that tour through the aircraft and I saw them fly – and it inspired me to become who I am today.’”

    MIL Security OSI –

    July 22, 2025

  • MIL-OSI USA: Cornyn Cosponsors Bill to Label Muslim Brotherhood a Foreign Terrorist Organization

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) cosponsored the Muslim Brotherhood Terrorist Designation Act, which would direct the U.S. Secretary of State to designate the Muslim Brotherhood as a terrorist group:

    “Hamas – who is responsible for the mass murder of more than 1,200 civilians in the brutal attack against Israel on October 7 – openly identifies as a branch of the Muslim Brotherhood,” said Sen. Cornyn. “This bill rightfully directs the Secretary of State to designate the Muslim Brotherhood as a terrorist organization and imposes strict sanctions against them and their proxies who chant ‘death to America,’ sending a clear message that their anti-western agenda and threats to the American people and our allies will not be tolerated.”

    Background:

    The Muslim Brotherhood is a transnational Islamist organization that supports a wide array of regional affiliates, including groups actively engaged in terrorism. Hamas, already designated a Foreign Terrorist Organization (FTO) by the United States, openly identifies as a branch of the Muslim Brotherhood. Other branches, such as HASM and Liwa al-Thawra, have been linked to the Muslim Brotherhood by the U.S. Department of State and designated as Specially Designated Global Terrorists. Muslim Brotherhood branches have also been implicated in planning or supporting attacks in Jordan and are outlawed as terrorist groups by Austria, Bahrain, Egypt, Jordan, Saudi Arabia, and the United Arab Emirates. Several European countries are evaluating similar measures.

    The bill modernizes previous efforts by shifting to a bottom-up approach, requiring the U.S. Secretary of State to record and evaluate individual Muslim Brotherhood branches annually, designate those that meet terrorism criteria, and impose sanctions accordingly. This is modeled after the successful approach taken to designate Iran’s Islamic Revolutionary Guard Corps in 2017.

    The Muslim Brotherhood Terrorist Designation Act would:

    • Designate the Muslim Brotherhood under the Anti-Terrorism Act of 1987;
    • Require the U.S. Secretary of State to report annually on Muslim Brotherhood branches and assess their designation eligibility under FTO or SDGT authorities;
    • Mandate sanctions against the global Muslim Brotherhood and any branch found to meet terrorism criteria; and
    • Impose visa restrictions and immigration ineligibility on identified members.

    The Muslim Brotherhood Terrorist Designation Act, led by Senator Ted Cruz (R-TX), was cosponsored by Sens. Tom Cotton (R-AR), John Boozman (R-AR.), Rick Scott (R-FL), Ashley Moody (R-FL), and Dave McCormick (R-PA).

    The legislation is endorsed by FDD Action, Christians United for Israel Action Fund, the American Israel Public Affairs Committee (AIPAC), and the Republican Jewish Coalition.

    Companion legislation was introduced in the U.S. House of Representatives by Rep. Mario Díaz-Balart (FL-26).

    MIL OSI USA News –

    July 22, 2025

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Petteri Orpo, Prime Minister of the Republic of Finland

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Petteri Orpo, Prime Minister of the Republic of Finland. The Secretary-General and the Prime Minister discussed the global geopolitical situation, including Ukraine and the Middle East, along with the role of the United Nations.

    The 2030 Agenda and the UN80 initiative were also discussed. The Secretary-General commended Finland’s leadership in advancing multilateralism, and its steadfast contributions to the UN system.
     

    MIL OSI United Nations News –

    July 22, 2025

  • MIL-OSI USA: ICMYI: Estes Joins Washington Watch with Tony Perkins

    Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

    U.S. Congressman Ron Estes (R-Kansas) joined Washington Watch with Tony Perkins with guest host Jody Hice to discuss the rescissions package, federal spending and provisions within the One Big, Beautiful Bill that will help Kansans and Americans, and more. Watch the interview on YouTube.

    On the rescissions package:

    “Obviously there’s a lot of work we need to do. One out of five dollars that the government spends is borrowed, so we’ve got a lot of things we need to look at. As you said, the rescissions package here was the first time in decades that a president has requested that discretionary spending be pulled back. That, ‘Hey, we don’t need to spend everything that was appropriated a year or longer ago, and focus on specific areas.’

    “If you look through what’s in that rescissions package, the things that we were particularly pulling out, things like funding for NPR. They wanted to fund drag queen programs for children and programs talking about animals need to have their own pronouns … PBS had programs talking about white privilege. 

    “We all heard earlier this year all of the horror stories coming out of USAID in terms of the money that was being wasted around the world. Things like $3 million for electric vehicles in Vietnam and $70,000 for a Diversity, Equity, and Inclusion musical in Ireland. I don’t know why Ireland would want to have a DEI musical, but, if they do, the Irish taxpayers ought to pay for it and not American taxpayers. 

    “It’s great to do this rescissions package. [I was] glad to hear Speaker Johnson reiterate today that we need to be doing more of this as we look at all of the discretionary spending that comes out of the federal government, and what do we do going forward. We’ve got a lot of work to do, not just on a discretionary side with rescissions, but obviously some of those automatic spending programs as well.”

    On other areas of the federal government that may be right for rescissions:

    “When we look across the discretionary course, the spending has grown so great since before Covid. If you look at going back to I believe 2019, our tax revenue has gone up. It’s gone up 46% or so, so we’ve got a lot more tax revenue coming in after we passed the Tax Cuts and Jobs Act in 2017. 

    “What we’ve seen is spending’s gone up 70%. Some of that was temporary spending, or should have been temporary spending in Covid, but now it’s gotten baked in and it’s continued on grant programs and other areas across multiple programs. We’ve got so many programs at the federal level that are redundant. You may have four or five different programs in two or three different agencies that are designed to target the same issue. So we’ve got lots of areas to look at that. 

    “DOGE did a great effort earlier this year in identifying some of those areas, but we need to have a constant look at that in terms of where do we spend money, where should we be spending money, and does it make sense to spend dollars at this point, particularly when we’re borrowing one out of five dollars that’s being spent.”

    On the tone of Democrats’ messaging to their voter base:

    “[Democrats] really are [tone deaf.] They don’t have a positive message. They don’t have something that they want America to be for. Basically the Democrat party has become a party of socialists. They’re looking at, ‘How can they make the government spend and dictate what other people do?’ 

    “For example, we look at the One Big, Beautiful Bill, I could talk about so many great provisions there. But their message out of the One Big, Beautiful Bill, that they oppose, is because they wanted to make sure that illegal immigrants got Medicaid. They wanted to make sure that people didn’t have to work at all for the Medicaid dollars that would be given to them to provide for their healthcare, [for] even as little as 20 hours a week, working in a job or getting an education or even in a volunteer role. And so, as they get more strident trying to talk against commonsense things, the American public is turning against them. 

    “When you look at the polling data that’s out there right now, of all Americans, [there is] 72% opposition to Democrats and the positions they’re taking in Congress. Even among Democrats, there’s a majority, 52% of Democrats are not happy that Democrats in Congress are not doing what should be done for America.”

    On Congressman Estes’ op-ed on the One Big, Beautiful Bill:

    “We talk a lot about the One Big, Beautiful Bill. There’s just so much positive things in there. A lot of it was centered around the tax provisions that we needed to extend after 2017, that were going to expire this year, and the results of provisions around border security and defense. But if you really peel some of the layers back and look at some of the details, there’s a whole lot of pro-family and pro-life provisions in there. 

    “What we really wanted to do is make sure that, for example, Medicaid funding was used not by Planned Parenthood to provide abortions. I mean we should have Medicaid to actually help people preserve and protect life and not end it. We wanted to make sure that families could raise their children … So we focused on increasing the Child Tax Credit for families and indexing it for inflation. We increased a tax credit for adoption for people to adopt families. That’s so important now when we see the birth rate dropping down to 11.7% per thousand. We need to have a continual growth in population to make sure that America continues to grow. 

    “You look at provisions like employer-funded childcare provisions. We wanted to make sure those were available. Permanent family and medical leave to help people who maybe have a temporary illness or an issue with their family. We wanted to make sure after these disastrous years of Bidenflation that people were able to raise their families and have the income to provide for their family.”

    MIL OSI USA News –

    July 22, 2025

  • MIL-OSI Security: Operation targeting human trafficking and money laundering: 13 arrests in Romania and Netherlands

    Source: Eurojust

    Starting in 2020, the group, led by two family members, used ‘loverboy’ techniques to target vulnerable Romanian women, who were coerced into prostitution in the Netherlands under direct supervision of the criminal group.

    To maintain total control over the lives of their victims, the suspects lived with them. In some cases, members of the group used physical and psychological force against the women to prevent them from escaping the situation.

    © DIICOT Poliția Românăas

    The sexual exploitation generated significant illegal proceeds for the criminal group, which were laundered through relatives and close friends. These individuals either transported large sums of cash or moved the money through financial institutions.

    Eurojust coordinated the international investigation. After the Romanian authorities approached Eurojust for support in early 2024, several meetings were organised with the Dutch authorities. During these meetings, information about the criminal group was exchanged. To enable the authorities to work together effectively and exchange information and evidence in real time, Eurojust set up a joint investigation team in January 2025.

    Together with Eurojust, the authorities organised an action day early this month to detain the suspects and gather more evidence through house searches. In the Netherlands, six suspects were arrested and four houses were searched. During actions in Romania, four suspects were arrested based on European Arrest Warrants from the Netherlands and three suspects were put under judicial control. Additionally, 18 houses were searched and a car, weapons and cash were seized.

    Eight of the arrested suspects remain in pre-trial detention.

    The following authorities carried out the operation:

    • Romania: Prosecution Office attached to the High Court of Cassation and Justice- Directorate for Investigating Organised Crime and Terrorism –Ploiesti Territorial Service; Police Inspectorate Prahova-Criminal Investigation Service; Brigade for Combating Organised Crime Ploiesti
    • Netherlands: Public Prosecutor’s Office Amsterdam

    MIL Security OSI –

    July 22, 2025

  • MIL-OSI Security: Alleged perpetrator of sending thousands of threatening emails to schools in Czech Republic, Slovakia and Latvia apprehended

    Source: Eurojust

    Eurojust has assisted the authorities in the Czech Republic, Slovakia and Latvia with the apprehension of the alleged perpetrator who was responsible for sending thousands of emails in September last year threatening schools with explosions. The mass threats, which were also sent to other educational institutions and leisure centres, caused major public concern and led to the suspension of classes at the beginning of the school year.

    Eurojust supported the national authorities involved by setting up a joint investigation team (JIT) dedicated to the case, as well as providing additional cross-border judicial support.

    The alleged perpetrator also used the social network Telegram to spread his threats. He was apprehended in the Ukrainian city of Dnipro last week but was released pending potential further steps to be taken by the authorities.

    © Dnipropetrovsk Regional Prosecutor’s Office

    Given the mass scale of the threats at the same time across three countries, the police authorities involved coordinated their investigations, assisted by the setting up of the JIT. The joint investigative efforts, using the cybercrime expertise of the police, led to the identification of an alleged perpetrator, operating from the Ukrainian city of Dnipro.

    With the participation of Czech and Slovak police officers, a joint action took place in Dnipro last week, during which the alleged perpetrator was apprehended and one individual was questioned. Furthermore, two locations were searched, which led to the seizure of computer equipment.

    Thanks to the good and close cooperation of all the authorities concerned, the operation was successfully carried out under extremely difficult circumstances, very close to the frontline of the war in Ukraine, with Ukrainian, Czech and Slovak officers exposed to heavy risks.

    Eurojust offered support not only through the establishment of the JIT but also by organising a coordination meeting to prepare for the joint action day in Ukraine. The operation was carried out at the request of and by the following authorities:

    • Czech Republic: High Public Prosecutor’s Office in Prague; National Counterterrorism, Extremism and Cybercrime Agency (NCTEKK)
    • Latvia: Rīga Pārdaugava Prosecution Office; 1st Unit of Cybercrime Enforcement Department of the Central Criminal Police Department of the State Police
    • Slovakia: General Prosecutor´s Office of the Slovak Republic; Police Department West, Anti-Crime Unit, Bureau for Combating Organized Crime of the Presidium of the Police Corps (Police ACU); Counter Terrorism Centre, Presidium of the Police Corps
    • Ukraine: Dnipropetrovsk regional Prosecutor’s Office; Main Department of National Police in Dnipropetrovsk region; Division for Combating Cybercrime in Dnipropetrovsk region of the Cyber Police Department of National Police of Ukraine

    MIL Security OSI –

    July 22, 2025
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